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Ellis deal done?


warden90

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The Sun is reporting it with an alledged quote from a spokesperson from the consortium.

"This is effectively a done deal and everything is in place for the offer to be accepted on Friday and for Andrew Ellis to take over."

http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/3006129/Andrew-Ellis-nears-a-33m-Rangers-takeover.html

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10 million war-chest..

:lol:

were not likely to tell the world how much we have to spend, are we? really? doh! :lol:

of course he is to get the fans on side.

indeed we already know we have 5 million to sspend right now.

:lol:

who told ye that? the papers? :lol:

no one except walter, murray, johnstone, and bain know how much we can spend........doh!

the fans are onside, getting rid of Murray is enough to get me onside, i dont want to know how many millions Walters Allys going to get to spend!

and johnston and bain told us we have 5 million to spend. you confuse me

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10 million war-chest..

:lol:

were not likely to tell the world how much we have to spend, are we? really? doh! :lol:

of course he is to get the fans on side.

indeed we already know we have 5 million to sspend right now.

the fans are onside, getting rid of Murray is enough to get me onside, i dont want to know how many millions Walters Allys going to get to spend!

you do know you arent all the fans right.

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10 million war-chest..

:lol:

were not likely to tell the world how much we have to spend, are we? really? doh! :lol:

of course he is to get the fans on side.

indeed we already know we have 5 million to sspend right now.

the fans are onside, getting rid of Murray is enough to get me onside, i dont want to know how many millions Walters Allys going to get to spend!

you do know you arent all the fans right.

you putting words in my mouth, read it again, thats not what i said! doh!

have you read the forum over the last few months, not a single fan is against this takeover! well i havtn seen any or read anyone who doesnt want Murray out!

<cr>

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10 million war-chest..

:lol:

were not likely to tell the world how much we have to spend, are we? really? doh! :lol:

of course he is to get the fans on side.

indeed we already know we have 5 million to sspend right now.

:lol:

who told ye that? the papers? :lol:

no one except walter, murray, johnstone, and bain know how much we can spend........doh!

the fans are onside, getting rid of Murray is enough to get me onside, i dont want to know how many millions Walters Allys going to get to spend!

and johnston and bain told us we have 5 million to spend. you confuse me

they were amatuer enough to tell the world we had 5 million to spend? show me the quote and i will apologise

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Hope this is true but I'll not get my hopes up, how may times have we heard stuff like this before only for it to turn out to be alot of shite?

Looks like this is true then, at last some good news!

All we needed to do was be patient I hope this sorts the club out, and its not a case of out of the chip pan into the fire.

WATP!

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Doesnt any bid made for the club have have to made to the stock exchange. How can it completed on friday, without any announcement on the stock exchange.

Im hopeful this isnt the case, because i want all this talk over and for us to concentrate on winning the league and signing some players.

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I suggest we all wait and see what happens Friday. Nothing has happened yet, all we have are 2 newspaper reports with no quotes from anyone at Ibrox. I wont believe anything until its gone through.

Everything has happened - you just have to be patient, if this was not going to happen we would of known weeks ago.

The deal has went ahead these things do take time.

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I suggest we all wait and see what happens Friday. Nothing has happened yet, all we have are 2 newspaper reports with no quotes from anyone at Ibrox. I wont believe anything until its gone through.

Everything has happened - you just have to be patient, if this was not going to happen we would of known weeks ago.

The deal has went ahead these things do take time.

I know full well these things take time. When I say nothing has happened, I mean no shares have changed hands and no money has been paid out to LBG, Murray etc. I hope this goes without a glitch but until its signed, sealed and delivered I will remain sceptical.

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Matthew Lindsay

Share blank.gif0 comments 9 Jun 2010

A £33million takeover of Rangers could go through on Friday, reports claimed today.

A revised proposal has been tabled to owner Sir David Murray by a consortium fronted by London-based property developer Andrew Ellis and former Leeds United chairman Chris Akers.

Funding is said to have been secured in the Middle East after Akers travelled to present proposals over an investment in the SPL champions to wealthy Arab businessmen based in Dubai and Qatar.

The deal named 'Project Charlotte' as a play on Sir David Murray's business HQ in Edinburgh's Charlotte Square which has been offered to the Rangers owner would have to be accepted by noon on Friday and announced in the first instance to the Stock Exchange, although sources at the club today said it was 'premature' to say something would happen by the end of this week.

The proposal would see Murray paid £3.1million for his 57 per cent shareholding in Rangers currently held in Murray International Holdings.

He owns 91per cent of the club's shares some of which are held in Murray Sports but it is believed Murray cannot sell those without approval from South African-based Ibrox director Dave King, who invested £20million into Murray Sports for shares over a decade ago and remains linked with a takeover himself.

The consortium would then pay a cash sum of £20million into Rangers' bank account to slash their debts with Lloyds Banking Group, reducing the overdraft to around £8m.

The Ellis/Akers plan would then see £10million invested into the club as working capital for new players and running costs between now and the end of the year.

Despite reports today claiming the deal was all but done David Gilmour, spokesman for Marlbrough Investments who are handling the financial side of the deal on the consortium's behalf, would only say: "We are subject to the takeover panel.

"Rangers is a public listed company and we can't discuss anything or give out information. This is a sensitive issue."

Ellis could not be contacted for comment.

Akers, who once made £301million by selling a company he initially founded for just £25,000, is well known on the football scene and was first mentioned as a partner for Ellis last month.

As SportTimes revealed last month, senior figures at Rangers believed Ellis would not be in a position to proceed after his initial interest in taking over from Murray was posted to the Stock Exchange back in March.

They doubted he could secured funding, but in the past few weeks Ellis has accelerated his plans through Akers and has also travelled to Edinburgh for face-to-face talks with Murray.

The club is also under investigation by HMRC for payments made into employee offshore trusts, which would need any buyer to be given a warranty from the seller that any future tax bill would be picked up.

There remains claims that Ellis is interested in the G51 property development around Ibrox, and that would also be a reason why Murray would be keen to retain a shareholding in the club.

Effectively, the consortium would buy the controlling interest in Rangers by taking over his 57 per cent stake but Murray would still hold onto his share of the 34 per cent of the club retained in Murray Sports.

He is also likely to be offered an honorary president's position after 21 years at the helm of the club he bought for £6m.

Rangers chairman Alastair Johnston clashed publicly with Ellis last month when he said he doubted whether he would be able to complete a deal, and that the club would be proceeding with plans based on no change in ownership.

He claimed Ellis had not spoken to him or anyone at Rangers only representitives of the Murray Group. Ellis denied he had rejected requests for meetings and said he was pressing ahead. He did,

however, admit to this paper for the first time that he was not working alone when Gilmour had previously stated he was.

It is believed it was at that time Akers became involved in the plan to help with the funding. A fortnight ago, after 10 days of discussions with Lloyds, Walter Smith agreed to stay on as manager for another year, with Ally McCoist set to take over as boss next season.

Ellis has previously said he would offer Smith a new deal and it's unlikely any changes would take place should he takeover, but the future of the rest of the hierarchy Johnston, chief executive Martin Bain and others would be in doubt if indeed Friday does see a change in ownership at Ibrox for the first time in over two decades.

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Ill bet you its all tied up and finalised and it wont go tits up!!!??

How about the one that is wrong donates say £50 to RM? You just need to be more positive trust me Ellis is our new owner! biggrin.gif

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I can sort of see where MrT is coming from.

You aren't going to conclude a £30m+ deal in half an hour, let alone half a month. If it had all went tits up, I'm in no doubt that we'd all know about it almost instantly.

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Where did you get this mate?

Im dead gullible when it comes to this sort of stuff, would love it if it were true!

cant help but get a wee bit excited when reading stuff like this.

Evening Times website mate.

Just posting as i thought it would be interesting to see there slant on it given there usual guff! No Darryl King on the story 10310.gif

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