Rangers buyout plans in 'good shape' says Paul Murray

 

Former Rangers director Paul Murray has declared his buyout plans in "good shape" following fresh talks with the club's administrators.

Murray is pushing ahead with plans to submit a takeover proposal by Friday's deadline along with his allies, who include Ticketus and other individuals such as motoring tycoon Douglas Park.

Murray told the Evening Times: "We had a very good meeting with the administrators.

"It was an open meeting with very constructive dialogue and myself and the executives from Ticketus asked a lot of questions, and answered a lot of questions.

"We are in good shape for Friday. We will be making an offer to buy Rangers."

Administrators Duff and Phelps have revealed interest from America and the Far East while Sale Sharks owner Brian Kennedy has previously expressed an interest, although only if Murray's consortium fails.

Murray added: "It's obviously up to the administrators to evaluate any offers that come in, but I think they will have to crack on in terms of a decision.

"I would like to think we would get an answer next week and we are hopeful of being able to take control of the club and stabilise the situation.

"That is the main thing - Rangers needs to be saved in its current form and then plans can be put in place from there."

Murray's plans involve Ticketus, whose £24.4million injection for rights to sell future season tickets was used by Craig Whyte to pay off the club's bank debt and thus complete his takeover.

Murray has revealed Ticketus would underwrite stage one of his group's takeover plan by backing the cash purchase of club and providing working capital. Individuals in the consortium would give personal pledges to Ticketus against the money used.

Stage two would be to hold a share issue and the group would then seek to renegotiate the terms of the Ticketus arrangement.

Meanwhile, Craig Whyte was pictured leaving the offices of Duff and Phelps today.

Joint administrator Paul Clark said at the weekend that there was no evidence of Whyte having invested any money into Rangers and that he was "absolutely irrelevant" to the club's medium to long-term future.

Whyte holds a majority shareholding in the club, having bought it for £1 from Sir David Murray.

PA

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