‘Minor’ hitch in Rangers takeover

Chief football writer

Friday 6 May 2011

CRAIG Whyte expected to complete his takeover of Rangers around tea-time last night before an unexpected problem arose which will delay it until this afternoon or possibly Monday.

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michael grant chief football writer

Whyte and his team of representatives were in almost 12 hours of talks in Edinburgh yesterday to complete his £52.5m buy-out of Sir David Murray’s 85 per cent controlling interest. Murray was not there for most of those discussions, having left satisfied with the deal. He said he would return when required to sign the necessary paperwork.

The Rangers director Donald Muir, on the board to represent the interests of lenders Lloyds Banking Group, was present at the afternoon and evening discussions at the offices of lawyers Dundas & Wilson.The paperwork was expected to be signed around 6pm but later in the evening an issue arose that prevented Rangers passing into Whyte’s hands yesterday. One source described the unexpected hitch as “a minor awkwardness” which could not be resolved until this afternoon at the earliest. The problem does not relate to either Whyte or Murray.Earlier, the pair met at around 10am at the headquarters of Murray International Holdings to begin what both hoped would be the final day of negotiations on a deal which originated in November. Both men are happy with their sides of the deal and Lloyds, which is owed around £20m by Rangers, is also supportive of Whyte’s bid because that sum would be repaid in full.Although not considered to be a serious hitch, the issue which arose last night was exasperating for all parties given the protracted nature of the takeover.

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‘Minor’ hitch in Rangers takeover

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