RANGERS Football Club have called an extraordinary general meeting to

seek shareholders' approval for the long-term lease of the club's Albion

car park which is owned by a subsidiary of chairman David Murray's

property group.

In a complicated deal, Manchester-based NWS Property Investments Ltd

will pay one of Mr Murray's companies, PPG (Leisure) Ltd (PPGL), #3.9m

for a 125-year lease of the former training ground.

NWSPI will then sub-lease the car park back to Rangers, charging

#250,000 a year for the first five years, #330,000 from years six to 10,

increasing by 4% a year until a 34-year term is complete.

Thereafter, Rangers will pay a ''peppercorn rent'' of #3930 a year

until the 125-year lease is complete and the control of the car park

reverts to PPGL.

NWSPI is a subsidiary of the Bank of Scotland, which is also a major

backer of Mr Murray's privately owned group of companies, Murray

International Holdings, involved in metal, property, and leisure.

A financial expert predicted last night that it is possible the latest

proposal would create some unrest among shareholders, anxious that ''a

shuffling of assets'' was being arranged to accommodate the chairman's

business interests outside the club. This would mirror the response of

several shareholders who were angered when Rangers sold the ground in

April, 1990.

However, the club claims the move is the only way to guarantee the

future operation of its #22m club deck stand, building permission for

which was given by Glasgow District Council only on condition that a

minimum amount of car parking space was made available at the former

Albion training ground.

Mr Murray caused some raised eyebrows in September, 1989, when he

formed MBS -- a joint venture company -- with the Bank of Scotland.

Although the bank had only a 20% stake in the venture, it initially

advanced #30m in a revolving loan facility; #10m of that was used to

acquire five sites, including Rangers' Albion training ground and

another area of South Gyle in Edinburgh.

An extraordinary general meeting will be held in Govan Town Hall on

May 30 to consider the proposal.

The Albion car park has space for 1200 cars -- almost half of which

are taken up by corporate box holders and their guests and the holders

of the most expensive season tickets. The other spaces are sold to the

public on a first-come, first-served basis on match days.

Mr Douglas Odam, Rangers' financial controller, said the price of car

parking -- normally #2 per car -- would be reviewed only as part of the

club's overall operation of the stadium.

Because of the potential conflict of interest between Mr Murray's

property group and Rangers Football Club, Mr Murray will not take part

in the vote.