Craig Whyte’s stop-start purchase of Glasgow Rangers looks to finally be going forward as the last major obstacle in his past begins to give way. The deal had been held up by Lloyds Banking Group, which holds most of the £27M debt on the Scottish Premier League side. Lloyds - who have already prevented at least one takeover attempt from Rangers director Dave King - had apparently been demanding an ‘exit payment’ in excess of £1M to allow the deal to go through, but they have now denied that any such restriction is in place. According to ‘a source’, this should leave Whyte free to purchase the club in a deal believed to be worth more than £30M:
Craig Whyte’s Glasgow Rangers Takeover Inches Closer
An agreement has been reached between Lloyds Banking Group and Craig Whyte. The debt is no longer an obstacle or an issue.
Rangers, who’ve already won the Scottish League Cup this year, currently sit in second place in the league, two points behind arch-rivals Celtic but with a game in hand that could take them to the top of the table. Their current owner, Sir David Murray, bought the club for £6M in 1988, and has led the club to fifteen titles in his 20 years stewardship. Over the past few seasons, however, he’s been publicly contemplating ending his involvement with the club, but could find no buyers suitable to take over until Craig Whyte came into the picture.
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