Belfast Telegraph

Saturday 19 April 2014

Warning as £55m Rangers deal set to go through

Rangers fans were today warned this week’s imminent takeover is not the right move for the club.

Scottish businessman Craig Whyte is close to finally completing his £55million ownership deal after months of negotiations.

But his takeover rival, Rangers non-executive director Paul Murray, today contined to oppose the move. Murray is proposing a £25million alternative plan after reviewing Motherwell-born Whyte's plan for the club.

Murray, a non-executive Rangers director for four years, said: “I had an open mind on the Craig Whyte transaction but when I saw the final structure of the deal in early April, I felt that it was not in the best interests of the club.

“I therefore believed I had no choice but to table an alternative proposal.

“In my opinion Craig Whyte has not adequately demonstrated what his strategy is for managing and funding a negative outcome on this matter.

“My proposal would attack these issues in a very different way. The underwritten share issue would raise £25m and all of the proceeds from this would go into the club.

“We would give everyone the opportunity of participating in this issue and encourage a broad ownership structure.

“Of course debts have to be paid. But Craig Whyte's offer is weighted in favour of the bank rather than the club even though we have a debt level which is more than manageable. That is not the right thing for Rangers and the fans need to understand why I'm saying that.”

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