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.”