With the deadline, set by Sir David Murray, having passed last night there was still no clear indication of Craig Whyte taking over Rangers.Despite Sky Sports News ‘understanding’ that Murray has agreed a deal to sell the club to Whyte
However STV stated on their Official website that talks are still at a ‘very advanced stage’. Likewise the BBC state that nothing has been agreed upon either.
STV reported that, “It is understood a couple of outstanding issues remain between the two camps but negotiations are continuing. No deadline has been set for a deal to be completed.
The deal if it does indeed go trough will cost Whyte an initial £28 million, however we has given assurances to the Rangers board that he will invest £5 million per season towards a transfer budget over the next five seasons. The deal would also see him buy the stadium, along with the club’s Murray Park training ground, however despite claims by Sky Sports that the land around Ibrox has also been purchased, the land is still under council control.
There was a deal between Murray and the Council for the land to be transferred over for the fee of £1, but that was when Murray was set to develop the land in a £700 million stadium expansion. It was also the main sticking point for Andrew Ellis who wanted to develop the area into a ‘Braehead-styled’ area, however planning permission would not permit it plus he learned that the land was not even under Rangers’ control.
The debt to Lloyds Banking Group of around £21 million will be cleared by Whyte. £17 million of that debt will be paid up front to Lloyds, with a £4 million loan on the club’s Albion car park refinanced and paid back in installments.
But if the takeover agreement is to be finalised, the HMRC issue of two debts – one £2.8 million and another £24 million – will have to be covered by Murray, as Craig Whyte has categorically refused to pay the tax debt if they are held accountable.
The reason why I stated that there is confusion, is that despite Sky Sports News seemingly ‘understanding’ that the deal has been finalised, until a statement is announced to the Stock Exchange the takeover has not been completed, despite claims and counter-claims from the media.