Rangers Soccer Club Set to Be Sold for One Pound, Scotsman Says
David Murray is likely to sell Rangers Football Club Plc (RFC), the Scottish soccer champions, for one pound ($1.64), to facilitate a takeover by businessman Craig Whyte, the Scotsman reported, without saying where it got the information.
Murray had been aiming to recoup the six million pounds he paid in 1988 for a 93 percent stake, the newspaper said.
Selling the Glasgow-based club for a token sum is a way of ensuring the transaction is completed, and the takeover may be announced today, once a single outstanding issue has been resolved, the Scotsman said.
While Murray’s stake has a current book value of 10 million pounds, the club owes 22 million to Lloyds Banking Group Plc (LLOY), making his shares effectively worthless, the newspaper said.
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