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Rangers Soccer Club Set to Be Sold for One Pound, Scotsman Says

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May 6 (Bloomberg) -- David Murray is likely to sell Rangers Football Club Plc, 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, making his shares effectively worthless, the newspaper said.

To contact the reporter on this story: Peter Woodifield in Edinburgh at pwoodifield@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net.

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