No warchest for Walter Smith

Walter Smith won’t be getting his hands on the promised Andrew Ellis war-chest just yet.

Reports that the long delayed Ellis deal would be completed by the weekend to let Smith go on a spending spree have been dampened down by all parties.

Five weeks after promising ‘major developments in the next three or four weeks’ the Ellis cam have still to decide whether they will make a bid to buy out Sir David Murray and takeover at Ibrox.

A statement issued by RFC, Ellis’ consortium, said: “The company confirms that it is in advanced negotiations with Sir David Murray to acquire a controlling interest in Rangers Football Club Plc, however no price has been agreed and no timing has been established for the conclusion of the talks.”

After three months of extremely due diligence pouring over the complex accounts of Rangers there is still no price or timescale in place for a bid to be made.

Whether the decision to sell is made by Murray or Lloyds TSB remains open to speculation with Martin Bain and Alastair Johnston both acknowledging in recent weeks that all decisions require approval from Lloyds TSB.

Ellis’ statement explained: “ RFC, which is controlled by Andrew Ellis, notes today’s press reports regarding discussions between the company and Sir David Murray.

“If a deal is concluded between Sir David Murray and RFC, the company would be required under Rule 9 of the City Code on Takeovers and Mergers immediately to make an offer for the remaining issued share capital of Rangers.

“It is emphasised that this announcement does not amount to a firm intention to make an offer and there is no certainty that any offer will be forthcoming or as to the terms of such an offer.”

Since declaring that a major development would take place in the next three or four weeks Ellis has watched Nacho Novo, Steven Smith and Marcus DaBeasley leave Rangers for nothing with Kris Boyd also admitting that he’ll be leaving Ibrox.

Chief Scout Ewan Chester has left for Norwich City while Davie Weir and Kirk Broadfoot have still to sign new contracts to stay on at the club.

Despite scouting players at the World Cup it seems highly unlikely that Ally McCoist will be bringing back any superstars for pre-season training at Murray Park.