Rangers board put takeover bid on hold

The Rangers board have blocked the proposed takeover of the club by businessman Craig Whyte.

Almost six months after announcing his intention to buy the club from Sir David Murray Whyte’s plans have been rejected by the independent committee of Rangers directors former to approve a change in ownership.

No formal bid was ever put to Murray with Rangers chairman Alastair Johnston believed to have strong reservations about Whyte’s proposals.

On the first of April Johnston was quoted as saying that the ‘bid’ would be finalised one way or another within 48 hours.

Since then Rangers have been hit with two charges of sectarian singing by UEFA with their tax case with HMRC resuming today in Edinburgh.

Rangers manager Walter Smith has recently warned supporters about the dire consequences for next season if there is no change in ownership at the club.

It has been reported that Lloyds TSB are looking for further cuts to the wage bill despite Ally McCoist having only 13 first team players to work with in pre-season with the current squad bolstered by five loan signings.

Whyte had been in negotiations with Murray over the sale of his shares but never got as far as putting his proposal to the takeover committee which consists of Johnston, chief executive Martin Bain, John McClelland, Donald McIntyre and John Greig.

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