Ibrox take-over plan is called off

A far fletched plan to invest in the Ibrox Tribute Act has been called off.

Either as an investment or vanity project it is difficult to see the attraction in the loss making club founded by Charles Green in 2012.

Two domestic trophies in 11 years despite tens of millions being converted into confetti shares doesn’t seem much of a business plan with a number of legal cases still to be resolved.

All the while Ibrox Stadium requires major repairs after 20 years of neglect while the successes of another club in the city tests the patience of fans that have a bizarre superiority complex.

US investor Kyle Fox brought Paul Murray on board over the promise of a blazer but it seems that none of the significant shareholders was prepared to bring Ms Fox into the Blue Room.

Tonight BBC Scotland reported:

A US-based businesswoman who wanted to buy a controlling stake in Rangers has said she has withdrawn her offer.

Kyle Fox, head of KRF Capital, said negotiations had been ongoing with the Ibrox club for nine months.

It is understood her desire to buy in to the club was met with resistance from a number of key shareholders.

These include Rangers chairman Douglas Park, who has never given any indication he would be willing to sell his stake.

Ms Fox told BBC Scotland: “Our interest was predicated on certain conditions being met – those conditions were not met.

“Our letter of interest included gaining anti-dilution rights protection, two board seats and access to the data room and management interviews. All were denied.”

Over the last five years the club has converted a huge number of loans into shares. At one stage fan group Club 1872 once owned 11% of the company but that now stands at 5.09% of the issued shares. The last dilution was at the end of January.

CLICK HERE for current list of Ibrox shareholders.