? Businessman set to buy 75% of Sir David Murray's shares
? Agreement over Rangers' debt reached with Lloyds Bank
The Scottish tycoon Craig Whyte appeared to move closer to a takeover of Rangers on Wednesday after an agreement over the club's debt was reached with Lloyds Banking Group.
The path seems to be clear for the protracted deal, reportedly worth �33million, to go ahead following months of negotiations.
Whyte will take over 75% of Sir David Murray's shareholding, with the London-based property developer Andrew Ellis becoming a 25% partner, once the buy-out is rubber-stamped by the current owner.
A source close to the deal told Press Association Sport: "An agreement has been reached between Lloyds Banking Group and Craig Whyte. The debt is no longer an obstacle or an issue."
Rangers' debt stood at �27.1m in June and is expected to be reduced to around �21m when the club's interim results are announced.
The takeover appeared to be uncertain after reports suggested the bank's demands for an "exit payment" of more than �1m was a stumbling block.
However, Lloyds responded by denying the existence of any exit or redemption fee. It would appear progress has now been made, although a degree of caution still surrounds the deal at the moment.
Source: http://www.guardian.co.uk/football/2011/mar/30/craig-whyte-rangers-takeover-debt
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