Mandaric Denies Rumours Of Imminent Rangers Takeover
February 17, 2012
Sheffield Wednesday chairman Milan Mandaric has moved to distance himself from rumours linking him with a potential takeover of struggling SPL side Glasgow Rangers.
Mandaric was replying to unconfirmed reports that he met with the Scottish club’s administrators, Duff and Phelps, about a possible takeover.
“I can categorically deny there is any substance to these stories and I am disappointed that such articles are printed without foundation,” he said.
“I have never had any dialogue [with] anyone relating to Rangers.”
And he added: “Glasgow Rangers is a huge football club with a great heritage and history, but I already have that here at Sheffield Wednesday.
“For clarity, I have not instructed any of my associates to register an interest in the administration process at Glasgow Rangers and I have no interest, now or in the future, of becoming involved in the club.”
The search for potential investors continues as the club look to pull out of administration and secure the financial security needed to keep afloat.
Sir David Murray sold Rangers to Craig Whyte in May last year for £1 with the new owner clearing the £18m debt owed to Lloyds Bank. Since then, Rangers’ dispute with HMRC over the use of Employee Benefit Trusts (EBTs) during Murray’s reign has meant there is a potential tax liability of £49m hanging over the club.
But it was a £9m unpaid tax bill for VAT and PAYE, accrued since Whyte’s takeover, that tipped the club into administration on Tuesday and brought a 10-point penalty from the SPL that effectively ends Rangers’ title defence.
By Marc Sibbons