Scotsman Claim Rangers to be Sold for One Pound

Scottish newspaper the Scotsman has reported that David Murray is likely to sell Rangers Football Club Plc (RFC), anabolics the Scottish soccer champions, generic for one pound (US$1.64) in order to facilitate a takeover by businessman Craig Whyte.

The report stated that Murray had been aiming to recoup the £6m ($9.85m) he paid in 1988 for a 93 per cent stake.

However, anesthetist selling the Glasgow-based club for a token sum is a way of ensuring the transaction is completed. The newspaper claimed that the takeover may be announced today, May 6, once a single outstanding issue has been resolved.

While Murray’s stake has a current book value of £10m ($16.4m), the club owes £22m ($36.1m) to Lloyds Banking Group Plc (LLOY), making his shares effectively worthless, the newspaper said.