Scottish football club Rangers have confirmed majority shareholder Sir David Murray has begun discussions with London-based property developer Andrew Ellis regarding a takeover.
The Glasgow team - who are £31million in debt - say discussions with “interested parties” are at an early stage. An independent committee of the board - which includes Ibrox legend John Greig - has been set up to consider any offers for Rangers.
Murray stepped down as chairman in August 2009. He has been seeking a buyer for some time and Rangers have been working to a business plan in conjunction with Lloyds Banking Group.
Manager Walter Smith and his backroom staff have been working without contracts since January in a bid to ease the financial pressure on the club, and the Ibrox boss has not bought any new players since August 2008.
PA