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Rangers takeover a done deal

Andrew Ellis has moved a huge step nearer to completing his takeover of Rangers, reports the Scottish Sun. Ellis and an Arab-backed consortium are close to completing a £33-million deal to buy out Gers owner Sir David Murray after months of speculation.

It's understood that Murray could sell up by this Friday as Ellis and former Leeds United supremo Chris Akers have received support from sources in Dubai and Qatar to finance their bid.

Ellis, former Northampton Town chairman, at last seems to have the money to complete the £33m deal which would wipe out Rangers' crippling debt.

Under the proposals Murray would receive just £3m for his majority shareholding in the SPL champs.

A further £20m would be used to wipe out the massive debt Gers owe to Lloyds Banking Group.

And if the deal goes through that could leave boss Walter Smith with as much as £10m to spend in the transfer market, after two years of operating without money to buy new players.

A spokesman close to the consortium said: "This is effectively a done deal and everything is in place for the offer to be accepted on Friday and for Andrew Ellis to take over."

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