- Jan 1, 2004
- Reaction score
- The Penny Arcade
ANNOUNCEMENT BY MURRAY GROUP
On 26 October 2009, the principal shareholder of The Rangers Football Club plc (the "Club"), Murray International Holdings Limited ("MIH"), advised the board of directors of the Club that it was considering options regarding the controlling shareholding in the Club held by its subsidiary Murray MHL Limited. MIH also advised that this may or may not lead to it disposing of some or all of its majority stake in the Club to a third party.
MIH has received interest in its controlling stake from a number of parties. At this time, however, the board of MIH has not been able to secure an offer which it considers to be in the best interests of the Club, its shareholders and its fans.
Following on from the success of winning the 2009/10 SPL title and thereby securing participation in the group stages of the Champions League during 2010/11, the Club recently announced that the football management team had signed new contracts. At the same time the board of directors of the Club announced improvements in its financial position compared to the previous year stating:
"We believe the outcome of our recent positive discussions with the bank gives us a real platform for operational stability at the Club and we thank Lloyds for their support. We have a clear business plan in place and will continue to maximise efficiencies and endeavour to increase our non-playing income."
The board of directors of MIH therefore considers that the interests of stakeholders are presently best served by providing the football management team and board of directors with an opportunity to implement its business plan which is supported by Lloyds Banking Group. In these circumstances, MIH hereby announces that it is no longer actively marketing its controlling stake in the Club for sale.
Sir David Murray
Murray International Holdings Limited