Former Northampton Town chairman Andrew Ellis is close to completing a deal to take over at Rangers.

Ellis' RFC Consortium are in "advanced negotiations" with current owner Sir David Murray to buy a controlling interest in the Scottish Premier League champions.

Murray stood down as chairman last year with the Ibrox club struggling financially amid reports of a £30million debt.

"RFC, which is controlled by Andrew Ellis, notes today's press reports regarding discussions between the company and Sir David Murray," read a statement on behalf of the consortium.

"The company confirms that it is in advanced negotiations with Sir David Murray to acquire a controlling interest in Rangers Football Club Plc, however, no price has been agreed and no timing has been established for the conclusion of the talks.

"If a deal is concluded between Sir David Murray and RFC, the company would be required under Rule 9 of the City Code on Takeovers and Mergers immediately to make an offer for the remaining issued share capital of Rangers.

"It is emphasised that this announcement does not amount to a firm intention to make an offer and there is no certainty that any offer will be forthcoming or as to the terms of such an offer."Subscribe to Football FanCast News Headlines by Email