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Saturday, June 16, 2012

Smith makes takeover bid for Rangers


GLASGOW, Scotland — Former Rangers manager Walter Smith launched a takeover bid on Thursday for the 140-year-old Scottish club, which is on the verge of bankruptcy with tax debts of $32.5 million among other liabilities.

Smith called on the Sevco consortium, given preferred bidder status last month to drop its bid, to "allow us to proceed with our deal, which is in the best interest of the creditors, the employees, the fans and the various other stakeholders of Rangers Football Club."

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