On the basis of pure capitalisation, Rangers are worth about £43M. They have 108M shares on issue and present value is about 40p per share, which is how I arrive at that figure.
But someone wishing to buy them doesn't need to buy 100% of the club. Let's suppose they want to just buy MIH's holding, which is 60% and would give the new buyers control. That would work out at (say) £26M. But the debt needs to be cleared too, and at full value that could be another (say) £34M, so a new buyer would need to find around £60M. This would obviously be negotiable though.
HOWEVER, a complication arises with Ibrox and Murray Park, which are held as security over MIH (not just Rangers) debt. So IF Lloyds is willing to release that security, it will probably insist on that (so far fictitious) £60M going towards the MIH/Rangers debt.
In that scenario, Murray Sports would still have 35% of Rangers shares worth about £15M, but they would still carry the £60M deficit which they incurred in the 2004 rights issue. Oh, and they could also be liable for a further £43M of accumulated interest on the loan notes in favour of Murray Group, or if you like, MIH.
It's bloody complicated, I tell you!
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Originally Posted by Joe Spinebuster 
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