Sir David Murray, the majority shareholder of Rangers FC, has begun discussions with London-based property developer Andrew Ellis regarding a takeover of the Glasgow club.

Rangers - who are £31million in debt - say discussions with "interested parties" are at an early stage. An independent committee of the board including former club captain, manager and now board member John Greig has been set up to consider any offers for Rangers.

Meanwhile Donald Muir, whose role on the club’s board has been under constant scrutiny, is not on the independent committee.

A statement on the club's website said: "Following press speculation over the weekend, the board of Rangers confirms that it has been advised by Murray International Holdings Limited that MIH has entered into discussions with certain interested parties, including Andrew Ellis, about the interests of MIH in RFC that may lead to an offer or offers for the entire issued share capital of the Club.

"The board of RFC understands that discussions are at an early stage and there can be no certainty that any offer will be made for the issued shares of RFC.

"In order to ensure the complete independence of the assessment of the merits for RFC of any possible offer, the board of RFC has set up an independent committee of the board (the "Independent Directors") comprising the Chairman Alastair Johnston, John McClelland, Martin Bain, Donald McIntyre and John Greig to consider the full implications of any future offer for RFC.

IN DETAIL

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The statement added: "The Independent Directors will ensure that any possible offer for RFC is assessed on the merits for RFC, its shareholders and all other stakeholders in RFC including supporters.

"It is particularly important to the Independent Directors that any possible offeror is able to demonstrate the capacity and commitment to provide a stable and sustainable future for RFC and the Independent Directors will want to understand fully the plans of any potential offeror in order to recommend the action that shareholders should take.

"The Independent Directors exclude Mike McGill and Donald Muir who are connected to MIH, and so have a potential conflict of interest, and Dave King and Paul Murray about whose intentions there has been past speculation that could lead to a perception of a possible conflict of interest.  The board will keep all shareholders informed of further developments."

Rangers enjoy a ten-point lead over city rivals Celtic in the Scottish Premier League and are on course to win a domestic treble this season.