Rangers takeover: Ibrox board considers rival bid

A RANGERS director has submitted a rival offer which could derail businessman Craig Whyte's bid for the club.

Ibrox chairman Alastair Johnston said a club director, who has not been named, has put forward an alternative funding plan.

Johnston said there were concerns about the "relatively modest amount of money" available to invest in the club if Whyte's deal was to go through.

The alternative plan would raise around 25 million to be invested in the club through a "fresh issue of capital", he said.

The identity of the director was not made clear, nor was the method of funding, although a bank loan appears out of the question given the amount owed to Lloyds.

Read more on this story in Wednesday's Scotsman.