Lalit Modi set to buy stake in Scottish football club Glasgow Rangers

Former IPL Chairman Lalit Modi is in talks to buy a stake in Scottish football club Glasgow Rangers — with his representatives already having got in touch with Rangers’ football board over the deal. According to a BBC report , Modi is interested in buying a 26% stake at the club — owned by chairman of Rangers board Sandy Easdale. [caption id=“attachment_1514169” align=“alignleft” width=“380”] Former IPL Chairman Lalit Modi is in talks to buy a stake in Scottish football club Glasgow Rangers. AFP[/caption] “Glasgow Rangers FC is an institution in itself given the history and lineage of the club. Yes I am looking at acquiring a stake in this Scottish institution, as I think the club is seriously undervalued,” Modi said in a statement on his website. “Rangers have a fabulous fan base, a solid home and heritage that dates back over 100 years all of which make for great long term value. I have thus initiated talks with a couple of shareholders to understand the situation on-ground and am keen that these discussions lead to fruition,” the statement added. “Having said that, these discussions are still at a very preliminary stage,” it concluded. Scottish football, and particularly Rangers, have been undergoing a major overhaul over the last few years due to insolvency. The club failed to reach an agreement with creditors in 2012, leading to their relegation to the third tier — League One. However, they won the title in their first season in the lowest tier in Scotland and now play in the Scottish Championship.