Walter Smith welcomed the prospect of a period of uncertainty at Rangers coming to an end after the club confirmed majority shareholder Sir David Murray has begun discussions regarding a takeover.

Talks are under way with London-based property developer Andrew Ellis but the Ibrox boss believes there is still a long way to go before the Glasgow giants will have a new owner in place.

Murray stepped down as chairman in August 2009 and the club is currently working to a business plan with Lloyds Bank, with Smith and his backroom staff working without contracts in a bid to ease the financial pressure.

Smith said: "Everybody here has worked in this uncertain period for the club. It's not been easy for anybody.

"Everybody gets affected by the uncertainty that's happened and it would be nice if that's getting settled. But I think we've got a long way to go before we see that.

"There is a huge difference between someone declaring an interest in buying the club and actually doing it.

"That's the one thing we have to be careful with. I'm not on the business side of things but, from what I read about takeover bids for all different businesses, it doesn't seem to happen at the drop of a hat.

"There is a lot of work to be done before anything is completed so we will just have to wait and see what happens."

Skipper David Weir was pleased to hear of the interest from former QPR director Ellis.

"It's good news I think," he said. "I wouldn't claim to be an expert with regards to the finances of a football club or how the club is best structured.

"But the fact that people are interested can only be good and hopefully we can get the club on a sound footing.

"Hopefully we can get it at the level where it should be, where we are not talking about things off the field all the time, we are talking about on-the-field things and we are talking about Rangers being a successful football club for football reasons."

Smith has not bought any new players since August 2008 and fans will no doubt be hoping that will change if a takeover goes ahead.

"He's not done too badly without any money," said Weir.

"It would make his job easier if he had a bit of money to spend.

"But I think the way football is going now, things are changing and you've got to adjust to the environment and cut your cloth accordingly.

"That's what the manager is good at. Whatever the situation is, and however much money he's got or whatever little money he's got, he's the man best equipped to make the squad a success."

A statement released by Rangers read: "Following press speculation over the weekend, the board of Rangers Football Club plc 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. RFC has been in an offer period since its announcement of October 26, 2009.

"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 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.

"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."