Group raises cash offer and hits out at the Ibrox board
Fans furious at claims of Ashley stadium move
THE Three Bears consortium has offered to increase their funding package to Rangers as they attacked the board for considering using Ibrox and the training complex as security on a Mike Ashley loan.
Wealthy fans George Letham, Douglas Park and George Taylor claimed the board had told them that their original £5million offer two weeks ago would solve the club’s shor t-ter m financial problems.
However, the trio denied a BBC report that senior officials felt that sum was not enough.
Supporters, meanwhile, are preparing to take court action to stop the Newcastle United owner getting control of the stadium and Murray Park training complex near Milngavie, East Dunbartonshire.
The Sports Direct tycoon is claimed to have offered to lend the £10m in return and intends to notify land register bosses that he plans to add his Sports Direct firm to their title deeds.
But the Three Bears accused directors of “amnesia” and revealed they are prepared to double their offer to solve the club’s financial problem. They claimed to have asked for a pledge that the stadium would not be used as security to anyone and accused directors of “callous disrespect”.
The statement read: “If we are to believe the BBC report then the board may be suffering from a bout of amnesia.
“A £5m funding package was offered by us after discussions with board members regarding the amount required by the club.
“If the Board are now saying they need more than £5m then we are prepared to increase our fund- ing package to begin the process of putting Rangers back on a firm financial footing.
“We hope this can be agreed soon so we can put an end to the suffering of Rangers fans who have been shown complete disregard for far too long. Rangers supporters deserve greater respect and it would be foolish to take them for granted. They have had enough and will not take any more.
“Our initial funding offer also asked for a negative pledge on Ibrox, which is a guarantee that security over that asset couldn’t be given to anyone else. This condition was refused by the Board and we accepted this on the basis of the Board’s previous statements that Ibrox would be sacrosanct.
“Rangers f ans, including ourselves, do not want Ibrox given over as security to anyone. The very notion is abhorrent to us and that it is even being considered suggests at best a lack of understanding of what Ibrox represents and at worst a callous disrespect.”
The board has admitted the club could go into administration for a second time if it does not find new funding by the end of the month.
Rangers Supporters Trust (RST) have reacted with fury to the news, revealing they have already called in lawyers in a bid to shoot down Mr Ashley’s plans. There has also been fresh suggestions of protests at Sports Direct stores, with a protest planned before the game against Hearts at Ibrox.
In a statement, the RST said it was taking legal advice over the “attempt by the board to pass the most prized assets of the club to Mike Ashley”.
It added: “We believe the board may be acting illegally on two fronts and we will be working with any other shareholder who wishes to challenge this. If necessary we will instigate legal action against the directors both collectively and individually.”
Fan ownership group Rangers First added that it was extremely concerned about the move by Mr Ashley, adding that the board needed to urgently clarify its position.
Papers lodged with the Registers of Scotland by Mr Ashley, protect the title deeds and mean anyone else looking to issue the board a loan would not be able to take Ibrox or Murray Park as security.
Three Bears have bought shares equal to 34 per cent of the club.
In a statement to the Stock Exchange, the club said: “The directors confirm that they are currently considering various proposals to secure the financial future of the club, however no decision has been made at this time.”