King poised to jet in and battle for change at the top
DAVE KING, the largest single shareholder in Rangers, will return to Glasgow in a fortnight to personally oversee the final push aimed at forcing through the regime change he has called for at Ibrox.
King submitted a demand for a General Meeting on Friday in which he forwarded resolutions that would wipe out the current board and replace them with himself, Paul Murray and former Tennent Caledonian Breweries managing director John Gilligan.
The South Africa-based businessman stated he was ‘confident’ that there would be sufficient support to cross the 50-per-cent threshold to dislodge chairman David Somers, chief executive Derek Llambias, finance director Barry Leach and James Easdale.
However, he will continue to work on plans for Rangers from his home before jetting into Scotland in order to battle for the Rangers boardroom.
Although operating independently, King and the consortium involving Douglas Park, George Letham and George Taylor possess 34 per cent of voting power.
Various supporters and fans factions own around 11 per cent and potential technical director appointment under the Three Bears, Felix Magath, is one of a number of Rangers-friendly investors capable of taking the push for change up to at least 48 per cent.
Rangers have 21 days to make the changes demanded by King in his requisition statement or another 21 on top of that to hold the general meeting.
However, the charge by the man who planted Llambias and Leach at Ibrox to strengthen his control of Rangers assets continues unabated.
Mike Ashley’s deadline to strike a rescue loan deal to the tune of £10million with Rangers in return for security over Ibrox and Murray Park comes on February 17.
The Rangers Supporters Trust stalled in their effort to try to have an interim interdict granted to stop the board’s move to grant Ashley his grip on the club’s crown jewels.
Papers lodged with the Registers of Scotland have notified intent to add Sports Direct to the title deeds of both the stadium and training ground complex, suggesting that Rangers were poised to accept his loan and be able to meet this month’s salary requirements.
Ibrox fans were ready to launch a challenge in court but, following meetings with experts, have been advised to back down from this bid. But the Rangers Supporters Trust has pledged to explore alternative legal avenues to take action against individual board members on breaches of fiduciary duties should the board proceed.
Members of several fans groups accounted for a sizeable portion of the near 700-strong protest outside Ibrox ahead of Friday night’s abandoned match against Hearts.
Much of the fury over the revelation of Ashley’s swoop for the assets centred on a July 27 statement from Rangers, which claimed the club would ‘not grant security over Ibrox to any organisation during the upcoming football season’.
Season book uptake rose after that, with fans campaigners now convinced that those who purchased tickets on the back of that statement have been swindled into buying.
The statement read: ‘The Rangers Supporters Trust has, at considerable time and expense over the past two days, taken detailed legal advice over the recent move by the Rangers board to give notice of intention to grant security over Ibrox to Sports Direct.
‘It is the opinion of both our senior counsel and solicitors that we can take no further action at this time. It is quite clear from their detailed examination of statements made by the board regarding Ibrox that, whilst giving the impression to fans and shareholders they were making a commitment not to grant security over Ibrox, the board was in fact meticulously careful not to stray into language which would actually give such a legal commitment.
‘We believe the effect of those statements was to be deliberately misleading.
‘We have however been advised of various possible remedies, including those against individual directors, which may be available to us should the board actually go ahead and grant the security.
‘We are committed not only to increasing fan involvement in the club through purchasing shares, but also to defending the club, the stadium, the fans and the thousands of shareholders from the disgraceful actions of David Somers, Sandy and James Easdale, Derek Llambias and Barry Leach.’
Meanwhile, Three Bears investor Letham met with Llambias on Friday at Ibrox for talks and his group remain willing to engage in negotiations to provide emergency funding.
Their initial offer — based on a briefing from the board which suggested that £5m was a sufficient loan to cover costs — remains on the table and they are willing to stump up more.