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  1. A Spain based motor tycoon who wants to buy Rangers is building a £5 million mansion close to Glasgow, The Sunday Post can reveal. Businessman Douglas Park, 64, has submitted plans to erect an eight-bedroom villa near Strathaven, 20 miles from Ibrox. Work is under way on the father-of-three’s new home, which will boast a spiral staircase, home office, gym and steam room as well as a gargantuan master bedroom, according to plans lodged with South Lanarkshire Council. Since separating from wife Isobel in 1999, the tycoon has spent most of his time in Spain. But sources say the car giant plans to move back to the UK – and to help seize control of Ibrox. Alongside George Taylor and George Letham, Park is a member of the so-called Three Bears, who announced on Hogmanay they had bought up 19% of the club. They are in pole position to take control of the side after a £36m bid package by American Robert Sarver was rejected. Last night a source said: “Things are going very well for Dougie. He’s Rangers daft and has flown all over Europe to follow the team. He is close to several Ibrox legends. It’s the same with his three sons. His business is thriving and has his sons help run it so he doesn’t need to be around as much. “He owns a house near the one he is building but it is far smaller and he’s rarely there. “Building this is different. It’s a sign he’s going to spend more time in Scotland – and that will hopefully involve playing a major role at Ibrox. They need him in the boardroom.” The Three Bears are reportedly in cahoots with former director Dave King, 59, who owns 15% of the club. Last night, Craig Houston, of Rangers supporters’ group Sons of Struth, said: “After the turbulent last few years we’d love to see Dougie Park in charge.” Park has built up his thriving business from humble beginnings. He is now recognised to be one of Scotland’s shrewdest businessmen with an estimated personal wealth of £78 million. He started in 1971 with a fleet of three buses, ferrying football fans all over Scotland. That led to contracts providing team coaches for Celtic and other clubs, including Rangers. As the empire grew, he diversified and now owns a large number of car dealerships, including the exclusive rights to sell McLaren and Maserati sports cars in Scotland. Mr Park was unavailable for comment last night. http://www.sundaypost.com/news-views...-park-1.781167
  2. "Former Bayern Munich boss holds talks with consortium looking to gain control at Ibrox as he impresses with his blueprint for future of the club Felix Magath has joined forces with the Three Bears in a bid to force a regime change at Rangers. Record Sport revealed yesterday how the former Bayern Munich boss had bought one per cent stake in the cash crippled club. Magath held discussions with one of the key players in the Three Bears consortium after flying into Scotland last week." http://www.dailyrecord.co.uk/sport/football/felix-magath-joins-up-three-4950904 Is it just just coincidence that Nerlinger, who has been so heavily linked with us recently is fairly close to Magath (I believe)? Nerlinger also scored against Magath's Stuttgart side when we beat them at Ibrox in 2003.
  3. ...as Trust increases Ibrox stake. The likelihood of a shareholder shoot-out has increased in recent days following the moves by Dave King and the Three Bears - a consortium comprising of Douglas Park, George Letham and George Taylor - that saw them separately snap up significant stakes in the Gers. The shares held between those two groups, supporters and other like-minded individuals and investors could be enough to oust the current board if an extraordinary general meeting is called. And Union of Fans spokesman Chris Graham knows the vote will make or break fans' ambitions of seeing their club wrestled away from the under-fire regime. He told SportTimes: "If it does go down to a vote, this is really the last chance for the club to end up back in the right hands. "It will be a straight battle between Dave King and the Three Bears on one side and the Easdales and Mike Ashley on the other. "There will be floating voters in between. There is only one side that will bring the fans back and if anyone is voting from a financial viewpoint then they really should be backing the Three Bears and King. "I would think the board would show a bit of common sense and it wouldn't get to an EGM but the longer it goes on and the more delays there are, it becomes more likely that is the way it will need to be resolved. "Between King and the Three Bears, they have 35% and they can rely on a reasonable percentage of the fan vote. "We will be doing our best to make sure fans use their shareholding, it could be worth a crucial few per cent. "I think there are enough unattached shareholders there who, having looked at the level of mismanagement and anger from fans, would take the common sense approach and see there is only one option here." While any move by King or the Three Bears to vote off the under-fire board would be welcomed by fans, it would not be the end of Rangers' current crisis. The Light Blues require immediate funding to see them through to the end of the month, and help them fulfil an assurance to the SPFL that they can see out the Championship campaign. Mike Ashley and American businessman Robert Sarver could yet do a deal to provide another quick cash fix to keep the lights on at Ibrox. Graham said: "There is no option now other than some form of short-term loan. "We would be extremely reluctant to see someone like Mike Ashley provide that because we have already see the cost of that in terms of his control of the board and everything else. "The board are not going to get a share issue away quickly enough to deal with the cash issues. "The Sarver bid is frankly a distraction right now. The board can't accept it, it is only the shareholders who can. "Given the determination of the Rangers men to get in there, I don't see why they would step aside to allow him to take up a majority shareholding. They have the means and the will to fund the club." If an EGM is called, the shares held by fans could prove decisive in swinging the vote and toppling the board. And the Rangers Supporters Trust have announced that they have increased their stake to more than 1% with the purchase of another 100,000 shares in RIFC plc. An RST spokesman said: "A recent influx of new members and contributors to Buy Rangers has allowed us to make this purchase and with the continued support of the Rangers community we hope to increase our shareholding further in the near future. "All funds from the sale of Red and Black and Lion Brand shirts have been retained for use in a future share issue. "We will continue to work closely with those pushing for change at Rangers and we would ask fans to visit http://www.therst.co.uk and help us to take back our club." http://www.eveningtimes.co.uk/rangers/fans-fear-egm-is-last-chance-to-rescue-rangers-as-trust-increases-193866n.115833069?
  4. Steve1872

    Egm?

    from FF scottyboy_1 Re: Dave King to Call EGM in Next 24 Hrs. This is true, EGM will be called, surprised it wasnt today actually! Papweworks lodged jist waiting on stockmarket confirmation They gave them time to get round the table and a deadline for doing so, they havnt done that so thwy will be evicted via EGM, the opportunity of a deal suited the bears better as it got them in quicker and saved EGM cash but theyr not moving so its time to steamroller them .
  5. rbr

    Rangers first

    Great day for the Rangers first schemem , now sitting at over 2170 members , superb , hopefully this is just the start , I know there is an off line campaign starting soon which has been funded by separate donations.
  6. Just heard that one of them has loaned the club 500,000 pounds to keep things ticking over. Anyone else heard this
  7. PRIOR, who owns more shares than current director James Easdale, says he has no confidence in the competence or motives of the current board and is backing Douglas Park's consortium. IBROX investor Kieran Prior last night backed the Three Bears and urged them to throw every deal ever signed with Sports Direct in the dustbin. Prior broke his silence on the way forward for the cash-strapped club as he declared his shareholding to the Stock Exchange in the aftermath of the takeover bid by Robert Sarver. Prior owns more than one million shares, 1.35 per cent of the club, almost twice as many as current plc director James Easdale and more even than Ally McCoist. He allowed his stake in his boyhood favourites to be diluted after the last share issue in August because he was “unwilling to continue funding people clearly not fit to run the club”. However, his current shareholding is not for sale and he is keen to invest again in future, so long as Rangers are under the stewardship of those he feels has its best interests at heart. That’s why he’s backing George Taylor, George Letham and Douglas Park, as well as Dave King, as he offered a withering assessment of those currently in control, including Newcastle owner Mike Ashley. Prior said: “I’ve yet to meet the three new investors but I’m happy to throw my hat in with them because their credentials as men with the best interests of Rangers at heart is impeccable. “I’ve been in email contact with Dave King, an astute operator. He now has what he wanted – a stake in the club without funding the incompetence of current boardroom incumbents. Fair play to him. “I do not trust the people in control of the boardroom. Their unpopularity with the fans sets alarm bells ringing and their willingness to take shortcuts at every turn is a dreadful example of corporate governance. “I have no intention of ever backing them. Nothing they can say or do will change that. I will be voting with the fans to help re-shape the future of the club. “Rangers need a board that’s financially astute, of good business sense and logical – and they don’t have it at the moment. Hopefully, if the Three Bears and King take control the first thing they will do is hire forensic financial analysts to understand where money has been mis-spent and when the interests of individual shareholders appear to have been put before those of the wider club ownership. “I’d start with Ashley’s Sports Direct deals and if they are as ridiculous as reported I’d tear them up, throw them in the bin - and tell him to sue us and we’ll see him in court. “I’d rather not spend money on legal costs at all but if it came down to forking out £411,000 from Sports Direct on shirts the club can never sell, or on barristers and QCs to argue against those contracts in court, I know where I’d invest. “If these deals are not legally questionable – and we should seek counsel to establish if they are – then they are certainly morally repugnant. “Ashley has been mortally damaged in the eyes of fans by his own actions. The games he has played with the stadium naming rights and advertising are a nonsense. “He also appears to have reneged on obligations under dual interest rules, which is somewhat insulting to the SFA. Rangers have been punished too much by the football authorities as it is. “If he comes back to me on that, tough. I’m combative by nature – let’s get the contracts out in court where they can be examined openly and transparently. “I still don’t know why the current board haven’t resigned and the Easdales haven’t walked away. They know the value of the club would rise if they quit. “If all they want is a blazer and a seat in the Blue Room it’s disgusting. Those are not the actions of a real plc board.” Prior arrived on the scene 18 months ago and promised to look under the bonnet and, if he liked what he saw, he would invest further. Suffice to say, he didn’t see a Rolls-Royce engine. Manchester-born and London based, the former Goldman Sachs trader has spent much of the past 12 months in California, working on the launch of a multi-million dollar software firm. He rejected overtures from Brian Stockbridge to become a pivotal player on the board. He added: “He offered me board membership, all informally, when Craig Mather was chief executive. I thought Mather might have been a decent operator but maybe I was wrong. “I didn’t trust Stockbridge. I wasn’t going to try to polish his turd. I won’t be associated with anything that’s not world class. I don’t want a blazer for the sake of a blazer. “It’s important I clarify my position to supporters. I’ll continue to support good people running Rangers. “I’m intrigued by the emergence of Robert Sarver. If he wants to buy the club and elect a legitimate board that’s honest and transparent, then fine. “However, I do believe George Taylor, George Letham and Douglas Park are the best way forward. Dave King will be a key figure too. He has had issues with the authorities in South Africa but his net worth speaks for itself. “If Rangers are in good hands I’ll also increase my own holding.”
  8. ...and says 'Throw all the Sports Direct deals in the bin'. PRIOR, who owns more shares than current director James Easdale, says he has no confidence in the competence or motives of the current board and is backing Douglas Park's consortium. IBROX investor Kieran Prior last night backed the Three Bears and urged them to throw every deal ever signed with Sports Direct in the dustbin. Prior broke his silence on the way forward for the cash-strapped club as he declared his shareholding to the Stock Exchange in the aftermath of the takeover bid by Robert Sarver. Prior owns more than one million shares, 1.35 per cent of the club, almost twice as many as current plc director James Easdale and more even than Ally McCoist. He allowed his stake in his boyhood favourites to be diluted after the last share issue in August because he was “unwilling to continue funding people clearly not fit to run the club”. However, his current shareholding is not for sale and he is keen to invest again in future, so long as Rangers are under the stewardship of those he feels has its best interests at heart. That’s why he’s backing George Taylor, George Letham and Douglas Park, as well as Dave King, as he offered a withering assessment of those currently in control, including Newcastle owner Mike Ashley. Prior said: “I’ve yet to meet the three new investors but I’m happy to throw my hat in with them because their credentials as men with the best interests of Rangers at heart is impeccable. “I’ve been in email contact with Dave King, an astute operator. He now has what he wanted – a stake in the club without funding the incompetence of current boardroom incumbents. Fair play to him. “I do not trust the people in control of the boardroom. Their unpopularity with the fans sets alarm bells ringing and their willingness to take shortcuts at every turn is a dreadful example of corporate governance. “I have no intention of ever backing them. Nothing they can say or do will change that. I will be voting with the fans to help re-shape the future of the club. “Rangers need a board that’s financially astute, of good business sense and logical – and they don’t have it at the moment. Hopefully, if the Three Bears and King take control the first thing they will do is hire forensic financial analysts to understand where money has been mis-spent and when the interests of individual shareholders appear to have been put before those of the wider club ownership. “I’d start with Ashley’s Sports Direct deals and if they are as ridiculous as reported I’d tear them up, throw them in the bin - and tell him to sue us and we’ll see him in court. “I’d rather not spend money on legal costs at all but if it came down to forking out £411,000 from Sports Direct on shirts the club can never sell, or on barristers and QCs to argue against those contracts in court, I know where I’d invest. “If these deals are not legally questionable – and we should seek counsel to establish if they are – then they are certainly morally repugnant. “Ashley has been mortally damaged in the eyes of fans by his own actions. The games he has played with the stadium naming rights and advertising are a nonsense. “He also appears to have reneged on obligations under dual interest rules, which is somewhat insulting to the SFA. Rangers have been punished too much by the football authorities as it is. “If he comes back to me on that, tough. I’m combative by nature – let’s get the contracts out in court where they can be examined openly and transparently. “I still don’t know why the current board haven’t resigned and the Easdales haven’t walked away. They know the value of the club would rise if they quit. “If all they want is a blazer and a seat in the Blue Room it’s disgusting. Those are not the actions of a real plc board.” Prior arrived on the scene 18 months ago and promised to look under the bonnet and, if he liked what he saw, he would invest further. Suffice to say, he didn’t see a Rolls-Royce engine. Manchester-born and London based, the former Goldman Sachs trader has spent much of the past 12 months in California, working on the launch of a multi-million dollar software firm. He rejected overtures from Brian Stockbridge to become a pivotal player on the board. He added: “He offered me board membership, all informally, when Craig Mather was chief executive. I thought Mather might have been a decent operator but maybe I was wrong. “I didn’t trust Stockbridge. I wasn’t going to try to polish his turd. I won’t be associated with anything that’s not world class. I don’t want a blazer for the sake of a blazer. “It’s important I clarify my position to supporters. I’ll continue to support good people running Rangers. “I’m intrigued by the emergence of Robert Sarver. If he wants to buy the club and elect a legitimate board that’s honest and transparent, then fine. “However, I do believe George Taylor, George Letham and Douglas Park are the best way forward. Dave King will be a key figure too. He has had issues with the authorities in South Africa but his net worth speaks for itself. “If Rangers are in good hands I’ll also increase my own holding.” http://www.dailyrecord.co.uk/sport/football/football-news/rangers-investor-kieran-prior-backs-4937812
  9. Rangers board in crisis talks after emergency £500,000 loan Roddy Forsyth explains the ongoing power struggle at Rangers between Mike Ashley, Dave King and the Three Bears, and Phoenix Suns owner Robert Sarver Email Ibrox - Rangers power struggle takes new twist after Mike Ashley loses key ally in his quest for Ibrox boardroom coup Battleground: The battle for power at Ibrox took a new twist on new year's eve Photo: PA Roddy Forsyth By Roddy Forsyth11:19AM GMT 05 Jan 2015Comments27 Comments In a day of high drama at Ibrox the Rangers board is negotiating under severe pressure to save the club from financial meltdown for the second time in three years. The plc directors are frantically trying to strike a deal with the investor alliance of Dave King – a former Rangers director – and the Three Bears consortium, who last week scooped up available shares in an audacious raid. The astonishing development followed Telegraph Sport’s disclosure last night that the unpopular Ibrox regime had reached a crisis, which was confirmed today when the club’s board announced to the Stock Exchange that they had accepted an emergency loan of £500,000 from its football chairman, Sandy Easdale, to stay afloat for another few days. The Telegraph had revealed that a major announcement to the LSE was imminent, in respect of Rangers’ parlous economic situation. The trigger was a bill from HMRC for payment of National Insurance, under threat of a petition by the tax authority for the club to be placed into administration if the account was not settled immediately. Easdale’s loan is secured on the fee – believed to be £1 million - obtained from Brentford for the transfer of the highly rated 20-year-old midfielder, Lewis Macleod. When Rangers confirmed MacLeod’s sale to the Stock Exchange on Friday, the announcement said that the proceeds would “be used for immediate working capital”. The announcement of Easdale’s loan stated that the £500,000 would “be used by the Company for general working capital purposes over the next few days”. The statement added that the loan had been offered and accepted “on a fee and interest free basis and it will be secured against the income from the sale of player announced on 2 January 2015”. Related Articles Rangers board to lose power unless Mike Ashley steps in to save directors Rangers board to lose power unless Ashley steps in 04 Jan 2015 Rangers' squad could be decimated in January 01 Jan 2015 Rangers supporters’ group urges fans to displace Ashley 03 Jan 2015 Ashley's plan to own Rangers hits buffers 02 Jan 2015 Even as the Rangers board sought an agreement to avoid the club's collapse, however, a statement from Sandy Easdale's PR advisor, Jack Irvine, brought a sharp retort from King. Commenting on Easdale's secured funding deal, Irvine said: "Once again Sandy has stepped up to the plate with this half million pound loan from his own pocket. Whilst we welcomed the recent share purchases by Dave King and Douglas Park and his consortium, this unfortunately did not put any funds into the club. "Sandy was the only option for this cash injection at such short notice. The Easdale family remain totally committed to achieving a satisfactory financial future for Rangers and they hope all parties can work together in the future with that common goal."Given that Sandy Easdale rejected new funds and was a chief architect in getting the club into this mess, lending a small amount of money is the minimum he should have done. As part restitution he should make the £500,000 a donation rather than a loan." King retorted angrily and told Telegraph Sport: " The situation whereby a short-term loan of working capital is secured on recently obtained and desperately needed working capital is not only designed to stave off immediate administration, but also to keep the club afloat while the directors try to salvage what they can before surrendering to what now looks like an inevitable takeover by the fan-friendly axis of King and the Three Bears. However, three possibilities are in play. One – currently looking the least likely - is that Mike Ashley will come to the board’s rescue, having secured control over the appointment of two directors in return for £3 million of emergency funding in October. However, the Newcastle United owner had previously tried to negotiate with the Scottish Football Association to increase his stake at Ibrox from 8.92% to 29.9% but was refused by the governing body, who insisted that he should comply with his written undertaking not to go above 10%. The second option is an £18 million takeover offer from Robert Sarver, owner of Phoenix Suns basketball club. That offer was also notified to the Stock Exchange at the start of business this morning. Again, Telegraph Sport led the way in revealing that there had been conversations between Sarver’s advisers and those connected with the Three Bears consortium of wealthy shareholders, who have bought a substantial tranche of Rangers shares, as has the former Ibrox director, Dave King. Rangers’ second Stock Exchange statement today read: “The Company notes recent press speculation and confirms that it has received an approach from Robert Sarver (or a vehicle to be established and controlled by him) ("Mr Sarver") that may or may not lead to an offer being made for the Company. “There can be no certainty that an offer will be made, nor as to the terms on which an offer may be made. A further announcement is expected shortly.” Takeover rules mean that Sarver has until 5pm on February 2 to confirm or withdraw his offer, which is worth £18 million and designed to give him complete control of the club’s equity. Again, there are difficulties with this proposal. As the Telegraph disclosed, Sarver has an interest in investing in European football clubs, as opposed to a strategy based solely on a single outfit such as Rangers. A full equity bid would take time to implement, even if it found favour with the majority of investors. When King placed an offer of £16 million in October – the deal rejected by the Rangers plc board in favour of Ashley’s short term fix of loans – it was in the form of a debt and equity mix that would have lent the club sufficient money to keep it going through the takeover process. Another problem for Sarver is that, taken together, the recent share purchases by King and the Three Bears – Douglas Park, George Letham and George Taylor – constitute a little over 34% of Rangers’ stock. They have been pledged support by other disenchanted investors and have also been allocated proxy votes. The King/Three Bears axis know that they can now call upon sufficient support to outdistance the Ashley/Easdale camp by a significant margin. Having got themselves into such a favourable position they are not inclined to stand aside for Sarver although they have, as would be expected, let it be known that they will happily have him on board as a like-minded investor. This is well short of Sarver’s original intent of attaining complete control of Rangers before looking elsewhere to acquire other football interests. One obvious objection to that as a long-term strategy is that it would infringe the same dual-ownership regulations that have prompted a disciplinary complaint against Ashley by the SFA. In any case, time is now the pressing enemy of all the contending parties. If the club runs out of cash and is forced to enter administration for the second time in three years Rangers will be consigned to a fourth successive season in the lower leagues – a prospect feared by the Scottish football authorities as well as other clubs who would benefit financially from their return to the top tier, as a consequence of better sponsorship and broadcast deals than are currently available. Rangers are again teetering on the edge of a financial precipice as the principal personalities jostle on the brink to establish who will be thrust over to the rocks below - and who will be left standing to inherit whatever remains of this once immensely proud and respected club.
  10. RST Statement on Share Purchases The RST is delighted with the news of the past few days which now sees around 35% of the club’s ownership in the hands of trusted, Rangers’ supporting businessmen. With the shareholdings of the RST, other fans and individuals such as Ally McCoist, Walter Smith and Malcolm Murray, we believe that we are inching closer to the point where those who care about the club can command a 51%+ shareholding. However, now is not the time to rest on our laurels. The club requires significant investment beyond the money that fans already contribute via season ticket and matchday income. It is our firm belief that the fans have a huge part to play not only in supporting the club financially but also overseeing its well-being through a substantial shareholding. RST board member and Buy Rangers contributor, George Letham, is amongst those who have taken a large holding in the club. We will continue to work closely with him, George Taylor, Douglas Park and Dave King in an effort to rebuild Rangers on and off the park. We believe that the time has come for grass roots fans to shape the direction of our club along with wealthier supporters. As part of the Union of Fans, and independently, we have campaigned long and hard for change. That campaign has not always been easy and tough decisions have been taken, but at every step along the way we did what we believe is right for Rangers. We are extremely proud of having stood side by side with those determined to force change under extremely difficult circumstances. The RST is 100% committed to a successful Rangers, run for the benefit of the Rangers community and not nameless shareholders and their representatives. To achieve that we need the help of every Rangers supporter. We appeal to everyone with Rangers at heart to join the RST and work with us and wealthier fans to build a strong and vibrant community around our club – a community that can make sure that the damage done to the club over the past few years is never repeated. Please visit http://www.therst.co.uk and join us. Let’s get to that magical 51% mark and take our club back. - See more at: http://www.therst.co.uk/news/rst-statement-on-share-purchases/#sthash.edhZcxVV.dpuf
  11. I am seeing a rumour that Dave King has purchased Artemis shares "Dave King has purchased just under 12 million shares from Artemis. Equates to 14.57% of club."
  12. Dave King bought a massive chunk of Rangers last night and then told supporters of the long suffering Glasgow giants: I told you I wouldn’t let you down. South-Africa based tycoon King has snapped up a near 15 per cent stake in Gers, after spending £2.5million to purchase the shares held by Artemis and Miton. And King revealed: “Despite being rebuffed by the current board I have never given up and will continue to pursue the commitment I made to the Rangers fans. I said before that I am not going away and this shows I am not.” Castlemilk-born King’s powerplay comes less than a week after George Letham’s Three Bears consortium bought Laxey Partner’s 16 per cent holding. Factor in the ten per cent held by Gers fans — as well as the two per cent owned by previous bosses Walter Smith and Ally McCoist — and the group as whole now command a 45.8 per cent shareholding in Rangers. Both moves are understood to have caught the current Ibrox regime cold. Insiders believe it could spell the beginning of the end for a board of directors so despised by Gers fans, with thousands of supporters boycotting home matches to show their anger. King added: “The current board will never be accepted by the fans.” Johannesburg-based King now plans to return to Glasgow in the coming weeks when the stakeholders could call for an EGM at Ibrox. King said: “I am considering my next steps and must consult with all stakeholders. “I will be back in Scotland in a few weeks for meetings.” It’s believed Laxey, Artemis and Miton made their decision to bail out amid concerns over Rangers’ chairman David Somers conduct at last month’s explosive AGM. The Ibrox share price has been in freefall for months with King snapping up his shares for just 20p yesterday. Asked if he felt under-fire Somers should go, King said: “He should remove himself.” After three years of turmoil, King believes his purchase, coupled with the earlier move by the Three Bears, could prove hugely significant as the businessmen look to rebuild the Light Blues. King added: “I am, once again, hopeful about the future of Rangers. I have never given up and will continue to pursue the commitment I made to the Rangers fans. As I said before.” http://www.cfclatest.com/2012/01/03/king-tells-fans-i-said-id-be-back/
  13. That McCoist will be given his job back as manager? The thought of it fills me with dread
  14. http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/exchange-insight/trade-data.html?fourWayKey=GB00B90T9Z75GBGBXASQ1
  15. ...after Mike Ashley loses key ally in his quest for Ibrox boardroom coup. Battle for power at Ibrox sees significant shift after Three Bears consortium acquires the largest single equity block in the troubled club. By Roddy Forsyth 6:17PM GMT 31 Dec 2014 Mike Ashley has lost the ally whose support was crucial to his boardroom coup at Rangers. The significant shift in power at Ibrox came on a day of share trading which saw the Three Bears consortium acquire the largest single equity block in the beleaguered club. The consortium’s purchase of 13.29 million shares from Laxey Partners ends a two-year long involvement at Ibrox by the hedge fund, which is registered in the Isle of Man. The Three Bears – wealthy supporters Douglas Park, George Letham and George Taylor – have also tabled an offer of £6.5 million to underwrite a share issue designed to raise £8 million and head off an imminent funding crisis. Without Laxey, Ashley could not have removed Graham Wallace, the former chief executive, and Philip Nash, the former finance director, in the coup that gave the Newcastle United owner effective control of the Rangers board. Wallace and Nash were the only two members of the five man plc board – the others were chairman David Somers, James Easdale and Laxey nominee, Norman Crighton – who had prior experience as executives at football clubs. Wallace and Nash judged that it was not in Rangers’ financial interest to accept an offer from Ashley in September of loan funding in return for control of such assets as the club’s crest and trademark. Ashley took his revenge by purchasing shares privately to increase his stake in the club to 8.92 per cent, having pulled back from underwriting an August share issue designed to ease Rangers’ cash flow. When the next financial shortfall became apparent, Ashley made his move – detailed by Telegraph Sport on October 8 – by demanding an extraordinary general meeting to remove Wallace and Nash. To succeed, Ashley required the support of Sandy Easdale, the football club chairman, whose personal stake of 6.21 per cent of shares was added to his position as proxy for others, including Blue Pitch Holdings and Margarita Funds Holding Trust, to give him control over a block of 27.15 per cent of the shareholding. Along with Ashley’s shareholding, this amounted to 36.07 per cent, well short of the majority required to win the vote at an EGM. However, with the support of Laxey, Ashley could command 52.39 per cent to ensure the removal of Wallace and Nash. At first Laxey – led by investment bankers, Colin Kingsnorth and Andrew Pegge – supported the two executives. With Crighton on the board, the anti-Ashley faction held a 3-2 majority. It was at this time that Somers sent the now notorious email revealed by Telegraph Sport last week. In the email, Somers pleaded with an Ashley representative to keep Ashley’s takeover bid on track, because the board was minded to favour a rival offer from former Rangers director Dave King, whose success would put an end to the chairman’s tenure. However, Telegraph Sport can also disclose that Crighton went on holiday later on October and, in his absence, pressure was put on Laxey to support Ashley’s offer of £2 million emergency funding (later increased to £3 million) in return for two board seats, which became available when Wallace and Nash were removed. Crighton, the last of the old board, resigned on December 10. At the turbulent annual general meeting staged at Ibrox on December 22, at least one major shareholder – thought to be Laxey – voted against Somers’ re-election as chairman. Acquisition of the Laxey block has put the Three Bears in a position of significant strength at Ibrox and the consortium is now the largest single holder of Rangers shares. While Sandy Easdale is still allied with Ashley, he and the billionaire owner of the Sports Direct retail chain – through which Rangers’ merchandise is sold – control 27.15 per cent of the club’s equity. That is sufficient to give the pair right of veto on important issues, but a power shift has occurred – and for the first time in recent months, it does not favour Mike Ashley. It also raises questions about representation on the board because Laxey had one director, while Ashley – with a little more than half the equity of the Three Bears – has two. Another issue is the viability of Dave King’s £16 million debt-plus-equity offer, rejected by the Rangers plc board in October. The South African businessman has maintained is still on the table but two of the Three Bears – Letham and Taylor – were also members of his consortium. Telegraph Sport understands that there could yet be an alliance of the two groups, should the Three Bears' underwriting offer be accepted. http://www.telegraph.co.uk/sport/football/teams/rangers/11319782/Rangers-power-struggle-takes-new-twist-after-Mike-Ashley-loses-key-ally-in-his-quest-for-Ibrox-boardroom-coup.html
  16. BBCBMcLauchlin ‏@BBCBMcLauchlin 1m1 minute ago George Letham, George Taylor and Douglas Park offer Rangers £6.5million alternative to Mike Ashley investment#bbcsportscot
  17. http://www.telegraph.co.uk/sport/football/teams/rangers/11312941/Rangers-chairman-David-Somers-could-face-probe-by-Stock-Market-regulators-for-his-role-in-Mike-Ashley-bid.html Rangers chairman David Somers could face probe by Stock Market regulators for his role in Mike Ashley bid David Somers feared a successful rival bid by David King would mean the end of his chairmanship and also ensure the departure of the Easdale brothers Stock Market regulators have been asked to investigate the conduct of Rangers chairman David Somers during the battle for control at Ibrox between Mike Ashley and Dave King. The move follows the Telegraph’s disclosure of an email from Somers to Mike Ashley’s representative, Justin Barnes, over the proposed terms of a Sports Direct contract which the Rangers chairman feared would tip his fellow directors into supporting a takeover bid by King, a former Ibrox director. In the email, Somers expressed his fears that a successful bid by King would mean the end of his chairmanship and would also ensure the departure of Sandy Easdale, the Rangers football board chairman, and his brother, James Easdale, a Rangers plc director. Somers also threatened to vote for a Stock Exchange announcement to the effect that Rangers would terminate the Sports Direct contracts by which the club’s merchandise is sold through Ashley’s retail chain. In response to the Telegraph’s revelations, King told BBC Scotland: "His actions could be considered a breach of the Companies Act. It would seem from the email that Somers didn't like Ashley's initial proposal, yet that was the option the board finally went for. "It also seems that Somers was prepared to threaten to cancel Rangers' retail agreement with Sports Direct to prompt Ashley to provide an alternative that would protect the positions of himself and the Easdales. Ashley owns less than 10 per cent of the shares, but now seems to control the club.” King – who is based in South Africa - assembled a consortium which proposed a £16 million debt and equity takeover deal. This was rejected by the Ibrox board after Ashley refused to meet King during his visit to the UK in October. Somers has stated that, although King claimed that his consortium had eight members, not all of their identities were disclosed to the Rangers directors. Somers has also insisted that, finally, the choice for a board whose club was close to running out of cash was to accept the offer of a loan from either Ashley or Sale Sharks owner Brian Kennedy. In the event, the chairman has said, the vote went in Ashley’s favour because the Newcastle United owner offered better terms. However, the Telegraph understands that the contents of the email between Somers and Barnes has perturbed the Scottish Football Association, which announced on Wednesday that it had rejected Ashley’s proposal to increase his Rangers shareholding to 29.9 per cent, which would give him almost total control of the beleaguered club. The request was made in person by Derek Llambias, Ashley’s lieutenant, who was appointed as Rangers’ chief executive last Friday – days after disciplinary charges were brought by the SFA stating that the billionaire businessman had exceeded the terms of an undertaking limiting his influence at Ibrox. The SFA’s refusal has cast serious doubt over the viability of a share issue due to be launched by Rangers in order to raise £8 million needed to meet the club’s financial needs for the next year. Had the SFA agreed to Ashley’s request, he would have underwritten the equity issue but it is now unclear how it will go ahead, if indeed it does go ahead. There are also questions to be answered about why votes were cast by board members against their own proposal, at Rangers’ annual general meeting on Monday, for an open share issue, rather than one principally confined to existing investors, such as Ashley. Meanwhile, one Rangers shareholder has written to the AiM investigations office, as well as the club’s LSE nominated adviser (NOMAD) and Ian Davidson, the MP whose constituency includes Ibrox, asking them to probe Somers’ conduct. The shareholder wrote: “On Tuesday 23rd December, the Telegraph newspaper online carried a story by journalist Roddy Forsyth, regarding an e-mail sent by the Rangers International Football Club Chairman David Somers to members of the board and surprisingly non-members, including a representative of Sports Direct - Justin Barnes. “The e-mail not only indicated the Chairman’s preference for investment by Mike Ashley of Sports Direct, it actively encouraged this investment, in order, it seems, to secure the Chairman’s position and that of other board members and strangely enough a non-member (one Sandy Easdale), who seems to be party to PLC Board internal communications and - if the e-mail is to be read correctly - acting as a shadow director. “A major concern for shareholders such as myself is, does activity such as this construe a “Concert Party” arrangement between board and non-board members with regards to overall boardroom influence?” The shareholder goes on to ask if Somers’ email is in breach of AiM and corporate governance practice and if it triggered a legal threat from Ashley to the Rangers chairman and/or other directors. The Telegraph understands that other Rangers shareholders are prepared to add their complaints to that already lodged with the financial regulators. All of which compounds the stormy backdrop against which caretaker manager Kenny McDowall – who was ordered by Llambias to take charge of the team after Ally McCoist was placed on gardening leave – must prepare the Rangers players for a tough fixture against Hibernian at Easter Road on Saturday. Rangers have lost twice to Hearts and once to Hibs and Queen of the South, their principal rivals for promotion to the Scottish Premiership. They now trail Hearts by 12 points and currently they look set, at best, for the Scottish Championship play-offs – with 12 Ibrox players out of contract at the end of the season.
  18. PANIC-stricken chairman David Somers pleaded for someone to save Rangers from financial meltdown in the New Year – by sending out begging letters at 4am on Boxing Day. Record Sport understands Somers sent the emails to a number of wealthy individuals in a bizarre early morning attempt to raise the millions needed to keep the Ibrox club in business in January. The cash appeal – which indicates the high level of boardroom concern at the club’s latest plight – was launched just two days after the SFA blocked Mike Ashley’s plan to plough around £8million into the club by taking his holding up to 29.9 per cent. And the apparent urgent nature of this latest move has shocked those potential saviours who woke on Boxing Day to discover they had been contacted by the man at the head of the crisis-hit regime. It’s understood Somers asked all the various parties, including Sales Sharks owner Brian Kennedy, if they would be prepared to step into Ashley’s shoes by underwriting a share issue and snapping up more than 40 million new shares. Failing that, Somers asked if any of them would be willing to lend large amounts of emergency cash to the club on a secured basis. As of last night, there was no indication that Somers had been successful with either request. Last night the Rangers chairman could not be contacted. The move came after a trio of wealthy Rangers fans, Douglas Park, George Letham and George Taylor, put together an offer of £6.5m to underwrite the anticipated emergency share issue in an attempt to win control of the club back from Sports Direct magnate Ashley. A separate offer of £16m in funding from South African-based businessman Dave King remains on the table despite being rejected by the Rangers board two months ago when they chose instead to accept a drip feed of crisis loans from Ashley. http://www.dailyrecord.co.uk/sport/football/football-news/rangers-boxing-day-begging-letters-4891366 +++++++++++ Please give us money - someone who doesn't want to see the books, that is. Hic! No 50 million from BPH then No war chest from benevolent Billionaire MA then No money for wages unless they sell MacLeod then
  19. FORMER Rangers owner Sir David Murray and other directors will face no further action over the liquidation of the club's operating company, it has emerged. Former Rangers owner Craig Whyte is the the only former Ibrox executive to face legal moves to ban him as a director over the company's financial meltdown. Mr Whyte was banned from being a company director for 15 years in September after a judge heard his conduct in dealing with Rangers was "shocking and reprehensible". Whyte was previously banned from being a director for seven years. A second ban was sought by UK Business Secretary Vince Cable after Rangers' liquidation in 2012 and the subsequent liquidation of Whyte's firm, Tixway. The role played by all board directors of the club in the three years prior to the administration in of Rangers Football Club plc was looked at by the Insolvency Service's Investigations & Enforcement Directorate. The conduct of Sir David Murray, Rangers legend John Greig, former chief executive Martin Bain, former director Dave King and chairman Alistair Johnston all came under the microscope - but it is understood no further action is to be taken against anyone else. The Insolvency Service had two years from the point of insolvency in February 14, 2012 to start proceedings. But action has only been progressed against Mr Whyte over that period. The legal move to disqualify Mr Whyte came after a confidential report was submitted to the Department for Business Innovation and Skills by the Insolvency Service's investigators within six months of the club's operating company going into administration. The Secretary of State then decided it was in the public interest to seek a disqualification order over Craig Whyte only. Action can be taken against directors if their conduct has not been satisfactory leading to the disqualification of directors for periods of between two and 15 years. After the two years has expired, disqualification proceedings can only then be made against further individuals with a rare special application to the court and agency insiders say there has to be a "strong argument". However it is understood that there no such application has been made. That means that Mr Whyte is the only executive to face action over conduct from the liquidation of RFC 2012 plc, the new name given to the original operating company Rangers Football Club plc. Mr Whyte, who took over Sir David Murray's majority shareholding on May 6, 2011, was in 2000 disqualified to act as a director of for seven years. The investigators examined the £9 million PAYE and VAT debt to the taxman amassed when the oldco under Craig Whyte's leadership went into administration. Insolvency experts also said directors can be found guilty of misfeasance by giving ownership to someone who was not a fit and proper person. Mr Whyte bought Sir David Murray's majority shareholding in Rangers in May 2011, raised £24 million through selling off the rights to three years of supporters' season ticket money to London-based Ticketus to help complete his £1 share purchase agreement take*over of Rangers and pay off the club's £18m debt with Lloyds Banking Group. An independent Rangers board committee set up to review takeover offers, delayed Mr Whyte's buyout and expressed concern over "a lack of clarity" over the new owner's financial muscle, hours after he had completed his buyout. The committee was led by chairman Alistair Johnston, who was removed from the board later along with Paul Murray, who had launched a late rival takeover deal. The following October Rangers' non-executive directors, John Greig and John McClelland, who were members of the independent board, resigned from their posts at Ibrox saying that they had been isolated following Whyte's takeover. Mr Whyte was given the maximum ban possible in September following a petition raised on behalf of UK Business Secretary Vince Cable after the operating company went into liquidation. Lord Tyre said in a full judgment that Mr Whyte's conduct of the business was "characterised by dishonesty" in a case that "can be regarded as quite out of the ordinary". He said the Ticketus deal funded his acquisition of the club while failing to inform the members of Rangers' independent board committee who were tasked with negotiating the sale of the company. Lord Tyre said Mr Whyte "misrepresented" to them that the funds for purchase of the company were to be provided from his own resources and from the commercial activities of his British Virgin Islands- based Liberty Capital Limited firm. http://www.heraldscotland.com/news/h...gers.114970599
  20. ...if Ibrox board snubs Three Bears' £6.5m bail-out. THE Rangers board was today warned that even more fans could turn their backs on the Ibrox club if they block "The Three Bears" consortium. By Matthew Lindsay Gers fans George Letham, Douglas Park and George Taylor have offered £6.5 million to underwrite an equity issue early next year. The move comes after the SFA prevented Mike Ashley from increasing his stake in the Glasgow giants to 29.9% last week. Letham, Park and Taylor were part of an eight-strong group fronted by Dave King who had a £16 million rescue package turned down back in October. Rangers chairman David Somers said King and his associates failed to provide proof of funds and reveal the identity of the investors. But Letham, Park and Taylor have satisfied both of those criteria - and have impeccable business credentials as well as being bona fide fans. Crowds have plummeted at Ibrox this season amid growing dissatisfaction at the way the SPFL League One champions are being run. Their last two Championship games at home against Cowdenbeath and Livingston have attracted less than 20,000 spectators. And Drew Roberton, of the Rangers Supporters Association, reckons crowds could fall even further if "The Three Bears" were prevented from increasing their shareholdings. He said: "I certainly wouldn't rule out the possibility of some more people saying: 'Enough is enough'. "I think we are down to the hard core of Rangers fans on match days at Ibrox now. "I think we are down to the people who will go regardless of what is happening on or off the park. "If the board decline them then they will probably hide behind stock market rules or some such. "But they would have to come up with a very good reason why and try to convince people they have a long-term plan. "It is difficult to see what plan they have apart from self-preservation. "If the two Georges and Douglas fail then it wouldn't go down well with the fans - and I don't know how the guardians of Scottish sporting integrity (the SFA) would look upon it." Roberton added: "I know George Letham to say hello to. He is a nice guy. "I have no doubt the three gentlemen involved have the best interests of the club at heart. "My view, and the view of the Rangers Supporters Association, is that it's not important who runs the club it's how they run the club that matters. "And I have no doubt that George Letham, George Taylor and Douglas Park would help to run the club for the benefit of the club." Rangers expressed disappointment at the SFA refusing to allow Sports Direct owner Ashley to increase his stake above 10% in a brief statement on their website on Christmas Eve. They also revealed they would go away and consider all other options - and Roberton refused to rule out the billionaire businessman taking even greater control at Ibrox. He said: "I am kind of of the view that if Ashley wants to increase his stake in Rangers he will. "At the end of the day, I don't think there's a lot the SFA can do about it." http://www.eveningtimes.co.uk/rangers/rangers-fans-chief-fears-new-supporter-boycott-if-ibrox-board-snubs-192879n.115246847
  21. http://www.cfclatest.com/2012/12/28/richard-gough-are-gers-trying-to-force-others-out-of-the-door/
  22. http://www.telegraph.co.uk/sport/football/teams/rangers/11315517/Rangers-are-facing-an-impending-crisis-on-and-off-the-field.html Rangers go into 2015 in a state of crisis greater than anything they have faced since they began their attempt to march through three divisions and regain top-flight status in Scotland. The weekend defeat by Hibernian at Easter Road not only effectively ended their frail hope of challenging Hearts for automatic promotion to the Scottish Premiership, it also confirmed that the Ibrox side are in poor shape for the play-offs. Rangers trail Hearts by 15 points and to put themselves in a position where they could be promoted without having to take anything from their final fixture – against the leaders at Tynecastle – they would have to make up more than a point per game on Robbie Neilson’s players throughout the second half of the season. The evidence of the league meetings with their most likely play-off rivals – Hibs and Queen of the South – is that Rangers would struggle in a play-off sequence against them. They have been beaten home and away by Hibs 7-1 on aggregate and if the games against Queens had been a two-legged tie, the 4-4 score would have seen Rangers lose on away goals. Of course, past results are no guarantee of future performance – a dictum that applies in football as it does to the stock market – but Rangers are in disarray in both arenas. Kenny McDowall, having been told that he will replace Ally McCoist as manager until at least the end of the season, uttered a harsh truth after the 4-0 weekend defeat by Hibs. “At the moment I am just going to have to work with the squad that is there. I can’t just invent players,” he said. Derek Llambias has not yet cut the playing strength in his drive to reduce the £8 million annual deficit at Ibrox but a dozen or so players are out of contract at the end of the season and have no idea whether or not they will be offered continued employment. It can be argued that this should be a motivational tool and that those footballers should be performing as though their careers depended on the outcome – which, in some cases, will be true. Related Articles Rangers' post-McCoist era off to a shocker 27 Dec 2014 Miller laments Rangers' defensive waekness 27 Dec 2014 McCulloch: 'Let’s do this for McCoist' 26 Dec 2014 SFA 1, Mike Ashley 0 24 Dec 2014 However, when Terry Butcher warned Hibs’ below-par players last season that they would have to step up or ship out, the result was the collapse which saw the Easter Road team relegated. There has been no indication that McDowall can add to his strength during the January transfer window and, in any case, the fact that Rangers have the highest player salary bill in Scotland outside Celtic hardly suggests Llambias could make a case to Mike Ashley for greater funding in that department. In any event, Ashley now has troubles of his own at Ibrox. His long-term strategy of making the club dependent on his funding – emergency loans secured on assets – has given him control of a compliant board but the grand plan has run into obstacles. Llambias told the club’s Fans Board that it would be “very difficult” for the directors to regain the trust of the support. Yet at the subsequent annual general meeting David Somers, the Rangers chairman, produced an ill-judged display of bluster that has wholly alienated him from the fans. The outcome was cemented by The Telegraph’s disclosure of an email in which Somers pleaded with an Ashley representative to keep the Newcastle owner’s takeover process on course – in the face of a competing £16 million offer by Dave King – so that he could remain chairman. The AGM also featured the bizarre spectacle of club directors proposing an open share issue of £8 million and then voting against it, a tactic that can only be explained by a mistaken belief that the Scottish Football Association would grant Ashley his request to exert complete control at Ibrox by increasing his shareholding to 29.9 per cent. The SFA’s refusal to do so has generated a challenge to Ashley’s hegemony from the consortium of wealthy Rangers supporters – Douglas Park, George Letham and George Taylor – who have proposed an offer to underwrite the share issue to the tune of £6.5 million. The question for Ashley is whether he maintains his own percentage stake by putting more money into the club – and having to agree to the consortium’s demand for board seats – or find some way of presenting alternative funding which would dispense with the need for the share issue. Either way, the immediate outlook for a dysfunctional club is turbulent. Ashley and Rangers must answer SFA disciplinary charges that he has extended his influence beyond the terms of the written undertaking he gave. And – perhaps most ominously of all – in five weeks Rangers face Celtic in a Scottish League Cup semi-final. That is a prospect which – after Saturday’s collapse – has Ibrox fans fearing the damage that could be inflicted by their greatest adversaries.
  23. I thought I would start a fresh thread on this as it is starting to be discussed on other threads. I think it needs a thread of its own as it is a separate issue from others (feel free to delete Admins if you think otherwise) http://www.dailyrecord.co.uk/sport/football/football-news/dave-kings-dream-owning-rangers-4875145 As I read this case, it appears that the SA Sunday Times started an investigation of their own regarding a 'rogue unit' within SARS that acted in an 'illegal' manner when investigating certain tax cases. An independent panel was set up to investigate the Sunday Times' claims and they came to the conclusion that there was a case needing investigated officially. Now here is where 'others' put their spin on it. Dave King and other high profile tax case protagonists have done nothing wrong here. and are not under any new legal investigation at this point. [As I read it] in the articles I've read, this panel have urged high ranking SARS officials to set up a unit to investigate themselves. But furthermore evidence seems to be appearing that the SA Government have been aware of this unit for quite some time and may actually have sanctioned it. Bottom line for me is that Dave King (and others) will not lose any sleep over this whatsoever, and there is absolutely no chance of Dave King being restricted either in his movements or business while this rumbles on (if it does!). It will take years and years for this to come to a head, or it will just go away. There is no story at the moment regarding Dave King and this issue. Unless of course you want there to be (Jack?).
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