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http://www.bbc.co.uk/sport/0/football/30134269 Sandy Easdale, chairman of the Rangers football board, sought assurances that boardroom changes would not force him out of Ibrox, Dave King has revealed. During discussions about a proposed £16m investment by King and a Rangers fans' consortium, he wanted reassurance that his position was safe. He was advised there was "no immediate intention to remove him or his brother [James] from the board". Sandy Easdale subsequently supported Mike Ashley's offer of a £2m loan. James Easdale is a non-executive director of Rangers International Football Club. A series of disagreements has broken out following the RIFC chairman David Somers' attempt to justify why the board accepted Ashley's offer ahead of the proposed investment from King and the consortium, and a £3m loan offered by Brian Kennedy. The latter has revealed that he was prepared to provide the loan at nominal or zero interest, and wanted Ibrox protected in a trust. Somers explained that the board opted for Ashley's loan, which has since been increased by an additional £1m, because it involved less interest and less security, Sandy Easdale also insisted in a strongly worded statement that he never agreed with the King consortium that they could provide proof of funding and the identity of all of the investors after shareholders agreed in principle to support the investment, which would have seen the group receive an equity share of RIFC and take control of the board. "I have grown tired of Mr King's antics," Easdale said, after offering his support to Somers' stance. This prompted a further response from King, who had already urged supporters to withdraw their financial support from the club on match days and in terms of merchandise. Ashley's Sports Direct already had a commercial arrangement with Rangers through the joint venture Rangers Retail Ltd. The terms of that have since been "normalised" and Sports Direct have entered a "partnership marketing agreement". Sports Direct have also given up the naming rights to Ibrox, but the company still retains "certain advertising rights". Around 10 administrative staff have been made redundant at Ibrox, including commercial and marketing employees. "It remains interesting that Sandy continues to take the lead on public company affairs," King said. "The truth is, when I spoke to Sandy on my recent trip to Scotland his main concern was whether, after investment by our consortium, he would still be able to stay involved with the club. "He indicated that Mike Ashley would look after him if he assisted Ashley in protecting his commercial rights. The new investment proposed by Paul [Murray], George [Letham] and I was seen as a threat to Sports Direct's desire to extend its influence over the Rangers brand in all its forms. "After discussion with Paul and George, I confirmed by email to Sandy that we had no immediate intention to remove him or his brother from board involvement at Rangers. "This concession was clearly not enough to gain his support and the board approved the inferior offer presented by Ashley. "Furthermore, in my meeting with the Rangers board I confirmed that I could give proof of funds within 24 hours of the board accepting our proposal in principle. I was never asked to do this."
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http://www.bbc.co.uk/sport/0/football/30106866
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After 3pm apparently for those on Sky Go or in the house! He's going to be explaining the Ashley loans... Comments: - David Somers claims Dave King consortium investment offer was breaching regulatory requirements so rejected them at 'Stage One'. - Somers claims 8 people were in King consortium but SA businessman refused to provide names and proof of funds. - Somers said that King was prepared to offer up 3 names before giving the rest if agreement made in principle. - Stage Two represented comparing Ashley and Kennedy bids whereby former was approved due to better deal on interest and security - Somers also claims Rangers make a lot of money from existing retail deal with Mike Ashley.
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Keith Jackson saying that Brian Kennedy will reply to Somers interview comments tomorrow.
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THE South African-based businessman brands Ibrox chairman "disingenuous" after being accused of failing to provide proof of funds. DAVE KING has tonight hit back at David Somers’ claims he failed to prove he had the finance to invest in Rangers – and accused the Ibrox chairman of being "disingenuous". Somers had earlier today insisted the South African-based businessman couldn’t provide proof of funds and that made it impossible for the board to accept King’s offer of investment last month. A proposal from King's consortium was considered along with another from former Blue Knight Brian Kennedy before Ibrox directors instead accepted a £2million loan from shareholder Mike Ashley last month. And in an interview with Sky Sports News, Somers said: "We had three people offering us funds and I felt it was very important we do proper due diligence on all three. "In the past Rangers has perhaps done deals it wouldn't have done if it had done proper due diligence. "Where (the King offer) fell down was really at stage one. When I said to all three of these people 'would you show me proof of funds?' two showed me proof of funds. The consortium did not. "The second question for the consortium was, 'I know there are eight of you, I only know three of you. Can I please have the other five names?' And the message I was getting all the time was 'if you agree to do deal, if you persuade 75 per cent of shareholders, then we'll show you funds and you can have the other names'. "When I said to all three of these people 'would you show me proof of funds?' two showed me proof of funds. The consortium did not. "It wasn't meeting the due diligence requirements – they were simple questions. I cannot go to shareholders when I don't know all the names, I can't check the names out and I can't put my hand on my heart and say, 'these guys have the money'. "In the end we had to move on to stage two which left two providers. "Then it was a simple case of which provider was offering the lowest interest rate – Mike Ashley was offering zero interest which is difficult to beat – and which provider wanted least security. Again Mike Ashley only wanted a small amount relative to the other deal. "Once we got to that stage it was a no-brainer which one we were going with." But King has claimed Sandy Easdale - chairman of Rangers' football board - agreed proof of funds and individual identities could be provided once the backing of shareholders was confirmed. He insisted Somers was "being disingenuous with his comments". A statement from King read: "We had private discussions with both (former chief executive) Graham Wallace and Sandy Easdale in which we told them that we would immediately provide proof of funding and details of the full make-up of the consortium following confirmation from Sandy Easdale that the shareholders whom he represents were prepared to support the terms of our investment proposal in principle. "Sandy Easdale agreed to proceed on this basis. Unfortunately he was not then able to provide the confirmation we asked for. There was no possibility of proceeding any further without the support of Sandy Easdale's group who had the power to block our proposed investment." http://www.dailyrecord.co.uk/sport/football/rangers-war-words-breaks-out-4650192?
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From last week: http://t.co/aNmKNADMKG (PDF file) Collyer Bristow settlement confirmed within this. Also, BDO suggest there are £168.7m of unsecured creditors (including £94m noted for the HMRC monies (including the BTC).
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http://news.stv.tv/west-central/299623-four-men-detained-after-police-probe-into-sale-of-rangers-in-2012/ I'd like to remind people of their legal obligations in speculating over individuals and alleged criminal behaviour. -
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12147393.html
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According to the Herald: http://www.heraldscotland.com/news/home-news/rangers-fans-up-in-arms-as-ashley-loans-club-1m-more.25855834 That's me sold..
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Ally McCoist will be given a £10 million January transfer budget, courtesy of controversial Mike Ashley. Ashley has all but confirmed he will front the funds, with an Ibrox source telling us the board have been told to "use the funds effectively to push the team through to a cup final and back to the Premier League." The source said the decision was highly influenced by Ashley's close friend & Ibrox adviser Derek Llambias, who believes committing these funds to the club will not only strengthen the team, but strengthen Ashley's position with Rangers supporters.
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I don't use twitter but facebook in particular is hard going. It's not just the fact that the views are so ignorant and misguided (eg one of the main pages has everyone discussing who will be signed with Ashley's 10m ), but the level of intelligence seems very low. People write in illegible English and generally do not represent our support well. Does this say something about our support or is it the platform? There's not a single person here who is incapable of conversing in legible English but on our fan facebook pages you are hard pushed to find anyone making well constructed arguments.
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http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12135507.html In the name of George Alexander Taylor who seems to be a Morgan Stanley employee. I would assume this purchase is being made on behalf of a Morgan Stanley customer what do our financial experts think? Is this likely to be something significant?
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Looks like 3.6 million shares were traded today or rather transferred , could this be in part payement for either outstanding loan
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... for the handover from tyranny to terraces. Gordon Waddell discusses the relationship football has with its fans and how Ann Budge's statement to Hearts support is a masterpiece. Football is an imperfect world. One man’s satisfaction is always another’s rage. But imagine a club with a functional relationship with its fans. A club who respect their support for the money they spend and the loyalty they show. Who communicate regularly and honestly, who pay fairly and on time, whose charitable wing is strong, whose academy and its philosophy is treasured, and whose leadership is a byword for trust and integrity. Pie in the sky? An impossibility to tick every box in a cruel environment plagued by too many who are in it to see what they can get out of it? Or just a template for Hearts’ story of redemption? Honestly, take a look at Ann Budge’s statement to the Hearts support this week if you haven’t already seen it. An absolute masterpiece. And a marker of faith that, if you really want to, you CAN run a football club with values and with decency. Back in February I said that the deal to take Hearts out of administration and onwards was the result of months of good leadership, good governance, good PR, good organisation but, most of all, good intentions. And what the Jambos have emerged with from their post-Romanov apocalypse appears to be progressing as the perfect template for the handover from tyranny to the terraces. Thanks, in the main, to one woman. When Budge put her money up as the backstop to the Foundation of Hearts’ ultimate dream of fan ownership, and then said she’d steer the ship towards safety on a pro-bono basis, it was always going to be the best thing that ever happened to the club. But even in the most far-flung reaches of their support’s imagination, they couldn’t have dreamed she would do as well by them as this. Never mind what’s happening on the park. It’s not an irrelevance but nor in the grand scheme of them redeeming themselves from an era of financial abuse is it the main thing they must get right. What she’s achieving off it is. And when you look at the latest update, it’s clear Hearts are running to a set of principles that all but a few in our game can only dream about matching. She covered everything from hot water in the toilets to kids’ clubs, to improved websites, to finally getting shareholders issued with the evidence of their investment which the previous incumbent happily took from them and then flushed down the pan. She promised audited accounts on time, an agm before the year’s out and even an explanation of why it costs so much to post them out and how they tried to save 10 grand in the process. A step up from that though, she committed the club to paying the Living Wage. Which, when it comes to the likes of catering staff and security, will make a significant difference. It will cost the club but it will be worth it because they can look themselves in the mirror in the morning. Finally, a kick-in-the-teeth threat of a lifetime ban for the zoomers setting off flares in the midst of their support, lest anyone thought she was some kind of soft touch as a 66-year-old grandmother. Budge didn’t put a foot wrong. She hasn’t yet. You can say what you like about how Hearts got there, about the immorality of skipping your debts through administration, but you can’t question what they’ve done since. And it all got me thinking... Who else could be doing with that calibre of leadership and foresight? Which other organisations need more clarity, better communication, more respect for the fans, shrewder judgment? Anyone? Anyone? It’s a bit like the interview I did back in the summer with Roy MacGregor. Arguably the best businessman in Scottish football, a man whose empire turns over half a billion a year, yet who has never been asked to participate in the administration of our sport. Not even for an opinion. Amongst all the macho posturing going on between the hierarchies of the SPFL and SFA, why wouldn’t you ask someone of Budge’s obvious qualities to share her expertise? Are the league’s executive leadership scared to be shown up? Are the SFA’s old guard fearful of change and new ideas? We all know the answer to that. It should be a no-brainer that the cream of the game’s business talent should be contributing to its future wellbeing. Then again, the chances are they might face some stiff competition from a Hearts support who may never want Budge to leave, despite her well-defined exit strategy. Who could blame them for trying? ** You can’t blame FAI chief John Delaney for trying to get Irish fans a bigger slice of Celtic Park for the Euro qualifier. But his outburst at the SFA’s refusal is a bit rich and probably a deflection from him diverting a chunk of their ticket allocation away from the rank-and-file fans. Parkhead was chosen due to its segregation arrangements that could minimise the presence of the Irish. They get 3000 briefs and the rest is a mass of Scotland fans. Exactly how Gordon Strachan will want it. ** The Aleksandar Tonev racism row will rumble on. Lawyers will have a field day with a Judicial Panel protocol that at its core only has a “balance of probability” as its burden of proof. Shay Logan is a credible guy who you would never expect to fabricate something. Sad thing is he’s the victim again, on the receiving end of an abhorrent attitude, and he’ll be forgotten in the fight to ensue between Celtic and the SFA. ** Interesting stats from the States. MLS crowds for 2014 averaged 19,151 across their 19 clubs, up nearly a third in a decade. Next season’s reshuffle will see it go even higher. Sawker is definitely getting there. ** In the next hilarious episode of ‘Rangers’... Derek Llambias whacks Sandy Easdale with a swinging ladder as he washes the Ibrox windows to cut costs and Dave King walks in at an inopportune moment – again! Comedy Central. http://www.dailyrecord.co.uk/sport/football/football-news/jambos-find-perfect-template-handover-4552636
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For clarification the offer has been made by Brian Kennedy. Unlike King's package it doesn't need shareholder support. Board approval enough Board were meeting this afternoon to discuss both options. As yet no word of decision being made. I understand Brian Kennedy has travelled to Glasgow this afternoon. RFC board meeting still on going....
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Some more analysis from Graham McLaren on TRS: http://www.therangersstandard.co.uk/index.php/articles/current-affairs/331-what-now-for-dave-king
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how brilliant was it to focus on the game last night found it to be a bit of relief actually and it's got me checking out the rest of the quarter finals tonight..... Thistle lie down,Aberdeen scrape a win, Hibs go down on extra time penalties perversly I'm now looking at the Newcastle scores too Maybe I need help !
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According to the Press Association, he's flying up to Glasgow now. Not sure if he'll replace Nash or Wallace.
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Dave King's talks with Sandy Easdale ended without agreement. If this surprises anyone then it shouldn't.
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THE WAR is over. The retailer has won. This morning Graham Wallace will be fired from his position as Rangers chief executive and this crisis-ravaged club will belong lock, stock and smoking barrel to Mike Ashley. Quite what Ashley has planned for it is still a matter of conjecture but the ruthless manner in which he went about last week’s power grab certainly suggests he wants it badly and also sees a way to make a killing by rolling his tanks into Glasgow. He now has security over two of the club’s major assets, the Albion car park and Edmiston House, and when his placemen arrive in the boardroom this week he’ll have grabbed this club firmly by the throat. As with everything Rangers, Ashley’s arrival on the scene will be spun in a variety of ways. The dark arts were evidenced over the weekend when it was leaked that, without his intervention, this basketcase would have gone bust within 48 hours. There were even muffled whispers from the shadowy sidelines Ashley had in fact ‘saved the club’ but the very notion the Newcastle United chairman had ridden to Rangers rescue in some sort of philanthropic or heroic act is completely absurd. In many ways, what actually went on amid increasingly frantic discussions on Thursday and Friday was a throwback to May 2011 when Sir David Murray invited Craig Whyte to trigger this omnishambles and set in action the catastrophic chain of events that has now led to Ashley’s increased involvement. That deal was a great bit of business for Whyte and for Lloyds Bank in particular – the £18million they recouped from the sale remains the outstanding trade of the last three and a half chaotic years – but it was a spectacularly awful one for the Ibrox club. Similarly, by taking control of Rangers for the price of a £2m loan, every penny of which will be paid back, Ashley has pulled off a serious coup in more ways than one. This is why he is known as the biggest beast in the jungle but even the Newcastle owner must be laughing up the sleeve of his safari suit at the way in which he managed to pull this one off. It was typically bold and eye poppingly aggressive and it included issuing the remnants of the Rangers board with threats of legal action both collectively and individually, should they turn him down in favour of a £3m loan from Brian Kennedy. Each of these directors was warned of potentially devastating repercussions should Ashley not get his way and as a result Rangers is his now to do with as he wishes. And all for less than the cost of a Sports Direct poly bag. It was an extraordinary stunt and it’s no wonder Sale Sharks owner Kennedy left Glasgow on Saturday still unsure as to how on earth the dysfunctional Rangers board – a collection of directors who have run the business into the ground – could allow it to happen in spite of his impassioned pleas. The farce began with the rejection of Dave King’s £16m bailout offer by the mysterious bloc of shareholders whose 26 per cent voting rights are represented by Sandy Easdale. On Thursday CEO Wallace, who knew his £300,000-a-year neck was now well and truly on the line, reached out to Kennedy and pleaded with him to make a counter offer. Kennedy worked through the night with his legal team to come up with his £3m offer, dependent only on him being allowed to place one man on the current board. He flew to Glasgow at lunchtime on Friday in the hope of getting the deal done. Kennedy was wasting his jet fuel. Not one of these directors was even at Ibrox on the day it was determined Ashley should be handed the keys. The fact all these discussions were held via conference call, underlines how little feel for the club these men have. Wallace headed for a beach in Greece despite being urged by at least two key protagonists to postpone his holiday for 24 hours. Finance director Philip Nash went one better by resigning and washing his hands of the entire Ashley v Kennedy showdown. That Nash threw in the towel is an indication he suspected the game was up and that another director, Laxey’s lackey Norman Crighton, had jumped camps at the last minute. Crighton had voiced his concern at Ashley’s move and had even said the Cockney must be stopped ‘at all costs’ but he performed a 180-degree turn at the last minute to leave Kennedy’s proposal in tatters. Chairman David Somers is another who may have cause to be persecuted by his own conscience. At least Nash had the principle to resign from his £1,000-a-day post. While Wallace was clinging on for dear life for his pay-off, Nash wanted no part of it and this included telling Ashley’s people he was unwilling to work for their man in the event he was successful. Having previously called for the removal of Nash and Walllace, Ashley had a change of heart. It’s understood he wanted Nash on board after crediting him with making £5m worth of cuts since February. One of those cuts was to a contract worth in excess of £100,000-a-year to Ashley’s own PR firm Keith Bishop Associates. This agreement was done as part of the £1 stadium naming rights deal Ashley agreed with Charles Green and which was signed off by Imran Ahmad – who then sued Rangers for £300,000 in bonuses for all of his good work. Deals like these are precisely why Rangers should brace itself for the full impact of Ashley’s arrival. He already pockets 49 per cent of all income from merchandise sales but may think this arrangement can be tweaked and improved in his favour. With two of his men on the board, a compliant chairman and confirmed allies in James Easdale and Crighton, he can do pretty much as he pleases. The only comfort in any of this for the Rangers supporters is to be found in the depth of Ashley’s pockets. He will not allow this club to go under, that much is certain. But from here on in Rangers will be run his way and for his benefit. http://www.dailyrecord.co.uk/opinion/sport/keith-jackson-mike-ashleys-rangers-4515761
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By Chris McLaughlin & Richard Wilson BBC Scotland Rangers were 48 hours from going into administration until a £2m loan was agreed with Mike Ashley, according to one senior Ibrox source. Prospective administrators had been contacted by the Ibrox club. Newcastle owner Ashley put forward a financial package, which includes the option of a new share issue, on Friday and it was agreed on Saturday morning. And, as part of the agreement, chief executive Graham Wallace will follow director Philip Nash in stepping down. The arrangement could be finalised early next week. English businessman Ashley, who owns 8.29% of the Glasgow club's shares, had called for the removal of Nash and Wallace as part of his offer. Under Scottish FA agreement Ashley is not allowed boardroom influence or a shareholding of more than 10%. But his possible underwriting of a share issue could take his stake above that threshold if there is not enough buy-in from other investors. An alternative option could be further loans. The SFA plan to write Rangers next week seeking clarification on the loan agreement with Ashley. Rangers need a financial injection to cover wages beyond November and Sale Sharks owner Brian Kennedy became a surprise latecomer in the battle for control with a funding package offer of his own. In response to the news that Ashley's offer had been accepted by the board, Kennedy said he was "disappointed for Rangers" but would not be commenting further. Former director Dave King had also offered fresh funding to Rangers but could not agree a deal following talks with key shareholder Sandy Easdale and the board. Before returning to his South African business base on Thursday, King issued a statement saying that his group's offer remained on the table and that he was hopeful it would be accepted. Ashley, who already has control of Rangers' shirt sales and retail division and owns the naming rights for Ibrox Stadium, refused to back King's proposal. Sandy Easdale, who controls a 26% block of shares, also declined to agree to King's proposals. While Ashley is demanding two representatives on the board, King also wanted to choose its chairman. Nash, the former Arsenal and Liverpool executive, had been employed as a financial consultant by Rangers before joining the board in July. Wallace, currently on a family holiday in Greece, and Nash had been supportive of the bid by King's group, which includes fellow Scottish businessmen George Letham and Paul Murray. http://www.bbc.co.uk/sport/0/football/29761396
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Mike Ashley moves into pole position to take control at Ibrox as Dave King bid fails http://www.dailyrecord.co.uk/sport/football/football-news/rangers-power-battle-mike-ashley-4499365
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I have been asked to make a personal comment on the rumour that the Rangers board is considering a loan from Mr Ashley. I don't see the offer of a short term loan by Mr Ashley affecting me in any way. Our offer is for a long term permanent solution that can take the club forward and unite the fans and the board for the first time in many years. The board is in the final stages of reviewing our offer and I expect a definitive answer early next week. Frankly, it doesn't seem possible that the board can do anything other than recommend it to shareholders given the dire financial circumstances and the fact that no other long term solution is on offer. Mr Ashley's involvement (and recently announced continued commitment) with Newcastle precludes him from making a similar offer of long term permanent equity. What Mr Ashley can do is attempt to increase his vice-like grip on the Rangers brand by improving his retail position as a condition for supplying short term debt to tide the club over until our permanent funding is in place. But I know that there are other investors also willing to provide bridging finance. The board will therefore not have to accept punitive terms even if Ashley attempts to oppose them. We must remember that the board is ethically and legally bound to act in the best interest of the company and all shareholders. Ashley can not expect preferential treatment and will not get it. I am confident that Graham Wallace and Philip Nash have enough integrity and commercial experience to do the right thing. http://www.twitlonger.com/show/n_1sdec2h
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As predicted by yours truly, Mike Ashley has moved into pole position in the race to wear the crown at Ibrox. With Dave King out of the running, despite protestations to the contrary from King himself, it looks like Rangers’ future is in the hands of the sporting goods magnate. If we are being really honest, there are no other viable options available at present. As I predicted, King took advantage of the timing factor to be first to the table in offering a package but in doing so he fell into Ashley’s carefully laid trap. In a financial gun fight between the two, King lacks the firepower and. although a wily operator, is arguably seriously deficient to Ashley when it comes to strategy and street smarts. It is believed that Ashley’s proposal entails a loan which allows him to have Rangers by the short and curlies without straying into increasing his shareholding and thus having to overcome SFA objections to this. Ashley will, it is believed, demand the removal of Philip Nash and CEO Graham Wallace, whose alignment with Dave King now looks to be an ill-thought-out manoeuvre on their part. Dave King’s ongoing involvement in the Rangers saga should now be consigned to history as it has produced nothing but unrest and uncertainty, especially among more anxious members of the support. With Sandy Easdale holding a 26% voting block of shares and purportedly a backer of Ashley over King, it looks like the Londoner’s bid for power will prevail. It is vital that Rangers fans unite behind the club now and support the team in its drive for promotion. The quicker Rangers are back competing in the top tier. the better for the whole of Scottish football, as well as Rangers in particular. It may be too much to expect Dave King and his colleagues to urge fans to back the Ashley regime at Ibtox; however, it is certainly reasonable of loyal fans to expect that King and his cronies will cease and desist from attempting to disrupt the club with pointless boycotts and petty sniping. Mike Ashley has the resources to back Rangers and make them a big club like before, even bigger. That is why it is no surprise to see the Rangers-hating press in Scotland oppose his further involvement. He also has plenty of time to become a “Rangers man” and take the club to heart. That might be more likely if those with a “**** Complex” can overcome their fears of people of high net worth and let the guy get on with building Rangers up. The inevitability of the big man in the fight overcoming the wee guy is now the scenario at Ibrox. King has made his play, sincere or not and has no other viable card to play it would appear. Ashley’s tanks are parked on Ibrox lawns and it looks like he wants to make Ibrox his base. Far better for Rangers and really bad news for the club’s enemies if the guns are pointing outward. http://billmcmurdo.wordpress.com/2014/10/24/enter-the-big-guns/
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...after forcing out Philip Nash with emergency loan offer. By Roddy Forsyth 10:36PM BST 24 Oct 2014 Newcastle United owner tightens "vice-like grip" on Scottish Championship club as finance director resigns over prospect of working with the Sports Direct tycoon. Mike Ashley tightened his grip on Rangers and claimed his first victim on the club’s plc board with the resignation of finance director Philip Nash – a departure that could clear the way for the Newcastle United owner to rename Ibrox after his Sports Direct brand, perhaps as soon as next month, The Telegraph can reveal. Nash had also approached Brian Kennedy, owner of the Sale Sharks rugby union club, to provide backup emergency funding to see Rangers through to the end of the season if necessary. Kennedy tabled an offer of just over £3 million late on Friday, compared to a similar £2 million offer from Ashley, although the details remain unclear. Nash’s decision to quit the Rangers plc board was revealed in a statement on the club’s official website. Nash’s departure was the latest development in the battle for control of Rangers between Ashley and Dave King, the former Ibrox director, who flew into Glasgow from his base in South Africa on Oct 14 to meet the plc board. King’s proposed takeover consisted of a £16 million package, half from him and the rest from other wealthy Rangers supporters including Paul Murray and George Letham. As King confirmed on Thursday, he had been willing to co-operate with a board proposal that the investment be provided as a mixture of loan funding and equity, with guarantees were to protect existing shareholders’ investments from over-dilution. King was willing to do so in return for two seats on the plc board and the right to choose the chair of the board. Related Articles Ally McCoist would welcome Mike Ashley involvement at Rangers Mike Ashley wins Rangers victory as finance chief steps down 24 Oct 2014 King makes dig at 'power behind Ibrox throne' 23 Oct 2014 King speaks with Easdale as clock ticks 22 Oct 2014 King to reveal status of £16m Rangers takeover 21 Oct 2014 For his proposal to succeed, King required 75 per cent shareholder approval, a target he could not reach without the co-operation of Sandy Easdale, chairman of Rangers’ football board, who – with his own stock and as proxy for others – controls 26 per cent of existing shares. However, Ashley’s subsequent offer of emergency funding confirmed the belief that Easdale would not ensure the reduction of his own influence at Ibrox by accepting King’s package. Ashley had already targeted Nash and Rangers’ chief executive, Graham Wallace, because they had blocked his attempt to provide emergency funding last month in return for the rights to the club’s trademark and crest. The pair believed that the package, said to be worth up to £10 million but with only £2 million offered up front, was not good value for the surrender of such assets. Ashley’s response was to call for an extraordinary meeting to have Wallace and Nash removed from their posts. It can also be revealed that although Ashley bought the naming rights for Ibrox for £1 from Charles Green in 2012, Nash negotiated an additional clause with him earlier this year to the effect that they would not be activated this season. If, however, Ashley succeeds in getting two of his own people on to the plc board, the clause can be scrapped. It is understood that Ashley was prepared to keep Nash in place as finance director, but not as a board member. Nash – in the belief that the Ashley deal would do little more than keep the lights on at Ibrox – chose to quit. In a further twist, Rangers’ accounts to June 30, 2014, are expected to reveal that Nash had reduced operating losses from £14.4 million in the 2013 accounts to under £9 million. The accounts, as The Telegraph revealed on Thursday, are ready to be sent to Deloitte, the club’s auditors, in the next two weeks, but cannot be signed off until there is proof that Rangers can be run as a going concern for the rest of the season. King, meanwhile, responded to news of Ashley’s latest offer with a defiant statement to the effect that it was the duty of the plc board to recommend acceptance of the proposal of greatest benefit to Rangers as a business. The statement read: “I have been asked to make a personal comment on the rumour that the Rangers board is considering a loan from Mr Ashley. I don’t see the offer of a short-term loan by Mr Ashley affecting me in any way. Our offer is for a long-term permanent solution that can take the club forward and unite the fans and the board for the first time in many years. “The board is in the final stages of reviewing our offer and I expect a definitive answer early next week. Frankly, it doesn’t seem possible that the board can do anything other than recommend it to shareholders given the dire financial circumstances and the fact that no other long term solution is on offer. Mr Ashley’s involvement (and recently announced continued commitment) with Newcastle precludes him from making a similar offer of long-term permanent equity. “What Mr Ashley can do is attempt to increase his vice-like grip on the Rangers brand by improving his retail position as a condition for supplying short-term debt to tide the club over until our permanent funding is in place. But I know that there are other investors also willing to provide bridging finance. “The board will therefore not have to accept punitive terms even if Ashley attempts to oppose them. We must remember that the board is ethically and legally bound to act in the best interest of the company and all shareholders. “Ashley cannot expect preferential treatment and will not get it. I am confident that Graham Wallace and Philip Nash have enough integrity and commercial experience to do the right thing.” That, though, was before the news of Nash’s departure. In response to Nash’s resignation, King told The Telegraph: “It reinforces the need for a change at the club to get a proper board with good governance.” http://www.telegraph.co.uk/sport/football/teams/rangers/11186814/Mike-Ashley-edges-closer-to-Rangers-takeover-after-forcing-out-Philip-Nash-with-emergency-loan-offer.html
