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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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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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Delighted by that... not. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12133485.html PS: Apparently this is to oversee the appointment process of our new CEO. No laughing at the back.
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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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http://www.eveningtelegraph.co.uk/news/local/dundee/rangers-fans-fury-at-ibrox-disaster-tweet-1.653603
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Seven members of the Green Brigade group of Celtic fans are to stand trial next month charged with singing a pro-IRA song. They are alleged to have behaved in a way that "is likely or would be likely to incite public disorder" by singing the Roll of Honour at Celtic Park. Paul Duke (38), Ross Gallagher (30), Christopher Bateman (29) David Gallacher (23), Sean Cowden (22), Kieran Duffy (19) and Greg Robertson (29) are charged with the offence. Duke and Gallagher, both of East Kilbride, Bateman, of Irvine, Gallacher, of Glasgow, Cowden, of Rutherglen and Duffy, of Coatbridge, are accused of singing the song at the Champions League qualifier match at a Celtic against Elfsborg match on July 31, 2013. Gallagher, Bateman and Robertson, also of Glasgow, are accused of singing the song at a league match against Ross County on August 3 last year. Robertson faces the same allegation along with Gallacher in connection with match against Inverness Caledonian Thistle on August 24 last year. The case against all seven - who plead not guilty - today called for a hearing at Glasgow Sheriff Court. They were ordered to return for trial, which is set to start next month. http://www.eveningtimes.co.uk/news/u/seven-green-brigade-members-face-trial-over-pro-ira-song.1414595076 -
Apologies for posting but I would to mention a couple of things. If it is true that Rangers will not earn anything/negligible from merchandise, then surely it presents an opportunity for the two organisations who are buying shares on the fans' behalf. Maybe manufacturing their own (classic style) unofficial (but official quality) Rangers tops could provide a serious income stream for the organisations. I would imagine that a football top could be manufactured for circa £5 either in UK or China. 30,000 tops at £30/£35 each would provide around £750,000 profit(after further costs) to be used to purchase shares with. Surely every website and supporters club could get behind such an initiative and drive sales. Given two or three cycles, a serious share position could be built by the fans. Well done last night.
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I thought this was quite well written from Chris Jack regarding last night's crowd. http://www.eveningtimes.co.uk/rangers/rangerscomment/empty-seats-tell-story-of-rangers-fatal-rift-186382n.25722001
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This is not a joke - It has hit us. What's a sugar daddy doing with a football club anyway? I only look at all the English Premier club owners then I wake up. Obviously for the same reason as all over Europe Rangers now find themselves under the vice grip of a billionaire. Happy days - or is it? Bad or good? Will we disappear in doomsday with all the clubs who've went down the sugar daddy route? I want this just because it can only mean success if only in the short term but we as fans have witnessed worse scenarios more than most? We have a duty as supporters...follow, follow no excuses.
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"The Rangers support and the club itself has once again been betrayed by those tasked with overseeing the health and success of our great football club. The decision by the non-executive directors of the Plc board, Mr Somers, Mr James Easdale and Mr Norman Crighton, to effectively hand control of the club to Mike Ashley in return for a £2m, short term loan, is an absolute disgrace. They have acted in a cowardly way and have been bullied by Mike Ashley and Sandy Easdale into giving them precisely what they want with no regard for the club. The club was at a crossroads. The board had to decide whether to take us down the route of a long term, £16m, sustainable investment and the start of a process where fans could once again trust those tasked with nursing Rangers back to health. Instead they have handed Mike Ashley control of the boardroom for a pittance which will now have to be repaid out of the pockets of the dwindling number of Rangers fans who still choose to support this regime financially. They have neglected their duty to shareholders, fans and the club itself. Their cowardly act now means we are likely to see Mr Ashley gain long term control of the club’s remaining commercial income without having to actually invest a penny. The board has, through a policy of inaction and cooperation with Sandy Easdale's shareholder group, allowed a situation to develop where corporate vultures are grabbing what assets they can. There is no long term plan. There is no investment. We simply limp from one short term fix to another, each time giving away more of the family silver, despite a clear alternative being available. Sandy Easdale's pronouncement that the Plc board "did their duty and their due diligence accordingly" and have done "what's in the best interests of the fans, the club and the shareholders" is the type of laughable nonsense we have come to expect from him. Mr Easdale certainly got what he wanted which was the retention of his seat in the director’s box and his club tie. The club and the fans have been sold down the river and this is another kick in the teeth for both them and the reputable shareholders still involved at Rangers. Mr Easdale, rather than disingenuous statements, should explain to fans why he actively blocked a £16m investment that could have taken the club forward. It is now a matter of individual conscience for fans if they wish to continue to fund the corporate pillaging of our football club. They should be under no illusions however that every time they purchase a single item in either Sports Direct or our club shops, they are paying for the privilege of allowing Mike Ashley to strengthen his grip on our commercial operations in a move which could hamstring the club for a generation. Also for the remainder of this season, every match ticket they buy will be used to pay Mr Ashley back the money he has lent for control of our club. Effectively they will be paying him for the privilege of his power grab."
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Some words on recent events from yours truly via TRS: http://www.therangersstandard.co.uk/index.php/articles/current-affairs/330-the-fog-on-the-clyde
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FLICK over photographs of Ally McCoist and you see how much the “journey” – an awful, overused term these days but in this case it seems apt – has taken out of him. A recurring recent image has the Rangers manager grim-faced, on the training-pitch, on his phone being told something to his disadvantage, no doubt – often in the middle of a spot of rotten Glasgow weather. Contrast the drookit, downcast boss, the rain plastering what’s left of his hair to his head, with the pictures which will pop up out of sequence of Super Ally the player. In these he’s all bouncy and bouffant, teeth glinting and usually a trophy of some sort glinting too. Maybe it was coming down in stair-rods on those days as well, but with the bold McCoist’s smile so dominant you don’t notice. Yesterday, the forecast for him wasn’t good. There were fears he’d be sacked as part of Mike Ashley’s intervention at Ibrox. But after a couple of phone calls – better ones this time – he was sufficiently reassured to put on a brave face and meet journalists, some of whom already had his obituary halfway written. The press conference was to preview Rangers’ League Cup quarter-final against St Johnstone – an all-too-neat scenario for those of a necessarily vulture-ish tendency. McCoist’s football biog began with Saints; was it to finish on the eve of tonight’s tie against them? No, not quite. His job is safe – for now. Whatever you think of McCoist’s reign at Rangers – and there are plenty who don’t think very much of it – the lead-up to those phone calls must have been stressful. Even that will bring some scoffing. How stressful can it be, his detractors will claim, to know that when the axe falls he’ll be generously compensated? McCoist knows that the man in the street knows what he was earning before his wage for attempting to get his beloved Rangers back into the big time was virtually cut in half. Even the man in the street’s faithful mutt knows it was £760,000, and the mutt is pretty sure that the compensation will be based on that hefty figure. You could make a very good case for this kind of transparency, given the financial implosion Rangers suffered three years ago with the situation just as desperate now. You could also argue that such scrutiny, at any time for an Ibrox manager, comes with the territory, and McCoist is not a bewildered incomer like Paul Le Guen was. They are, after all, his beloved Rangers. And he’s no fool. He’ll be aware the reprieve may be only temporary. But yesterday he didn’t request even a slight let-up in the negative comment concerning his position so that he be allowed to resume preparations for the cup-tie. You might say that’s Super Ally the super-realist. But, if you were feeling just a little bit charitable, you might give him some credit for that. Right back at the beginning of the crisis, which seems longer than three years ago now, there were many who declared that, despite his lack of managerial experience, he was a good man for the job. He understood the club, they said, and would do the right things, with love and that boundless enthusiasm. He said the right things in those early days. In 2012, on the 17th anniversary of Davie Cooper’s death, he confided there wasn’t a day that went by when he didn’t think of “Coops”, and how for the flying wingman, for Jock Wallace, Willie Waddell and the rest, the club simply had to get through “this low period” in its history. That was before the plummet down the divisions, a new low. Then in 2013, with the first title won, he spoke about how trips to Elgin, Annan and Peterhead had changed his attitude to small clubs. They were all running their affairs far better than Rangers and he appreciated them more. For those who’ve always accused the Old Firm of not caring about the rest of Scottish football, of hardly knowing where it was based, this seemed like quite a moment. In the first six months of mostly tumult, McCoist reckoned, he’d been through experiences that no other manager in the world could match. He hoped to learn from them. This is the key area for his critics. They will claim that he hasn’t, not sufficiently, and that as Rangers have rumbled through the leagues, he hasn’t developed as a manager in the way they’d have expected. He’s been let down by his players, some of them among the best performers in the top flight before their big-money moves to Ibrox. Even then his accusers will insist it was the manager’s job to keep them motivated when playing in funny, faraway places. There has been criticism of the squad’s fitness levels. And disillusionment that a simple change in Hibernian’s formation – a switch to three at the back – could befuddle the team to the extent they slumped to a second home defeat in the Championship. Then there have been the cups. Rangers have been vanquished by Falkirk, Forfar, Queen of the South and Raith Rovers, the latter in a final. Rangers were supposed to be the danger team in the cups for the top flight, offering up reminders of their old power. That’s simply not happened under McCoist. But, just when he maybe didn’t expect it, another chance presents itself tonight. The old cheesy smile may not be capable of driving away the storm clouds over Ibrox and you’d have to ask: what possibly can? Ally will take a win, though. http://www.scotsman.com/news/aidan-smith-ally-mccoist-waits-on-gods-smiling-1-3585663
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...has kept him away from Ibrox. Former manager, who will make rare appearance in stands for League Cup quarter-final against St Johnstone, says he is "better not going" because of club's problems. By Ewing Grahame 10:00PM GMT 27 Oct 2014 Comments8 Comments Walter Smith will make a rare appearance at Ibrox on Tuesday night for Rangers’ League Cup quarter-final against St Johnstone. Smith, 66, led Rangers to nine championship successes and also won the Scottish Cup five times and the League Cup on six occasions during his two spells as manager. Yet he reveals that the internecine warfare – which has been waged with increasing frequency and hostility in the boardroom since the consortium fronted by Charles Green seized control after the old club’s descent into liquidation in 2012 – has persuaded him to limit his attendance at matches following his resignation as chairman in August last year. The increasing influence wielded by Mike Ashley, the Newcastle United owner, and the departures (which Ashley had called for) of chief executive Graham Wallace and director Philip Nash may yet bring stability to the club but, until the fighting stops, Smith’s visits will be collectors’ items. “Before I left the board at Rangers I was going to few of the games,” he said. “I’ve been to one or two but I haven’t been to an awful lot since I left. “I watch the TV coverage and read a lot about it but I don’t go along to many matches. At first I didn’t go because I didn’t want people thinking I was ... not interfering, but going to watch Alastair and the boys I’d left there. That was the main reason for not going back. “When Charles Green asked me to go on the board I went back and going to games was another aspect of it. “Since I left the board, the reason I don’t go back is because is everybody keeps saying to me: ‘You are supporting that side, your are supporting this side or the other side’. “I think I’m better not bothering going. I miss going to the games. I’ll go to the occasional one and I’ll go on Tuesday night to see how they do against St Johnstone.” Smith was at the national stadium on Sunday to see Davie Wilson, a childhood idol, inducted into the Scottish Football Hall of Fame. “Wee Davie worked beside my old man when he was a boy, strangely enough,” he said. “I went to Ibrox and watched him play in that fantastic team of the late 1950s and early 60s. It was an enjoyable period to go and watch them. “He was one of the main ones and the number of goals he scored for a winger was incredible. Nowadays we don’t have wingers of that type. “Davie and Jimmy Millar also came to play at Dundee United when I was there and he was a fantastic professional. They could have tailed off at the end of their careers but they had a great attitude and it was good for a young player like myself to see that, “It was a big thrill – I’d never have imagined I’d have played alongside him. He was terrific, down to earth. Davie was also assistant manager at Dumbarton when I went there for a year.” http://www.telegraph.co.uk/sport/football/teams/rangers/11190909/Walter-Smith-reveals-how-long-running-internal-warfare-at-Rangers-has-kept-him-away-from-Ibrox.html
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Man faces extortion allegations over leaked Rangers secrets a Ibrox stadium... home of Glasgow Rangers 0 BY ROBERT McAULAY Published: 54 minutes ago A MAN faces a charge of extortion after police began probing the release of Rangers secrets on the internet. The 45-year-old male also faces allegations involving breaches of the Computer Misuse Act and the Communications Act. http://www.thescottishsun.co.uk/scotsol/homepage/6036015/Man-faces-extortion-allegations-over-leaked-Rangers-secrets.html
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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. -
Rumours from media on Twitter: Andy Devlin @AndyDev28 51s51 seconds ago BREAKING: Sandy Easdale due at Ibrox shortly for crunch talks with Ally McCoist. The Rangers boss could be hours from the sack.
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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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...as beleaguered board accept Mike Ashley's £2m crisis loan. WALLACE - who is expected to be replaced by Ashley's right-hand man Derek Llambias - was fired moments after the board accepted a £2million bailout from the Newcastle United owner. RANGERS chief executive Graham Wallace has been fired as part of Mike Ashley’s Ibrox power grab. Wallace – who is expected to be replaced by Ashley’s right-hand man Derek Llambias – was axed on Saturday morning, moments after the club’s beleaguered board accepted a £2m crisis loan from the Sports Direct magnate and his departure will be confirmed this morning. It’s hotly anticipated his £300,000-a-year role will now be given to Llambias as part of a boardroom shake-up. Ashley also wants another close pal, Stephen Mucklow, to replace finance director Philip Nash, who resigned on Friday. In return for his cash, Ashley demanded the right to make two changes to the board and also has security over two of the club’s main assets, the Albion car park and Edmiston House. Record Sport can also reveal that, after learning of Brian Kennedy’s late counter offer of a £3m funding package on Friday morning, Ashley threatened the club’s directors with legal action if his own deal was rejected. A source said: “Ashley was apoplectic when he heard Kennedy made a bigger offer. “His lawyers made it clear to the board there could be devastating repercussions for those who tried to stand in his way. It’s no surprise a few bottles crashed. Ashley is not someone to be messed with.” Wallace had approached Kennedy on Thursday in a desperate bid to block Ashley’s power grab. He then left for a holiday in Greece on Friday. Details of his severance package are as yet unclear. http://www.dailyrecord.co.uk/sport/football/football-news/rangers-power-battle-graham-wallace-4515530
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edit It appears MASH Holdings loan us 2M, secured on our assets and gaining influence in the boardrooms of TRFC and RIFC, whilst Rangers Retail (under Sports Direct financial control) are not releasing greater sums of money supposedly due to us. For some reason Rangers Retail (under Sports Direct financial control) have withheld profits from Rangers (RIFC). The numbers below have appeared in the accounts. This money hasn't since been released to RIFC. 30 June 2013:............................................. ........... £946,000 31 December 2013:............................................. £1,669,000 30 June 2014:............................................................£2,720,000 Today: If pattern stays the same I'd estimate...... £3,000,000 Is Mike Ashely indirectly using our money to finance the loan he has agreed with the RIFC board ? I can't say without the current numbers but you have to ask why withhold the money in the first place if we are struggling. The two directors that represent RIFC on the Rangers Retail (RR) board are currently Wallace and Nash, so they might have lobbied for it to have been paid at the beginning of the year but it would have been, only if SD and it's directors on RRLtd both agreed. Update The figure for year end 30/06/14 is now inserted above. It shows that the total continues to accumulate and continues, at that date not to have been released. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12067610.html Background In late July 2012, a joint venture was entered into by Sports Direct and Rangers, it became known as Rangers Retail Ltd. Charles Green and Brian Stockbridge represented Rangers on the RR board of directors. SD have 49% in 'A' class shares which count double in any votes regarding financial matters. RIFC have 51%, in 'B' class shares Effectively SD control the joint venture. Links to the accounts 30/6/13...http://www.rangers.co.uk/images/staticcontent/documents/AnnualReport2013.pdf 31/12/13....http://rangers.g3dhosting.com/regula...ws_article/375 -
As usual, the news isn't good. A rich guy whose money talks more than his mouth is now the most influential figure at Rangers, and having already acquired certain rights with regard to merchandise and the stadium itself, what does he do? He lends the club money. He doesn't gift it to the club - he lends it. Make no mistake, this money will have to be paid back and so will any future loans from the same source. Mike Ashley isn't a sugar daddy. He will want a return on every penny that he puts in to Rangers. Dave King and his backers have tried to land the club, but so far, without success. A seeming reluctance to buy up shares in Rangers hasn't helped, but it's pointless getting angry at those who have tried and failed. We are where we are. The support is split. Thousands will not pay another cent towards a club that they believe has been hijacked by people who only care for it while it suits their commercial purpose. I have no problem with this view. It is entirely understandable. Others will follow on as per usual. That's fine too. We are football fans. We know only too well that allegiance usually triumphs over ownership details and boardroom personnel. We are likely then to have a weakened club in terms of strength of support, and the likely renaming of Ibrox is likely to turn more people away. While this is a move that I could live with in more normal circumstances, I can fully understand why people will be angry if Ibrox becomes sponsored when the sponsor has apparently paid mere shekels for the privilege while lending - yes lending - money to the club. What do we do then? Those who approve of the new owner or don't care who he is will carry on attending and buying merchandise. It is those who find themselves unable to support Rangers who have to ask themselves what they should do next. Protest marches? What have they achieved so far? Answer: nothing. Boycotts? Organised boycotts fade and die and are perceived to have faded and died. They could be counter-productive. Walk-outs? About as useful as marches. Travelling to Ibrox and hanging around outside while the game is on? Plain daft. Card displays and banner messages? They won't change a thing. If you can't accept what has happened to the club, and if you will not support it any more, you already have your answer. Privately, as an individual, you will make your point by not attending. Those who feel as you do will reinforce the message, but do not harass others into joining you. Equally, to those who will follow on as normal, understand one thing: thousands of your fellow fans feel they have a good reason to stop going to Ibrox - as good as yours is for continuing to go. Do not harass them. History will decide if this is a bump in the road or the edge of a cliff.
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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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Hopefully the article provides some light relief from the circus enveloping the club Rangers’ fans from Northern Ireland have been travelling across to Scotland for their Rangers fix since 1870s and 1880′ through Ulster Protestant immigrants to Glasgow’s shipbuilding industry according to The Official Biography of Rangers Football Club. This appeared to lead into commercial trips with ferry companies of the time and later organised trips via supporters clubs after both world wars http://www.therst.co.uk/ulster-bears-a-tower-of-strength/
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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
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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/
