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Showing results for tags 'funding'.
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Only too true, sadly enough: Express IMHO, overall Miller's done okay thus far.
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A sneering piece that seems to relish in denigrating us. I can't say it is wrong though. http://www.dailyrecord.co.uk/opinion/sport/keith-jackson-cold-hard-cash-4683056? Keith Jackson: Cold hard cash will determine Ally McCoist's future at Rangers Nov 24, 2014 08:03 OPINION BY KEITHJACKSON KEITH says that cash has always been the answer to Rangers' woes but asks, will the club be able to fork out to the cash needed to axe Ally? IN the end it will all come down to money. That is the Rangers way after all. This is a club which through the years has gorged on a diet of hubris and largesse and which bloated itself with mantras such as, “For every fiver Celtic spend we’ll spend a tenner”. It might just be the only business in the history of insolvency events to have allowed this spend-at-all-costs mentality to survive the catastrophe of liquidation. It’s drilled down so deep into the club’s DNA that it has become the answer to almost every problem it encounters. Whenever Rangers are in trouble the default position is to spend more and buy their way out of it with another fistful of Aye Readies. Few have been so steeped in this tradition as manager Ally McCoist, who earned stripes as a homegrown hero at Ibrox in the days when money really did seem like no object. A £185,000 legacy of more austere times, McCoist not only survived the Graeme Souness revolution but went on to thrive in this new environment and whose phenomenal goalscoring exploits made him a priceless commodity throughout an era unrelenting cheque signing. Back then, McCoist was the exception to the rule. Today his fate is governed by it. Because the only bottom line that counts right now as far as the position of the Rangers manager is concerned is the huge sum it will cost to remove him and his backroom staff from the dugout. Even going by the most conservative of estimates, the costs involved in the bagging of the management team would run a long way north of £1m and right now that’s money this ravaged club simply does not have. The very notion that such vast sums could be ring-fenced for severance payments would certainly cause further distress to auditors Deloitte – who have still not signed off the club’s latest accounts and are fast running out of days in which to so do. In fact, in order for an agm to be held before the year end as Stock Market rules dictate, Deloitte really ought to publish these latest numbers by no later than Friday of this week. The under-fire regime would then have a further three working weeks before being shoved out in front of shareholders just days before Christmas. It is already a damning indictment of the state of the club’s financial affairs that Deloitte have so far failed to put their name to these accounts and the longer they dither the more reason there is for concern. The truth is, Rangers are right back on the brink even though many supporters took comfort from watching Mike Ashley muscle his way into total control of the board room earlier this month. Recent history shows that in times of Ibrox panic there is nothing like a billionaire – radar detectable or not – to settle a few nerves but now Ashley has powered his way into the box seat there are serious decisions for him to make. What Ashley’s minions, Derek Llambias and Barry Leach, have discovered since they were dispatched to Glasgow and placed on the board may well have horrified them. The Sports Direct man did not become a billionaire by funding lost causes and yet that’s what he is now being asked to do in order to satisfy Deloitte the club is able to continue trading. If Ashley is not willing to offer up guarantees for several millions of pounds Deloitte may have to “qualify” these accounts – a development that would prove disastrous for the reputation of almost any other company but which, given the state of all things Rangers, would merely add another layer to the farce. So far Ashley has agreed to drip feed Rangers with short-term loans in order to protect and strengthen his commercial contracts with the club. He has not just been saving Rangers with these handouts – he has been strangling them at the same time. Will he now be prepared to change strategy to fund them for the longer term because, if not, Rangers will be hurtling towards another insolvency. And, as major creditor, Ashley will be in complete control. But if, on the other hand, he opts to wade into this mess and bail it out for the long run what will that mean for McCoist? That’s the other question over which Ashley will have to chew this week because if he does decide to underpin this broken business he could also provide it with the cash needed to call time on McCoist. Ironically, that might buy him some goodwill among a growing group of Rangers fans who have lost patience with their manager and who, at Tynecastle on Saturday, voiced their desire for him to do walking away. Or a version thereof. That 2-0 defeat was the last straw for many and it might even be argued the majority of these fans have lost faith in McCoist now the football side of this business is finally getting serious and requiring urgent attention. They simply don’t believe McCoist can recover the nine points which separate his side from Hearts and some of them suspect he may not be capable either of gaining promotion to the top flight through the end-of-season play-offs. The single-minded McCoist, it must be said, will disagree entirely. Often over the past three years he has reacted angrily to any suggestion he is failing in his duties and I say that as someone who has felt his full wrath from the other end of a phone on many occasions. But, at the risk of another fall-out, I’ll say it all again. When Rangers first reappeared from insolvency in the lowest tier of the Scottish game, McCoist wasted an opportunity to reinvent his team and introduce it to a contemporary, passing style of football – much like the template Swansea used on their journey up through the various English leagues. Instead, in true Rangers tradition, he spent mind-boggling amounts of money on the recruitment of players who had no place operating at such a lowly level and who often looked as if they had no great wish to be there. But whether he stays or goes at this stage, with his journey not yet complete? That’s something only the money men will decide.
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Celtic chief executive Peter Lawwell has accused politicians of using Celtic for their own political agenda over the living wage. At the club's AGM the club announced they are prepared to offer permanent staff £7.85 an hour, but will not implement the living wage to all. However, Lawwell feels Celtic have been unfairly targeted by others. "We've been used," he said. "Our club has been used over this campaign by politicians and by others." He added: "There's more and more evidence there's poverty in society, there is inequality, and we would urge them - the people who've got the power, who've got the opportunity to change it - to change it, and not hitch their wagon to Celtic's wagon for their own political purposes. "We're a football club. We'll do all we can in the community. We do so much, but we can't change government policy. "We have a very satisfied, highly motivated workforce who are content with their lot. Not just my words, but we're the only football club in Scotland that's got Investors in People [accreditation] and [there are] only three in the UK, so we look after our people." Hearts last month became the first club to implement the living wage , but Lawwell insists their decision has had no bearing on Celtic. "Hearts are a different business," he said. "It's a small business in comparison, they won't have as many people. "If that's what they want to do, then good on them and they've done it. But we have to look after ourselves here and do the right thing. "At the moment we're looking at our permanent employees that includes everybody apart from match-day staff, who are primarily second income. "The 180 of them are mainly in retail, which is a very competitive business. Ironically our competitor is Sports Direct, and we're getting the spotlight." Celtic chairman Ian Bankier revealed the move to increase the wage for permanent staff will cost the club £350,000. He said: "We responded to the many people who have made approaches to us since this became a live issue and we understand what they're saying, and we understand the sentiment of what they're saying. "So what we've said today is we will speak to the people that matter in all of this, who are the employees. "We will talk to our permanent workforce, and those who are in that zone of pay policy, and we will seek to get their wages up to £7.85 an hour, which happens to be the rate of the living wage." Celtic also admitted at the AGM that the loss of Rangers from the Scottish Premiership has cost the club around £10m a year. However, responding to the recent comments by Scotland manager Gordon Strachan that the leagues should be manipulated to get their Old Firm rivals in the top flight along with Hibernian and Hearts, Lawwell was adamant there has been no discussion regarding league reconstruction. He said: "I love Gordon dearly, he's a pal, but he's way off the mark there and we would never support that." http://www.bbc.co.uk/sport/0/football/30150594 -
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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At a RFC plc Board meeting the matter of a repayment of funds to Ticketus came up in relation to the transfer of Jelavic. Donald Muir took a great interest in the deal and spent a lot of time to ensure he fully understood it. Subsequently Whyte's interest stepped up.
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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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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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A super legend as a player but why is he allowed to still be manager....1 or 2 results could be swept under the carpet but the following shows he isn't the man. Peterhead 2-2 Rangers Berwick 1-1 Rangers Annan 0-0 Rangers Stirling 1-0 Rangers Rangers 1-1 Elgin Rangers 1-1 Montrose Stirling 1-1 Rangers Rangers 1-2 Annan Rangers 0-0 Stirling Montrose 0-0 Rangers Rangers 1-2 Peterhead Rangers 1-1 Stranraer Rangers 3-3 Stenhousemuir Raith 1-0 Rangers (cup final) Forfar 2-1 Rangers Rangers 1-1 Albion Rangers 1-3 Dundee Utd Brora Rangers 1-1 Rangers Ventura Fusion County (no laughing at the back please) 3-1 Rangers Rangers 1-2 Hearts Alloa 1-1 Rangers Rangers 1-3 Hibs Rangers 1-1 Alloa
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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. -
I don't always agree with the UoF but this statement is well worth sharing.
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The emergence of Mike Ashley as the key shareholder in Rangers has raised many questions on what his exact intentions are. Some are of the opinion that billionaire Ashley will invest millions into Rangers which sees us dominate Scottish Football and participate in the Champions League. The conflicting aspect of Ashley investing in Rangers is the fact he has complete control of the income generated by the sale of club merchandise and the £1 stadium naming rights, although denied in certain quarters as scaremongering, was only just revoked after pressure to comply with possible fiduciary duties. Why invest millions when he’s taking money out of the business?........... http://www.therst.co.uk/mike-ashley-what-are-his-intentions/
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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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http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12147393.html
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...as he reveals his part in Brian Kennedy's failed 11th hour Ibrox bid. THE former Ibrox boss vented his anger at chief executive Charles Green in a scathing attack on the Rangers boardroom chaos. GRAEME SOUNESS last night revealed he was part of Brian Kennedy’s failed 11th hour bid to stop Mike Ashley seizing control of Rangers. And the former Light Blues manager branded former chief executive Charles Green a “pr**k” during a scathing assessment of the never-ending boardroom chaos at Ibrox. Souness has told for the first time how he teamed up with old pal Kennedy last month when the Sales Shark owner launched a £3million rescue package after being approached by former chief executive Graham Wallace – only for the rest of the current regime to rubber-stamp take a £2m funding deal from Ashley instead. That setback came two-and-a-half years after Souness and Kennedy’s Blue Knights thought they had managed to get through the Ibrox front-door, only for disgraced Yorkshireman Green to grab control. Souness is angry about what has happened at his former club and concerned over Rangers’ future. But he reckons that would not have been the case had he and Kennedy got their way. When asked if he was also involved in the latest move, Souness said: “Yes. I had a week with Brian in Majorca three weeks ago. But if it’s not to be it’s not to be. ”It never got beyond a bid. And they never wanted Brian’s money this time either. “When we met a couple of weeks ago, we never went into detail because, the last time, we believed we had it. Brian believed he had it only to be let down and deeply disappointed. We even came up to watch a Rangers and Celtic game because we believed we had it. “I think this time around he was always thinking the worst. “Given the structure the way it is now I would think that’s it finished now. ”I’m angry about it and saddened by it in equal amounts because a lot has been allowed to happen. “I don’t want to get into being involved in a libel case. “All I would say is that if we had got it the people there would have had the club for the right reasons.” Souness believes the club has missed out by turning Kennedy down and added: “They certainly did the first time around. “It would have the right people running it for the right reasons. “That would have been Walter [smith] and I and the right person as the owner. All of us there for the right reasons. ”I don’t know how Brian feels right now but I think his attitude to it has changed now the other folk are involved.” Souness launched a scathing attack on Green as he revealed the Yorkshireman’s attempts to get him on board days before he completed his £5.5m buyout of the club’s assets back in the summer of 2012. He explained: “What is it? Two years since that prick had it? “The guy who knocked on my door one night asking me if I would get involved in it, with him. Charles Green. “Late one night about 11 o’clock, my answer was no. “I got a phonecall about an hour before that saying he was coming to see me. I had been asked to see him and I had refused. “I got a call an hour before to say he was on his way to see me. We went for a cup of tea at a hotel around the corner. “You’ve got me angry now… “Who knows what would have happened if we had got in? But I’ll tell you, the stadium would still be full.” Souness has no idea what the future holds now for Rangers under Ashley but said he had done a tremendous job with Newcastle. He said: “I don’t want to end up in court. “I wouldn’t be critical of Mike Ashley. He is a fantastic businessman who saw an opportunity at Newcastle and it’s very hard to be critical, having worked there myself. “I think he has done the right thing there. “What I worked there the largest shareholder was under enormous pressure to make changes too quickly. “He lived in the city. Mike Ashley doesn’t live in the city and has not listened to any fans forums or phone-ins. “He has stuck with his manager and it looks like he is getting the rewards of that. “That’s what it needed. It needs a strong owner and that’s what he is. Someone who has been supremely successful in anything he has touched. “I think in terms of Newcastle supporters they should be counting their blessings rather than being critical.” Souness also aimed a blast at those who celebrated Rangers’ demise when he said: “ All I would say is that all the people who enjoyed their demise, if they had their time again, would they have voted the same way? “Celtic getting gates of less than 20,000? I think it has damaged football, hopefully not beyond repair. “Football goes in cycles. Over a 10-year period, they say if you lose a support, it’s very hard to get that back. “I don’t know if it will get back. “Rangers will get back to the SPL, the Old Firm games will be enormous affairs again and the passion will remain the same. “But will it ever get back to where it was six or seven years ago? I very much doubt it.” Meanwhile, Rangers fans have written to stock market bosses urging them to investigate Ashley’s Ibrox power grab. The Rangers Supporters Trust has also raised a number of concerns about the current board’s handling of the League One champions, accusing them of a operating with a “reckless and irresponsible attitude to going concern status”. Newcastle United owner Ashley holds just under nine per cent of the cash-strapped Glasgow giants but has been effectively pulling the strings since the club was forced to accept his offer of a £2million loan. The terms of that crisis credit line allows the Sports Direct billionaire to name two directors to the Ibrox board. Former Magpies managing director Derek Llambias was Ashley’s first pick with the second yet to be revealed. Ashley also runs Rangers’ retail division – a deal which hands him 49 per cent of the club’s shirt sale profits – and owns the naming rights to the stadium following an agreement he struck with former chief executive Charles Green for just £1. Hampden bosses have already written to both Rangers and Ashley seeking “clarification” on the 50-year-old Londoner’s involvement. http://www.dailyrecord.co.uk/sport/football/football-news/graeme-souness-vents-anger-gers-4611416
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http://www.therst.co.uk/rst-letter-to-aim/
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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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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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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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...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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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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Ashley's deal has been apparently accepted by the club. So with a game today will we see a reaction from bears or the usual muted response we're accustomed to seeing? Wallace is away, the Easdales don't travel away, so who's representing the club from an executive capacity? Andy fucking Cameron?
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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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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....
