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PRIOR, who owns more shares than current director James Easdale, says he has no confidence in the competence or motives of the current board and is backing Douglas Park's consortium. IBROX investor Kieran Prior last night backed the Three Bears and urged them to throw every deal ever signed with Sports Direct in the dustbin. Prior broke his silence on the way forward for the cash-strapped club as he declared his shareholding to the Stock Exchange in the aftermath of the takeover bid by Robert Sarver. Prior owns more than one million shares, 1.35 per cent of the club, almost twice as many as current plc director James Easdale and more even than Ally McCoist. He allowed his stake in his boyhood favourites to be diluted after the last share issue in August because he was “unwilling to continue funding people clearly not fit to run the club”. However, his current shareholding is not for sale and he is keen to invest again in future, so long as Rangers are under the stewardship of those he feels has its best interests at heart. That’s why he’s backing George Taylor, George Letham and Douglas Park, as well as Dave King, as he offered a withering assessment of those currently in control, including Newcastle owner Mike Ashley. Prior said: “I’ve yet to meet the three new investors but I’m happy to throw my hat in with them because their credentials as men with the best interests of Rangers at heart is impeccable. “I’ve been in email contact with Dave King, an astute operator. He now has what he wanted – a stake in the club without funding the incompetence of current boardroom incumbents. Fair play to him. “I do not trust the people in control of the boardroom. Their unpopularity with the fans sets alarm bells ringing and their willingness to take shortcuts at every turn is a dreadful example of corporate governance. “I have no intention of ever backing them. Nothing they can say or do will change that. I will be voting with the fans to help re-shape the future of the club. “Rangers need a board that’s financially astute, of good business sense and logical – and they don’t have it at the moment. Hopefully, if the Three Bears and King take control the first thing they will do is hire forensic financial analysts to understand where money has been mis-spent and when the interests of individual shareholders appear to have been put before those of the wider club ownership. “I’d start with Ashley’s Sports Direct deals and if they are as ridiculous as reported I’d tear them up, throw them in the bin - and tell him to sue us and we’ll see him in court. “I’d rather not spend money on legal costs at all but if it came down to forking out £411,000 from Sports Direct on shirts the club can never sell, or on barristers and QCs to argue against those contracts in court, I know where I’d invest. “If these deals are not legally questionable – and we should seek counsel to establish if they are – then they are certainly morally repugnant. “Ashley has been mortally damaged in the eyes of fans by his own actions. The games he has played with the stadium naming rights and advertising are a nonsense. “He also appears to have reneged on obligations under dual interest rules, which is somewhat insulting to the SFA. Rangers have been punished too much by the football authorities as it is. “If he comes back to me on that, tough. I’m combative by nature – let’s get the contracts out in court where they can be examined openly and transparently. “I still don’t know why the current board haven’t resigned and the Easdales haven’t walked away. They know the value of the club would rise if they quit. “If all they want is a blazer and a seat in the Blue Room it’s disgusting. Those are not the actions of a real plc board.” Prior arrived on the scene 18 months ago and promised to look under the bonnet and, if he liked what he saw, he would invest further. Suffice to say, he didn’t see a Rolls-Royce engine. Manchester-born and London based, the former Goldman Sachs trader has spent much of the past 12 months in California, working on the launch of a multi-million dollar software firm. He rejected overtures from Brian Stockbridge to become a pivotal player on the board. He added: “He offered me board membership, all informally, when Craig Mather was chief executive. I thought Mather might have been a decent operator but maybe I was wrong. “I didn’t trust Stockbridge. I wasn’t going to try to polish his turd. I won’t be associated with anything that’s not world class. I don’t want a blazer for the sake of a blazer. “It’s important I clarify my position to supporters. I’ll continue to support good people running Rangers. “I’m intrigued by the emergence of Robert Sarver. If he wants to buy the club and elect a legitimate board that’s honest and transparent, then fine. “However, I do believe George Taylor, George Letham and Douglas Park are the best way forward. Dave King will be a key figure too. He has had issues with the authorities in South Africa but his net worth speaks for itself. “If Rangers are in good hands I’ll also increase my own holding.”

...and says 'Throw all the Sports Direct deals in the bin'. PRIOR, who owns more shares than current director James Easdale, says he has no confidence in the competence or motives of the current board and is backing Douglas Park's consortium. IBROX investor Kieran Prior last night backed the Three Bears and urged them to throw every deal ever signed with Sports Direct in the dustbin. Prior broke his silence on the way forward for the cash-strapped club as he declared his shareholding to the Stock Exchange in the aftermath of the takeover bid by Robert Sarver. Prior owns more than one million shares, 1.35 per cent of the club, almost twice as many as current plc director James Easdale and more even than Ally McCoist. He allowed his stake in his boyhood favourites to be diluted after the last share issue in August because he was “unwilling to continue funding people clearly not fit to run the club”. However, his current shareholding is not for sale and he is keen to invest again in future, so long as Rangers are under the stewardship of those he feels has its best interests at heart. That’s why he’s backing George Taylor, George Letham and Douglas Park, as well as Dave King, as he offered a withering assessment of those currently in control, including Newcastle owner Mike Ashley. Prior said: “I’ve yet to meet the three new investors but I’m happy to throw my hat in with them because their credentials as men with the best interests of Rangers at heart is impeccable. “I’ve been in email contact with Dave King, an astute operator. He now has what he wanted – a stake in the club without funding the incompetence of current boardroom incumbents. Fair play to him. “I do not trust the people in control of the boardroom. Their unpopularity with the fans sets alarm bells ringing and their willingness to take shortcuts at every turn is a dreadful example of corporate governance. “I have no intention of ever backing them. Nothing they can say or do will change that. I will be voting with the fans to help re-shape the future of the club. “Rangers need a board that’s financially astute, of good business sense and logical – and they don’t have it at the moment. Hopefully, if the Three Bears and King take control the first thing they will do is hire forensic financial analysts to understand where money has been mis-spent and when the interests of individual shareholders appear to have been put before those of the wider club ownership. “I’d start with Ashley’s Sports Direct deals and if they are as ridiculous as reported I’d tear them up, throw them in the bin - and tell him to sue us and we’ll see him in court. “I’d rather not spend money on legal costs at all but if it came down to forking out £411,000 from Sports Direct on shirts the club can never sell, or on barristers and QCs to argue against those contracts in court, I know where I’d invest. “If these deals are not legally questionable – and we should seek counsel to establish if they are – then they are certainly morally repugnant. “Ashley has been mortally damaged in the eyes of fans by his own actions. The games he has played with the stadium naming rights and advertising are a nonsense. “He also appears to have reneged on obligations under dual interest rules, which is somewhat insulting to the SFA. Rangers have been punished too much by the football authorities as it is. “If he comes back to me on that, tough. I’m combative by nature – let’s get the contracts out in court where they can be examined openly and transparently. “I still don’t know why the current board haven’t resigned and the Easdales haven’t walked away. They know the value of the club would rise if they quit. “If all they want is a blazer and a seat in the Blue Room it’s disgusting. Those are not the actions of a real plc board.” Prior arrived on the scene 18 months ago and promised to look under the bonnet and, if he liked what he saw, he would invest further. Suffice to say, he didn’t see a Rolls-Royce engine. Manchester-born and London based, the former Goldman Sachs trader has spent much of the past 12 months in California, working on the launch of a multi-million dollar software firm. He rejected overtures from Brian Stockbridge to become a pivotal player on the board. He added: “He offered me board membership, all informally, when Craig Mather was chief executive. I thought Mather might have been a decent operator but maybe I was wrong. “I didn’t trust Stockbridge. I wasn’t going to try to polish his turd. I won’t be associated with anything that’s not world class. I don’t want a blazer for the sake of a blazer. “It’s important I clarify my position to supporters. I’ll continue to support good people running Rangers. “I’m intrigued by the emergence of Robert Sarver. If he wants to buy the club and elect a legitimate board that’s honest and transparent, then fine. “However, I do believe George Taylor, George Letham and Douglas Park are the best way forward. Dave King will be a key figure too. He has had issues with the authorities in South Africa but his net worth speaks for itself. “If Rangers are in good hands I’ll also increase my own holding.” http://www.dailyrecord.co.uk/sport/football/football-news/rangers-investor-kieran-prior-backs-4937812

https://www.change.org/p/rangers-plc-board-remove-the-existing-board-accept-external-investment-and-place-external-directors?recruiter=97305010&utm_source=share_petition&utm_medium=facebook&utm_campaign=share_facebook_responsive&utm_term=des-lg-no_src-no_msg&utm_content=rp_petition_fb_share_desc%3Acontrol

Has anybody heard how many of theses have been sold?

Pardon me if I've missed it, has there been any movement from Dundee Utd re. the Charlie Telfer payment?

Rangers board in crisis talks after emergency £500,000 loan Roddy Forsyth explains the ongoing power struggle at Rangers between Mike Ashley, Dave King and the Three Bears, and Phoenix Suns owner Robert Sarver Email Ibrox - Rangers power struggle takes new twist after Mike Ashley loses key ally in his quest for Ibrox boardroom coup Battleground: The battle for power at Ibrox took a new twist on new year's eve Photo: PA Roddy Forsyth By Roddy Forsyth11:19AM GMT 05 Jan 2015Comments27 Comments In a day of high drama at Ibrox the Rangers board is negotiating under severe pressure to save the club from financial meltdown for the second time in three years. The plc directors are frantically trying to strike a deal with the investor alliance of Dave King – a former Rangers director – and the Three Bears consortium, who last week scooped up available shares in an audacious raid. The astonishing development followed Telegraph Sport’s disclosure last night that the unpopular Ibrox regime had reached a crisis, which was confirmed today when the club’s board announced to the Stock Exchange that they had accepted an emergency loan of £500,000 from its football chairman, Sandy Easdale, to stay afloat for another few days. The Telegraph had revealed that a major announcement to the LSE was imminent, in respect of Rangers’ parlous economic situation. The trigger was a bill from HMRC for payment of National Insurance, under threat of a petition by the tax authority for the club to be placed into administration if the account was not settled immediately. Easdale’s loan is secured on the fee – believed to be £1 million - obtained from Brentford for the transfer of the highly rated 20-year-old midfielder, Lewis Macleod. When Rangers confirmed MacLeod’s sale to the Stock Exchange on Friday, the announcement said that the proceeds would “be used for immediate working capital”. The announcement of Easdale’s loan stated that the £500,000 would “be used by the Company for general working capital purposes over the next few days”. The statement added that the loan had been offered and accepted “on a fee and interest free basis and it will be secured against the income from the sale of player announced on 2 January 2015”. Related Articles Rangers board to lose power unless Mike Ashley steps in to save directors Rangers board to lose power unless Ashley steps in 04 Jan 2015 Rangers' squad could be decimated in January 01 Jan 2015 Rangers supporters’ group urges fans to displace Ashley 03 Jan 2015 Ashley's plan to own Rangers hits buffers 02 Jan 2015 Even as the Rangers board sought an agreement to avoid the club's collapse, however, a statement from Sandy Easdale's PR advisor, Jack Irvine, brought a sharp retort from King. Commenting on Easdale's secured funding deal, Irvine said: "Once again Sandy has stepped up to the plate with this half million pound loan from his own pocket. Whilst we welcomed the recent share purchases by Dave King and Douglas Park and his consortium, this unfortunately did not put any funds into the club. "Sandy was the only option for this cash injection at such short notice. The Easdale family remain totally committed to achieving a satisfactory financial future for Rangers and they hope all parties can work together in the future with that common goal."Given that Sandy Easdale rejected new funds and was a chief architect in getting the club into this mess, lending a small amount of money is the minimum he should have done. As part restitution he should make the £500,000 a donation rather than a loan." King retorted angrily and told Telegraph Sport: " The situation whereby a short-term loan of working capital is secured on recently obtained and desperately needed working capital is not only designed to stave off immediate administration, but also to keep the club afloat while the directors try to salvage what they can before surrendering to what now looks like an inevitable takeover by the fan-friendly axis of King and the Three Bears. However, three possibilities are in play. One – currently looking the least likely - is that Mike Ashley will come to the board’s rescue, having secured control over the appointment of two directors in return for £3 million of emergency funding in October. However, the Newcastle United owner had previously tried to negotiate with the Scottish Football Association to increase his stake at Ibrox from 8.92% to 29.9% but was refused by the governing body, who insisted that he should comply with his written undertaking not to go above 10%. The second option is an £18 million takeover offer from Robert Sarver, owner of Phoenix Suns basketball club. That offer was also notified to the Stock Exchange at the start of business this morning. Again, Telegraph Sport led the way in revealing that there had been conversations between Sarver’s advisers and those connected with the Three Bears consortium of wealthy shareholders, who have bought a substantial tranche of Rangers shares, as has the former Ibrox director, Dave King. Rangers’ second Stock Exchange statement today read: “The Company notes recent press speculation and confirms that it has received an approach from Robert Sarver (or a vehicle to be established and controlled by him) ("Mr Sarver") that may or may not lead to an offer being made for the Company. “There can be no certainty that an offer will be made, nor as to the terms on which an offer may be made. A further announcement is expected shortly.” Takeover rules mean that Sarver has until 5pm on February 2 to confirm or withdraw his offer, which is worth £18 million and designed to give him complete control of the club’s equity. Again, there are difficulties with this proposal. As the Telegraph disclosed, Sarver has an interest in investing in European football clubs, as opposed to a strategy based solely on a single outfit such as Rangers. A full equity bid would take time to implement, even if it found favour with the majority of investors. When King placed an offer of £16 million in October – the deal rejected by the Rangers plc board in favour of Ashley’s short term fix of loans – it was in the form of a debt and equity mix that would have lent the club sufficient money to keep it going through the takeover process. Another problem for Sarver is that, taken together, the recent share purchases by King and the Three Bears – Douglas Park, George Letham and George Taylor – constitute a little over 34% of Rangers’ stock. They have been pledged support by other disenchanted investors and have also been allocated proxy votes. The King/Three Bears axis know that they can now call upon sufficient support to outdistance the Ashley/Easdale camp by a significant margin. Having got themselves into such a favourable position they are not inclined to stand aside for Sarver although they have, as would be expected, let it be known that they will happily have him on board as a like-minded investor. This is well short of Sarver’s original intent of attaining complete control of Rangers before looking elsewhere to acquire other football interests. One obvious objection to that as a long-term strategy is that it would infringe the same dual-ownership regulations that have prompted a disciplinary complaint against Ashley by the SFA. In any case, time is now the pressing enemy of all the contending parties. If the club runs out of cash and is forced to enter administration for the second time in three years Rangers will be consigned to a fourth successive season in the lower leagues – a prospect feared by the Scottish football authorities as well as other clubs who would benefit financially from their return to the top tier, as a consequence of better sponsorship and broadcast deals than are currently available. Rangers are again teetering on the edge of a financial precipice as the principal personalities jostle on the brink to establish who will be thrust over to the rocks below - and who will be left standing to inherit whatever remains of this once immensely proud and respected club.

They're worried, make no mistake about it, not one single positive thing in Merlin's latest propaganda, which fills me with yet more confidence for our future - Transparency Required January 1, 2015 / billmcmurdo The remarks of Colin Kingsnorth upon Laxey’s sale of their shareholding in RIFC do not bode well for the future of the club. Kingsnorth seems to have a personal issue with Mike Ashley and hopes that the group he sold to will ramp up the opposition to Ashley in their new position as shareholders. With these intemperate comments, Kingsnorth has thrown petrol on an already ravaging fire and possibly kicked off a whole new era of turmoil at the club. Ashley’s position as Rangers’ major creditor, coupled with his having Derek Llambias in place, means that he still wields considerable power in the Ibrox boardroom, despite having a lesser shareholding than the Three Amigos. The problem for Rangers fans is what happens if the incoming group decides to go to war with the other factions for control of the club. This would make the boardroom battles of recent times look like an infant spat. If Ashley decides to fight for control of Rangers then things could get very nasty indeed. The Amigos as predicted took advantage of the plummeting price of Rangers’ shares to secure their stake. This has left a bitter taste in the mouth of many Rangers supporters considering it is the actions of those activist groups like the UoF and SoS who support Amigoco that have driven the share price down. It also doesn’t help that Taylor, Letham and Park have bought shares from an existing shareholder and that the monies do not go directly toward the club at a time when RFC is screaming for income. Let’s be fair – if people like Mike Ashley can be criticised for buying shares this way, so can the Amigos. Good for the goose, good for the gander and all that. There are also many fans who question the concept of chasing away a billionaire for people whose combined net worth comes nowhere close to his. The possibility that further bitter infighting could rip Rangers apart cannot be discounted. Imagine, for example, if Mike Ashley chose to take on the pointless rules of the SFA regarding his own shareholding with the Three Amigos supporting the SFA and conspiring against Ashley. An unthinkable prospect as there isn’t a Rangers fan alive who thinks that the SFA will act in Rangers’ best interests. Questions must be asked of the new shareholders – again, in the interests of parity with Ashley. Some of mine would be:- What are their plans – if they have any – to help raise revenues in the future? Short, mid and longer term would be great. What are their intentions in respect of control of the club? Do they intend to oust other factions and wrest control? What are their plans for the management, coaching and playing side of the club? How do they intend to take on the club’s many detractors in the media and elsewhere? These are broad stroke questions but more pointed ones would be how would they propose to deal with the present gardening leave situation of the manager and who specifically do they want on the board? It would also help if we could get a definite answer on whether or not George Letham is on the RST board. All in the interests of transparency, of course. The new shareholders will surely be willing to have exacted upon them the same demands for transparency and openness they expected of others. Mile Ashley’s seeming reticence to share his own plans has not served him well and only breeds suspicion. The Three Amigos would do well to heed this because they can definitely expect to be grilled repeatedly should they fail to be transparent in their own dealings. After all, we have been taught to expect much better from real Rangers men…

I am seeing a rumour that Dave King has purchased Artemis shares "Dave King has purchased just under 12 million shares from Artemis. Equates to 14.57% of club."

http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/exchange-insight/trade-data.html?fourWayKey=GB00B90T9Z75GBGBXASQ1

"The Great Boardroom carve up I knew it wouldnt be long before for some sort of response from Ashley about the 3 bears buying Laxey shares and some sort of devious scheme to protect his position. His loan which was bullied through despite 2 better funding offers being available seen him get to appoint 2 directors. Despite Somers attempts at the AGM to suggest Llambias was independent not his first placement, it was Ashleys choice. He has been contemplating his second place but due to recent events, Somers email being outed and his possible required removal and the three bears buying shares, Ashley now thinks two directors may not be enough. His loan was for six months but his board placement agreement is for two years and if he could place three directors then this would keep him in power of the day to day running with out needing more shareholding. Over the next few days he will attempt to get Barry Leach on board as an "independent" Finance Director and then place his second choice giving him three directors under his instruction. This could potentially give him control in the board room regardless of the next moves of the three bears for years. Remember what I said yesterday, whoever underwrites the next share issue will control our club and if he controls the boardroom he will in effect decide who becomes the underwriter. I also mentioned yesterday that I was swaying from "game by game" to "not a penny more" these actions go some way to making my decision for me. Those who believed that because the three bears bought shares meant the game was over and the "good guys" had won, need to be aware that its far from over. We are dealing with men driven by greed and not the love of our club. It is my personal decision to become "not a penny more" and every fan should decide for themselves but they deserve to know the facts about who they are about to give their money to. Craig"

BRENTFORD are ready to spark a January transfer scramble for Rangers star Lewis Macleod. SunSport understands the Championship side are poised to make a £1million move for the Ibrox kid. And that could see a host of English clubs enter the bidding for the Scotland squad member. Macleod has caught the eye of Championship promotion hopefuls Bees. Rangers legend David Weir is No 2 there and is fully aware of the 20-year-old’s potential. But several other English clubs, including Premier League strugglers Burnley, are keen on the midfielder. Blackburn were also set to make a bid before being hit with a transfer ban.

...after Mike Ashley loses key ally in his quest for Ibrox boardroom coup. Battle for power at Ibrox sees significant shift after Three Bears consortium acquires the largest single equity block in the troubled club. By Roddy Forsyth 6:17PM GMT 31 Dec 2014 Mike Ashley has lost the ally whose support was crucial to his boardroom coup at Rangers. The significant shift in power at Ibrox came on a day of share trading which saw the Three Bears consortium acquire the largest single equity block in the beleaguered club. The consortium’s purchase of 13.29 million shares from Laxey Partners ends a two-year long involvement at Ibrox by the hedge fund, which is registered in the Isle of Man. The Three Bears – wealthy supporters Douglas Park, George Letham and George Taylor – have also tabled an offer of £6.5 million to underwrite a share issue designed to raise £8 million and head off an imminent funding crisis. Without Laxey, Ashley could not have removed Graham Wallace, the former chief executive, and Philip Nash, the former finance director, in the coup that gave the Newcastle United owner effective control of the Rangers board. Wallace and Nash were the only two members of the five man plc board – the others were chairman David Somers, James Easdale and Laxey nominee, Norman Crighton – who had prior experience as executives at football clubs. Wallace and Nash judged that it was not in Rangers’ financial interest to accept an offer from Ashley in September of loan funding in return for control of such assets as the club’s crest and trademark. Ashley took his revenge by purchasing shares privately to increase his stake in the club to 8.92 per cent, having pulled back from underwriting an August share issue designed to ease Rangers’ cash flow. When the next financial shortfall became apparent, Ashley made his move – detailed by Telegraph Sport on October 8 – by demanding an extraordinary general meeting to remove Wallace and Nash. To succeed, Ashley required the support of Sandy Easdale, the football club chairman, whose personal stake of 6.21 per cent of shares was added to his position as proxy for others, including Blue Pitch Holdings and Margarita Funds Holding Trust, to give him control over a block of 27.15 per cent of the shareholding. Along with Ashley’s shareholding, this amounted to 36.07 per cent, well short of the majority required to win the vote at an EGM. However, with the support of Laxey, Ashley could command 52.39 per cent to ensure the removal of Wallace and Nash. At first Laxey – led by investment bankers, Colin Kingsnorth and Andrew Pegge – supported the two executives. With Crighton on the board, the anti-Ashley faction held a 3-2 majority. It was at this time that Somers sent the now notorious email revealed by Telegraph Sport last week. In the email, Somers pleaded with an Ashley representative to keep Ashley’s takeover bid on track, because the board was minded to favour a rival offer from former Rangers director Dave King, whose success would put an end to the chairman’s tenure. However, Telegraph Sport can also disclose that Crighton went on holiday later on October and, in his absence, pressure was put on Laxey to support Ashley’s offer of £2 million emergency funding (later increased to £3 million) in return for two board seats, which became available when Wallace and Nash were removed. Crighton, the last of the old board, resigned on December 10. At the turbulent annual general meeting staged at Ibrox on December 22, at least one major shareholder – thought to be Laxey – voted against Somers’ re-election as chairman. Acquisition of the Laxey block has put the Three Bears in a position of significant strength at Ibrox and the consortium is now the largest single holder of Rangers shares. While Sandy Easdale is still allied with Ashley, he and the billionaire owner of the Sports Direct retail chain – through which Rangers’ merchandise is sold – control 27.15 per cent of the club’s equity. That is sufficient to give the pair right of veto on important issues, but a power shift has occurred – and for the first time in recent months, it does not favour Mike Ashley. It also raises questions about representation on the board because Laxey had one director, while Ashley – with a little more than half the equity of the Three Bears – has two. Another issue is the viability of Dave King’s £16 million debt-plus-equity offer, rejected by the Rangers plc board in October. The South African businessman has maintained is still on the table but two of the Three Bears – Letham and Taylor – were also members of his consortium. Telegraph Sport understands that there could yet be an alliance of the two groups, should the Three Bears' underwriting offer be accepted. http://www.telegraph.co.uk/sport/football/teams/rangers/11319782/Rangers-power-struggle-takes-new-twist-after-Mike-Ashley-loses-key-ally-in-his-quest-for-Ibrox-boardroom-coup.html

BBCBMcLauchlin ‏@BBCBMcLauchlin 1m1 minute ago George Letham, George Taylor and Douglas Park offer Rangers £6.5million alternative to Mike Ashley investment#bbcsportscot

http://www.telegraph.co.uk/sport/football/teams/rangers/11312941/Rangers-chairman-David-Somers-could-face-probe-by-Stock-Market-regulators-for-his-role-in-Mike-Ashley-bid.html Rangers chairman David Somers could face probe by Stock Market regulators for his role in Mike Ashley bid David Somers feared a successful rival bid by David King would mean the end of his chairmanship and also ensure the departure of the Easdale brothers Stock Market regulators have been asked to investigate the conduct of Rangers chairman David Somers during the battle for control at Ibrox between Mike Ashley and Dave King. The move follows the Telegraph’s disclosure of an email from Somers to Mike Ashley’s representative, Justin Barnes, over the proposed terms of a Sports Direct contract which the Rangers chairman feared would tip his fellow directors into supporting a takeover bid by King, a former Ibrox director. In the email, Somers expressed his fears that a successful bid by King would mean the end of his chairmanship and would also ensure the departure of Sandy Easdale, the Rangers football board chairman, and his brother, James Easdale, a Rangers plc director. Somers also threatened to vote for a Stock Exchange announcement to the effect that Rangers would terminate the Sports Direct contracts by which the club’s merchandise is sold through Ashley’s retail chain. In response to the Telegraph’s revelations, King told BBC Scotland: "His actions could be considered a breach of the Companies Act. It would seem from the email that Somers didn't like Ashley's initial proposal, yet that was the option the board finally went for. "It also seems that Somers was prepared to threaten to cancel Rangers' retail agreement with Sports Direct to prompt Ashley to provide an alternative that would protect the positions of himself and the Easdales. Ashley owns less than 10 per cent of the shares, but now seems to control the club.” King – who is based in South Africa - assembled a consortium which proposed a £16 million debt and equity takeover deal. This was rejected by the Ibrox board after Ashley refused to meet King during his visit to the UK in October. Somers has stated that, although King claimed that his consortium had eight members, not all of their identities were disclosed to the Rangers directors. Somers has also insisted that, finally, the choice for a board whose club was close to running out of cash was to accept the offer of a loan from either Ashley or Sale Sharks owner Brian Kennedy. In the event, the chairman has said, the vote went in Ashley’s favour because the Newcastle United owner offered better terms. However, the Telegraph understands that the contents of the email between Somers and Barnes has perturbed the Scottish Football Association, which announced on Wednesday that it had rejected Ashley’s proposal to increase his Rangers shareholding to 29.9 per cent, which would give him almost total control of the beleaguered club. The request was made in person by Derek Llambias, Ashley’s lieutenant, who was appointed as Rangers’ chief executive last Friday – days after disciplinary charges were brought by the SFA stating that the billionaire businessman had exceeded the terms of an undertaking limiting his influence at Ibrox. The SFA’s refusal has cast serious doubt over the viability of a share issue due to be launched by Rangers in order to raise £8 million needed to meet the club’s financial needs for the next year. Had the SFA agreed to Ashley’s request, he would have underwritten the equity issue but it is now unclear how it will go ahead, if indeed it does go ahead. There are also questions to be answered about why votes were cast by board members against their own proposal, at Rangers’ annual general meeting on Monday, for an open share issue, rather than one principally confined to existing investors, such as Ashley. Meanwhile, one Rangers shareholder has written to the AiM investigations office, as well as the club’s LSE nominated adviser (NOMAD) and Ian Davidson, the MP whose constituency includes Ibrox, asking them to probe Somers’ conduct. The shareholder wrote: “On Tuesday 23rd December, the Telegraph newspaper online carried a story by journalist Roddy Forsyth, regarding an e-mail sent by the Rangers International Football Club Chairman David Somers to members of the board and surprisingly non-members, including a representative of Sports Direct - Justin Barnes. “The e-mail not only indicated the Chairman’s preference for investment by Mike Ashley of Sports Direct, it actively encouraged this investment, in order, it seems, to secure the Chairman’s position and that of other board members and strangely enough a non-member (one Sandy Easdale), who seems to be party to PLC Board internal communications and - if the e-mail is to be read correctly - acting as a shadow director. “A major concern for shareholders such as myself is, does activity such as this construe a “Concert Party” arrangement between board and non-board members with regards to overall boardroom influence?” The shareholder goes on to ask if Somers’ email is in breach of AiM and corporate governance practice and if it triggered a legal threat from Ashley to the Rangers chairman and/or other directors. The Telegraph understands that other Rangers shareholders are prepared to add their complaints to that already lodged with the financial regulators. All of which compounds the stormy backdrop against which caretaker manager Kenny McDowall – who was ordered by Llambias to take charge of the team after Ally McCoist was placed on gardening leave – must prepare the Rangers players for a tough fixture against Hibernian at Easter Road on Saturday. Rangers have lost twice to Hearts and once to Hibs and Queen of the South, their principal rivals for promotion to the Scottish Premiership. They now trail Hearts by 12 points and currently they look set, at best, for the Scottish Championship play-offs – with 12 Ibrox players out of contract at the end of the season.

PANIC-stricken chairman David Somers pleaded for someone to save Rangers from financial meltdown in the New Year – by sending out begging letters at 4am on Boxing Day. Record Sport understands Somers sent the emails to a number of wealthy individuals in a bizarre early morning attempt to raise the millions needed to keep the Ibrox club in business in January. The cash appeal – which indicates the high level of boardroom concern at the club’s latest plight – was launched just two days after the SFA blocked Mike Ashley’s plan to plough around £8million into the club by taking his holding up to 29.9 per cent. And the apparent urgent nature of this latest move has shocked those potential saviours who woke on Boxing Day to discover they had been contacted by the man at the head of the crisis-hit regime. It’s understood Somers asked all the various parties, including Sales Sharks owner Brian Kennedy, if they would be prepared to step into Ashley’s shoes by underwriting a share issue and snapping up more than 40 million new shares. Failing that, Somers asked if any of them would be willing to lend large amounts of emergency cash to the club on a secured basis. As of last night, there was no indication that Somers had been successful with either request. Last night the Rangers chairman could not be contacted. The move came after a trio of wealthy Rangers fans, Douglas Park, George Letham and George Taylor, put together an offer of £6.5m to underwrite the anticipated emergency share issue in an attempt to win control of the club back from Sports Direct magnate Ashley. A separate offer of £16m in funding from South African-based businessman Dave King remains on the table despite being rejected by the Rangers board two months ago when they chose instead to accept a drip feed of crisis loans from Ashley. http://www.dailyrecord.co.uk/sport/football/football-news/rangers-boxing-day-begging-letters-4891366 +++++++++++ Please give us money - someone who doesn't want to see the books, that is. Hic! No 50 million from BPH then No war chest from benevolent Billionaire MA then No money for wages unless they sell MacLeod then

Rangers Supporters Trust has demanded that the club keep its promise to answer questions about Mike Ashley. By Roddy Forsyth 7:59PM GMT 29 Dec 2014 Comments4 Comments The Rangers Supporters Trust has demanded that the club keep its promise to answer questions about Mike Ashley which shareholders were unable to put to the board at last week’s stormy annual general meeting. David Somers, the Rangers plc chairman, was widely criticised for curtailing the proceedings before questions could be posed about the Newcastle United owner’s dealings with the club, especially in relation to his Sports Direct retail chain. Somers promised that he would respond by email to questions which were not addressed at the AGM. One question follows the Telegraph Sport’s disclosure that when Ashley gave up the naming rights to Ibrox Stadium notoriously acquired for £1 from Charles Green’s Sevco consortium – he got substantial commercial and advertising concessions within the ground. The Rangers board is exploring its options for fresh funding after the rejection by the Scottish Football Association of Ashley’s attempt to increase his shareholding in the club from 8.92% to 29.9%. It is understood that one possibility – again cited by Telegraph Sport – is to maintain cash flow by a series of emergency loans from Ashley, secured on assets. Ashley has already provided £3 million in loans but Rangers need another £8 million to see them through 2015. They have an offer of £6 million from three wealthy supporters, Douglas Park, George Letham and George Taylor, conditional on board representation. However, Ashley could choose to defy the SFA by increasing his stake in the club despite their refusal to sanction it, a course of action that could lead to the governing body to withdraw Rangers’ license to play football. In the meantime, the RST’s questions include the following: “Can the Board outline the terms of the recently announced new commercial arrangements with Sports Direct? Specifically, can the board confirm if future years’ shirt sponsor revenues will be for the benefit of the club or for the benefit of Sports Direct and does Sports Direct have the right to choose a shirt sponsor after the end of 32 Red three year sponsor period? “It is a widely held view that Mike Ashley tried to undermine the recent share issue by initially offering to underwrite it, then withdrawing this offer, and publicly announcing he would not be taking up his rights, only to then go out in the market the following week and buy further shares in the market for the same price. “This appears to have been a clear strategy to undermine the success of that share issue. On what basis does the Board consider it appropriate to enter into further business relationships with an individual who was clearly attempting to undermine the financial position of the club for his own advantage? “Can the board confirm if it is in discussions with Sports Direct or any other Mike Ashley company to sell a further stake in the Rangers Retail business? If so, what percentage stake is being considered for sale and at what value? “It has been reported that Derek Llambias will earn a salary of £150k as CEO. Will Mr Llambias advise shareholders if he is also entitled to other benefits (housing costs, car allowances, pension) and in particular if he is eligible for any bonus payment? If he is eligible for a bonus then on what basis will this be earned? Has he moved to Glasgow? “Is the Board considering using Murray Park as security for further loans from Mike Ashley, Mash Holdings or Sports Direct affiliated companies? If so, how much is the Board seeking to raise from this asset? “The club appears to have granted considerable additional stadium branding rights to Sports Direct and Mike Ashley companies. Can the board outline exactly how much additional advertising inventory has been given toSports Direct/Mike Ashley and what value or consideration has been received for this? “The club needs major investment. Why did the board not seek to persuade Sandy Easdale to vote his proxy block of 26% to support a new share issue? As Mr Easdale did not support such a new issue, blocking muchneeded fresh investment, is his position on the football board untenable? “Mr Llambias you sat in front of around 200 fans at Ibrox, next to Charles Green, and told us of the benefits and "millions of pounds" the naming rights for Ibrox would bring to Rangers. Did you know at that time that your boss, Mike Ashley, was getting those rights for £1? Why should any Rangers fans trust you when your first interaction with us was to mislead us on behalf of Mr Ashley? “How much did the club receive per £10 spent by fans from retail sales through Rangers Retail in the June 2013-June 2014 financial year? “What has Mike Ashley been given in return for giving up the naming rights that Charles Green handed him for £1? “Can you explain why the board took Mike Ashley’s loans and gave him control of the running of the club despite it clearly being contrary to SFA and UEFA rules and therefore inevitably opening up the club to a charge? “Can the board confirm why, after 40 odd years of service, loyal employees are being cast out the door with the minimum possible redundancy pay and a paltry two weeks’ pay as a 'goodwill' gesture?” http://www.telegraph.co.uk/sport/football/teams/rangers/11316773/Rangers-fans-demand-answers-from-board-over-Mike-Ashleys-involvement-with-club.html

http://www.bbc.co.uk/sport/0/football/30628144 Rangers can find no respite. Nobody presumed that a new era was beginning when Kenny McDowall changed from assistant to caretaker manager in the wake of Ally McCoist's resignation, but the manner of the team's 4-0 collapse to Hibernian suggests that a malaise is now deep-rooted. Disillusioned and fraught, the away support chanted sack the board at Easter Road, and anger remains raw. Both on and off the field, this is a club that is fundamentally broken. The frustration for disgruntled fans is that in their view the repair process has not yet even begun. The situation is always fluid at Ibrox, but fundamental issues cannot be ignored. The most pressing is financial, since the club does not currently have the funds to pay January's wages. Disaffection is also entrenched, though. The reaction of shareholders at the annual general meeting was a clear indication of the lack of faith in the board of directors, and those shareholders who currently hold power at Ibrox: Mike Ashley, the owner of Sports Direct, Sandy Easdale and the 21% of shareholders who have empowered Easdale with their proxy vote. David Somers, the chairman, was castigated at the AGM, and the publication of an email he sent to an associate of Ashley in which he expresses concern for his board position should a consortium including Dave King see their funding offer accepted only further undermined Somers' position in the eyes of fans. Rangers, again, are on the brink. Ever since he found himself thrust into the role of caretaker manager, McDowall has looked as though he considers the circumstances as a blight on the role. He was a strong influence on McCoist, so there was little prospect of a sudden shift in tactical or selection decisions. The squad, for all that there is undoubted individual ability, appears drained of confidence and self-belief. Hearts now stand 15 points clear at the top of the Championship and the concern for Rangers now is trying to find the form and momentum to make it through the play-offs. In normal circumstances, this state of affairs would be at the forefront of supporters' discontent, but it is only one aspect of it. Before the football side of the business can be repaired, the financial side needs to be addressed. The anger at the AGM seemed so pronounced that the three Rangers International Football Club directors - Somers, Derek Llambias and James Easdale - and Sandy Easdale, the chairman of The Rangers Football Club board, must have been left with the acknowledgement that there is little chance of them turning round public opinion. With Ashley's application to the Scottish Football Association to raise his RIFC stake from 8.92% up to 29.9% having been rejected, and a funding offer made by a consortium of Rangers-supporting businessmen comprising Douglas Park, George Letham and George Taylor, the board has an option that would go some way to appeasing fans. It would, though, also lessen their control of the club, and weaken their own positions. The £6.5m offer - based upon buying the 40m shares on offer in a forthcoming share issue at 16p per share, at a small discount on the current market price of 18p and the norm for such issues - would only be the initial stage of fundraising that Rangers need over the coming months. The board estimated in the annual accounts that at least £8m is required to keep the business functioning for 12 months, but that was based upon season ticket sales returning to normal and other assumptions. The reality is that more than £10m is likely to be needed just to keep the business going, and significantly more to invest enough to allow it to grow and be restored. Park, Letham and Taylor know the reality of Rangers' financial situation and the problems that need to be addressed. To fully recover, fans and directors need to be working in tandem, so that revenue streams are restored at the same time as fresh investment is sought. That means that trust is as precious a commodity at Ibrox as finance. It remains in short supply. Resolution nine was rejected at the AGM by shareholders - including, it seems, some represented on the very board that proposed it - so that existing shareholders now need to be offered enough shares to maintain their stakes in the share issue, before non-shareholders can participate. Park, Letham and Taylor can still provide funding, since the latter holds a 3.2% stake and so can also apply to buy the rump of shares left behind by existing shareholders. When the board attempted to raise funds last September, the majority of existing shareholders declined to invest further. The Rangers Supporters Trust has, meanwhile, sent a series of questions to Somers in an email, including asking him to "outline the terms of the recently announced new commercial arrangements with Sports Direct" and if Sports Direct "have the right to choose a shirt sponsor at the end of the 32 Red three-year sponsor period". The situation is clear yet complicated. Rangers need money urgently and the fans want to see change in the boardroom. Ashley effectively controls the club, but cannot invest further in return for shares without attracting SFA sanctions - although he can try to legally challenge the ruling. A group of Rangers fans want to invest, but that would lessen the control of those currently in the boardroom. The stage is set for further turmoil.

http://www.telegraph.co.uk/sport/football/teams/rangers/11315517/Rangers-are-facing-an-impending-crisis-on-and-off-the-field.html Rangers go into 2015 in a state of crisis greater than anything they have faced since they began their attempt to march through three divisions and regain top-flight status in Scotland. The weekend defeat by Hibernian at Easter Road not only effectively ended their frail hope of challenging Hearts for automatic promotion to the Scottish Premiership, it also confirmed that the Ibrox side are in poor shape for the play-offs. Rangers trail Hearts by 15 points and to put themselves in a position where they could be promoted without having to take anything from their final fixture – against the leaders at Tynecastle – they would have to make up more than a point per game on Robbie Neilson’s players throughout the second half of the season. The evidence of the league meetings with their most likely play-off rivals – Hibs and Queen of the South – is that Rangers would struggle in a play-off sequence against them. They have been beaten home and away by Hibs 7-1 on aggregate and if the games against Queens had been a two-legged tie, the 4-4 score would have seen Rangers lose on away goals. Of course, past results are no guarantee of future performance – a dictum that applies in football as it does to the stock market – but Rangers are in disarray in both arenas. Kenny McDowall, having been told that he will replace Ally McCoist as manager until at least the end of the season, uttered a harsh truth after the 4-0 weekend defeat by Hibs. “At the moment I am just going to have to work with the squad that is there. I can’t just invent players,” he said. Derek Llambias has not yet cut the playing strength in his drive to reduce the £8 million annual deficit at Ibrox but a dozen or so players are out of contract at the end of the season and have no idea whether or not they will be offered continued employment. It can be argued that this should be a motivational tool and that those footballers should be performing as though their careers depended on the outcome – which, in some cases, will be true. Related Articles Rangers' post-McCoist era off to a shocker 27 Dec 2014 Miller laments Rangers' defensive waekness 27 Dec 2014 McCulloch: 'Let’s do this for McCoist' 26 Dec 2014 SFA 1, Mike Ashley 0 24 Dec 2014 However, when Terry Butcher warned Hibs’ below-par players last season that they would have to step up or ship out, the result was the collapse which saw the Easter Road team relegated. There has been no indication that McDowall can add to his strength during the January transfer window and, in any case, the fact that Rangers have the highest player salary bill in Scotland outside Celtic hardly suggests Llambias could make a case to Mike Ashley for greater funding in that department. In any event, Ashley now has troubles of his own at Ibrox. His long-term strategy of making the club dependent on his funding – emergency loans secured on assets – has given him control of a compliant board but the grand plan has run into obstacles. Llambias told the club’s Fans Board that it would be “very difficult” for the directors to regain the trust of the support. Yet at the subsequent annual general meeting David Somers, the Rangers chairman, produced an ill-judged display of bluster that has wholly alienated him from the fans. The outcome was cemented by The Telegraph’s disclosure of an email in which Somers pleaded with an Ashley representative to keep the Newcastle owner’s takeover process on course – in the face of a competing £16 million offer by Dave King – so that he could remain chairman. The AGM also featured the bizarre spectacle of club directors proposing an open share issue of £8 million and then voting against it, a tactic that can only be explained by a mistaken belief that the Scottish Football Association would grant Ashley his request to exert complete control at Ibrox by increasing his shareholding to 29.9 per cent. The SFA’s refusal to do so has generated a challenge to Ashley’s hegemony from the consortium of wealthy Rangers supporters – Douglas Park, George Letham and George Taylor – who have proposed an offer to underwrite the share issue to the tune of £6.5 million. The question for Ashley is whether he maintains his own percentage stake by putting more money into the club – and having to agree to the consortium’s demand for board seats – or find some way of presenting alternative funding which would dispense with the need for the share issue. Either way, the immediate outlook for a dysfunctional club is turbulent. Ashley and Rangers must answer SFA disciplinary charges that he has extended his influence beyond the terms of the written undertaking he gave. And – perhaps most ominously of all – in five weeks Rangers face Celtic in a Scottish League Cup semi-final. That is a prospect which – after Saturday’s collapse – has Ibrox fans fearing the damage that could be inflicted by their greatest adversaries.

...they are also entering the eye of a potentially devastating storm. AS Rangers hit rock bottom, KEITH looks back at another nightmare year for the Ibrox club and warns that 2015 could be even worse. ANOTHER horrible Ibrox annus. Yes, Rangers have been blighted by a long list of them in recent times but, even so, 2014 will go down as a year of unrelenting trauma which has brought this basket case back to the brink. The New Year is not yet upon us but already Rangers are running out of time. There are just days now for the current regime to extricate itself from an impending insolvency because, having loaned £3million from Mike Ashley just to limp into the festivities, they are left with little more than pockets full of spare change. And so 2015 will begin in almost exactly the same way as 2014, with a bunch of bedraggled directors scrambling around at the top of the old staircase desperately attempting to secure lifesaving hand-outs. Only the names and the faces change but the crisis which these men have bestowed upon this club remains constant, as does the shadow it casts across the landscape of the Scottish game. Granted, it might not have reached as far north as Inverness where yesterday Aberdeen’s red army rolled into town to battle it out for second place in the SPFL top flight. And yes, the good people of Dundee are enjoying their football more this season than they have done in a long time. With Hearts back in such rejuvenated form that they took 7500 fans to Livingston with them on Saturday and Hibs are also taking impressive shape under Alan Stubbs. There are undoubted green shoots. In fact, it could be that the worst of the nuclear winter is over. That Scottish football is adjusting and getting used to life without a relevant Rangers. Ironically, it is Celtic who are pining the most, even though they are the one club in the country with the financial muscle to withstand just about any kind of unilateral collapse. Life without a significant other has taken its toll on the champions, who continue to dominate the domestic scene while doing little more than going through the motions. Only in such an environment of apathy would professor Ronny Deila be able to continue his experimental approach to the science of winning football matches. In more normal circumstances, had the Norwegian returned from the lab with a 0-0 draw at home to Ross County he would have been feeling more than just the heat coming off his bunsen burner. It is precisely because Delia is operating in a vacuum, devoid of the intensity created by ferocious competition, that he will continue to make unnecessarily hard work of winning this title before shouting ‘Eureka’ when the job is done. But over time Celtic may nurture new rivalries, especially if the North East revival should build up a head of steam. And that’s probably just as well as the next few weeks seem set to determine if Rangers are ever to become recognisable again or if indeed they are locked into this downward spiral of perpetual self harming for good. Or at least until they reach an inevitable end. Right now it would seem like a mercy killing if this Rangers, in its current form, was to be released from its misery. It’s as if they exist now only to humiliate themselves. It was four years ago that Craig Whyte began battering on the doors of the boardroom and ever since his pointy buckled shoes first stepped across the threshold, the place has become a sanctuary for scoundrels. Between them these people have unleashed a chaos like no other. A toxic slurry of administration, liquidation, groping Yorkshire hands, secret videos, missing millions, police probes, arrests and now impending court cases. Is it any wonder that for many Rangers fans the actual football has long since become an irrelevance? But there are thousands more who continue to focus only on what they see on the pitch. And on Saturday, as Kenny McDowall began his duties as caretaker manager with a 4-0 thrashing at Hibs, they too hit rock bottom. Finally, perhaps for the first time, all sections of this club’s fractured support are united in utter dismay and embarrassment at what their club has become. And as Rangers stagger forward into another year they are also entering the eye of a perfect and potentially devastating storm. The numbers are dropping away to such an extent that a business which was already broken and suffering unsustainable losses, is exposed like never before. In its current state, it may even be irretrievable. The next few weeks will determine the fate of this club. An offer for £6.5m worth of funding has been tabled by three wealthy Rangers fans, Douglas Park, George Letham and George Taylor, and proof of funding has also been provided. But although this appears to offer an easy solution, it is far from a done deal. First, it will require the approval of a board which, up until now, has gone to extraordinary lengths to keep such well-meaning investors at arm’s length in order to cling on to control. Also, this cash offer may well be conditional not just on two seats on the board but also upon Park, Letham and Taylor being allowed to look under the bonnet of Rangers and examine the actual depth of the current financial crisis. If so, it is entirely possible that any one of this trio may be sufficiently horrified as to be scared into having some serious second thoughts. Then there is the unpredictably enigmatic Ashley. Just where exactly does he stand in all of this, after bulldozing his way into control of the boardroom, where his man Derek Llambias now sits at the head of the table as CEO? Is the Newcastle United owner prepared to roll over and obey the commands of the SFA who have taken an aggressive stance against his attempted power grab? Or is he about to turn his tanks on Hampden and take what he wants in any case, underwriting a share issue and increasing his stake to 29.9 per cent? His total lack of feeling for Rangers coupled with his contempt for governing blazers may be such that he is prepared to call their bluff where threats of revoking the club’s licence to play football is concerned. Ashley may well believe they simply would not dare but this would be the ultimate high-risk strategy and, given the millions he makes from selling Rangers merchandise, it might prove too big a gamble to take. Even for a man with the deepest of pockets. But, despite his wealth, there seems little logic in Ashley continuing to throw millions of pounds of loans into an ever-widening black hole just in order to keep Rangers breathing while its customers revolt against him. It may be a great deal easier to have the club tipped back into administration, one which he would be able to control as the club’s major creditor. Either way the SFA have drawn a line in the sand where Ashley is concerned. They have seen proof of funds from Park, Letham and Taylor and are satisfied that Ashley is not, as the Rangers board describe him, the only show in town. If Rangers chose to proceed with Ashley then the SFA’s Judicial Panel will step in and thousands upon thousands will be drained from the game’s coffers and given over to lawyers all in the name of sorting out yet another Rangers-made mess. New Year, same old story. But, one way or the other, January is likely to bring a defining moment to this exhausting narrative. http://www.dailyrecord.co.uk/sport/football/football-news/keith-jackson-rangers-stagger-another-4886939

In the midst of off-field turmoil, action on the pitch routinely provides light relief for supporters. Not so at Rangers, where seemingly endless background chaos was replicated only by a team performance – in the loosest possible sense of the word – at Hibernian. A Rangers week that opened with a tempestuous AGM ended in similarly embarrassing fashion with a 4-0 defeat. The dysfunction of the club’s business affairs is well known; of perhaps more concern to battle-weary fans was the glaring lack of shape, style, confidence or commitment that was evident here. Not since January 1912 had Hibs beaten Rangers by four or more goals. They did not even have to try particularly hard for this success against a group of individuals who barely looked interested in what should have been a significant fixture. When boardroom machinations transmit to a playing staff, there really is a problem. Needless to say, neither Mike Ashley nor his trusted lieutenant Derek Llambias were in Edinburgh to watch this shambles unfold. Ashley has been prevented by the Scottish FA from increasing his stake in the club to 29.9% but there should be no doubt that the Newcastle United owner is already calling the shots at Rangers. Quite how he formalises that arrangement in the coming weeks, and before a hearing with the governing body over allegations of rule breaches, remains to be seen. Typically, Ashley has offered no clue as to his intentions in Glasgow. Nor is he expected to. There is not so much of a shred of evidence that the Sports Direct tycoon plans to do more than protect a highly enviable commercial position. To their credit, the Rangers supporters have made their opposition to Ashley plain. Their current problem – Ashley’s stranglehold aside – is the lack of a viable alternative for a business that claims to require £8m merely to continue trading throughout 2015. History tells us Ashley will not be altogether bothered by this result. It also points to those AGMs, stormy or otherwise, soon becoming a thing of the past. All the while, the assertion that Rangers will inevitably return to the summit of Scottish football is becoming trickier and trickier to offer. Rangers lack the funding that would be required to overhaul their football department. With Ally McCoist on gardening leave and receiving more than £14,000 a week for his trouble, Kenny McDowall has stepped forward to preside over first-team affairs. McDowall’s first post-match act was to “apologise to the support” for a woeful display. He looked shell-shocked rather than angry. “I can’t deny that the goings on haven’t helped,” McDowall said. “But we are all professional people. I’m not going to sit here and offer excuses. Hibs were the better team on the day.” And some. David Gray and Jason Cummings put the hosts two in front after 12 minutes. It took 25 for the first rendition of “Sack the board” to emanate from the Dunbar End of Easter Road. Scott Robertson and Liam Craig added Hibs gloss in the second half. It was another of their players, the former West Bromwich midfielder Scott Allan, who proved the star of the show. It is to the credit of Alan Stubbs, the Hibs manager, that he has backed up promise with results at a club that had been in the doldrums. Next weekend’s Edinburgh derby at a sold-out Tynecastle promises to be an eye-catching affair. Rangers, by contrast, look an unmitigated mess. The most damning indictment of McCoist’s tenure is the lack of any positive legacy. Highly paid players look not only devoid of inspiration but, in several cases, basic fitness. For all that McDowall is a decent guy with a reasonable reputation as a coach he is implicated in the dismal standard of affairs by virtue of the fact he was in the Ibrox dugout throughout his predecessor’s reign. For now, McDowall is little more than Rangers’ soft option. By the time McDowall’s players slinked from the field, only a small pocket of Rangers fans remained. Having won 11 from 18 fixtures in Scotland’s second tier, a playoff looks Rangers’ most likely route back into the top flight. On current form, it would be a serious leap of faith to presume they would survive such a scenario. http://www.theguardian.com/football/blog/2014/dec/27/turmoil-rangers-shell-shocked-heavy-defeat-hibernian?

"Rangers chairman David Somers pleaded for Mike Ashley takeover to succeed, emails reveal" http://www.telegraph.co.uk/sport/football/teams/rangers/11311642/Rangers-chairman-David-Somers-pleaded-for-Mike-Ashley-takeover-to-succeed-emails-reveal.html Fot full Roddy Forsyth article, click link above -------------------------------------------------- This isn't just about Somers though, it goes deeper.

...if they want to get their club back Former Rangers chairman Malcolm Murray has told supporters to make some "noise" if they want to get their club back. The former pension fund manager was speaking after Monday's stormy Ibrox AGM. The 90-minute meeting saw PLC chairman David Somers, chief executive Derek Llambias, director James Easdale and his brother Sandy - chairman of the club's football board - face a barrage of abuse from shareholders. Chants of "out, out, out", "sack the board" and "scumbags" were hurled at the directors as they made their way out onto a flimsy tent erected on the Ibrox pitch. There was little detail given to the irate fans on how the board plan to bridge the £8.3million funding gap which currently separates the Glasgow giants from safety, other than to say a fresh share issue was to be expected, while Somers was the focus of much of the ire after comments which sparked even more anger. Despite the flak, the chairman, Llambias and James Easdale were all re-elected to the PLC board with the help of Mike Ashley and other institutional investors. But Murray claims the fans must act if they want to force real change. Speaking outside the AGM, Murray - who was the club's first chairman after it was reformed following its 2012 liquidation crisis, only to quit a year later after falling out with Charles Green - said: "That was the most arrogant display I have ever seen in third of a century of attending AGMs. "There was complete disregard for shareholders and fans. They say they will operate without fans. We actually ended up knowing less than when we started, which takes a bit of doing. "What can the fans and shareholders do? They have to make more noise. I am not saying they should boycott but they have to make a lot more noise. I think eventually the board will get worried that that the fans are not turning up and not buying kit. The mood in there, well, I have never known anything like it. "Will fans turn their backs on the club? In the short term, yes. But my message to the fans is to stick with it. We will be here a lot longer than them." http://www.eveningtimes.co.uk/rangers/u/murray-rangers-fans-need-to-make-some-noise-if-they-want-to-get-their-club-back.1419322367

They are fooling around, Somers is extracting the urine. They put the shareholders in the away end and are pouring scorn on them. This is so not my club.

Apparently today's top table location...