rangers directors to meet today

[kevinthomson8 0]

RANGERS directors will hold a board meeting today on the eve of what promises to be one of the stormiest annual general meetings in the club's history.

 

At the board meeting, the directors will discuss how to deal with questions over how the club is being run which are likely to be raised from the floor at tomorrow's AGM.

 

It follows statements made by manager Walter Smith that the club's bank, Lloyds Banking Group, was in effect running the in-debt club, statements refuted by owner Sir David Murray.

 

Company turn-around specialist Donald Muir was elected to the board in October and is likely to be re-elected in Monday's meeting, but it could be opposed.

 

There are fears among Rangers directors that it is the difficulties in other areas of Sir David's huge business interests (Murray International Holdings has debts of �£759 million) that are prompting the bank to keep a far closer eye on the club.

 

Last week in Scotland on Sunday, Sir David confirmed that he was prepared to sell the club, and said that Rangers had to live within their financial means, but denied the bank was running the club.

 

But sources close to Rangers have told Scotland on Sunday: "Senior directors believe that Donald Muir is on the board to pursue the agenda of the bank."

 

Muir is employed by the Murray group, but it is believed the bank were closely consulted before his appointment.

 

Rangers announced last month that they had made an annual loss of �£12.7m for the year to 30 June, 2009, with their debt rising to �£31.1m.

[craig 5,195]

Nothing unusual in that. All corporations will have directors meetings prior to an AGM as they need to make sure they are fully prepared.

 

Still, will be an interesting meeting.

 

I would expect that General Counsel will be in attendance such that if any questions are asked which would put them in breach of the takeovers legislation then he will prevent them from responding.