Civil War - Herald

[chilledbear 16]

The latest turmoil to engulf the League One club came after Mr Green, who resigned as chief executive in April amid a probe into his links to the oldco club's owner Craig Whyte, was appointed to advise the board on its financial affairs yesterday.

 

Within hours of the announcement on the London Stock Exchange, a group of shareholders demanded the removal of key executives and the appointment of two new directors led by ex-Rangers oldco boardroom figure Paul Murray.

 

He ran a failed bid by the Blue Knights consortium to save the former club after it went into administration last year. It is understood the revolt is supported by leading Scottish businessman and entrepreneur Jim McColl.

 

Mr Green resigned from the board of the club's operating firm, Rangers International Football Club (RIFC) plc, on April 19 during a probe into his links with Mr Whyte in the lead-up to the Green-led takeover last year. It found no evidence of collusion.

 

Mr Green had also come under fire from anti-racism campaigners after the blunt Yorkshireman allegedly used a racist slur to describe boardroom colleague Imran Ahmad.

 

Now some shareholders, including Mr Murray, have launched an official bid to join the board and have called for the removal of new chief executive Craig Mather, financial director Brian Stockbridge and non-executive director Bryan Smart.

 

The statement says the RIFC board received a notice demanding a general meeting of shareholders. It also calls for the appointment of Frank Blin, the former executive chairman of *accountants PricewaterhouseCoopers (PwC), who it is understood is being lined up to conduct a forensic investigation into Rangers' finances.

 

The dissenting group of *shareholders, who include both Rangers fans and investors, have "concerns over the corporate governance" at Ibrox and feel they have the best interests of the club at heart.

 

Rangers Supporters Association general secretary Drew Roberton said: "The situation beggars belief. A lot of supporters will be wanting some serious answers about what is going on. Is there ever going to be an end to this? It has more intrigue than any TV soap and it is becoming ridiculous."

 

Earlier this year, Mr Whyte made allegations that Mr Green and his group were acting as a front for him during Sevco 5088's £5.5 million deal for the club's assets last summer. The deal came after Mr Whyte led Rangers oldco into administration in February 2012 before it was eventually placed into liquidation when HMRC rejected a Company Voluntary Arrangement over an outstanding tax bill.

 

Mr Murray's Blue Knights, backed by businessman Brian Kennedy, submitted a conditional offer for the club before acrimoniously pulling out weeks later.

 

It is understood Mr McColl has put his name to the call for a general meeting, but is unlikely to back financially any attempts to buy a controlling stake in the club.

 

Rangers fan Mr McColl and former manager Walter Smith formed an ill-fated attempt to put a rival deal together to take over the club before Mr Green took control.

 

Rangers Supporters Trust formed a partnership with the Blue Knights, which attempted to buy Rangers from administration while talking of fan representation on the board last year.

 

The trust bought £250,000 of shares on behalf of members in a recent Initial Public Offering championed by Mr Green, which recently raised around £22m.

 

The trust said in a statement: "Recent events have proved that credible, competent and professional individuals should be the basic criteria for sitting on the board and deciding the club's fate, and not faceless investors looking to maximise their return through carefully designed soundbites and false dawns which amount to nothing.

 

"No Rangers fan is greater than the other and the importance of our collective contribution is still underestimated.

 

"Would you prefer to have an influence on fiscal policy, or would you rather place faith in men you don't know?"

 

Rangers said in a statement: "Mr Green's role will be to promote the interests of Rangers Football Club, specifically assisting with shareholder relations and advising the company on its capital structure."

 

http://t.co/TQerBVqLeO

[chilledbear 16]

''It is understood Mr McColl has put his name to the call for a general meeting, but is unlikely to back financially any attempts to buy a controlling stake in the club.''

 

So if McColl isn't, who's financing this?

[andy steel 0]

I understand the media hyperbole, it's what they do.

 

But 'Fight For Control Of Rangers Moves Toward Resolution' would, from what I can read on here, be a more accurate headline. Granted the two sides are fighting but afaics the club will survive no matter who is in charge, and this is more of a fight to control the club rather than last year's nightmare of trying to ensure it survived at all.

 

I hope that's not too optimistic, time will tell.

[chilledbear 16]

I understand the media hyperbole, it's what they do.

 

But 'Fight For Control Of Rangers Moves Toward Resolution' would, from what I can read on here, be a more accurate headline. Granted the two sides are fighting but afaics the club will survive no matter who is in charge, and this is more of a fight to control the club rather than last year's nightmare of trying to ensure it survived at all.

 

I hope that's not too optimistic, time will tell.

 

I agree, more of control than a buy-out.

[26th of foot 5,857]

This latest chapter in the machinations of our club began to break yesterday afternoon. The timing gave the initial take to broadcast media. We know that the various factions on the Board brief their pet journos and increasingly want/need their side of the story to be aired first for greater impact and to provide an opportunity to seize the initiative and hopefully maintain momentum. Control of the story is hugely important for both the particular faction and nominated journo. BBC Scotland's Chris McLaughlin was all over the story like a rash, continually he emphasised, "the situation was a mess" and threatened, "another administration looms".

 

I tuned to Radio Snyde and Jim Delahunt, Mark Guidi, and Hugh Keevins were grateful for the windfall. The first 30 minutes saw them fighting off Bears claiming victimisation at the hands of the SFA. Keevins blustered about 63 page legal documents outlining the £50,000 fine being part of several legitimate complaints. It was classic mis and dis information, running interference to an awkward truth. Delahunt knowingly allowed this broadcast calamity. At the height of their difficulty, Keevins congratulated a caller on his forensic analysis of Green's return and decided this trumped all other matters concerning Rangers. Inconvenient victimhood could be dismissed and all attention should focus on the internecine nature of the Rangers board. Delahunt and Guidi agreed, control of the story had been decided.

 

I waited until morning to view the print media's take and the usual suspects, Clements at the Record, John McGarry at the Daily Mail, Tom English at the Hootsman, ......................... are on it controlling the focus and reinforcing their stated opinions from this time last year. I am glad the Herald's Richard Wilson has secured his place as journo with his finger firmly on this specific pulse. He is factual, informs, and underlines both with quotations from the various players involved. Now, why won't BBC Scotland invite the far more knowledgeable Richard Wilson to provide information to the listenership?

 

Well, Richard is a Rangers supporter and that is a curse at Pacific Quay. Remember 33 contributors to Sportsound and only one(maybe two) can be considered sympathetic to our club. BBC Scotland have an official reason for not extending an invitation to Wilson, they only allow one journo from each publication to participate. Rangers hating Michael Grant has the gig and unsurprisingly, he agreed absolutely with Chris McLaughlin's interpretation last night. I know Gersnetters will pick holes in BBC Scotland's official policy eg both Hugh MacDonald and Spiers regularly contribute and they are Herald employees. However, as we all know, they are on-message,

 

As this story unfolds, I would urge Gersnetters to place more emphasis on Richard Wilson's pieces as opposed to the interference being run by all the usual suspects.

[chilledbear 16]

Wilson to my mind, is the best we have.

[Tumshie RFC 0]

Why is McColl continually linked with us and then continually states that he won't put any money in? Put up or shut up.

[crucible 0]

So if McColl isn't bank rolling who is ? the fans ?

[Calgacus 8]

The timing of this is less than helpful, from both sides. We had a bit of momentum with the SFA's decision not to fine Hearts and Dunfermilne when they had fined us for an insolvency event. But then we had the return of Green and the EGM requisition which have become the focus of media attention and taking our legitimate complaint out of the spotlight,

[Dragonfly Trumpeter 50]

So if McColl isn't bank rolling who is ? the fans ?

 

Bank rolling what? It is merely a group of shareholders (presumably over 25% of the company) wanting change, therefore asking for an egm and subsequent vote.