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Rangers Ship Sails Into Perfect Storm


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Here's the latest from McMurdo.........

 

Rangers Ship Sails Into Perfect Storm

October 8, 2014

 

Mike Ashley’s dramatic call for an EGM to oust CEO Graham Wallace and director Philip Nash – predicted on this blog – has lit the torch paper on the boardroom wars that are engulfing Ibrox.

 

My sources tell me that Ashley has been forced to take such a drastic measure because the club only has enough in reserve to make it to the end of the month. Alarming news, indeed.

 

But that’s not all.

 

Despite fierce opposition from James Easdale, I am told that Rangers CEO Graham Wallace was paid a whopping six figure bonus just last month – at a time when Rangers are in dire need of funds.

 

This will come as a shock to Rangers fans who desperately want to see the boardroom troubles put behind them and enter a period of stability in which the team can prepare for the top tier.

 

Ashley already has well over 60% of shareholders supporting him, with more expected to fall behind his proposal.

 

This ramps up the speculation that Ashley is the growing power at Ibrox and is also seen as a shattering blow to the King camp. Speculation still surrounds the reported talks between Wallace and representatives of King with both the club and King denying they are taking place. Either way, King’s grasp on the crown at Rangers appears to be slipping and if Wallace and Nash are indeed his allies, then their departure will weaken his position considerably.

 

King’s only chance might be to go public with his plans NOW and call his opponents to come up with a better hand. There is no way King can compete with his rivals but being first to the table might help him. If, of course, he has the resources to begin with.

 

Rangers are in play and it is to be hoped that whoever wins the war, they will be able to go forward without the guerrilla warfare that hampers progress and saps the will of the directors and the fans.

 

Making Rangers uninvestable is the end game objective of those backing Dave King.

 

Whether or not they can break someone as forceful as Mike Ashley remains to be seen.

 

Few would bet on King doing what others have failed to do, which is see off Mike Ashley.

 

I have been watching the new season of Dallas on Channel 5 but it has a hard job matching the Rangers boardroom tussles for excitement, twists and turns and intrigue.

 

The Rangers ship certainly looks like it is heading for a perfect storm, with many on field and off field issues coming to a head.

 

And it doesn’t look like it’s going to calm down anytime soon…

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My sources tell me that Ashley has been forced to take such a drastic measure because the club only has enough in reserve to make it to the end of the month.

 

Surely all directors have to take responsibility for that?

 

Despite fierce opposition from James Easdale, I am told that Rangers CEO Graham Wallace was paid a whopping six figure bonus just last month – at a time when Rangers are in dire need of funds.

 

The remuneration committee is chaired by James Easdale together with Crighton and Somers so why are they not the ones being voted out?

 

King’s only chance might be to go public with his plans NOW and call his opponents to come up with a better hand.

 

I'd agree with that. King needs to go public with his plans to get the majority of the support with him because John Brown's ravings won't do the trick.

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King’s only chance might be to go public with his plans NOW and call his opponents to come up with a better hand. There is no way King can compete with his rivals but being first to the table might help him. If, of course, he has the resources to begin with.

 

Begging bowl out, and not in a manner that could not be described as subtle. Arsehole.

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Posted this in another thread but it's just as apt here.

 

Just to further muddy the waters.....

 

 

Insideman3 @Insiderman3 · 33m 33 minutes ago

@bigwilliebhoy @tedermeatballs @TheClumpany @BartMain @TheTributeAct You will see that Keith is bang on the money with this story.

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Insideman3 @Insiderman3 · 41m 41 minutes ago

@tedermeatballs A "small" pr guru has started his magic with this false denial and also fed a blogger info about GW bonus to deflect.

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Insideman3 @Insiderman3 · 1h 1 hour ago

@tedermeatballs @AyeMcClane As I put in one of my tweets there has been no such denial.

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Insideman3 @Insiderman3 · 4h 4 hours ago

Mr wallace has been very busy with setting this opportunity up and the directors aka ashley never smelt this coming egm wont be a success.

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Insideman3 @Insiderman3 · 4h 4 hours ago

Laxey/B.P.H=Ticketus will back this move by Mr King and co as they see it the best way for club to prosper and recoup their money.

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Insideman3 @Insiderman3 · 4h 4 hours ago

Would also like to clarify that Mr king or any of his sources have NOT spoken to any broadcaster or denied what's In motion.

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Insideman3 @Insiderman3 · 4h 4 hours ago

@tedermeatballs Would appreciate if you could rt my last tweets to get this out and will keep in contact when I get more.

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Insideman3 @Insiderman3 · 4h 4 hours ago

Also the three men mentioned today are not the only one's there is a someone very powerful wanting to make amend's.

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Insideman3 @Insiderman3 · 4h 4 hours ago

@tedermeatballs Hi Keith me again just to let the folk know that Mr King has Laxey/B.P.H backing as the see the club prosper more under king

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Insideman has been hit and miss with previous efforts. Yet more white noise.

 

Indeed.

 

Something is going down behind the scenes that's prompted Ashley to go down the route of an EGM. Ashley wants control and surprisingly sees Wallace as an obstacle.

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The really frightening thing (although absolutely not a surprise!) is the shortage of working capital/money running out and what's going to be hived off to bridge any shortfall until a second public offer of shares if that get's shareholder approval at a General Meeting.

 

With Mike Ashley already in control of the Rangers Retail business and Club merchandise + already having the Ibrox naming rights, we appear to be running out of things to hive off.

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The really frightening thing (although absolutely not a surprise!) is the shortage of working capital/money running out and what's going to be hived off to bridge any shortfall until a second public offer of shares if that get's shareholder approval at a General Meeting.

 

With Mike Ashley already in control of the Rangers Retail business and Club merchandise + already having the Ibrox naming rights, we appear to be running out of things to hive off.

 

We have already saw the big assets loaned out as collateral against loans from the Easdales and Letham, it's only a matter of time before someone buys them outright. Atm my guess would be Ashley?

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