Rangers power battle: Graham Wallace axed...

[ian1964 10,409]

...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

[colinstein 294]

What would be the basis of any legal action Ashley could take simply because his bid was rejected ?

Could King or Kennedy do the same because their bids were rejected ?

 

Had the board previously accepted Ashley's offer in a deal we don't know about ? Is that why he could have sued ?

[SteveC 150]

Derek Llambias wants to spend his future with his family in London, he's been saying this for months now - thinks Newcastle too far from London far less Glasgow. This is just more lazy journalism, not even reading back on recent press reports.

 

 

 

Official site saying Wallace resigned, btw, but "axed" sounds more dramatic, I guess.

 

oh and:

 

@AndyDev28: Hearts CEO Scot Gardiner, a former Ibrox employee, being heavily touted as next Rangers chief executive.

Edited October 27, 2014 by SteveC

[chilledbear 16]

What would be the basis of any legal action Ashley could take simply because his bid was rejected ?

Could King or Kennedy do the same because their bids were rejected ?

 

Had the board previously accepted Ashley's offer in a deal we don't know about ? Is that why he could have sued ?

 

Ross McAdam ‏@rossmcadam 15m15 minutes ago

@esta_x @tedermeatballs The legal threats had nothing to do with the loans. It was over the leaking of naming rights contract & other things

[Oleg_Mcnoleg 50]

What would be the basis of any legal action Ashley could take simply because his bid was rejected ?

Could King or Kennedy do the same because their bids were rejected ?

 

Had the board previously accepted Ashley's offer in a deal we don't know about ? Is that why he could have sued ?

Something spurious that would take up vast amounts of money, I'd guess.

[Ser Barristan Selmy 222]

Interesting how a £2m loan can get you control of our club. What's Ashley total financial outlay been? He controls just about everything now.

[Zappa 0]

Wallace and Nash were always going to have a limited shelf life since it sounds like they were generally thinking and acting in the best interests of the Club rather than GreenCo or other faceless entities.

 

Still, it's a shame to see Ashley forcing out reputable men like Wallace and Nash and leaving us with the tetchy transport tools and a buffoon like Somers as Chairman.

[Frankie 8,146]

It's difficult to tell just how effective Wallace was in his position given the board lack authority on most issues. But then again he would have known this beforehand.

 

Same goes for Nash.

 

Easy money.

[Ser Barristan Selmy 222]

As Wallace was terminated does this mean he will pocket a huge payoff?

[Rangersitis 0]

Wallace and Nash were always going to have a limited shelf life since it sounds like they were generally thinking and acting in the best interests of the Club rather than GreenCo or other faceless entities.

 

Still, it's a shame to see Ashley forcing out reputable men like Wallace and Nash and leaving us with the tetchy transport tools and a buffoon like Somers as Chairman.

 

What was reputable about Wallace when he was misleading shareholders at the AGM?....or taking three months to publish a week's worth of work, followed by another three months where he failed to deliver on much of the content?.....or when he was trying to blame those not coughing up their ST money for credit facilities being withdrawn?.....or when he was taking part in a sham online Q&A session?.....or when he was refusing to discuss his own onerous contract and bonus?.....

 

Yet another shark who took the dirty money on offer, until that is he saw that he was for the off, and jumped ship to try and save his own skin and lucrative salary. This rewriting of history is sickening.