George Letham, George Taylor and Douglas Park offer Rangers £6.5million alternative

[Zappa 0]

Here's a story of a company being deliberately mismanaged doesn't take Einstein to work out who benefited the greatest from said mismanagement, in fact there's a wee clue in the story itself.

 

It sure as shit wasn't the Icelandic banks!

[the gunslinger 3,366]

the board are going to struggle to explain why it was ok for ashley to underwrite this but not park and co.

[andy steel 0]

Probably just blank it.

[ian1964 10,411]

Rangers fans chief fears new supporter boycott if Ibrox board snubs Three Bears' £6.5m bail-out.

 

THE Rangers board was today warned that even more fans could turn their backs on the Ibrox club if they block "The Three Bears" consortium.

 

Gers fans George Letham, Douglas Park and George Taylor have offered £6.5 million to underwrite an equity issue early next year.

 

The move comes after the SFA prevented Mike Ashley from increasing his stake in the Glasgow giants to 29.9% last week.

 

Letham, Park and Taylor were part of an eight-strong group fronted by Dave King who had a £16 million rescue package turned down back in October.

 

Rangers chairman David Somers said King and his associates failed to provide proof of funds and reveal the identity of the investors.

 

But Letham, Park and Taylor have satisfied both of those criteria - and have impeccable business credentials as well as being bona fide fans.

 

Crowds have plummeted at Ibrox this season amid growing dissatisfaction at the way the SPFL League One champions are being run.

 

Their last two Championship games at home against Cowdenbeath and Livingston have attracted less than 20,000 spectators.

 

And Drew Roberton, of the Rangers Supporters Association, reckons crowds could fall even further if "The Three Bears" were prevented from increasing their shareholdings.

 

He said: "I certainly wouldn't rule out the possibility of some more people saying: 'Enough is enough'.

 

"I think we are down to the hard core of Rangers fans on match days at Ibrox now.

 

"I think we are down to the people who will go regardless of what is happening on or off the park.

 

"If the board decline them then they will probably hide behind stock market rules or some such.

 

"But they would have to come up with a very good reason why and try to convince people they have a long-term plan.

 

"It is difficult to see what plan they have apart from self-preservation.

 

"If the two Georges and Douglas fail then it wouldn't go down well with the fans - and I don't know how the guardians of Scottish sporting integrity (the SFA) would look upon it."

 

Roberton added: "I know George Letham to say hello to. He is a nice guy.

 

"I have no doubt the three gentlemen involved have the best interests of the club at heart.

 

"My view, and the view of the Rangers Supporters Association, is that it's not important who runs the club it's how they run the club that matters.

 

"And I have no doubt that George Letham, George Taylor and Douglas Park would help to run the club for the benefit of the club."

 

Rangers expressed disappointment at the SFA refusing to allow Sports Direct owner Ashley to increase his stake above 10% in a brief statement on their website on Christmas Eve.

 

They also revealed they would go away and consider all other options - and Roberton refused to rule out the billionaire businessman taking even greater control at Ibrox.

 

He said: "I am kind of of the view that if Ashley wants to increase his stake in Rangers he will.

 

"At the end of the day, I don't think there's a lot the SFA can do about it."

 

http://www.eveningtimes.co.uk/rangers/rangers-fans-chief-fears-new-supporter-boycott-if-ibrox-board-snubs-192879n.115246847?

[der Berliner 3,245]

Rangers: Club respond to consortium funding offer

By Chris McLaughlin

 

BBC Sport Rangers could be close to securing fresh investment from a consortium which includes Douglas Park.

 

Businessman Park, George Letham and current shareholder George Taylor offered the club £6.5m in return for shares and representation on the board.

 

BBC Sport has learned Rangers directors have responded to the offer with investment options including buying in through a share issue or secured loan.

 

It is understood the board is open to negotiations regarding representation.

 

The group, who have already provided Rangers chairman David Somers with proof of funding, sent their offer to the club after their AGM in December.

 

In their annual accounts, Rangers revealed they need £8m of new funding in January to stay afloat for the next year.

 

A new share issue is set to be launched in January and Park, Letham and Taylor want to buy the 40,739,000 shares due to be issued.

 

However, as a result of a vote at the AGM, current shareholders will have first refusal on the new shares set to be issued.

 

Letham has already loaned the Championship club money.

 

Park, who owns coach hire firm Parks of Hamilton, is one of Scotland's most successful businessmen, and Taylor already owns 3.2% of Rangers.

 

Newcastle United owner Mike Ashley, who owns around 9% of Rangers and has provided the club with £3m in loans, has an agreement with the Scottish Football Association that he will not up that percentage.

 

Rangers spoke to the SFA with a view to Ashley upping his stake but that was rejected by the game's governing body.

 

Snatched from FF

[colinstein 294]

would that 40 million shares put them in the majority ?

[Calgacus 8]

They would need the support of a substantial number of shareholders or they could be voted off at an AGM/EGM. They would also need to get onto the football board as well as the PLC board.

[chilledbear 16]

Pinch of salt needed I would say, especially coming from McLaughlin.

[the gunslinger 3,366]

would that 40 million shares put them in the majority ?

 

would give them about 1/3 if they got all 40 million.

[the gunslinger 3,366]

sounds promising.