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Fans fear EGM is last chance to rescue Rangers...


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...as Trust increases Ibrox stake.

 

 

 

The likelihood of a shareholder shoot-out has increased in recent days following the moves by Dave King and the Three Bears - a consortium comprising of Douglas Park, George Letham and George Taylor - that saw them separately snap up significant stakes in the Gers.

 

The shares held between those two groups, supporters and other like-minded individuals and investors could be enough to oust the current board if an extraordinary general meeting is called.

 

And Union of Fans spokesman Chris Graham knows the vote will make or break fans' ambitions of seeing their club wrestled away from the under-fire regime.

 

He told SportTimes: "If it does go down to a vote, this is really the last chance for the club to end up back in the right hands.

 

"It will be a straight battle between Dave King and the Three Bears on one side and the Easdales and Mike Ashley on the other.

 

"There will be floating voters in between. There is only one side that will bring the fans back and if anyone is voting from a financial viewpoint then they really should be backing the Three Bears and King.

 

"I would think the board would show a bit of common sense and it wouldn't get to an EGM but the longer it goes on and the more delays there are, it becomes more likely that is the way it will need to be resolved.

 

"Between King and the Three Bears, they have 35% and they can rely on a reasonable percentage of the fan vote.

 

"We will be doing our best to make sure fans use their shareholding, it could be worth a crucial few per cent.

 

"I think there are enough unattached shareholders there who, having looked at the level of mismanagement and anger from fans, would take the common sense approach and see there is only one option here."

 

While any move by King or the Three Bears to vote off the under-fire board would be welcomed by fans, it would not be the end of Rangers' current crisis.

 

The Light Blues require immediate funding to see them through to the end of the month, and help them fulfil an assurance to the SPFL that they can see out the Championship campaign.

 

Mike Ashley and American businessman Robert Sarver could yet do a deal to provide another quick cash fix to keep the lights on at Ibrox.

 

Graham said: "There is no option now other than some form of short-term loan.

 

"We would be extremely reluctant to see someone like Mike Ashley provide that because we have already see the cost of that in terms of his control of the board and everything else.

 

"The board are not going to get a share issue away quickly enough to deal with the cash issues.

 

"The Sarver bid is frankly a distraction right now. The board can't accept it, it is only the shareholders who can.

 

"Given the determination of the Rangers men to get in there, I don't see why they would step aside to allow him to take up a majority shareholding. They have the means and the will to fund the club."

 

If an EGM is called, the shares held by fans could prove decisive in swinging the vote and toppling the board.

 

And the Rangers Supporters Trust have announced that they have increased their stake to more than 1% with the purchase of another 100,000 shares in RIFC plc.

 

An RST spokesman said: "A recent influx of new members and contributors to Buy Rangers has allowed us to make this purchase and with the continued support of the Rangers community we hope to increase our shareholding further in the near future.

 

"All funds from the sale of Red and Black and Lion Brand shirts have been retained for use in a future share issue.

 

"We will continue to work closely with those pushing for change at Rangers and we would ask fans to visit http://www.therst.co.uk and help us to take back our club."

 

http://www.eveningtimes.co.uk/rangers/fans-fear-egm-is-last-chance-to-rescue-rangers-as-trust-increases-193866n.115833069?

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