Dave King holds secret talks in bid to ease Mike Ashley's grip on retail deal

[ian1964 10,440]

Rangers chairman Dave King missed the club’s recent extraordinary general meeting to hold talks with Sports Direct over a renegotiation of the club’s crippling retail deals.

 

Mike Ashley, who owns 8.92 per cent of the club, requisitioned the EGM, which took place on June 12, seeking the repayment of a £5million Sports Direct loan to the Ibrox outfit.

 

Sports Direct currently own 75 per cent of the club’s retail operation. And in return for repayment of the loan, the high street giants would reduce their stake to 49 per cent, arguing this would allow Rangers to make more cash from merchandise sales.

 

While shareholders were defeating the Ashley move, however, King was in London to explore the possibility of a renegotiation of a contract heavily weighted in favour of the high street giant.

 

Rangers directors were prevented from revealing the specifics of what Sports Direct take out of the club because of a court order secured the night before the meeting.

 

Directors are known to be deeply concerned, however, by a seven-year notice period which means that even if Rangers decided to end the agreement today they could not be free of Sports Direct until 2022.

 

Sports Direct have offered little or no indication of a willingness to renegotiate their current agreement.

 

Incensed by the deal agreed by former chief executive Charles Green, however, Community ownership group Rangers First have already voted for an official boycott of the retailer.

 

A survey of Rangers First investors showed that two thirds refused to purchase merchandise from the club in protest at Ashley’s tight grip on the proceeds.

 

More than half would reconsider their position if King and the Ibrox board managed to renegotiate the current deals.

 

Rangers First spokesman Ricki Neill said: ‘Many of our members have been seeking advice regarding buying official Rangers merchandise and boycotting. We like to keep all of our members involved when it comes to important decisions like this.

 

‘As the 10th biggest shareholder in Rangers, we put the club first and think the shareholders in Sports Direct should do the same for our mutual benefit by negotiating a win-win deal.’

 

Read more: http://www.dailymail.co.uk/sport/football/article-3136746/Rangers-chairman-Dave-King-holds-secret-talks-bid-ease-Mike-Ashley-s-grip-retail-deal.html#ixzz3dxYLcDJf

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[Frankie 8,182]

Good, not sure how successful the talks will be but hopefully both men are genuine in their attempts to negotiate a deal that suits both of us.

[Rangersitis 0]

Who leaked this information about 'secret' talks?

[Rousseau 9,479]

Yes, 'secret' were they?

[buster. 4,808]

Who leaked this information about 'secret' talks?

 

My best guess is that the Ashley side leaked it to PMGB with 'embellishments'.

This took hold on social media and has led to the Mail going with with the basic premise.

 

'Ashley side' want to confuse, divide, dilute and split hardline opposition within support to SD/retail deal, whilst giving the absolute minimum (if any) in concessions or any tweaks to deal.

 

-----------------------------------------------------------------------------

 

Notes.

 

PMGB slags off MSM for reproducing press releases rather than carrying out investigative journalism (generally he's right) BUT does the same himself.

It's ironic in that he is being used by spindoctors, who directly or indirectly work for a businessman whose methods fly in the face of what PMGB is forever complaining about.

 

He has previous for mistaken embellishment regards his info on Rangers/SD.

He confidently declared that the second 5M tranche of the January 2015 credit facility had been drawn down.

 

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Difficult to comment on said meeting without knowing what was said.

Edited June 24, 2015 by buster.

[Rangersitis 0]

Boaby indeed.

[aweebluesoandso 290]

About time i would say. A renegotiation of the merchandise contract was imperative for the new board, Ashley got the deal of the century from Green, but it was never sustainable when Ashley lost control of the club. Sports Direct can still make good money from Rangers but they have to give something in return.

 

But then again we are dealing with Ashley, if Carslberg did greedy miserly twat's, Ashley would be the biggest greedy miserly twat in the world.

[Rangersitis 0]

My best guess is that the Ashley side leaked it to PMGB with 'embellishments'.

This took hold on social media and has led to the Mail going with with the basic premise.

 

'Ashley side' want to confuse, divide, dilute and split hardline opposition within support to SD/retail deal, whilst giving the absolute minimum (if any) in concessions or any tweaks to deal.

 

-----------------------------------------------------------------------------

 

Notes.

 

PMGB slags off MSM for reproducing press releases rather than carrying out investigative journalism (generally he's right) BUT does the same himself.

It's ironic in that he is being used by spindoctors, who directly or indirectly work for a businessman whose methods fly in the face of what PMGB is forever complaining about.

 

He has previous for mistaken embellishment regards his info on Rangers/SD.

He confidently declared that the second 5M tranche of the January 2015 credit facility had been drawn down.

 

-----------------------------------------------------------

 

Difficult to comment on said meeting without knowing what was said.

 

 

Could just as easily have come from King, bluffing about his hand when he is sitting with 2, 8 off suit against a pair of Queens.

[Rangersitis 0]

About time i would say. A renegotiation of the merchandise contract was imperative for the new board, Ashley got the deal of the century from Green, but it was never sustainable when Ashley lost control of the club. Sports Direct can still make good money from Rangers but they have to give something in return.

 

But then again we are dealing with Ashley, if Carslberg did greedy miserly twat's, Ashley would be the biggest greedy miserly twat in the world.

 

 

Yet nothing has changed since the new board were appointed.

[buster. 4,808]

Could just as easily have come from King, bluffing about his hand when he is sitting with 2, 8 off suit against a pair of Queens.

 

Very much doubt it, everything that I can see points to the initial leak coming from the SD side given that PMGB has been used by them (IMO 3rd part spindoctor) frequently and not forgetting the content itself.

 

It also has it's place within their general MO and current strategy regards the 'dispute'.