Ashley to sell Rangers shares to fans

[forlanssister 3,050]

http://www.dailymail.co.uk/sport/football/article-4627374/Mike-Ashley-sell-stake-Rangers-deal.html

 

Mike Ashley to sell stake in Rangers as Sports Direct and Newcastle owner rips up Ibrox contract

 

Ashley to sever all ties with Rangers after agreeing a deal to sell his shares

 

Sports Direct owner has also ripped up the toxic retail contract with the club

 

Rangers set to net an additional £5m a year via a huge increase in shirt sales

 

 

Mike Ashley will sever all ties with Rangers after agreeing a deal to sell his shares in the club.

The Sports Direct and Newcastle United owner ripped up the toxic retail contract on Wednesday which saw the Ibrox outfit receive just seven pence from each pound spent on club merchandise.

A renegotiation of the previous seven-year arrangement led to both parties concluding a new 12-month tie-up likely to net Rangers an additional £5million a year via a huge increase in shirt sales.

 

And, as part of the deal, Sportsmail understands Ashley will sell his 8.92-per-cent stake in Rangers to supporters’ groups and an unnamed overseas investor.

Ibrox chairman Dave King was tight-lipped on the future of Ashley’s stake but conceded a long-running and acrimonious joint venture is close to a final parting of the ways.

 

‘I can’t talk about it but I would expect an announcement on that soon,’ he said.

‘Mike Ashley’s shareholding in the club was linked to an integrated retail deal.

‘So I would imagine he is probably less interested in the need to have a shareholding in the club at this point in time.’

 

Expressing ‘relief’ at the new deal, King expects it to stabilise Rangers’ fortunes following prolonged financial turmoil.

 

With Ashley appearing to be out of the picture, the last remaining obstacle to a rights issue is also effectively gone.

 

The board are now likely to call an EGM to push through plans to raise £16m to pay off loans from King and shareholders Douglas Park, George Letham and George Taylor.

 

‘One of the priorities for us over the last few years — the biggest if you ignore getting back to the top flight and into Europe — was the resolution of the retail deal,’ said King.

 

‘It has been by far the most significant and challenging. Myself and (company secretary) James Blair have been working on this for two years.

 

‘It has been very time intensive. I’ve spent more time on Rangers litigation over the last two years than I have on my own businesses. Much more.

 

‘It’s been a monumental effort but it was so critical to the club we got something sorted out.’

 

Rangers, meanwhile, have lodged an improved third bid for Norwich City midfielder Graham Dorrans.

 

The Canaries want £1.5m for the Scotland cap but are willing to sell for the right offer.

 

 

[ian1964 10,410]

I just posted this in the retail deal thread!, but I guess it deserves it's own thread.

[BrahimHemdani 1]

I have heard something about King's shareholding as well; but I can't substantiate it so I know I won't be allowed to post on here.

Edited June 22, 2017 by BrahimHemdani

[BrahimHemdani 1]

It makes sense if JB was a lead negotiator that Ashley might sell to Club 1872 but I think I am right in saying that they could only pay a "fair market price".

 

Ashley owns 7,265,000 at the current 32p that would be £2.324m which is about a million more than C1872 were last reported to have in the coffers. Also if C1872 buy them they would not have any money for a rights issue. However, if they could do a deal potentially they would become the largest shareholder. Even buying half would put them second; but the holding would then be diluted again in a rights issue. Despite that I would certainly want to buy any I could even at 32p or a little higher.

Edited June 22, 2017 by BrahimHemdani

[JFK-1 1,671]

It makes sense if JB was a lead negotiator that Ashley might sell to Club 1872 but I think I am right in saying that they could only pay a "fair market price".

 

Ashley owns 7,265,000 at the current 32p that would be £2.324m which is about a million more than C1872 were last reported to have in the coffers. Also if C1872 buy them they would not have any money for a rights issue. However, if they could do a deal potentially they would become the largest shareholder. Even buying half would put them second; but the holding would then be diluted again in a rights issue. Despite that I would certainly want to buy any I could even at 32p or a little higher.

 

Tell the fat man I will give him 7p in the pound for his shares.

[Bluedell 5,329]

It makes sense if JB was a lead negotiator that Ashley might sell to Club 1872 but I think I am right in saying that they could only pay a "fair market price".

 

Ashley owns 7,265,000 at the current 32p that would be £2.324m which is about a million more than C1872 were last reported to have in the coffers. Also if C1872 buy them they would not have any money for a rights issue. However, if they could do a deal potentially they would become the largest shareholder. Even buying half would put them second; but the holding would then be diluted again in a rights issue. Despite that I would certainly want to buy any I could even at 32p or a little higher.

 

I'd be wanting to buy them at a discount. He'd struggle to sell on the open market.

[Bluedell 5,329]

It seems strange that it's been reported that "supporters groups", obviously C1872, are being reported as a buyer when the members have not been consulted.

 

Whilst I want rid of Ashley, I want C1872's cash to go to the club and not to fill the coffers of a leech.

[the gunslinger 3,366]

Did he get them for a penny?

 

 

[chilledbear 16]

Wonder who the overseas investor might be?

[Frankie 8,148]

There has been talk of various people wanting to invest but biding their time until the club has been stabilised.

 

I'd expect this news should given them more comfort in that regard and it will be interesting to see who puts their money where their mouth is.