Club Statement | RIFC raise injunction proceedings in the US

[ian1964 10,428]

 

[BEARGER 1,829]

 

Scottish Rangers Football Club Hires Foley & Lardner for South Florida Trademark Infringement Lawsuit | Daily Business Review

This lawsuit was surfaced on Law.com Radar. Read the complaint here.

 www.law.com

Foley & Lardner filed a trademark infringement lawsuit on Tuesday in Florida Southern District Court on behalf of the Rangers Football Club. The complaint accuses KRF Capital d/b/a K Sports Capital of using the Scottish football team’s trademarks and branding to pitch a non-existent investment opportunity. Counsel have not yet appeared for the defendant. The case is 1:22-cv-22597, Rangers International Football Club PLC v. KRF Capital LLC d/b/a K Sports Capital.
 

U.S. firm sued for allegedly fraudulently trying to sell Scottish soccer club Rangers F.C. - OffshoreAlert

The owner of Scottish professional soccer club Rangers F.C. is suing a U.S. company at federal court in Miami for allegedly fraudulently trying to sell the club, even though it's "not for sale". The defendant is KRF Capital LLC, d.b.a. K Sports Capital, which is controlled by a 49-year-old woman...

 www.offshorealert.com

The owner of Scottish professional soccer club Rangers F.C. is suing a U.S. company at federal court in Miami for allegedly fraudulently trying to sell the club, even though it's "not for sale". The defendant is KRF Capital LLC, d.b.a. K Sports Capital, which is controlled by a 49-year-old woman called Kyle Fox.
 

Rangers International Football Club Plc v. KRF Capital LLC: Complaint - OffshoreAlert

Complaint alleging "Defendant has, without Rangers' authorization, been approaching and actively soliciting potential "investors" and Rangers' current corporate clients pitching an opportunity - that does not exist - to purchase an ownership interest in Rangers" in Rangers International Football...

 www.offshorealert.com

Complaint alleging “Defendant has, without Rangers’ authorization, been approaching and actively soliciting potential “investors” and Rangers’ current corporate clients pitching an opportunity – that does not exist – to purchase an ownership interest in Rangers” in Rangers International Football Club Plc, described as “a Scottish public limited company with its principal place of business in Glasgow, Scotland” v. KRF Capital LLC, d.b.a. K Sports Capital, of Delaware, at the U.S. District Court for the Southern District of Florida.

[the gunslinger 3,366]

lets hope for a huge settlement. 

[Yorkie Bear 517]

9 minutes ago, the gunslinger said:

lets hope for a huge settlement. 

Yes. With US settlements, who needs Champions League money☺️

[Malangsob 1,208]

I bet the price was just too good for a sucker to pass on too.

 

 

 

 

 

 

[Bill 13,717]

Is there a whiff of bullshit in the air? Things like this don't just materialise out of the ether.

[stewarty 1,877]

https://www.thescottishsun.co.uk/sport/football/9344672/rangers-sue-american-businesswoman-secret-plot-sell-club/

 

Quote

RANGERS are suing an American businesswoman over claims she tried to flog the club behind their back, we can reveal.

Kyle Fox, 49 alleged her firm was buying the Light Blues and used their official crest and logos in a bid to lure investors.

 

Kyle Fox, who's firm is being sued for allegedly selling shares in Rangers illegallyCredit: Not known, clear with picture desk

She invited Gers associates to join her in securing “ownership”.

 

But the Ibrox club’s US lawyers said: “None of these statements were or are true”.

 

Former Rangers chairman Paul Murray hooked up the club to the potential investor who they are now suing, court papers reveal.

Legal documents lodged in the US say he used email to introduce Ibrox deputy chair John Bennett to the American businesswoman.

 

 

 

 

 

The Gers No2 rejected two offers from her for 75 per cent and 25 per cent stakes in the footie giants, which she valued at £108million.

Despite owning no part of the club, Fox then issued a plea to would-be investors for cash.

But directors were tipped off and immediately called in lawyers.

 

And last night it emerged the Premiership outfit is now seeking compensation from Fox’s company KRF Capital for damage to its “business relationships, goodwill and reputation”.

 

 

 

Referring to the firm as “Defendant”, a 239-page complaint filed last Tuesday at a court in Miami, Florida, states: “Rangers, a Scottish football club, is not for sale.

 

“Yet, Rangers has learned that Defendant has, without Rangers’ authorisation, been approaching and actively soliciting potential ‘investors’ and Rangers’ current corporate clients pitching an opportunity — that does not exist — to purchase an ownership interest in Rangers.

“Defendant is doing so without Rangers’ consent, and in its materials is unlawfully using Rangers’ trademarks and branding.

“Rangers seeks injunctive relief and damages from this Court as a result of the harm Defendant has inflicted and will continue to inflict on Rangers and its business relationships, goodwill, and reputation.”

 

Murray’s introductory email was titled “Project 22”. It said Fox was being advised by ex-English FA senior executive Adrian Bevington.

It added that she had “worked in capital markets for over 17 years” and “led over $75billion of debt and equity transactions globally”.

Fox stated in June that KRF Capital was “very interested in the opportunity to acquire at least 75 per cent” of Rangers and “sought to commence the due diligence process for the potential investment”.

But the offer was dismissed just a few days later by the Ibrox board.
Director Graeme Park stated that there was “no appetite to take the proposal further”. Despite this, Bennett and Fox met in early July in London, where she made a revised offer to “acquire a minimum of 25 per cent”.

 

In a follow-up email, Fox told Bennett: “It was lovely to meet you in London. It was a great opportunity to learn more about the club.

“To follow up, I have attached a revised offer to acquire a minimum of 25 per cent + percentage of the Rangers International Football Club. Our aim is to be part of the team that has made the club a huge success. We are confident that we can offer value to the club as a strategic investor and, of course, we are great fans of the club.

“We believe Rangers, with their strong fan base, will be a great fit for us.”

 

Rangers' shareholders and their percentage stake

Fox also claimed that her group would pump £75million into the club over five years. This was also rejected in late July by the club, which said: “Discussions with KRF Capital have concluded.”

 

But days later it emerged that Fox had been emailing potential investors — despite holding no stake in Rangers herself.

She sent an information pack on the club which included her own business plan, which was referred to as ‘Investor Deck’.

Fox pledged the group would support the ongoing redevelopment of the Ibrox museum and shop at Edmiston House as well as new hospitality lounges in the stadium.

 

They would also increase revenue by selling NFTs and start a 3D streaming service using Artificial Intelligence drones for matches.

The info pack claimed: “Current owners are looking to sell to new ownership who has the expertise in digital, media, and technology to scale existing and new revenue streams. Rare opportunity to acquire a controlling stake in a Championship-level team at an extremely reasonable purchase price.”

Gers’ US lawyers demanded on August 5 that Fox stop her unauthorised activities. But this was ignored.

Instead, she sent emails to five partners of a European finance firm inviting them to invest.

 

In her offer, which states she is looking for a £41million cash injection, Fox stated: “I am writing to invite you to consider joining our investor group which is acquiring a plurality ownership of a first division football team in Scotland.

“Ownership will be obtained directly from key owners with whom we are in exclusive conversations.”

 

Fox went on to point out how any investors would be able to make money by signing up.

She said: “We will modernise the club by leveraging cutting-edge technology to achieve the NextGen experience for existing and future fans while creating incrementally scalable revenue streams.”

 

However, the email was forwarded to an Ibrox board member by one of the five partners — who wondered if the club was “aware this was going on”.

And that prompted club bosses to immediately instruct their lawyers to take action in the States.

Rangers’ claim says: “The Investor Deck contains Rangers’ branding and trademarked proprietary material — intellectual property that KRF Capital was never authorised to use.”

 

Lawyers for the club say the emailed document also used many Rangers “brand assets”, including crests and photos of players.

Their claim continues: “Defendant created this Investor Deck with the intent to trick any reader into thinking that: (1) Rangers is for sale; (2) Rangers is working with KRF Capital to sell a controlling stake in the enterprise; and (3) Rangers authorised this offer and presentation.

“KRF Capital has been meeting with, and presenting to, Rangers’ corporate clients on the purported basis that the sale of equity in Rangers has been endorsed by the club’s board of directors.

 

“This is false. Rangers has not given KRF Capital authorisation to meet with its corporate clients or anyone else for that matter.”

Finance investigation site Offshore Alert revealed KRF Capital was incorporated in Delaware, US, in December, 2019, and ceased being in good standing on June 1, 2022, owing $522 in taxes.

 

Rangers are currently in good financial health following their lucrative run to last season’s Europa League final as well as generating tens of million of pounds from player sales.

 

The club has already exceeded its annual target for commercial revenue of £27.9million.

It is a remarkable transformation from ten years ago when the club’s controlling company went bust, sparking years of financial chaos and controversy.

Fox said: “We have no comment and expect this action to be dropped in short order.”

 

 

Rangers did not reply to our request for comment but later they posted a statement on their website.

It said: “RIFC has raised injunction proceedings in the US to prevent a US entity and its principal falsely claiming it has been authorised by Rangers to sell shares in RIFC and using Rangers IP (Intellectual Property) for that purpose.”

 

 

[Sutton_blows_goats 4,241]

1 hour ago, Bill said:

Is there a whiff of bullshit in the air? Things like this don't just materialise out of the ether.

Lots of questions. Did she just pick Paul Murrays name out of a phonebook at random? How was she hooked up to him?

[RANGERRAB 3,268]

Seems John Bennett met this woman from KRF capital last month.

wouldn’t surprise me if Americans were trying to buy Rangers 

[Bill 13,717]

Kyle Fox may well be guilty of jumping the gun but this smells like a case of no smoke without fire. I suspect moves are quietly afoot (not quietly enough it seems).