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United show of strength against Mike Ashley at Rangers

7 years ago

What looked to be a stroll towards total control at Rangers for Mike Ashley, is now looking a little more problematic for the Newcastle United owner.

Ashley was blocked from owning more than 10% of Rangers by the SFA just before Christmas and now those opposed to him are building up their shareholdings.

Dave King has now bought a 15% stake in Rangers, buying up shares held by Artemis and Miton.

A previous offer of emergency funding from King was rejected by the board in favour of Mike Ashley’s loan option, in a deal which meant that Derek Llambias ended up on the Rangers board as Ashley’s nominee and another space spare for whoever the Newcastle owner wants to also place on the board.

On buying the shares Dave King said:

“I would like to specifically record my disappointment that, if I had not been blocked by the present board in favour of a lesser and commercially disadvantageous offer by Mr Ashley, the money could have gone into the club and not into the pockets of existing shareholders.”

This share transaction was done only two days after a group of three Rangers fans/businessmen termed ‘The Three Bears’; George Letham, George Taylor and Douglas Park, bought the 16% shareholding of Laxey Partners. Laxey commented that they’d done the deal to prevent Mike Ashley taking control.

In recent days Rangers have also Lewis Macleod, their prize asset, to Brentford for a sum of just under £1m to keep the club afloat in the very short-term.

Though it is said that the Glasgow club need around £8m of funding just to get through the rest of this season.

The pro and anti-Ashley groupings are now taking shape and as Newcastle fans we just wonder what impact the result of this power struggle north of the border will have on Mike Ashley’s ownership of Newcastle United.

More specifically whether it will hasten his exit or keep him at St. James’ Park even longer.


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