85% backing sweeps Mike Ashley’s men off Rangers board
Dave King, Paul Murray and John Gilligan have being voted onto the Rangers board at the extraordinary general meeting earlier today at Ibrox.
The Rangers shareholders have thrown Mike Ashley’s men, Chief Executive Derek Llambias and finance director Barry Leach, off the board with 85% of the votes cast voting for change.
Chairman David Somers and fellow Director James Easdale had already resigned from the board.
In an eventful week for Mike Ashley north of the border, the Newcastle United owner was earlier fined £7,500 by the Scottish Football Association for breaching rules on dual ownership/interest in more than one club.
With the outcome clear well in advance, another ally of Mike Ashley, Sandy Easdale (Chairman of the club’s football board) abstained from the vote, he represented a bloc of shareholders with control of around 20% of the shares. Easdale seemingly not wanting to be seen to back a lost cause.
It is anticipated the new directors will be immediately appointed to the board, though they still have a couple of hurdles to jump with Derek Llambias and Barry Leach.
As well as being Directors on the board, the pair have employment contracts that will need to be terminated.
While there is also the spectre of Mike Ashley potentially reinstating them to the board as his loan arrangement includes the right to appoint two directors.
The new Directors will also have to appoint a new nominated advisor (Nomad), which is the company that facilitates Rangers International Football Club’s listing on the Alternative Investment Market.
A new nomad must be appointed within 30 days or else the company will be de-listed from the stock exchange.
Good luck to Rangers in their struggle with Mike Ashley but it looks like they will have tough days ahead.
At Newcastle United we know all too well what happens when anybody crosses him, as evidenced by Ashley sentencing Newcastle fans to a lifetime of hard labour supporting a club without ambition and dismal football on the pitch.
Dave King has already stated that Rangers need more than £20m invested in the very near future to get the club into a competitive position. While no doubt the new directors will be taking a keen look at all of the contracts set up by their predecessors, particularly those that favour a certain Mike Ashley.
Paul Murray will be interim Chairman until Dave King passes the ‘fit and proper person’ test.
If you would like to feature on The Mag, submit your article to [email protected]