After forcing Rangers to hold a special shareholders meeting last Friday, Newcastle United owner Mike Ashley has lost on both resolutions.

The result was scheduled to be released by Rangers via their official website on Monday but for reasons unknown, has only just been announced on Tuesday lunchtime, 24 hours late.

The Mike Ashley resolution attempting to force Rangers into immediately paying back the £5m loan to Sports Direct, was defeated by the narrow margin of 54% to 46%.

Whilst the Rangers Board’s own resolution for shareholder backing to pursue fairer contract terms with Mike Ashley’s retail empire, saw the board comfortably get the backing of the shareholders, with voting in favour of 62.5% to 37.5%

Official Rangers Statement

NOTICE OF GENERAL MEETING VOTING:

MASH Holdings Limited (MASH) requisitioned a General Meeting (GM) of Rangers International Football Club PLC (The Company) which took place at Ibrox Stadium on Friday, June 12, 2015. There were two ordinary resolutions.

Resolution 1:

THAT, the shareholders support the principle that the Rangers Football Club Limited (the “Club”), a subsidiary of the Company, is released from the arrangements between the Club and SportsDirect.com Retail Limited (Sports Direct) pursuant to the Facility announced by the Company on 27 January 2015: (a) including the release of security over (i) the Rangers’ brands owned by the Club; (ii) the Murray Park training ground; (iii) the Albion Street car park; and (iv) Edmiston House; (b) including the release of the Club from the current restrictions preventing it from being able to provide security over the Ibrox stadium without the prior consent of Sports Direct; and(c) thereby resulting in the transfer back of a 26% interest in Rangers Retail Limited from Sports Direct to the Club , through the Directors of the Company resolving to procure the repayment in full of the loan of £5 million owed by the Club to Sports Direct as soon as possible after the passing of this Resolution.

For – 29,376,675 (46.36%)

Against – 33,988,991 (53.64%)

Total votes cast on the Resolution was 63,365,666. This represents 77.77 % of the Company’s issued  share capital

Resolution 2:

THAT, the shareholders support the Directors of the Company in their desire to ensure that the contractual arrangements between the Club and various members of the Sports Direct group of companies are renegotiated on a basis that is fair and reasonable for both parties and will deliver best value to both the Club and Sports Direct. The shareholders agree that these negotiations need to address the whole relationship between the Club and Sports Direct in order to achieve that goal.

For – 39,760,539 (62.5%)

Against – 23,852,291 (37.5%)

Total votes cast on the Resolution was 63,612,830. This represents 78.07% of the Company’s issued  share capital

RIFC is pleased to declare the outcome of the GM.

“Special


  • wivawova

    I don’t imagine that the injunction helped.  Res 1 basically is asking you to vote for something which you cannot tell is beneficial or not to Rangers as you can’t be told what the terms of the agreement are.
    However, as it was proposed by Sports Direct etc, you would assume that it would be beneficial to them.  You’d also assume, therefore, that it would be less likely to be beneficial to Rangers.  Does the initial contract have terms that prevent early repayment?  Does it attempt to avoid the equity of redemption? Who knows? But if those clauses don’t exist/penalise Rangers and it was beneficial to Rangers to pay off the debt, they’d presumably have found a way to do it already.
    In the circs, the minoroty shareholders would no doubt just have to vote the way recommended by the Rangers board who have seen the contract, even though they couldn’t say what was in it.

  • Mark Wallace

    I’m gutted for him lol!!!!

  • SouthernToon

    I get the strongest feeling that Ashley has just conned the turkeys on the Rangers board into voting for Christmas. Why would Ashley want to give up the extra 26% share of Rangers retail revenues? He is scarcely in desperate need of the £5m, and I am sure the share of revenues (and the full security for the loan that he enjoys) is a very nice result for him. How do you ensure it continues? By proposing that it should end. Clever, very very cleaver!!!

  • Ibrox Bear

    Rangers  appointed former Brentford boss Mark Warburton as their new manager yesterday and he  will be assisted by ex-Ibrox skipper David Weir . Thats why we were busy yesterday. There is no pay by date set to the £5million loan, so heAshley can wait, Rangers owe £5 Million to Ashley and £3 Million to our new board,  How any clubs can  say they owe  £8 million in interest free loans ???

  • wivawova

    Ibrox Bear 
    It might be interest free, but there are onerous conditions other than interest…………….

  • Ibrox Bear

    wivawova Ibrox Bear Sure he has hold of us over the Retail contracts, even if he got his £5 mill he wouldnt disapear,   thats why its best to keep his £5 million as a bargaining chip.    If  our board dont come to a agreement with the fat man then we can   expect years of legal battles, We know that…

  • Bishbosh11

    the shareholders support the Directors of the Company in their desire to ensure that the contractual arrangements between the Club and various members of the Sports Direct group of companies are renegotiated on a basis that is fair and reasonable for both parties.

    It may well be their desire but it ain’t gonna happen. Why would Ashley relinquish something that is going to make him money?