News coming through from Scotland that Newcastle United owner Mike Ashley is trying to gain control of Rangers, and that he has tabled a funding offer to counteract the one one put forward by former Rangers Director Dave King.
Mike Ashley – in Rangers offer
Dave King has put forward a £16M funding offer, but he has so far been unable to reach agreement with the Rangers Board to have that accepted.
Rangers need an injection of cash before the end of the year if they are to ward off another bankruptcy, and Ashley obviously sees this as an opportunity to get control of the club.
The Newcastle owner already owns just less than 9% of Rangers, and today he has offered an emergency funding loan, and has been in negotiations with the Rangers Board since yesterday.
But the offer will come with strings attached, and Ashley will want more control of the club.
The Billionaire already has control of Rangers’ shirt sales and the retail division, and bought the naming rights for Ibrox Stadium for just £1, and he will be after more of the Rangers’ assets in return for the loan.
Ashley will also want both CEO Graham Wallace and Finance Director Phil Nash removed from the Board, and the Londoner will want to appoint his own people as their replacements.
It’s not surprising that both Wallace and Nash supported the recent loan made by King, who has issued a statement saying that he remains hopeful the club will still accept the £16M funding offer he has made.
Ashley seems determined to get control of the Scottish powerhouse, and it has raised questions on what he would do with Newcastle UNited, although the Board have said that Mike would own the Tyneside club at least until the end of next season – May, 2016.
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