News today that the Scottish FA have officially turned down a request from Rangers FC to allow Mike Ashley to increase his shareholding in the club.
Mike Ashley – plans thwarted
Mike Ashley owns Newcastle United outright, and a couple of months ago it was news the Scottish FA did not want him to own more than 10% of Rangers shares because of his ownership of Newcastle.
The news is that Mike Ashley wants to increase his stake from 8.92% to close to 30% of Rangers, and of course with Rangers struggling for cash and in the second division of Scottish, the shares are currently very cheap for such a famous club with a great brand.
Mike Ashley may not be well liked – but he’s no idiot when it comes to finances.
This is the Scottish FA statement on the matter:
“The Scottish FA board convened on Tuesday, 23 December to hear a submission from the board of Rangers Football Club. This meeting was arranged in respect of a request set out in an application to consent to an increase in MASH Holdings Limited’s shareholding in Rangers International Football Club to a maximum of 29.9% of the issued share capital.”
“The board has now carefully considered the application and has decided, unanimously, that the application should not be granted.”
“The Board, under article 13 of the Scottish FA articles of association, is required to have due regard to the need to promote and safeguard the interests and public profile of association football, its players, spectators and others involved with the game.”
Rangers have responded immediately with this statement:
“The board of Rangers Football Club are very disappointed with the SFA’s decision and we will now consider all our options.”
There is a hearing with the Scottish FA on 27th January with Rangers and Mike Ashley – and they will determine if Ashley’s interest in the two football clubs has breached the SFA rules and the agreement they have.
It wouldn’t surprise us if they rule at that time that Mike’s ownership has indeed breached their agreement.
What do you think?
Note: Please see if you can help the Northumbria Police to find this missing person – thanks.
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