Dave King Takes Control From Mike Ashley At Rangers FC


As expected, Dave King has won the battle today at the Rangers Extraordinary General Meeting in London,  to gain control of Rangers FC, and the club has issued a statement to that effect.

dave king

Dave King – in control of Rangers FC

Dave King, Paul Murray and John Gilligan have been voted onto the Rangers Board, with the Rangers shareholders voting to remove existing board members Derek Llambias and Barry Leach, who are two of Mike Ashley’s people.

It was really a no contest, with only 15% of the Rangers club’s shareholders voting to keep Llambias and Leach in power, with 85% backing Dave King’s bid to claim control of the iconic Scottish club.

This was the expected outcome today and Dave King has said earlier this week he expected a landslide victory – and he was right on that.

Here is some of the Rangers statement to the London Stock Exchange this afternoon:

“The Company announces that it was notified today that Alexander Easdale holds 5,256,110 Ordinary Shares in the Company, equal to 6.45% of the issued share capital of the Company.”

“Mr Easdale also holds voting rights over, but does not own, a further 11,301,276 Ordinary Shares, representing 13.32% of the Company, meaning that in total he holds voting rights over 16,556,736 Ordinary Shares, representing 20.32% of the issued share capital of the Company.”

Dave King now thinks it will take as much as £30M to put Rangers back to being in contention again for the Scottish Premier League and playing in the Champions League again.

So Mike Ashley will still have opportunities in the future to stay involved with Rangers, because of the loans he can give to the iconic Scottish club, and Dave King says he thinks he can work with the English Billionaire.

But as Rangers’ fans have seen in the past – the loans come with some significant benefits to Mike Ashley.

The group headed by Dave King – Rangers First – had their spokesman Ricki Neill make a long statement after the vote today – here is small portion of that statement:

“Rangers First members voted in favour of Dave King’s General Meeting Resolutions so we are delighted with the confirmation there is a change at boardroom level at last.”

“Our club has been abused by those only interested in themselves for long enough,  and the rehabilitation of Rangers begins today with the appointments of Dave King, Paul Murray and John Gilligan.”

“The Rangers supporters have voiced their discontent at the way the club has been run in recent years,  but we are confident the new board will treat the club and supporters with the respect they deserve after years of being taken for granted.”

“Rangers First has gained around 13,000 members and acquired a 2.46% shareholding in the club, and I would like to thank all those who have signed up to our initiative.”

“Rangers First was never about just buying shares and voting for change at the General Meeting.”  “We are here for the long haul. I firmly believe our fan ownership model can help make a positive difference to the club going forward and we want to work closely with the new board for the good of Rangers Football Club.”

“Supporters have been embarrassed by the lack of corporate governance at the club in recent times, but we have cause to celebrate today as men of impeccable corporate pedigree and genuine Rangers supporters are now in control of the club.”

It’s going to be interesting to see if Mike Ashley stays with his Rangers initiative for the benefit of his Sports Direct business – we think he will.

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108 comments so far

  • jayphoto

    Mar 6, 2015 at 3:30 PM

    Comment #1

    Feel for Rangers! Not sure any of the prospective parties are in it for the love of the football club! Ashleys intentions are a mystery! Wouldn’t shock me if his interest was in collecting the commercial land when they can’t repay the loan? Saw somewhere that he would multiply his invested monies by 10 if that happened. £80m in commercial properties for an 8m investment is a very Ashley type deal

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  • toon kk

    Mar 6, 2015 at 3:37 PM

    Comment #2

    I’m proud of the Rangers fans wanting whats best for there club.
    A bit different to Newcastle fans who want ambition but support MA and his greedy regime.

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  • stuart no9

    Mar 6, 2015 at 3:37 PM

    Comment #3

    1stuart no9 // Mar 6, 2015 at 2:42 PM

    Now that king has gained control of rangers and owl head is ousted ,can anyone tell me where that leaves Ashley in regards of taking over Rangers ???????

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  • Average_Contents

    Mar 6, 2015 at 3:39 PM

    Comment #4

    Ed

    It was held at Ibrox after 2 London hotels refused to hold it.

    That statement above is also from before the egm. The actual statement says king and his counterparts have been installed as board members (kings has been deferred until he passes the fit and proper test)

    Jayphoto

    Aye mate. It equates to a sizable chunk of assets for minimal outlay but since it was shite defect who supplied the last lot of loans loans, everything is in their name whereas it used to be in the slugs as he supplied the initial loans. He’s got his foot in the door, opened it wide and let shite defect run riot. They basically own all the assets bar Ibrox and 75% of the merchandising and club trademarks. Horrible fat twat.

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  • toon kk

    Mar 6, 2015 at 3:48 PM

    Comment #5

    Stuart.
    The new board at Rangers will listen to SD and put any good ideas to the new board, but what ever is deciding has to be a benefit to the club and not MA.
    MA reduced to talk to king.
    DL even tried to get a year’s wages yesterday before being voted out today.

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  • toon kk

    Mar 6, 2015 at 3:53 PM

    Comment #6

    The downside for Rangers is greedy Mash still has a foot in the door, but at least he can’t take it over like he intended.

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  • Average_Contents

    Mar 6, 2015 at 4:12 PM

    Comment #7

    Like I’ve said all along. He’s got what he wanted. Assets and merchandising and he did this whilst he effectively called the shots so unless king and his allies can rip up those contracts lucrative to shite defect only then he’s still won. Here’s an extract from a paper.

    Ashley, though, will remain a crucial figure in Rangers’ fortunes. He used his period of influence within the boardroom to tighten his grip on the club’s cash flow by virtue of his loans and merchandising contracts with his Sports Direct retain chain, all of which are buttressed by securities over such vital assets as Rangers’ trademark, club crest and properties including the Murray Park training ground.

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  • jesperfuglsang - capt'n awesome of the lemon crew

    Mar 6, 2015 at 4:14 PM

    Comment #8

    I read an article about Dave King not long ago and trust me he makes the Fat One look like a boyscout 🙂

    …be careful what you wish for Rangers first!

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  • Average_Contents

    Mar 6, 2015 at 4:15 PM

    Comment #9

    In other words. He needed owl heed and leech in places of power in order to allow all he wanted ie the assets and merchandising and he got them in ASAP to get it done quick. Now he’s got those he won’t be arsed that they’ve been voted out. He’s got what he wanted at minimal cost. Slimy cnut.

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  • Mister Tuff

    Mar 6, 2015 at 4:31 PM

    Comment #10

    jesper – true King is a fraudster and convicted crook.
    However, it appears to me that the old adage of “it takes a crook to catch a crook” probably is correct in this particular battle for Ibrox.
    Will be interesting as to what Tubbs does next -he’s certainly no mug.

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  • jesperfuglsang - capt'n awesome of the lemon crew

    Mar 6, 2015 at 4:38 PM

    Comment #11

    Senor Tuff….either way it seems the Rangers supporter are left with a crook…and probably an even worse kind?

    …fraudsters seems to go around these days (if you know what I mean 😉 lol)

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  • Mister Tuff

    Mar 6, 2015 at 4:47 PM

    Comment #12

    jesper – I know exactly what you mean!!

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  • dazzler

    Mar 6, 2015 at 4:49 PM

    Comment #13

    King is a worse, less wealthy version of MA in my opinion. It’s going to be a long game for ashley now, if he still wants rangers he will still get it, once rangers are back in the shit.

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  • Belfast

    Mar 6, 2015 at 4:50 PM

    Comment #14

    Well i’m sure Rangers fans would much rather have a Rangers crook in charge than a bunch of cockney crooks.

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  • lochinvar

    Mar 6, 2015 at 4:54 PM

    Comment #15

    Rangers fans have kicked out solid financial investment and expertise in saving failed business’ ( Field and Trek, Dunlop, Donnay, Karrimor etc Aka Sports Direct) for the quicksand of dodgy dealings and uncertain financial investment. They could make Leeds and Portsmouth look like Sunday picnics.
    Reality check.
    Dave King had according to press reports to pay £44m in tax owed in South Africa. How was that financed ?
    It will end in tears.
    Painful to admit but there we are, that’s how it looks.
    Better check the small print – first signings might have to be Pardew as D of F and Carver as Manager.

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  • ronniegillsbackpage

    Mar 6, 2015 at 4:54 PM

    Comment #16

    Isn’t it about time the premier league stepped in and demand that Ashley must treat his club as a sporting entity and not a vehicle for his brand.surely the very nature of the league is to get as high as possible,as its branded round the world as the best league in the world,but a club who’s only ambition is to survive in it doesn’t send out a very good message. And what of the FA ! Dose it not demean there competition when a club like Newcastle have no real interst of getting past the third round.
    These are SPORTING events not some rich mans means of hijacking a club and the goodwill of its supporters to maximise profits in his company !

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  • Belfast

    Mar 6, 2015 at 4:56 PM

    Comment #17

    It’s not just king in control either, all directors appointed today are life long Rangers fans. They’re in much better hands in my opinion.

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  • ToonMatt

    Mar 6, 2015 at 5:01 PM

    Comment #18

    Good luck to Rangers and their fans, They did not let the slug in to choke the life out of their club, I wish we would do the same instead of filling his pockets and letting him destroy this club.

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  • jesperfuglsang - capt'n awesome of the lemon crew

    Mar 6, 2015 at 5:01 PM

    Comment #19

    Belfast…isn’t King a South Africa crook?

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  • jimiley

    Mar 6, 2015 at 5:04 PM

    Comment #20

    At least Rangers fans have got the balls to hold a proper demo to keep Ashley out. They will fight him tooth and nail. Unlike the spineless 52 thousand. “we’ve paid for our season ticket so what can we do?” Pathetic.

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  • jesperfuglsang - capt'n awesome of the lemon crew

    Mar 6, 2015 at 5:06 PM

    Comment #21

    The new TV-deal comes with a price. No half empty stadiums will be tolerated!

    …in that very sentence lies the solution to our problem I think! Sadly it’s not a popular one (far from it, but sometimes the truth hurts)

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  • Belfast

    Mar 6, 2015 at 5:09 PM

    Comment #22

    Yes he got done for tax evasion in south Africa but settled with the authorities.

    Fair play to their fans though, they starved the board of cash and basically forced a lot of investors into selling their shares because of the situation. Most of these shares where sold to different groups of Rangers fans King and the others.

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  • Jeff from Benwell

    Mar 6, 2015 at 5:10 PM

    Comment #23

    ToonMatt
    If you know nowt say nowt

    “let the slug in to choke the life out of their club”

    what nonsense

    A £10million soft loan is not choking the life out of anything
    D.King is making very conciliatory noises with regard to Ashley today

    It’s becoming increasingly obvious that Ashley had no interest in controlling Rangers

    Of more pressing interest to me as a Toon supporter is what is the situation regarding our players there ?

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  • jesperfuglsang - capt'n awesome of the lemon crew

    Mar 6, 2015 at 5:16 PM

    Comment #24

    Off topic, is Pulled Pork a big thing in the UK?

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  • Jeff from Benwell

    Mar 6, 2015 at 5:22 PM

    Comment #25

    Pulled Pork is a pig thing

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  • Belfast

    Mar 6, 2015 at 5:25 PM

    Comment #26

    Well Jeffrey

    Our survey says…..
    Ding!

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  • GeordieTwo

    Mar 6, 2015 at 5:26 PM

    Comment #27

    There’s got to be something funny to say about Rangers situation. I just don’t know what it is yet.

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  • GeordieTwo

    Mar 6, 2015 at 5:27 PM

    Comment #28

    We like pulled pork in Canada jesper mate. Pulled pork on a bun. Mmmmmmm.

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  • BoyDoneGood

    Mar 6, 2015 at 5:31 PM

    Comment #29

    Pulled pork has been all the rage for a year now.

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  • jesperfuglsang - capt'n awesome of the lemon crew

    Mar 6, 2015 at 5:31 PM

    Comment #30

    Yes Jeffrey…pork comes from a pig!

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  • GeordieTwo

    Mar 6, 2015 at 5:33 PM

    Comment #31

    So De Jong has a collapsed lung and is out until June now? What on earth? How did he get a collapsed lung? Did he try to barf on Ashley? Dummett is out until the end of the season as well. Believe it or not Aarons is due back March 15th. Personally I’ll believe it when I see it.

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  • GeordieTwo

    Mar 6, 2015 at 5:34 PM

    Comment #32

    And the pushed pork!! That is something else jesper!

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  • jesperfuglsang - capt'n awesome of the lemon crew

    Mar 6, 2015 at 5:36 PM

    Comment #33

    GT…it’s gone completely crazy here on the pulled pork front in the last 5 years!

    …love it too on a homebaked bun with home made barbecue 🙂

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  • jesperfuglsang - capt'n awesome of the lemon crew

    Mar 6, 2015 at 5:37 PM

    Comment #34

    GT…it certainly is mate 🙂 and it still comes from the pig Jeffrey!

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  • toon kk

    Mar 6, 2015 at 5:42 PM

    Comment #35

    Enough about Rangers, what about the mess Nufc is in.
    Owned by mr Greedy, run like SD and supported by ambitious fans who accept below average and still cheer and think we’re capable of playing like Real Madrid.
    All a bit sad really.

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  • GeordieTwo

    Mar 6, 2015 at 5:43 PM

    Comment #36

    Well let’s move on to more important matters. How can Ashley screw the club up further? What about sacking the entire coaching staff and not hiring anyone? Would that be worse than what we have now?

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  • GeordieTwo

    Mar 6, 2015 at 5:43 PM

    Comment #37

    Great minds think alike toon kk mate. And then there’s us. Harrumph!

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  • GeordieTwo

    Mar 6, 2015 at 5:45 PM

    Comment #38

    Couldn’t one of the players from the bench pretend to be head coach during games? As for practice couldn’t Lee step out and show them a thing or two? Think of the savings.

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  • jesperfuglsang - capt'n awesome of the lemon crew

    Mar 6, 2015 at 5:49 PM

    Comment #39

    …and don’t forget the coleslaw!

    GT…where do you stand on a Mississippi Mud pie?

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  • GeordieTwo

    Mar 6, 2015 at 5:52 PM

    Comment #40

    I usually stand to one side of it jseper mate. You can make a real mess tracking it through the house otherwise.

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