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 – 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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