Prior: I won't back Jim McColl in bid to oust Ibrox board until he puts in his money

[ian1964 10,765]

KIERAN PRIOR last night broke his self-imposed silence to outline his hopes and fears on the battle for the heart and soul of Rangers.

 

In an explosive Record Sport exclusive, the London financier revealed he has twice had bids to buy out Charles Green in the last fortnight rejected by the former chief executive.

 

He also explained he cannot yet back Jim McColl’s move to oust three existing board members at an EGM next month because the Scottish business tycoon refuses to invest in Rangers.

 

Prior has also dismissed claims by former director Dave King the club is heading for administration by Christmas.

 

Prior held meetings with Gers chief executive Craig Mather and finance director Brian Stockbridge in London on Monday and is convinced the club can prosper under the business plan they outlined to him.

 

He even accused King of trying to spook shareholders into selling at the price of 30 pence a share – which Prior claims would leave supporters short-changed.

 

He said: “My end game is the stability and growth of the club and its share price and to ultimately see a return on my investment.

 

“I expect to hold my shareholding for between four and 10 years and have spent the last few weeks working under the radar and getting a feel for the different personalities and points of view.

 

“I did not expect to be messed around by this debacle of good guys versus bad guys because nothing is ever that simple and there are always shades of grey.”

 

Record Sport revealed in June that former Goldman Sachs trader Prior had come to the table as a major player behind the scenes.

 

He has spent the last two months buying up stock and now has control of around 2.5 per cent of the club’s 65 million shares, at a cost of more than £600,000.

 

 

 

His target was always to buy between five and 10 per cent, look under the bonnet, and see if the club was worth further

investment.

 

Prior added: “As someone who has invested I’m even more compelled to increase my stake than I was before meeting Craig and Brian Stockbridge on Monday.

 

“I was particularly impressed by Craig, his candour and insight and I’m encouraged by the management structure going forward under his charge.”

 

However, Prior has been thwarted recently by Green’s rejection of his offers of 34p and 34.5p per share for his five million shares, which would have netted the former chief executive around £2.3million.

 

Prior added: “I’ve twice bid for his stock in its entirety. The money would go into an escrow account ahead of the formal release of the shares at the end of his lock-in period in December.

 

“He told me to put my money where my mouth is and yet on each occasion I had to call him for an answer.

 

“He then said he wouldn’t even sell to me for £50 a share. It has been like trying to negotiate with a chimpanzee for a banana.

 

“He either wants to drag the club under or hold out for a higher price. If it’s the latter, he should negotiate better.

 

“While Charles Green remains focused on individual battles we’ll never get anywhere with this club. He is the most disruptive influence of all.

 

“He is so destructive and self-obsessed. He is a man without a cause, blinded by his own opinion on others.

 

“While I’m here there will always be a buyer for his stock but I’ll take him out at a price when he begins to think rationally.

 

“If he is short of money I’m likely to buy on more favourable terms the longer he waits and dilly-dallies.”

 

Prior is less than impressed with the tactics of McColl, Frank Blin and Paul Murray, who have called for an EGM aimed at replacing Mather, Stockbridge and Bryan Smart as directors with Blin and Murray.

 

Prior said: “If Mr McColl wants to get involved he should buy a significant number of shares. I don’t believe he wants to be that white knight and I’ve told him so.

 

“Paul Murray seems to want a job on the board for a free ride. Mr McColl could have bought the entire stock in one gulp and it would have been change from his pocket. He has chosen not to and it exposes a glaring weakness in their case.

 

“AIM rules legislate that anyone with over five per cent in a company can call an egm at any time.

 

“In light of the interaction I’ve had with Green I’ve no doubt he would want to cause maximum disruption by calling egm after egm, therefore taking the club towards bankruptcy, until he is bought out.

 

“I don’t understand why they can’t see that and it’s why I did not sign their letter of requisition for an egm.”

 

 

 

Prior, a Manchester United fan who has had a soft spot for Rangers since he was a kid growing up in Salford, is adamant the club will not go to the wall again.

 

That has been predicted by former director King but Prior took a swipe at the Johannesburg-based businessman as he revealed the comfort he has taken from his meeting with Mather.

 

He added: “Craig impressed me. I don’t believe administration is on the horizon.

 

“King’s comments might have something to do with his standing bid for the club at 30 pence a share. He could be trying to panic investors out.

 

“People can call me cheeky for bidding 34 pence a share but it is not as cheeky as King. If he buys over 30 per cent he is obliged to make an offer for the rest of the shares – and it won’t be at the levels the fans bought in at.”

 

Prior insists he would have no qualms about becoming the major shareholder at the club but his motivation is less about ego than solid corporate governance and accountability to supporters.

 

He added: “I’m not looking to take over the club, although I would be comfortable as major shareholder. It’s about creating a stable, prosperous Rangers.

 

“People should not be given free rides or play political games with shares they have been gifted.

 

“At the moment, I don’t know how I will vote at the egm. I’m not being drawn into one camp or the other but I will vote for what brings greatest stability.

 

“I’m trying to work to provide a third way where everyone wins, especially the fans, because no one wants a disgruntled club.”

[Waltersgotstyle 307]

“King’s comments might have something to do with his standing bid for the club at 30 pence a share. He could be trying to panic investors out."

 

Does this mean King is actively trying to take control of the club in the background?

[der Berliner 3,848]

Good to have one more "independent" opinion on our finances, not least from someone who knows his ways about money.

 

What he should refrain from doing is to essentially talk up his own motives as being good and well-intentioned, while given rather unsavoury statements about Green, McColl and King, who could well become serious competitors and co-directors in days to come. Likewise, I would have expected something more dignified from a potential major Rangers shareholder than ...

 

“He then said he wouldn’t even sell to me for £50 a share. It has been like trying to negotiate with a chimpanzee for a banana.

 

“He either wants to drag the club under or hold out for a higher price. If it’s the latter, he should negotiate better.

 

“While Charles Green remains focused on individual battles we’ll never get anywhere with this club. He is the most disruptive influence of all.

 

“He is so destructive and self-obsessed. He is a man without a cause, blinded by his own opinion on others.

 

“While I’m here there will always be a buyer for his stock but I’ll take him out at a price when he begins to think rationally.

 

While it might well be true, it will cause even more problems for him dealing with Green and Co. (which can't be his target?), while sure not shed any positive light on Prior's personality (no matter that most think about Green in the same way). As I said before, I do expect that any future chairman or club official (and even major player/shareholder) shows the dignity and respect the club deserves and demands ... while doing a decent job as well.

 

NB: Good to hear that Prior was actually doing something behind the scenes as well, rather than having a one-lokk investment and then disappears into the shadows again.

[Tumshie RFC 0]

I wonder who Prior will be backing at the EGM then? If I was McColl or Murray I would be on the phone to him.

[lenzEK 0]

I thought Prior was aligned to Malcom Murray and so assumed he would not possibly be backing the current regime which is still being controlled by Green?

[der Berliner 3,848]

From what he says, I would assume he backs McColl & Murray over Green. The indiscrete "put up or shut up" salvo at McColl will sure earn him the odd hard glance nonetheless in the future. Can't they behave like men? Can't they just talk to one another, rather than feeding this to the mhedia?

[BrahimHemdani 1]

Can't they just talk to one another

 

Obviously not.

[der Berliner 3,848]

Obviously not.

 

Well, talking to Green does indeed not to be working these days. But youwonder why Prior would publicly criticise McColl before (as far as we know) even talking directly to him? Quite strange.

[BrahimHemdani 1]

Well, talking to Green does indeed not to be working these days. But youwonder why Prior would publicly criticise McColl before (as far as we know) even talking directly to him? Quite strange.

 

It's a bigger soap opera than my marriage and that's saying something

 

If you wrote a script about it, it would be rejected as unbelievable.

[stewarty 2,060]

I think its a perfectly understandable position for Prior to take regarding McColl. Why should he be taken seriously if he only has a handful of shares? I realise its more than just McColl who has signed the requisition, but I do hope they have a Plan B and a Plan C ready to go.