McMurdo claiming EGM avoidance deal 'likely'

[Zappa 0]

BBC now reporting it.

 

Rangers board close to peace deal with four new directors

 

By Jim Spence and Chris McLaughlin

 

BBC Scotland

 

A peace deal to halt ongoing strife between Rangers' board and disaffected shareholders is close to completion, according to senior sources. The League One club are poised to add four new directors to the current five-man board and avoid what promised to be a stormy extraordinary meeting. "No-one will be leaving the board," said an Ibrox source.

 

The deal is close to being agreed and the four will be joining the board at the request of the requisitioners." The four would join the board at the request of the group of shareholders who have demanded an egm in an attempt to remove chief executive Craig Mather, finance director Brian Stockbridge and non-executive director Bryan Smart. Paul Murray and John McLelland

 

BBC Scotland understands that the four to be added would be former chairman John McLelland, former director Paul Murray, accountant Frank Blin and bus tycoon Sandy Easdale. McLelland is being touted for a return as chairman. Mather, Stockbridge and Smart would remain on the board along with present non-executive directors Ian Hart and Sandy Easdale's brother, James.

 

The group of shareholders, headed by Jim McColl, chairman of Clyde Blowers, has been in negotiations with the Ibrox board to achieve a solution that would avoid a gathering that could cost the club £80,000.

Rangers' board would prefer to have discussions on boardroom changes incorporated into the agenda for the annual meeting, which is to be held in October. However, it is understood that the deal has been struck following a stalemate in the power struggle going on within Ibrox.

 

Both factions are understood to speak for around 30% each of the club's shareholders, with neither side entirely confident of winning any vote at an egm.

 

http://www.bbc.co.uk/sport/0/football/23953675

 

If it turns out to be true and this is the agreement, then it's most certainly a massive compromise.

 

Stockbridge keeping his position and Sandy Easdale being appointed are both completely unacceptable factors.

 

SpivCo would still have the majority vote as well.

Edited September 3, 2013 by Zappa

[TheTinMan99 0]

Have we got enough blazers? Both sides have went from 100% confident of winning, to this pish. Surely the whole point of Blin, was to replace Stockbridge? Mental.

[RANGERRAB 3,663]

Have we got enough blazers? Both sides have went from 100% confident of winning, to this pish. Surely the whole point of Blin, was to replace Stockbridge? Mental.

 

With all that's been said, how can all of them seriously work together? Unless there will be a boardroom coup once Blin & Murray get into the boardroom. We shall have to wait & see how the develops

[chilledbear 16]

Reading McLaughlins piece, I don't see that it's a done deal.

 

Not much different from McMurdos blog, so I would say at the moment this is the current Boards proposal to McCollco.

[amms 0]

Remember this was reported by Chris McLaughlin, his Rangers related info comes from Irvine and Easdale. That doesn't make it untrue it just gives it a certain viewpoint.

[Doc 280]

If it turns out to be true and this is the agreement, then it's most certainly a massive compromise.

 

Stockbridge keeping his position and Sandy Easdale being appointed are both completely unacceptable factors.

 

SpivCo would still have the majority vote as well.

 

Agree with you totally Zappa. How Stockbridge can stay on board is completely beyond me. In terms of competence he's a joke. This isn't a recipe for progress it's a recipe for another 12 months of shit slinging.

[Bluedell 5,624]

McCollco obviously felt strongly enough about Stockbridge's performance in an executive director role that they called an EGM to have him removed. If they now are saying that they are happy for him to remain and continue to perform as he has done so and they just get paid off with seats on the board, and by doing so allow Sandy Easdale on the board, then it is not something that shows any of them in a great light.

[JTP 0]

Well if this is the route we are taking then the very first thing I want to see and hear about is Blin walking in and saying to BS "show me the books".

 

And after a forensic review I'd expect him to grill him on the findings and report it to the board AND the fans.

 

I suppose a set of accounts would do the same but sometimes these can be manipulated to hide things. I'm guessing Blin would find everything given the access.

[Zappa 0]

Reading McLaughlins piece, I don't see that it's a done deal.

 

Not much different from McMurdos blog, so I would say at the moment this is the current Boards proposal to McCollco.

 

Remember this was reported by Chris McLaughlin, his Rangers related info comes from Irvine and Easdale. That doesn't make it untrue it just gives it a certain viewpoint.

 

Yeah, I'm not convinced. Gonna keep my fingers crossed that McMurdo & the scrote have been fed a scoop that's a load of shite.

[Zappa 0]

Well if this is the route we are taking then the very first thing I want to see and hear about is Blin walking in and saying to BS "show me the books".

 

And after a forensic review I'd expect him to grill him on the findings and report it to the board AND the fans.

 

I suppose a set of accounts would do the same but sometimes these can be manipulated to hide things. I'm guessing Blin would find everything given the access.

 

If Blin did a forensic review of the books and company finances he would only be able to report to the board. Stock market rules would prevent him from telling the fans anything. The best we could hope for is an executive summary of the worst points to be leaked out to the press by someone on the board.