Current share positions.

[chilledbear 16]

There are vocal groups amongst the Rangers fan base in opposition to each other online, and a larger silent majority whose intentions will only become clear in time. So what might happen?

The board has been unable to find an alternative to King - who is on record saying he is prepared to invest up to £30m, but would do so on his terms, and in control - and so they can either engage with him now, wait until the club is teetering on the very edge of a crisis, or muddle through to the autumn, when Wallace's stated intention is to seek shareholder authority for a rights issue.

This would most likely need to be underwritten, since so many Rangers shares are held by individuals and even if some of the institutional investors were prepared to put more money in, that alone may not raise enough finance.

The shareholders who aligned themselves round Sandy Easdale last December could sell their almost 25% stake, but on current market value that's only worth £3.6m. They have never shown any inclination to sell at that kind of price. Buying any holding smaller than 25% does not allow King the control he needs.

So Rangers fans are left with the ultimate power, of renewing or withholding. Administration cannot be discounted, given the precarious nature of the finances, but it can be avoided. Change will need to come at shareholder level, as King has always stressed, and the impasse remains there for now.

 

http://www.bbc.co.uk/sport/0/scotland/27211821