der Berliner 3,743 Posted October 25, 2014 Share Posted October 25, 2014 DR's article ... RANGERS embattled chief executive Graham Wallace flew out on a family holiday yesterday – as Brian Kennedy and Mike Ashley went to war for control of the club. Record Sport can reveal Wallace’s decision to head for a beach in Greece has caused astonishment in the rival camps as the fate of the club hangs in the balance after a chaotic day of boardroom activity. Sale Sharks owner Kennedy spoke exclusively to this paper to reveal he has teamed up with a group of “trusted Rangers men” as he fights to block Ashley’s power grab. Kennedy’s move came hours after we revealed on line that Ashley had attempted to gain control of the financially stricken club with the offer of an emergency loan after blocking Dave King’s offer of a £16million bailout. In return for his cash, the Newcastle United owner demanded the heads of Wallace and finance director Philip Nash in order to place his own men in charge. Ex-St James’ Park chief Derek Llambias, a close friend of Ashley, is being lined up to head the new regime. Nash then dramatically quit – just as Wallace was packing his bags for a sunshine break. A source close to the battle said last night: “The situation is becoming embarrassing. “Yes, Wallace might be able to stay in touch via conference calls but what has been developing over the last few hours is possibly the most serious situation this club has faced in its history. “Huge decisions are being made which will impact not just on Wallace’s job but on the very future of the club. “It is simply staggering that he has chosen to take the family to Greece at a time of such incredible significance. I’m sure he’ll have free Wi-fi at his luxury hotel but that is hardly the point.” Wallace jetted abroad just as we were revealing online how Kennedy was arriving in Glasgow to launch an 11th-hour bid to thwart Ashley. Kennedy tried and failed to rescue the club from administration in 2012 after it had been plunged into financial meltdown by former owner Craig Whyte. Back then Kennedy joined forces with Paul Murray’s Blue Knights and seemed on the verge of taking control until administrators Duff and Phelps opted to go instead with Charles Green who picked up the assets for £5.5m after liquidation. Businessman Kennedy, born in Edinburgh, arrived in Glasgow yesterday afternoon in the hope of pushing his deal through. Late last night – after hours of deliberation and conference calls – the board were still locked in talks over the two offers. Kennedy told Record Sport: “In partnership with trusted Rangers men we have submitted a funding proposition to the board of Rangers. We believe it provides the club with an attractive alternative.” It’s thought Kennedy’s offer of an emergency loan was finalised yesterday morning – just as Ashley was preparing to seize power after seeing off King’s consortium. The move blindsided the Sports Direct boss who believed he was the club’s last chance of avoiding collapse again. The club’s cash reserves are dwindling fast and although Rangers may have enough left to cover October’s wages, due on Thursday, the money is expected to run out before the end of next month. Ashley made his move after King’s rescue mission had been torpedoed by Rangers director Sandy Easdale, who controls 26 per cent of the shares. Wallace and Nash had been backing King. After Nash resigned, King said: “He’s a man of integrity. “Perhaps he wanted to disassociate himself from something unsavoury.” King insists his deal will stay on the table even if Ashley gets his way. He said: “I don’t see his offer of a short-term loan affecting me. “Our offer is a long-term permanent solution that can take the football club forward.” A source close to Ashley said: “Mike believes that a prosperous future for Ally McCoist’s Gers will only be possible if the club is put back on a secure financial footing. “At the moment it is a real mess and he wants Llambias to sort it out.” 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted October 25, 2014 Share Posted October 25, 2014 Must've been a good red if you're seeing extra zeros! . Barooloo? 0 Quote Link to post Share on other sites More sharing options...
rbr 1,256 Posted October 25, 2014 Share Posted October 25, 2014 Haha , sorry guys my bad 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 25, 2014 Share Posted October 25, 2014 . Barooloo? Aye, £7000 a bottle from Asda. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted October 25, 2014 Share Posted October 25, 2014 It seems simple enough. Only one offer actually sorts us out so must be accepted or an alternative found. As for the short term ones till the AGM Kennedy is probably better and should be the one legally accepted but Ashley will no doubt be allowed to steal our badge before the AGM. The question is will king reduce his offer if Ashley devalues the club 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,743 Posted October 25, 2014 Share Posted October 25, 2014 Just on FF ... £3 million loan plus Ashley underwritten share issue on the cards. BBC Scotland reporting 'overnight discussions' have resulted in the prospect of a £3 million loan from Ashley then a share issue which he will underwrite. ... Gollum McLaughlin just tweeted Ashley deal will be signed off over weekend. You wonder how that is being structured, as he can't have more than 10% ... 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted October 25, 2014 Share Posted October 25, 2014 Aye, £7000 a bottle from Asda. Brilliant. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 25, 2014 Share Posted October 25, 2014 Just on FF ... You wonder how that is being structured, as he can't have more than 10% ... He can easily ask the SFA to waive their 10% agreement. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted October 25, 2014 Share Posted October 25, 2014 Just on FF ... You wonder how that is being structured, as he can't have more than 10% ... It's a threat only. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted October 25, 2014 Share Posted October 25, 2014 He can easily ask the SFA to waive their 10% agreement. And uefa?? 0 Quote Link to post Share on other sites More sharing options...
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