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Rangers boardroom battle: Douglas Park consortium winning the battle for Ibrox...

ian1964

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ian1964

ian1964 10,720

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...as they hold advanced talks with club bosses.

 

 

Jan 12, 2015 07:32

By Keith Jackson

 

RECORD SPORT understands the Lanarkshire-based 
businessman and his allies are on the brink of agreeing a deal in return for two seats on the board.

 

DOUGLAS PARK and his consortium were locked in advanced talks with the Rangers hierarchy last night as they edged closer to winning the battle for control of Ibrox.

 

Record Sport understands the Lanarkshire-based 
businessman and his allies, George Letham and George Taylor, are on the brink of agreeing a deal to plough over £6million of emergency money into the club to spare it from insolvency – in return for two seats on the board.

 

An announcement is expected early this week as the current regime scrambles to secure fresh funding.

 

And last night, with Park and his group on the cusp of forcing their way into a position of power, directors James and Sandy Easdale appeared to pave the way for their imminent arrival by insisting they will be welcomed into the boardroom.

 

In a statement the Easdale family adviser Jack Irvine said: “Sandy and James repeat again that they will willingly work with Douglas Park’s group for the benefit of the club.”

 

Between them, Park, Letham and Taylor already have control of 20 per cent of the troubled Ibrox club’s shares.

 

They are pushing for regime change and plan to invest further in a new share issue but realise the club’s cash flow position is critical and needs to be addressed immediately.

 

In fact, Hong Kong-based banker Taylor believes, in the longer term, Rangers fans should eventually have control over their own club.

 

The Morgan Stanley managing director has now signed up to a life-time membership with 
fan-ownership group Rangers First and said last night: “My hope is that direct fan ownership would become the biggest 
individual owner of the club.”

 

Rangers First director Ricki Neill said: “With our monthly contributors donating amounts from £5 upwards, Rangers First have the income to buy an increasing number of shares every month.

 

“The more members we get to join Rangers First the faster 
we grow and the bigger our 
shareholding becomes.

 

“We also have the Club 1872 membership – which George Taylor has recently joined.

 

“This costs £500 and was designed originally to help us reach our target in as short a period as possible.

 

“George Taylor is one of many true Rangers fans that have joined Club 1872 and we look forward to meeting up with him in the near future.”

 

Phoenix Knight Robert Sarver has also offered Rangers a crisis loan based on the condition that he underwrites a share issue to the tune of £20m and buys control of the club.

 

But, crucially, the American’s plan needs the support of 75 per cent of the club’s current 
shareholders for it to get off the ground and so is viewed as a 
non-starter.

 

This has left Park in the driving seat although the board are refusing to engage in similar talks with like-minded Rangers supporter Dave King, the club’s biggest single shareholder with a 15 per cent stake.

 

As the crisis deepens, the South African-based businessman is expected by many to call for an egm later this week in a bid to 
rout the current board at a 
shareholders’ vote.

 

Newcastle owner Mike Ashley, meanwhile, may yet be prepared to make a rival offer after 
previously handing over £3m to keep the club afloat through November and December.

 

A close source said last night: “The cash situation remains 
critical and because of this a 
decision had been expected over the weekend.

 

“The club is now days away from running out of money completely so there is an urgent necessity to get this funding in place.

 

“However, the talks with the Douglas Park group are at a very advanced stage and it is expected that an announcement will be made soon.”

 

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-boardroom-battle-douglas-park-4962945

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Frankie

Frankie 8,562

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http://www.dailyrecord.co.uk/sport/football/football-news/rangers-boardroom-battle-douglas-park-4962945

 

 

RECORD SPORT understands the Lanarkshire-based 
businessman and his allies are on the brink of agreeing a deal in return for two seats on the board.

 

DOUGLAS PARK and his consortium were locked in advanced talks with the Rangers hierarchy last night as they edged closer to winning the battle for control of Ibrox.

 

Record Sport understands the Lanarkshire-based 
businessman and his allies, George Letham and George Taylor, are on the brink of agreeing a deal to plough over £6million of emergency money into the club to spare it from insolvency – in return for two seats on the board.

 

An announcement is expected early this week as the current regime scrambles to secure fresh funding.

 

And last night, with Park and his group on the cusp of forcing their way into a position of power, directors James and Sandy Easdale appeared to pave the way for their imminent arrival by insisting they will be welcomed into the boardroom.

 

In a statement the Easdale family adviser Jack Irvine said: “Sandy and James repeat again that they will willingly work with Douglas Park’s group for the benefit of the club.”

 

Between them, Park, Letham and Taylor already have control of 20 per cent of the troubled Ibrox club’s shares.

 

They are pushing for regime change and plan to invest further in a new share issue but realise the club’s cash flow position is critical and needs to be addressed immediately.

 

In fact, Hong Kong-based banker Taylor believes, in the longer term, Rangers fans should eventually have control over their own club.

 

The Morgan Stanley managing director has now signed up to a life-time membership with 
fan-ownership group Rangers First and said last night: “My hope is that direct fan ownership would become the biggest 
individual owner of the club.”

 

Rangers First director Ricki Neill said: “With our monthly contributors donating amounts from £5 upwards, Rangers First have the income to buy an increasing number of shares every month.

 

“The more members we get to join Rangers First the faster 
we grow and the bigger our 
shareholding becomes.

 

“We also have the Club 1872 membership – which George Taylor has recently joined.

 

“This costs £500 and was designed originally to help us reach our target in as short a period as possible.

 

“George Taylor is one of many true Rangers fans that have joined Club 1872 and we look forward to meeting up with him in the near future.”

 

Phoenix Knight Robert Sarver has also offered Rangers a crisis loan based on the condition that he underwrites a share issue to the tune of £20m and buys control of the club.

 

But, crucially, the American’s plan needs the support of 75 per cent of the club’s current 
shareholders for it to get off the ground and so is viewed as a 
non-starter.

 

This has left Park in the driving seat although the board are refusing to engage in similar talks with like-minded Rangers supporter Dave King, the club’s biggest single shareholder with a 15 per cent stake.

 

As the crisis deepens, the South African-based businessman is expected by many to call for an egm later this week in a bid to 
rout the current board at a 
shareholders’ vote.

 

Newcastle owner Mike Ashley, meanwhile, may yet be prepared to make a rival offer after 
previously handing over £3m to keep the club afloat through November and December.

 

A close source said last night: “The cash situation remains 
critical and because of this a 
decision had been expected over the weekend.

 

“The club is now days away from running out of money completely so there is an urgent necessity to get this funding in place.

 

“However, the talks with the Douglas Park group are at a very advanced stage and it is expected that an announcement will be made soon.”

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buster.

buster. 5,183

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It's not just about getting people onto the board...getting others off is important. Even if they get two people on they can still be outvoted 4 -2. Maybe that's King's part in the plan?

 

Nae concert parties here.

 

Funding and Representation from and for Letham, Park & Taylor.

 

EGM may be called by Oasis (DK).

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