Ashley enables “Operation Screw Rangers”

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With Ashley losing a little
ground today, with both the clarity of King’s impending EGM triumph emerging
clearly enough plus his paltry fine in face of being found guilty of a breach
of dual-ownership rules by the SFA, the Sports Direct tycoon has enacted plan
B.
His outgoing, or so we hoped,
executives Barry Leach & Derek Llambias have proceeded with Operation Screw
Rangers and today Rangers Plc confirmed the second part of the Ashley’s loan,
£5M, will be drawn:

“The Board of Rangers announces that the
Company has commenced the process of satisfying the conditions for drawdown of
the second tranche of the facility announced on 27 January 2015 with SportsDirect.com
Retail Limited and associated companies (“SD”) (the
“Facility”) in order to meet its cash requirements for the third week
of March. Drawdown of the second tranche of the Facility is subject to due
diligence by SD. Shareholders should be aware that there are other conditions
of drawdown which include a material and adverse change and/or significant,
adverse event condition  which could impact upon the willingness of SD to
release the funds. If the funds are not able to be drawn down from the
Facility, alternative sources of external funding will be required.”
The conditions of
the original loan saw Ashley able to nab Rangers’ merchandise and appoint his
men on the board. The exact clauses in this one are not entirely clear but you
can be sure Ashley is intending a sting in the tail.
If that were not
enough, his henchmen have also confirmed that despite the astoundingly one-sided
nature of the vote, they are nevertheless pressing ahead with the EGM at cost
to Rangers. At pointless cost, I should add:
“The Board of Rangers notes the Press
Release from David King issued today. 
Proxy voting closes tomorrow morning at 10am, and at the current time a
significant number of shares have not yet voted; the outcome cannot therefore
be determined with certainty. The position of the proxy voting will not be
announced ahead of the meeting for regulatory reasons, and in any event
shareholders have the right to revoke their proxy vote by attendance in person
at the general meeting.
The Directors believe that they have at all times sought to act in the
best interests of Rangers for the benefit of its shareholders as a whole and
refute in the strongest possible terms any suggestion that this is not the case
and in particular any suggestion that they have given their personal interests
priority over those of the Company.
By remaining in post the directors wish to give the Company and
possible incoming directors (should the Board change) the best possible chance
of complying with the AIM rules and of avoiding the risk highlighted in the
circular of 06 February 2015 of the Company’s shares being suspended. There can
be no guarantee of avoiding suspension.
The Board have reached out to David King in recent days to seek a
resolution in the best interests of the Club but regrettably this has not yet
proved possible. If control of the board of directors of the Company changes as
a result of the general meeting the directors pledge that they will do their
utmost to work with the new board in the interests of Rangers Football Club, as
they have done and continue to do.”
While it is true that their
resignation would see the company temporarily having to halt trading and stocks
would be frozen given a PlC needs its board in order to trade (stock market
rules), what they have also failed to point out is this would not matter if
these positions were being instantly replaced by incumbents’ King, Murray and
Gilligan, or men appointed by them.
The earlier hopes Rangers fans
had of a clean transition just took yet another twist, with Ashley refusing to
easily let his grip on Rangers go.

33 COMMENTS

  1. I would imagine that if voting starts tomorrow and a conclusion is known before Friday, then the victors would surely be able to stop the EGM and claim victory.

    • Llambias and Leech, as the only remaining directors are insisting that the EGM goes ahead for no other reason apparently, than to cost us £80,000. Nice people.

    • They say they are contractually entitled to £290,000 severance and won't resign until they get it.Most people would do the same. King seems to be saying he will not honour their notarised contracts so what does that make him (as if we didn't already know)?

    • It makes him a man with Rangers at heart not looking to screw us over. Llambias and Leach will owe Rangers money when this is all done and dusted and may even face criminal charges.

  2. Dave King as usual used his mouth before engaging his brain does he know anything about
    business , has he went over the small print on every sheet of paper , Ashley does not have
    shareholders at Newcastle United so he can do as he pleases , at Rangers its shareholders
    that are supposed to hold the power to stop the board of directors if they feel things are not
    right , our shareholders could do nothing with David Murray or Craig Whyte and now Mike Ashley .
    I think King has jumped the gun and Friday could be a RED FACE DAY for King
    Mike Ashley has 3.3 Billion Pounds in his bank self made , don't know if King has anything
    who has the better business brain , and Ashley pay`s all his taxes without doing deals like King

    • You clown !…King has FORGOTTEN more about busines than YOU will ever know !……..ha ha ! DECLAN……………yer tea is oot ! , dinna greet ! .

    • unfortunately for you silly, it's not Declan (is that his real name?) that is owed £10 million.
      Red face day indeed.
      Ashley, King, Green, Whyte, it really doesn't matter who, when they are paying a clown £825, 000 per year to stay away from work, you really do have to watch and laugh.

    • If the £5 million is drawn down by Friday , then as soon as the new board take over then it can be paid straight back (even the two rats cannot spend it in 2 days) .That leaves £5 million owed to fat boy which I`m sure King and co. have plans to deal with. Ashleys attitude towards the club should ensure that no matter what happens with contracts in the future , that no Rangers fan will shop at Sports Direct ever again.If these means the store at Ibrox closing then so be it.

    • Just sort it out please, King or Ashley. I dread promotion to SPL (if we make it) we will be a laughing stock.Sort the boardroom out and lets sort out the playing side, too much disinformation must be confusing for the players.

    • Look at his balance sheet, what you suggest will be as successful as our ability to win the championship this year. Ashley is a clever and honest businessman, King clever an dishonest, yet we are about to be happy, just as we generally were with Whyte and Green not to mention the mess of debt we were left with before those two honest gentlemen. We must be bonkers flinging more time, support and money at our once great institution.

    • Ashley is an honest businessman ????????????????.Tell that to the USC workers who he screwed out of their redundancy money .The man is morally bankrupt and should be chased out of our club as soon as humanly possible.

  3. if they dont need to use the money at this point cant anyone stop them from using it ?? as the fat man will get it back at some point.

  4. i just hope the newcastle fans are watching as hes been using them for years now,, they are just mugs filling his bank up.

  5. Let's hope it's a 'true' voting outcome then unlike the farce that was the Indy vote, a 'fix' if ever I saw one and was it investigated despite aTory MP having access to vote numbers against the rules and law? No it wasn't, Democracy my arse.

    • Ohh no not the indy vote again, that was proved without doubt it wasnt a fix you honestly thing fat eck would have kept quiet if it was a fix lol

    • Davie Bluesman … what has this paranoid garbage got to do with Rangers ? You all got your referendum , you lost big time , get over it and move on.

  6. Mike Ashley/Sports Direct can appoint 2 Directors to the Board and maybe even another 2 on top of that with the New £5million loan Drawdown and then retain the majority vote on the Board. At the very least he will have the last laugh as he can issue a new share issue for Rangers Retail and buy up the lot leaving the new board with less than the current 25% share in Rangers Retail, and that means less of a pay out from all revenues for the next 2 years.

  7. Whatever happens Ashley still has some amount of clout over our club! Will King & Co be able to legally break or end his stronghold over the merchandise deal? The only thing I do know is that if our fans can muddle together through these hard time, then the good times will be amazing 🙂 remember life is not about how fast you run or how high you climb, but how well you bounce 🙂 WATP

    • Stop hiding behind your anonymous tag ya prick and get back on your own clubs forums…..where wee boys are probably involved

  8. Believing that you are 'the people' is what got Rangers into this mess in the first place, only when that attitude changes will the pain end.

  9. The best way forward once the dust has settled is to boycott all of Ashley's businesses and ask for Football fans everywhere to back this boycott. I have to believe that Newcastle fans would be supportive and surely the supporters of other clubs would do likewise in sufficient numbers to adversely affect the Sports Direct turnover and cause concerns among other shareholders of that business.

    • yes fans should get together and organise a boycott on a massive scale as this would be the only thing fat ash would take note of.Newcastle fans should start to put pressure on him as filling the stadium and buying tops is keeping him happy so time to hit him in the pocket.

  10. Rangers fans will be hounding King out by the end of the year, when he is short of answers and his false promises are realised.
    He has been forced to purchase shares after his previous plans had failed.
    Ironically he is complicit in the financial mess rangers are in this season, having to get last minute loans to stay afloat and now he could be faced with having to repay some of these loans.
    His plan all along was to see rangers hit the skids, pick up the assets cheaply, how is that for a RRM. A man who had to buy his way out of an 84 year prison sentence for fiddling… Truly fit and proper.

  11. Will King be deemed a FaPP? His criminal activities are a real concern.

    Its been spoken of as if its a done deal that he will be acceptable to the authorithies…I', not so sure he will be. what then?

  12. lets get it right everyones a criminal just some don't get caught lets make a replica t shirt and take all profits

  13. I am not a Rangers supporter, but don't you think that the fans who DIDNT buy season tickets have to take some blame for the mess Rangers find their selves in now.
    I don't see King and Co. being any better, he has managed to wrestle control of the board, so it seams,with out any investment in Rangers. I have serious doubts about him.
    But I may be wrong

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