The power struggle at Rangers has deepened after former director and 14.6 per cent shareholder Dave King mounted a bid to remove four members of the board of the club, including the chairman David Somers, the chief executive Derek Llambias, and finance director Barry Leach.
The resolution by New Oasis Asset Management, Mr King’s family trust, also proposes appointing to the board Mr King and his allies Paul Murray and John Gilligan. The attempted boardroom coup is the latest instalment in the manoeuvring between rival shareholders trying to secure control of the club.
The power struggle at Rangers has deepened after former director and 14.6 per cent shareholder Dave King mounted a bid to remove four members of the board of the club, including the chairman David Somers, the chief executive Derek Llambias, and finance director Barry Leach.
The resolution by New Oasis Asset Management, Mr King’s family trust, also proposes appointing to the board Mr King and his allies Paul Murray and John Gilligan. The attempted boardroom coup is the latest instalment in the manoeuvring between rival shareholders trying to secure control of the club.
In a statement, the Rangers board said it was establishing whether the New Oasis demand was properly constituted, and that if it was found to be, it would seek to have it withdrawn to avoid the cost and disruption of a general meeting.
The board said that the rules of the Aim market required board appointees to be ‘suitable to be a director of a UK public company.’ Mr King has been investigated by the South African tax authorities, and in 2013 pleaded guilty to several criminal charges, and paid financial penalties.
In a second statement, Rangers said it might be necessary to use the Ibrox stadium as security to secure capital to cover the club’s cash flow crisis. Last week Rangers lodged an advanced notice for a charge on the stadium on behalf of Mike Ashley’s Sports Direct. However, the board insisted that it was not favouring Mr Ashley’s loan proposal and no decision had yet been taken.