Light at the end of the tunnel?
Revolution in the air as Rangers supporters rally round King and company in the hope of bringing about the power shift they crave
RANGERS stole ground on Hearts for the first time since October yesterday. Yet it was the territorial marches made in the battle for control of the club that counted for so much more to supporters this weekend than promotion points. Eating into the position of advantage held by the current board and Mike Ashley are the gains that they crave.
The shifting landscape of Ibrox shares will prove key to long-term health and, whether you preferred to sit and suffer or were among the stayaways, the shock injection of interest from Dave King’s swoop to gather 14.6 per cent of the club was the top talk above play-off prospects at the stadium and beyond.
Hot on the heels of the carefully plotted acquisition by the consortium known as the Three Bears — Douglas Park, George Taylor and George Letham — to snare over 16 per cent from Laxey Partners, the evolving map of Rangers ownership is suddenly beginning to look more attractive to anguished followers.
The light at the end of the tunnel now shows a dreamy picture of that chart being redrawn altogether without the detested figures such as the Easdale brothers and discredited chairman David Somers.
Last night, the Rangers Supporters Trust declared their dear hopes for that to become reality thanks to the significant power grabs made by wealthy individuals with the club’s best interests at heart in what could turn out to be more of a revolution than a resolution for the New Year.
They issued a rallying call for supporters to do everything in their powers to help push the bid for the boardroom over the line and cautioned against complacency to ensure Rangers can be wrested back to caring hands and the ‘damage’ caused is never witnessed again.
‘The RST is delighted with the news of the past few days which now sees around 35 per cent of the club’s ownership in the hands of trusted, Rangers-supporting businessmen,’ said a spokesman. ‘ With the shareholdings of RST, other fans and individuals such as Ally McCoist, Walter Smith and Malcolm Murray, we believe that we are inching closer to the point where those who care about the club can command a 51-per-cent plus shareholding.
‘However, now is not the time to rest on our laurels. The club requires significant investment beyond the money that fans already contribute via season ticket and matchday income. It is our firm belief that the fans have a huge part to play not only in supporting the club financially but also overseeing its well-being through a substantial shareholding.
‘RST board member and Buy Rangers contributor, George Letham, is amongst those who have taken a large holding in the club. We will continue to work closely with him, George Taylor, Douglas Park and Dave King in an effort to rebuild Rangers on and off the park. We believe that the time has come for grassroots fans to shape the direction of our club along with wealthier supporters.
‘As part of the Union Of Fans, and independently, we have campaigned long and hard for change. That campaign has not always been easy and tough decisions have been taken, but at every step along the way we did what we believe is right for Rangers.
‘We are extremely proud of having stood side by side with those determined to force change under extremely difficult circumstances. The RST are 100-per-cent committed to a successful Rangers, run for the benefit of the Rangers community and not nameless shareholders and their representatives.
‘To achieve that we need the help of every Rangers supporter. We appeal to everyone with Rangers at heart to join the RST and work with us and wealthier fans to build a strong and vibrant community around our club. Please visit www.therst.co.uk and join us. Let’s get to that magical 51-per-cent mark and take our club back.’
The most welcome fans’ first foot of 2015 arrived in the guise of the heavyweight stride of South Africabased King. Via a company owned by King’s family trust, New Oasis Investments Ltd, he snapped up a near 15-per-cent stake in the club with his dramatic move to buy up shares held by Artemis Investment Management and Miton Group.
His significant move is said to be wholly independent of the Three Bears consortium, although the combination of the two creates quite a power bloc to challenge the Ashley camp represented by Sandy and James Easdale’s base.
The embattled board are sure to test that by claiming ‘concert party’. It was suggested that one shareholder has complained to the takeover panel and the Financial Conduct Authority. Rules dictate that crossing the 29.9-per-cent barrier makes it obligatory for a consortium to bid for the company.
If it is proven they were a ‘concert party’ and had shares in the last 12 months then, under stock exchange rules, you are duty-bound to bid for all the shares at the highest rate of the previous year of trading. That chimes in at 35p per share.
THE latest power plays from agitators for change come only two months after a £16m rescue package from King was rejected by the board in preference for Ashley aid. That infuriated Laxey chairman Colin Kingsnorth, who revealed last week that he had moved aside in order that a new faction could provide the muscle to put the blockers on Ashley’s goals at Ibrox.
Institutional investors were also understood to have been appalled by the conduct of chairman Somers at the Annual General Meeting and the turn i n mood has swung considerable momentum towards friends of Rangers.
The focus now switches to River & Mercantile Asset Management — the last of the institutions with a significant holding of over three per cent. They possess seven per cent. King has been linked with an interest in half a million of their shares.
However, the firm would retain at least five million and it remains to be seen if they are prepared to offload them, settle for providing the movement for change with a chunky proxy vote or retain all their rights and watch developments before deciding where to throw their weight.
The Scottish Football Association has already put the blocks on Ashley increasing his shareholding. Rangers had bargained with the Hampden hierarchy that Ashley’s funding assistance was the only show in town to help the Ibrox giants back to health but the SFA were already well aware of the alternative option on the scene provided by the Three Bears alliance.
King plans to return to Glasgow within the coming weeks and press for an Extraordinary General Meeting. In the meantime, Rangers continue to limp on financially. The confession that the proceeds — believed to be £850,000 — from the sale of Lewis Macleod to Brentford would go straight to providing ‘immediate working capital’ confirms that injection will simply be swallowed up by running costs.
By announcing that fact to the stock exchange was an unprecedented measure for the transfer of a player, so Rangers were effectively declaring that they are running out of cash. Monthly salaries are due on Thursday, January 29 but there is another trigger point which will give a gauge of financial conditions if there isn’t change.
DECEMBER’S PAYE and National Insurance deductions from employee salaries is payable on Monday, January 19. In a legacy from the Craig Whyte era of destruction, HMRC are authorised to disclose directly to the football authorities if any club have not paid their requisite amount by the due date. Rangers would have to part with a six-figure sum to meet that criteria.
The Sons Of Struth pressure group founder, Craig Houston, joined the ‘not a penny more’ camp and did not attend yesterday’s game. He and his colleagues, including John Brown, paid their Ibrox Disaster respects at the memorial before kick-off then observed the minute’s silence from outside the stadium before leaving.
Houston said: ‘There were no demonstrations. We felt it was important for us to lay our flowers and show unity with the Rangers family. I believe in ‘not a penny more’. Supporters will be encouraged to hear of the latest development with Dave King but the battle is far from over and they shouldn’t yet think it’s safe to hand their money over at Ibrox.
‘I think it’s great that there are people of the same mind as the fans now buying up shares. I’ve heard people saying that Dave King wasn’t coming back and asking where Dave King was. Well, I think he’s played a blinder in the last couple of days.
‘The shares being purchased is a step in the right direction but until these guys in the boardroom, who are not running the club for the benefit of Rangers, are out of the club for good, it’s a case of ‘not a penny more’.’