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Rangers CEO Quits As Ashley Agrees Bailout
Newcastle Unitid an' Sperts Direck own'r Mike Ashley has won his'n fite ta remoov t'chief executif' o'troublet Rangers Football Club. It wuz confirmet un Mundie at Graham Wallace had quit aft'r t'club agreet a £2m innerst-a'loose loun wit Ashley, who gits ta appoint up ta acoupla d...
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Rangers CEO Quits As Ashley Agrees Bailout
Newcastle United and Sports Direct owner Mike Ashley has won his fight to remove the chief executive of troubled Rangers Football Club.
It was confirmed on Monday that Graham Wallace had quit after the club agreed a £2m interest-free loan with Ashley, who gets to appoint up to two directors to the board in return for the cash.
Ashley, who owns almost 9% of the voting rights of Rangers, had previously been calling for a shareholder meeting to oust Mr Wallace and financial consultant Philip Nash.
Rangers said it had launched a search for Graham Wallace’s replacement
Mr Nash resigned last week.
The latest boardroom drama follows years of financial upheaval at the club.
It has climbed back to within one division of the top flight of the Scottish game after its 2012 collapse under a mountain of debt, which forced it to relaunch from the fourth tier.
However, its progress on the pitch has been marred by boardroom infighting and further financial losses.
It is understood Ashley wants to increase his stake and there is press speculation he could even launch a bid to take control.
The billionaire has recently pulled off a string of surprise moves, including a put option agreement last month on a small stake in Britain’s biggest grocer Tesco and a move to increase his stake in Debenhams.
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Rangers CEO Quits As Ashley Agrees Bailout
Newcastle Unitid an' Sperts Direck own'r Mike Ashley has won his'n fite ta remoov t'chief executif' o'troublet Rangers Football Club. It wuz confirmet un Mundie at Graham Wallace had quit aft'r t'club agreet a £2m innerst-a'loose loun wit Ashley, who gits ta appoint up ta acoupla d...
Fallen Scottish giants Rangers have "mismanaged almost all of their cash reserves" since emerging from liquidation, according to a review of their finances carried by chief executive Graham Wallace. Wallace's report, the result of a 120-day review, was released to the London Stock Exchange on Friday, said Rangers had raised £70 million ($118m, 85m euros) since May 2012 but by December had just £3.5 million left. However, he stressed the Glasgow club had now improved their business practice and that manager Ally McCoist would not have to reduce his squad budget as a result of boardroom mistakes. Wallace added Rangers now plan to raise £30 million over the next three years but warned fans that plans to withhold season-ticket cash, as a protest against the regime currently in charge at Ibrox, threatened the club's future. Source: AFP
