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Sale latest move in power struggle

Rangers shareholder sells 16% stake to consortium

IbroxThe consortium involved in a boardroom power struggle for control of Rangers have bought the entire 16.3% stake held by an Isle of Man based hedge fund.

Laxey Partners, which only recently increased its holding in the club has offloaded all its 13 million shares in three tranches.

The buyers are the so-called Three Bears –  Douglas Park, George Letham and George Taylor –  who attempted to vote through a motion at the AGM last week enabling them to buy new shares without them first being offered to the existing shareholders.

The trio offered to inject £6.5m into Rangers in exchange for shares and board representation.

The transaction with Laxey will make the consortium the biggest shareholder group in Rangers. Together with existing holdings they now have just under 19.5% of the club, which will put pressure on the board to discuss terms.

They are already aided by Rangers director Sandy Easdale who wants to negotiate some form of deal that will bring peace to the club and settle the ownership issue.

Mike Ashley, who has loaned money to meet short term liabilities is unable to increase his shareholding beyond 10%. He currently owns 8.92% and an attempt by the board to allow him to increase that to 29.9% was thrown out by the Scottish Football Association as a breach of the rule book.

With that door slammed shut, Easdale and his fellow board members now appear willing to try other routes to raise an estimated £8m required to see the club through the next year.

 

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