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Ibrox hot seat vacated once again

Rangers director Easdale snaps up 1m shares in bid to retain control

Kenny McDowallRangers director Sandy Easdale has demonstrated a determination by the board to hang on to power at Ibrox by buying another one million shares.

The board announced this morning that the football club chairman bought 1.04m shares, meaning he now owns 5.256m equal to 6.451% of the company. He has voting rights over a further 16m shares or 19.672%, which gives him total voting rights over 21.284m shares or 26.123% of the share capital.

His purchase of the shares last Friday (16th) came ahead of the latest twist in the Ibrox tale when caretaker manager Kenny McDowall (pictured)  resigned less than four weeks after taking on the role.

The club confirmed the 51-year-old, who stepped in after Ally McCoist was put on gardening leave before Christmas, would be leaving, but would serve his 12-month notice.

McDowall – in charge for just three matches –  said he was leaving for “personal reasons”. No further details were released.

Only last week he said: “It is an absolute honour to be in charge of Rangers, whether it is caretaker, manager or whatever post. At the moment, I’m at the helm and I have to get this team winning games and see where that goes.”

But he also said it had been “a nightmare three years” at Ibrox and felt McCoist would benefit by being free of the stress.

Another former player Ian Durrant was demoted from his role as first team coach and this latest development suggests there is further tension between the club board and those managing team affairs.

The club is in desperate need for cash but has rejected all offers to provide support apart from loans from Sports Direct tycoon Mike Ashley.

Some believe the off-field battle for control of the club has affected the playing staff.

Mr Easdale’s share buying coincided with South Africa based businessman Dave King lodging papers calling for a general meeting of shareholders to dismiss the current directors and replace them with himself and two others.

The board has issued a statement indicating that it will resist the move.

 

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