New directors still have work to do
King mounts Ibrox throne as control wrested from old board
Shareholders at the extraordinary meeting called by King voted by an even bigger margin than expected to oust chief executive Derek Llambias and finance director Barry Leach. King received about 85% of the votes cast, well above the 51% required.
But King must now meet the fit and proper person rules of the Scottish Football Association. King hails from Glasgow and lives in South Africa where was convicted over tax issues.
He must also resolve the finances of the club and appoint another adviser within 30 days in line with London Stock Exchange rules.
Victory for 14.5% shareholder King was almost guaranteed when chairman David Somers and director James Easdale resigned ahead of today’s meeting. Afterwards King described the vote as a “turning point in the future of the club” which he said was “pretty much broken”.
Speculation has been mounting all day that former manager Ally McCoist, who is on gardening leave after leaving the post late last year, may return as manager with caretaker Kenny McDowall as his assistant.
Outgoing chief executive Llambias and Leach are allies of Sports Direct and Newcastle United owner Mike Ashley, who was this week fined £7,500 by the Scottish Football Association for breaching rules on dual ownership.
Ashley, who owns 8.92% of the club, has loaned Rangers £10m and still holds a grip on control through the security over assets including the training park, as well commercial contracts over merchandising.