Rangers in legal action to halt US bid for club
Rangers Football Club is taking legal action against an American businesswoman over her attempts to buy a 25% stake in the club.
It is seeking an injunction in a Miami court preventing KRF Capital, run by Kyle Fox, from using its trademark, and compensation for the alleged harm being caused to its business relationships and reputation.
Ms Fox, who has worked in London and New York with companies such as Lloyds Banking Group, Deutsche Bank and Duff & Phelps, said she expects the action to be dropped.
She initially offered to buy at least 75% of Rangers at 25p per share — valuing the club at £108 million — according to court-filed documents. She has garnered support from a group of investors to pump £50 million into the club.
After a meeting in London with John Bennett, Rangers’ deputy chairman, she reduced the proposed deal to 25% of the club’s shares.
Rangers claims Fox was circulating an unauthorised memorandum containing confidential information soliciting “new ownership” in Rangers on behalf of its present owners.
In its legal claim the club says: “Rangers, a Scottish football club, is not for sale. Yet, Rangers has learned that [KRF Capital] has, without Rangers’ authorisation, been approaching and actively soliciting potential ‘investors’ and Rangers’ current corporate clients pitching an opportunity — that does not exist — to purchase an ownership interest in Rangers.”
On its website, the club said: “RIFC has raised injunction proceedings in the US to prevent a US entity and its principal falsely claiming it has been authorised by Rangers to sell shares in RIFC and using Rangers IP (Intellectual Property) for that purpose.”
Graeme Park, 38, a Rangers’ non-executive director and son of club chairman Douglas Park, 72, said in a witness statement that KRF Capital’s “entirely misleading” presentation to investors “could lead to considerable disruption both within Rangers and among the team’s fan base”.
Ms Fox said: “We have no comment and expect this action to be dropped in short order. Our attorneys are handling this and in the right time we will communicate.”
She is said to have an association with former Ibrox chairman Paul Murray and Adrian Bevington, a former senior executive with the English Football Association, who are not accused of any wrongdoing.