Mike Ashley Demands The Rangers EGM

***Keith_M*** · 08-10-2014 07:36 AM

Ashley has now fired his first shot in the battle for THE Rangers by calling for an EGM.

'A statement on the London Stock Exchange read: "Mash (Ashley's personal investment company) requires the company to call a general meeting of the shareholders of the company and to put certain resolutions to shareholders for inclusion in the business at such a general meeting of the company.

"The notice puts forward resolutions for the removal of Graham Wallace and Philip Nash as directors of the company.

"The company is currently verifying that the notice is properly constituted.

"If valid, the board intends to seek to have such notice withdrawn in order to avoid the cost and disruption of an ad hoc general meeting particularly given the company's forthcoming Annual General Meeting, further details of which will be announced in due course.

"The board is united in its support of the executive team.

"If the notice is valid and is not withdrawn, the directors intend to recommend that shareholders vote against the proposed resolutions." '

***jacomo*** · 08-10-2014 10:06 AM

Dual ownership rules exist for a good reason - to preserve the integrity of the game. The SFA may defend themselves by saying Ashley is limited to a 10% stake in Der Hun while he retains ownership of the Toon, but this development shows that he is still able to exert a pretty big influence.

I can see Rangers becoming a client club of Sports Direct, and effectively a feeder club for Newcastle. Mike Ashley presumably wants to impose his own management team to do his bidding.

Meanwhile, where's Dave King? He's spent months talking about Rangers but done very little - Ashley has just stormed in and taken action. Does King really have the money to invest? Is he some sort of Walter Mitty character?

**Ozyhibby** · 08-10-2014 10:11 AM

Hope Ashley wins

***Mikey*** · 08-10-2014 10:17 AM

Maybe The Rangers will get their wish to play in England. It's just that they'll be based in Newcastle, play in black and white and be called Newcastle United FC

***jacomo*** · 08-10-2014 10:20 AM

Originally Posted by Ozyhibby

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Hope Ashley wins

My problem with that is that Ashley actually knows how to run a business, and doesn't give a toss what anyone else thinks. I much prefer the self-important amateurism at Ibrox right now.

***Keith_M*** · 08-10-2014 10:28 AM

Originally Posted by jacomoseven

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Meanwhile, where's Dave King? He's spent months talking about Rangers but done very little - Ashley has just stormed in and taken action. Does King really have the money to invest? Is he some sort of Walter Mitty character?

Well, if you can believe Keith 'off-the-radar' Jackson, he's getting together with some pals to mount a Bailout / Takeover Bid.

No quotes from anybody, timescales or any other details in the article.

***jacomo*** · 08-10-2014 12:42 PM

Originally Posted by keekaboo

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Well, if you can believe Keith 'off-the-radar' Jackson, he's getting together with some pals to mount a Bailout / Takeover Bid.

No quotes from anybody, timescales or any other details in the article.

Brilliant. None of it makes sense.

Letham offered an emergency loan to keep club under current board afloat, but is now working with King (who seemingly wanted club to go bust again by encouraging fans to not renew season tickets).

Current board (inc Easdale) said to be 100% behind CEO, but also working with Mike Ashley, who has just demanded CEO steps down.

No one knows what the largest shareholders want.

**ancient hibee** · 08-10-2014 02:11 PM

No one knows who the largest shareholders are!

***Billy Whizz*** · 08-10-2014 02:19 PM

Originally Posted by ancient hibee

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No one knows who the largest shareholders are!

It beggars belief

**TowerHibs** · 08-10-2014 02:43 PM

Tell you, it shows the 2 sides of over spending. Rangers are a basket case and Hearts have came out of it relatively cooshty (except morally I suppose, but they don't exist in football). They are in a better place than us right now.

Decision time for hibs, do we crack on and hope the rangers go into administration again and ensure we go up this year or do we continue to struggle.....

**Ozyhibby** · 08-10-2014 03:16 PM

Originally Posted by TowerHibs

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Tell you, it shows the 2 sides of over spending. Rangers are a basket case and Hearts have came out of it relatively cooshty (except morally I suppose, but they don't exist in football). They are in a better place than us right now.

Decision time for hibs, do we crack on and hope the rangers go into administration again and ensure we go up this year or do we continue to struggle.....

Hearts still have to find an awfull lot of money over the next few years.

***Eyrie*** · 08-10-2014 06:46 PM

Originally Posted by jacomoseven

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Meanwhile, where's Dave King? He's spent months talking about Rangers but done very little - Ashley has just stormed in and taken action. Does King really have the money to invest? Is he some sort of Walter Mitty character?

King used to have money, but then the South African tax authorities caught up with him. Think he came to an agreement to pay them a large settlement to avoid being convicted in court.

***bingo70*** · 08-10-2014 07:06 PM

Is it fairly likely the rangers could end up in admin again this season?

***jacomo*** · 08-10-2014 08:38 PM

Originally Posted by bingo70

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Is it fairly likely the rangers could end up in admin again this season?

I'm not making any predictions. But it seems they need another share offer to meet December's wage bill - that is an absolutely mental way to run a business. Either that, or get a loan, or sell up.

**Ozyhibby** · 08-10-2014 09:03 PM

Originally Posted by bingo70

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Is it fairly likely the rangers could end up in admin again this season?

It's difficult to say. An admin would make sense but there are people in there who have some great contracts which they would lose if that happens. They do need a lot of money in and soon. Something will have to give soon.

***Diclonius*** · 08-10-2014 09:07 PM

I can see the SPFL ****ting it and expanding the top tier to 18 teams if this keeps up.

Of course, they'd try and reduce it back down to get their four OF games as soon as Rangers stabilise.

**Pretty Boy** · 08-10-2014 09:13 PM

Rangers are pretty much paralysed as things stand.

They need a cash injection but a share issue would allow the likes of Ashley to hoover up more shares and those currently running the show don't want that. Likewise no one seems willing to put up any cash without a slice of power in return.

It's an increasingly bizarre situation that will rumble on for a long time yet

**Smartie** · 08-10-2014 09:20 PM

Originally Posted by jacomoseven

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My problem with that is that Ashley actually knows how to run a business, and doesn't give a toss what anyone else thinks. I much prefer the self-important amateurism at Ibrox right now.

He knows how to run a business but I don't think he has a clue about how to run a football club (our resident part-time magpies fans will surely agree) which is a very "special" business.

I reckon he quite likes Ibrox because it's about the only place where he can go that he's not the most abrasive, ignorant oaf in the place.

**jdships** · 08-10-2014 09:21 PM

Originally Posted by jacomoseven

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I'm not making any predictions. But it seems they need another share offer to meet December's wage bill - that is an absolutely mental way to run a business. Either that, or get a loan, or sell up.

Think you have just about got it right there !!
One of my neighbour's is a senior member of staff in Bank if Scotland HQ and he returned from a meeting in Sunderland this afternoon .
He tells me the " word on the street" in the NE is that Ashley would be happy to sell up at Newcastle and is of a mind to "pick up The Rangers , but only when the figures all add up "

Whatever that means

Time will tell

***jacomo*** · 08-10-2014 09:27 PM

Originally Posted by Pretty Boy

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Rangers are pretty much paralysed as things stand.

They need a cash injection but a share issue would allow the likes of Ashley to hoover up more shares and those currently running the show don't want that. Likewise no one seems willing to put up any cash without a slice of power in return.

It's an increasingly bizarre situation that will rumble on for a long time yet

Originally Posted by jdships

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Think you have just about got it right there !!
One of my neighbour's is a senior member of staff in Bank if Scotland HQ and he returned from a meeting in Sunderland this afternoon .
He tells me the " word on the street" in the NE is that Ashley would be happy to sell up at Newcastle and is of a mind to "pick up The Rangers , but only when the figures all add up "

Whatever that means

Time will tell

Ashley can't buy more shares in Rangers unless he sells Newcastle or the SFA bend their rules to allow him to have a bigger stake. Seems unlikely Newcastle will be sold anytime soon, but who knows?

**erin-go-bragh87** · 08-10-2014 09:29 PM

Originally Posted by jacomoseven

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Dual ownership rules exist for a good reason - to preserve the integrity of the game. The SFA may defend themselves by saying Ashley is limited to a 10% stake in Der Hun while he retains ownership of the Toon, but this development shows that he is still able to exert a pretty big influence.

I can see Rangers becoming a client club of Sports Direct, and effectively a feeder club for Newcastle. Mike Ashley presumably wants to impose his own management team to do his bidding.

Meanwhile, where's Dave King? He's spent months talking about Rangers but done very little - Ashley has just stormed in and taken action. Does King really have the money to invest? Is he some sort of Walter Mitty character?

Stated as saying he sees it as a way of promoting SportsDirect across Europe. What a lovely club to attach your business to. Mans an arse.

***jacomo*** · 08-10-2014 09:32 PM

Originally Posted by Smartie

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He knows how to run a business but I don't think he has a clue about how to run a football club (our resident part-time magpies fans will surely agree) which is a very "special" business.

I reckon he quite likes Ibrox because it's about the only place where he can go that he's not the most abrasive, ignorant oaf in the place.

You say that, but Toon were an absolute basket case when he turned up. They are now much better run, and haven't been relegated... a fairly common occurrence under previous regimes.

He does seem to have a weakness for employing the Cockney mafia, but based on Newcastle's fairly inglorious history, has he really done that badly?

**Smartie** · 08-10-2014 10:34 PM

Originally Posted by jacomoseven

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You say that, but Toon were an absolute basket case when he turned up. They are now much better run, and haven't been relegated... a fairly common occurrence under previous regimes.

He does seem to have a weakness for employing the Cockney mafia, but based on Newcastle's fairly inglorious history, has he really done that badly?

Depends how you measure it I suppose. He seems to go through spells where he's either doing horrifically badly (getting them relegated not long after he arrived and they've been rotten this whole calendar year) or really quite well (promoted at the first time of asking and a high Premier league finish).

I'm probably just going on the fact that he seems to be so disliked down there, I'm not a Newcastle fan but I always find their trials and tribulations quite entertaining - never a dull moment.

Many outsiders could probably point to our owners and say that given the situation we were in when they took over and that we now have the stadium, training centre and balance sheet that we have that we should be more grateful...........

Obviously as fans we know otherwise.

He seems easy to dislike though, and him going to Ibrox could be absolute box office stuff for the rest of us.

***StevieC*** · 09-10-2014 12:06 AM

Originally Posted by jacomoseven

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You say that, but Toon were an absolute basket case when he turned up. They are now much better run, and haven't been relegated... a fairly common occurrence under previous regimes.

Eh???

How many times have Newcastle been relegated in the last 25 years?
Just the once.
And do you know who was in charge at the time?
Mike Ashley.
Basket case?
Newcastle had finished 7th the season before Ashley took over, and in the top 5 in 3 out of the 4 seasons prior to that.

I do wish people would check the facts before going off on one about clubs they know nothing about.

**jdships** · 09-10-2014 08:34 AM

[QUOTE=jacomoseven;4193074]Ashley can't buy more shares in Rangers unless he sells Newcastle or the SFA bend their rules to allow him to have a bigger stake. Seems unlikely Newcastle will be sold anytime soon, but who knows?[/QUOTE]

That's what my neighbour said but added " Everyone in the NE knows Ashley to be an " opportunist " of the highest order " and as you say
" who knows " ?

Ashley and The Rangers in my book are welcome to each other !!!!!

**Bad Martini** · 09-10-2014 11:46 AM

Nae inside knowledge, info or sources (I think this is a required disclaimer these days before posting

?)

However, I think (and hope and pray) they are gonna be ubberly donald ducked again. And all the closet, "the" rangers loving oddballs in the world wont make any ****ing difference...to coin a phrase, so to speak, kinda.

MON THE ADMINISTRATORS

***Keith_M*** · 09-10-2014 11:57 AM

It looks like there's yet another power struggle in progress at Ibrox, this time between Murray/Letham (& possibly Dave King) and Mike Ashley.

The DR (I know) is reporting that Ashley offered emergency financial assistance but only if he was given greater powers over merchandising rights. It seems Wallace and Nash blocked this, hence the reason he bought his new shares outwith the recent Shares Issue and is now attempting to get Wallace and Nash off the board.

Wallace and Nash, meanwhile, have hitched their wagons to the Murray, Letham & King(?) Consortium.

Looks like fun times ahead

**ancient hibee** · 09-10-2014 03:25 PM

Originally Posted by Pretty Boy

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Rangers are pretty much paralysed as things stand.

They need a cash injection but a share issue would allow the likes of Ashley to hoover up more shares and those currently running the show don't want that. Likewise no one seems willing to put up any cash without a slice of power in return.

It's an increasingly bizarre situation that will rumble on for a long time yet

Ashley won't buy shares in an issue because that money will go to the club and he doesn't want that-he wants the club weakened.That's why he didn't take part in the last issue but bought the shares in the market.