Rangers

Dave King calls meeting to try to remove Rangers board

By Joe Fish, Reporter | 16 January 2015

Dave King calls an emergency general meeting of Rangers shareholders where he hopes to remove the current regime and appoint himself and Paul Murray to the Ibrox board.

Dave King has called an emergency general meeting of Rangers shareholders where he hopes to remove the current Ibrox board.

The South Africa-based millionaire wants to axe chairman David Somers, chief executive Derek Llambias, financial director Barry Leach and director James Easdale.

King, who is now the club's biggest single shareholder with a 16% stake, plans to appoint himself, former director Paul Murray of the Blue Knights and John Gilligan, who used to be managing director of Glasgow brewer Tennent's, as their replacements.

In a detailed and passionate statement, King said: "I confirm that a requisition for a general meeting has been hand delivered to Ibrox Stadium. The requisition consists of four resolutions for the removal of the incumbent board and three resolutions for the appointment to the board of myself, Paul Murray and John Gilligan. The resolutions do not seek to review the employment of the two executive directors presently on the board. They will merely be removed as directors.

"I would not have called for a general meeting if I was not confident, from my review of the present shareholder register, that it will be supported by more than 50 per cent of the total registered shareholders. While many of the shareholders hold differing views as to what is right for the club, I believe that a clear majority are like-minded on one key point – the need to remove the incumbent board and to replace it with individuals who can gain the trust of fans, sponsors and the shareholder community.

"It is also desirable to partner a Nomad that is willing to move forward and away from the recent poor governance at the club. I have already had initial discussions with potential Nomads on the basis of two key conditions. Firstly, that the resolutions at the AGM are passed. Secondly, that the board is expanded as soon as possible thereafter to incorporate experienced independent non-executive directors such that the highest level of corporate governance is achieved and maintained.

"That is exactly what all stakeholders should want to happen after experiencing so many years of different boards that have lurched from one crisis to another. In advance of the general meeting, I will further engage with Nomads willing to embrace the standards that we will set for the future and ensure that an appropriate arrangement is in place to be adopted immediately on conclusion of a successful vote at the general meeting.

"The most pressing task for the incoming board will be to ensure the long-term financial sustainability of the club. A secondary important task will be to conduct a forensic audit of the management and commercial contracts undertaken over the last few years to determine whether they are truly arm's length and whether the affairs of the company have been pursued in accordance with the fiduciary obligations of those entrusted with that responsibility. Any malfeasance will be pursued aggressively and transparently. I call on all shareholders to vote for all resolutions when the general meeting is convened."

Around 3,000 Rangers fans gathered outside Ibrox this evening to protest the current ownership of the club before their Scottish Premiership clash with Hearts, which was abandoned in the first half because of snow.