MIKE ASHLEY’S iron grip on Ibrox has just tightened to the extent it could strangle hopes of a rebirth under new owners. It seems the only revenue stream in the district he doesn’t control is the turnover from the chip shop on the Copland Road. For the total sum of £5million he now holds all the club’s crown jewels in his big, Cockney hands, with the exception of Ibrox Stadium. He may have decided to let that be - for now - but still holds security over Murray Park, the Albion Car Park, Edmiston House and the copyright of the club’s trademarks, including the badge. He can also appoint an additional two new directors to add to his placement on the board, Derek Llambias and Barry Leach, although the latter has never been officially confirmed as an Ashley representative. Crucially, Ashley has also negotiated an additional 26 per cent in Rangers Retail Limited, taking Sports Direct’s total stake in the subsidiary company to 75 per cent. In effect, he can now do whatever he likes with the club’s retail wing - including renegotiating contracts, already weighed heavily in his favour, to boost the coffers of Sports Direct still further. Rangers Retail Limited will also benefit from the sale of shirt sponsorship from 2017, swelling an already bloated bottom line. Oh, and while he’s at it, Ashley has ensured Rangers’ share of the £1.6m dividend due from the current retail contract, around £800,000, will be repaid to Sports Direct for the privilege of shutting unprofitable Rangers Shops. The £5m Ashley has pledged, ahead of Thursday’s payday, will be used to repay the £3m loan he forwarded the club late last year. Basically, for an additional £2m, the Newcastle United owner has seized control over Murray Park, registered trade marks, an additional 26 per cent of the retail joint venture and control of shirt sponsorship deals from 2017. Ashley has also set aside an additional £5m in loans which, if the status quo remains, will surely be drawn upon before the first crocus pops its head above the grass on the roundabout at Edmiston Drive in spring. At the forthcoming general meeting Dave King and the Three Bears are expected to gather enough support from the rank and file to overthrow the current board and replace it with men in whom fans will have greater trust. They can repay the loans and undo much of Ashley’s dealings on Black Tuesday, but a long-term equity solution still requires 75 per cent shareholder approval. The Easdales represent a proxy vote greater than 25 per cent - suddenly, the future of the club as a fan friendly enterprise could be in the hands of the bus bosses from Greenock. They voted against resolution nine at the recent agm, which would have removed the need for such a large percentage of stockholder approval. Many scratched their heads in bemusement at their move that cold, December afternoon. Now? It’s all beginning to make perfect sense.
Posted on: Tue, 27 Jan 2015 14:49:36 +0000
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