EXCLUSIVE: Rangers chairman David Somers requested pay rise despite cash crisis at Ibrox Rangers chairman David Somers shocked fellow directors by seeking a pay-rise – just as the club were lurching towards a new cash crisis. Sportsmail has learned that Somers requested an increase to his salary shortly after agreeing to become executive chairman on a temporary basis on October 30. His request came despite the Rangers board being forced to accept a £2million loan offer from Newcastle owner Mike Ashley to keep the club alive. Ashley subsequently loaned a further £1m – secured against assets – to keep the lights on. Appointed temporary, then permanent, non-executive chairman in November 2013, Somers was detailed to work for Rangers two days a month, but assumed a full-time role following the departure of former chief executive Graham Wallace and finance director Philip Nash. Asked to oversee the search for replacements, eventual appointments Derek Llambias and Barry Leach were already working at the club as consultants and were always expected to fill the posts. On the morning his new role was confirmed, Somers spoke to Sky Sports News outside Ibrox, joking of ‘more work, no more money’. But in a communication with former colleague Nash uncovered under the Data Protection Act last September, the Ibrox chairman had referred to his ‘poor level of remuneration’. It’s unclear if the Rangers board agreed to the Somers request for a salary increase after it was tendered to the club’s Remuneration and Nominations Committee but the proposal outraged former investors Laxey Partners. Rangers remain in a perilous financial state as they desperately seek emergency funding. On Thursday, American financier Robert Sarver upped his offer for the club after a previous £18m bid for control was rejected. Sarver should discover on Friday if his improved £20m bid has cut any ice with the embattled Ibrox board. The owner of NBA side the Phoenix Suns also announced that he is ready to offer the crisis-hit club a £6.5m emergency loan to help keep it afloat. However, his ambition to hold a controlling interest in the club can only move forward if 75 per cent of shareholders back such a proposal. In a move that will chime with many in an increasingly disgruntled fan base, the American hinted he would be willing to continue working with two factions who last week snapped up significant stakes in the club. Former Ibrox director Dave King, who purchased 15 per cent of the club, and Douglas Park, George Letham and George Taylor – dubbed the Three Bears - who have a combined interest of around 20 per cent are acting independently with the shared aim of achieving regime change. Rangers have yet to repay the £3m loan Sports Direct tycoon Ashley gave the club last year while he has also tightened his grip on the club’s retail division. However, Sarver insists he will provide a steady stream of cash to the club if his bid is successful. In a statement given to the Stock Exchange, the 53-year-old said: ‘This new proposal hopefully helps the board deal with the short-term cash flow crunch and also addresses my desire to see the club back on a solid long-term financial footing. ‘It will also enable Rangers to immediately repay the loans from Mike Ashley and Sandy Easdale, and free it of debt. ‘If the board agrees to my proposal, I would provide a total of £16.4m-£20m to be invested in the club as the board determines - £6.5m immediately and the remainder following a share issue, taking the major step necessary to restore financial stability to the club. ‘I know, of course, that there are various groups of prominent fans who have been working hard for a long time to bring change to the club and they can rest assured that I am committed to building a strong partnership with fans and key stakeholders to do what is best for the club. ‘I fully realise that a strong sports club needs local investment, local directors and local support to be successful. ‘After everything they have been through in recent years, I understand some (fans) are rightly cautious about a guy they’ve never heard of wanting to get involved in their club. I’d feel exactly the same way. ‘But hopefully I can combine my financial resources and knowledge of professional sport with strong local leaders and top-notch management to bring Rangers back to elite level. ‘I look forward to receiving the response of the Rangers board.’ Curiously, Sarver felt the need to respond to speculation on social media that he was working with other parties. His spokesman said: ‘There appears to be some speculation in online fans’ forums, prompting questions from the media asking if Mr Sarver is working in conjunction with other figures associated with Ibrox. ‘Let me assure you he is not. To be very clear, Mr Sarver has never met or spoken to Mike Ashley, Sandy Easdale or James Easdale. ‘And for the complete avoidance of doubt, he has never met or spoken to Charles Green or Craig Whyte. He is not working with, acting for, or alongside any of these individuals. ‘Mr Sarver is acting on his own behalf, although he has repeatedly said that if he succeeds in acquiring a majority stake in Rangers he would like to work with others who clearly have the best long-term interests of Rangers at heart.’ Rangers meantime confirmed they have repaid the £500,000 loan issued by Easdale on Monday after Brentford paid the first installment on their £850,000 purchase of the midfielder Lewis Macleod.
Posted on: Fri, 09 Jan 2015 00:42:06 +0000
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