King calls for Rangers shareholders meeting to axe club board

first_img1 King calls for Rangers shareholders meeting to axe club board Dave King has called for a general meeting at Ibrox to ask Rangers shareholders to overthrow the entire club board.The South Africa-based millionaire – who is now the club’s biggest single shareholder with a 15 per cent stake – will call for the heads of chairman David Somers, chief executive Derek Llambias, financial director Barry Leach and director James Easdale.In their place, he plans to nominate himself, former Blue Knight Paul Murray and John Gilligan – the one-time managing director of Glasgow brewer Tennent’s – as their boardroom replacements.King is now hoping he can pull together a majority coalition to force through sweeping boardroom change.He said in a statement: “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.”The meeting must take place between three and six weeks from now.If the board is axed, it is understood King – who is working alongside the Three Bears partners Douglas Park, George Letham and George Taylor – also wants to carry out a forensic examination of contacts signed by the club over the past three years, including the deal with kit suppliers Puma.Between them, King and the Three Bears have 34 per cent and they now face a race against time to gather enough support to reach 51 per cent.last_img

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