Mike Ashley Strengthens Grip On Rangers FC
Mon 27th Oct 2014 | Clubs Ownership
Mike Ashley has strengthened his position at Rangers Football Club after the club’s CEO, Graham Wallace resigned.
Wallace’s resignation comes days after Finance Director, Philip Nash announced his resignation from the Scottish Championship club.
A statement released by the club, read: “Rangers announces that Graham Wallace, Chief Executive Officer, has resigned as a director and employee of the Company and its subsidiaries with immediate effect.
“The Directors would like to thank Graham for his contribution to the Club during a difficult period.”
Wallace and Nash’s resignation sees Ashley, who, through Mash Holdings Limited, owns a 8.92% in the club further strengthen his position after a £2m credit facility was accepted to ease the club’s cashflow problems.
In a statement to the London Stock Exchange it was announced that: “The Board is pleased to announce that the Company's subsidiary, The Rangers Football Club Limited ("RFCL") has entered into a credit facility agreement with MASH Holdings Limited ("MASH") pursuant to which MASH shall make available the sum of £2 million for drawdown by the Company (the "Facility").
“MASH is a shareholder in the Company holding 8.92% of the voting rights in the Company. The Facility shall be secured by standard security granted by the Company over Edmiston House and Albion car park.
“The Facility shall be for a 6 month term and is interest free. The Facility will be used by the Company for general working capital purposes. Under the terms of the Facility MASH has the right to appoint up to 2 directors on the board of directors of RFCL.”
Rangers have also confirmed the commencement of the search for a Chief Executive Officer. Reports in the Scottish press suggest Ashley is lining up former Newcastle United Managing Director, Derek Llambias to take over the role.
Image: Action Images / Jed Leicester Livepic
Posted by: Aaron Gourley
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