RANGERS manager Ally McCoist has admitted he would effectively be handing in his resignation if he chose to vote against the club’s current board at next month’s annual general meeting.
McCoist has a shareholding of around two per cent in Rangers, purchased on their stock market launch last year, and has not declared who will receive his backing in the battle for boardroom control at the Ibrox agm on 19 December.
Rangers yesterday appointed David Somers as their permanent non-executive chairman, two weeks after he joined the board as acting chairman, following Wednesday’s recruitment of Graham Wallace as chief executive.
The position of the incumbent board has been further strengthened by Isle of Man hedge fund Laxey Partners becoming the single biggest shareholder in the club and publicly stating their intention to support the current directors at the agm.
Rangers also announced yesterday that Sandy Easdale, brother of non-executive director James, now has votings rights over 23.34 per cent of the share capital as a result of a major stock exchange trade which took place on Thursday.
It is a fresh setback to the rival group, led by former Rangers director Paul Murray and businessman Jim McColl, who still hope to have their own boardroom nominees elected next month.
McCoist has still not decided which side he will publicly endorse, but is in a situation which makes it highly unlikely he would oppose his current employers.
“That would be committing suicide, to be honest with you,” said McCoist. “I haven’t made up my mind yet how I’m going to vote. It doesn’t put me in an uncomfortable position at all, because the one thing I will certainly do, and have always attempted to do, is to do the right thing for the club. It’s something I will think about nearer the time.
“I don’t think I would seek assurances as such from anyone. I am not in a position to make demands of people. The only assurance we all require – myself, staff, players and shareholders – is that everyone involved has got the club’s interests at heart. It’s safe to say that might not have been the case with some previous people who have been here recently. So that’s the only assurance I would hope-fully get from the new board.”
McCoist had initial talks with new chief executive Wallace yesterday and expects dialogue to continue over the weekend. He is already heartened by what he knows of the former Manchester City chief operating officer.
“His CV is very good and he has a good footballing background,” added McCoist. “That’s important and it’s also really encouraging. It’s not just any football background, it’s from a top professional level of the game. Graham has great experience from a club of Manchester City’s stature. I’ve got to be as positive as I possibly can. The fact we have a new chairman and chief executive is great and I look forward to working with these guys.
“We are all crying out for stability in the boardroom so we can all move on.”