Rangers have vowed to “robustly defend” any legal action against the club by their former commercial director Imran Ahmad.
Reports suggested Ahmad is set to launch a £3.4million legal action against Rangers for bonuses he claims he is owed.
Ahmad left Rangers in April – 24 hours after the club confirmed they were investigating reports that messages posted on a fans’ forum were linked to his official club email account. Ahmad was part of the Charles Green consortium which purchased the business and assets of Rangers last summer. Green resigned as chief executive in April but has since returned to Ibrox as a club consultant.
Responding to the reports, Rangers finance director Brian Stockbridge said: “We are aware of this but it is without legal merit and any action will be robustly defended on behalf of the club and its fans.”
Ahmad was quoted on the STV website as saying: “It’s true the club does owe me money. Charles Green has agreed to tell the truth if it goes to court, ie I am due a five per cent bonus on all the commercial deals I negotiated on behalf of the club. I am hardly going to turn my back on a bonus which is due to me when I’ve directly negotiated £67m worth of contracts which benefit the club over the next five to ten years. Neither I nor Charles wanted this to go to court as we are substantial shareholders. Charles had already brokered a deal with the club for a fraction of the full liability but the club has not signed up to it.
“I had also offered to reinvest all my bonus proceeds plus an additional extra £500,000 of my own money back into the club.”
Meanwhile, Laxey Partners Ltd has increased its stake in Rangers to 4.99 per cent. The news was confirmed in a statement to the London Stock Exchange yesterday.
It remains unclear who sold the Isle of Man-based investment firm the shares, although Green is prevented from transferring any of his shares until December. Rangers announced in June that Green had agreed to transfer over half a million shares to Laxey.
That deal was originally struck last October but, under the terms of a lock-in agreement, the transfer of Green’s 714,285 shares to Laxey Partners Ltd cannot take place before 7 December this year.