AN institutional investor in Rangers has called on Charles Green to sell his Ibrox shareholding amid claims that the former chief executive has brought the club into disrepute.
• Charles Green should sell shares and sever all ties with club, says anonymous Rangers investor
• Directors should rally round chairman Malcolm Murray, investor adds
Green, who is due to step down as director at the end of the month, currently has a shareholding worth £2.8 million which would tie him to the club even after he steps down.
The investor not only urged Green to sever his ties to Rangers by putting his stake up for sale, but also called on the board to rally round chairman Malcolm Murray.
Concerns were also raised about links between Green and former owner Craig Wnyte, who has launched a legal bid to contest his right to Rangers’ assets.
Whyte asserts he is behind the company that purchased the club’s assets after liquidation - claims Green has denied, saying that Whyte was kept onside for his cooperation.
The validity of documents presented by Whyte as proof of ownership have also been dismissed by Green.
The anonymous investor told The Herald: “We invested in this at the IPO [initial public offering] because we thought it was a good business. With Malcolm Murray as the chairman, we thought it was going to have good governance... I was at a presentation when Green was asked specifically if he had any relationship with Whyte, and he denied any.
“When we further analyse it and find Green got his five million shares for nominal value, we feel he should be giving them back. All he has done is bring disrepute to the club. His efforts have been negative. Malcolm Murray is a good, independent guy. The board should realign around him and Green should leave immediately.”
Murray is believed to have been given a vote of no-confidence by Rangers directors this week.
The investor is understood to have a one per cent stake in club, equivalent to several hundred thousand pounds.
A Rangers spokesman said: “If an institutional investor feels this way, then they should make their feelings known to the club. There is an ongoing independent inquriy into alleged links between Mr Green and Craig Wnyte. Mr Green strenuously denies any wrongdoing and the club hopes the inquiry will be completed shortly.