Changes to Rangers boardroom not done deal

RANGERS have released a statement confirming that no agreement has yet been reached on changes to the Ibrox boardroom.

Changes to the Rangers boardroom have not yet been decided. Picture: SNS
Changes to the Rangers boardroom have not yet been decided. Picture: SNS

A briefing released to the London Stock Exchange this morning said that notice of an extraordinary general meeting could be sent out by Friday if the board fail to agree on further additions.

A group of disgruntled investors, led by billionaire businessman Jim McColl, wants former IBM vice-president McClelland back in the Ibrox boardroom, possibly as chairman. They have also proposed Paul Murray, bus tycoon Sandy Easdale and accountancy expert Frank Blin as directors. Murray was previously involved in the “Blue Knights” group which tried to save Rangers when the club plunged into administration.

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McColl and his group had called for an extraordinary general meeting (egm) in a bid to have chief executive Craig Mather, finance director Brian Stockbridge and Bryan Smart removed, but are ready to withdraw that request if their new motion is passed.

Both parties were reportedly close to a deal earlier this month which would have seen the board avoid an egm and rolled the boardroom appointments into the club’s annual general meeting.

In a statement to the London Stock Exchange, Rangers said: “Further to the announcement on 4 September 2013, the company confirms that whilst the board’s discussions have continued with representatives of the group who requisitioned (together the “requisitioners”) a general meeting to consider the proposed resolutions (“requisition”) detailed in the announcement on 2 August 2013 (“general meeting”), the board is disappointed to announce that no agreement has been reached.

“Unless an agreement can be reached prior to 13 September 2013, as set out in the announcement on 2 September 2013, the company will be required to send a notice to shareholders to convene the general meeting by no later than 13 September 2013.”

The club say further announcements will be made in due course.