Rangers: Easdales’ EGM bid to oust Malcolm Murray

Rangers shareholders are gripped in a power struggle as another attempt is made to remove Malcolm Murray. Picture: Reuters

• Malcolm Murray faces another attempt by shareholders to force him out after an EGM was called

• Sandy and James Easdale and Chris Morgan seek to remove director Murray and Philip Cartmell

• EGM also calls for installation of James Easdale and Chris Morgan to Ibrox board

Shareholders have joined forces to push through an extraordinary general meeting (EGM), which calls for the immediate removal of Murray and non-executive director Philip Cartmell.

Another motion, in a letter served yesterday, also suggests the appointment of two new board members, James Easdale and Chris Morgan.

Easdale is co-owner of the McGill bus empire along with brother Sandy Easdale. Morgan, the man behind the Blue Pitch Holdings investment vehicle that formed part of Charles Green’s original takeover consortium.

The letter calling for the motions come with a 21-day deadline. The requisition contained in the EGM must garner at least 10 per cent of the board’s approval, after which shareholders are obliged to circulate details of the EGM motions and call a date for the meeting to take place.

The newly-forged alliance own a 29 per cent shareholding in Rangers, and have struck a deal to purchase stakes owned by Green and former director Imran Ahmad, which total 10.2 per cent.

Influence

Green’s continued influence behind the scenes, despite resigning as chief executive last month, has upset some board members. Stakeholders are also unhappy with the prospect of two new members joining the fold. Some board members have opposed the installation of Easdale - whose brother Sandy served time in prison for VAT fraud in 1996 - when the possibility was suggested by Green after revealing his plan to sell his shareholding to the bus tycoon.

Although Murray is likely to be forced out whatever happens, Cartmell and former manager Walter Smith have been deeply unhappy with the process of removing Murray, and the manner in which it has been conducted.

Investigation

Meanwhile, the independent investigation into links between Green and former owner Craig Whyte, and whether Whyte has a claim on the club, may be resolved next week.

The investigation, pushed through by Murray, is thought to be one of the sources of antagonism between Green and Murray, who have been at loggerheads since last year.

The investigation will centre on claims made by Whyte that he has legal rights over Sevo 5088, a company set up to take over the club in anticipation of a company voluntary agreement (CVA) being reached. Green argues that he was the sole director of the company and founded Sevco Scotland.

When that failed, Sevco Scotland was established and Rangers’ assets were transferred there.