Sports Direct and Newcastle United tycoon Mike Ashley has called a meeting of the board of Rangers FC in an attempt to oust two directors from the Glasgow club.
Rangers said it was “currently verifying” that the call for a shareholder meeting, by Ashley’s private MASH vehicle, was “properly constituted”. Last week, the billionaire investor doubled his stake in the Scottish Championship club to 9 per cent.
Ashley has called for the meeting to eject directors Wallace, chief executive since last November, and Philip Nash, who joined the board in July having advised on restructuring and finance since January. Nash is a former finance director of Liverpool and Arsenal.
The Rangers board came out fighting, saying even if Ashley’s notice of meeting is valid it would “seek to have such notice withdrawn in order to avoid the cost and disruption of an ad hoc general meeting particularly given the company’s forthcoming annual general meeting, further details of which will be announced in due course”.
The board said it was “united” behind the executives and would recommend voting against Ashley.
Rangers won backing for a £3.1 million share issue last month but fell £800,000 short of its target.Reuse content