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Rangers general meeting date set after Ashley request

Mike Ashley Newcastle United

Rangers have announced a general meeting will be held at Ibrox – the third in six months – on 12 June after Ashley called on the club to allow shareholders to decide whether they should repay Sports Direct’s £5 million loan

Ashley has also demanded answers on the club’s delisting from the AIM Stock Exchange, which came after new chairman Dave King and his allies swept to power in March at the expense of the Sports Direct founder’s camp.

Ashley’s MASH Holdings are calling for explanations to the following:

  • The precise reasons why the company is no longer trading on AIM.
  • What steps were taken to appoint a new nominated advisor.
  • What terms a £1.5m loan from Douglas Park, George Letham and George Taylor was provided.

The Rangers board have added their own proposals:

  • To provide shareholders with a breakdown of the income received by Rangers Retail Ltd [in which Sports Direct have a 75% holding] and the payments it has made to the club.
  • To consider removing the voting rights of shareholders who own stakes in other clubs, which contravenes the SFA’s dual ownership rules.
  • Also calling for an ordinary resolution to “ensure that the contractual arrangements between the club and Sports Direct are renegotiated on a basis that is fair and reasonable to both parties”.
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