The results from today’s Rangers EGM will likely be announced on Monday, after shareholders voted on two resolutions regarding commercial agreements with Sports Direct – a sportswear company owned by minority shareholder Mike Ashley.
Newcastle United owner and Rangers shareholder Mike Ashley asked for the EGM to force the club to pay back a £5m loan to his Sports Direct firm. The Rangers board asked shareholders to back proposals to renegotiate the commercial deal with Sports Direct.
Rangers International Football Club directors Paul Murray, John Gilligan and James Blair addressed shareholders at the meeting, although MASH – Ashley’s investment firm – did not respond to an invite to send a representative to answer shareholders’ questions.
“We can’t comment why Sports Direct don’t want customers to know commercial arrangements,” Murray told the EGM. “Keeping fans in the dark is not something directors are comfortable with.”
Murray re-iterated that the club hope to appoint a new manager early next week. One shareholder asked why former boss Ally McCoist is still being paid by the club while on gardening leave as he serves out his 12-month notice period.
“The company entered into a contract with the ex-manager,” Gilligan said. “The company has an obligation. We’re honouring the contract. We’re doing the right thing. Unless he changes his mind, he will stay be on gardening leave until December.”