Rangers EGM: Directors issued with Sports Direct injunction at home

GLASGOW, SCOTLAND - OCTOBER 11:  A general view of Ibrox Stadium is seen ahead of the EURO 2016 Qualifier match between Scotland and Georgia at Ibrox Stadi
Image: Ibrox stadium

Rangers fans reacted angrily after directors revealed sheriff officers personally served them at home with paper copies of a court injunction taken out by Sports Direct at the club’s extraordinary general meeting.

There was also frustration as no representatives from MASH, Mike Ashley's holding company through which he holds his stakes in Newcastle United and Sports Direct, were in attendance at the meeting, despite calling it.

Ashley was seeking an explanation as to why Rangers were de-listed from the AIM Stock Exchange and to demand immediate repayment of a £5m loan given to the club.

On Thursday Ashley's Sports Direct were granted a court injunction preventing the release of confidential information about their retail deal with Rangers which directors had wished to discuss with around 500 shareholders in attendance.

That restricted directors in the questions they could answer but director Paul Murray did reveal that the club hope to make an announcement regarding a manager early next week and said they were still confident that the club would be listed on the ISDX Stock Exchange.

Mike Ashley failed to send any of his Sports Direct representatives to an emergency meeting of Rangers shareholders

It was also revealed that a resolution will be proposed at the club AGM later in the year to remove voting rights of shareholders with interests in more than one club, with the SFA previously having fined Ashley over breach of dual ownership rules.

Murray told the meeting: "MASH was asked if it would send a representative to today's meeting. No reply has been received on that point. 

"The board are surprised that having called a meeting they have not seen fit to attend and explain themselves. It would appear MASH sees no reason to explain its conduct."

Murray chaired the meeting in place of club chairman Dave King, who was in London on "club business".

Given the injunction served on them, Murray, fellow director John Gilligan and company secretary James Blair were forced to rebuff many of the questions they faced from shareholders but Gilligan told the meeting about directors being personally served with the injunctions to their homes on Thursday night, angering supporters.

Ricki Neill from Rangers First says fans are frustrated with Mike Ashley

Voting took place on Mike Ashley’s resolution, with Rangers adding their own to the agenda, calling for the retail contracts with Sports Direct - which currently see 75 per cent of profits from shirt and merchandise sales go to Ashley - to be renegotiated.

That figure would drop to 49 per cent if Rangers were to repay the cash they have borrowed from the billionaire, while the security he has taken over club assets like Murray Park and Gers' world-famous trademarks would also be returned.

However, after advising shareholders to vote down Ashley's repayment demand, Gilligan informed the meeting that the board felt it was not in the current "best interests" of Rangers to hand the money back.

Gilligan said: "It's an element of shareholder trust that we are looking for - we feel it's in the club's best interests to not repay the loan.”

The results of the shareholder vote are expected to be announced on Monday.

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