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Battle lines drawn at Rangers

06 Aug 2013 22:46:52

Battle lines drawn at Rangers

The power struggle at Rangers shows no signs of nearing a resolution, as Charles Green challenged Jim McColl to show him the colour of his money, while the Scottish tycoon revealed he is not looking to lead a takeover.

The Glasgow giants are in the grip of a bitter boardroom battle after former oldco director Paul Murray and accountant Frank Blin, who is believed to be close to McColl, made a bid for power at the club.

A requisition for a general meeting aims to see the removal of Green associates Brian Stockbridge and Bryan Smart from the board, along with chief executive Craig Mather.

Green - who quit as chief executive in April and has now returned as club consultant - told Sky Sports News: "What I would say to Jim McColl - the world's richest Scotsman - is put £14million in a bank account by Friday of this week and me and my consortium will deliver to you 20 million shares, which is about 28 per cent of this club.

"Then I know you are serious about it. You've then invested some cash into the club that you want to run but you're not going to do it without putting some money on the table."

However, Green's comments came as McColl issued a statement through Press Association Sport, in which the Clyde Blowers chairman insisted he was not interested in a seat on the board or increasing his shareholding - but was determined to see boardroom change.

McColl - whose personal wealth was estimated at £1billion in last year's Sunday Times Rich List - was involved in an unsuccessful bid to buy Rangers from Green's consortium immediately after it bought the liquidation-bound club's assets and business for £5.5million in June last year.

But his involvement now is as a member of a group of disgruntled shareholders, albeit an influential one, who last week called for former PricewaterhouseCoopers Scotland executive chairman Blin and Murray to join the board.

McColl said: "Let me make it very clear, I am not seeking to join the board or to increase my shareholding in the club. I am a small shareholder like many of the club's fans and have no intention of increasing my position in the short to medium term.

"I am 100 per cent focused on my own businesses and the strategy which I have agreed with the investors in my funds. I am duty bound to honour that agreement. This is not because I don't believe investing in Rangers would be a good investment - it is because of the commitment I have made to my own businesses and to my partners.


PA

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