Mike Ashley has snubbed the share offer from Sevco.
Over the last fortnight the billionaire Newcastle United owner has been strongly linked with the troubled club as they attempt to raise £4m to meet the September payroll.
Ashley was portrayed as a likely saviour but this morning, just after the share issue closed he issued the following statement: ” I will not be participating in the Open Offer which closes at 11am today, Friday, September 12, 2014.”
The Sports Direct supremo currently has a 5% stake in the club having invested in penny shares issued by Charles Green in the summer of 2012.
Last week it was claimed that he bought the naming rights to Ibrox Stadium for £1 from Green two years ago.
This morning’s 11am deadline passed without any news from Ibrox over how successful the offer had been.
Existing shareholders were offered 19,864,918 shares at 20p each with 15,000,000 needing to be shifted for the offer to proceed, if less than that number are sold all money will be refunded leaving the club staring at administration.
The share issue carried the warning: “The Company will be unable to pay its creditors as they fall due and the future of the Company will be uncertain; The Directors will immediately have to seek emergency financing which may or may not be available.”
Despite that dire warning none of the existing directors of the club, or manager Ally McCoist, went public announcing that they would be investing in the new offer.
Earlier today it was announced that an out of court settlement had been reached with Imran Ahmad over his claim for £620,000 after being sacked in April 2013.
Despite the uncertainty over the future of the club tonight’s match at Raith Rovers looks like going ahead.
Claims that Ashley would benefit from Champions League exposure at the Sports Direct Arena can be discounted with UEFA refusing to recognise branded stadiums such as the Emirates (Arsenal Stadium) or the Allianz Arena (Bayern Stadium).
