The rift between Dave King and the Ibrox board came out into the open at yesterday’s AGM of The Rangers International Football Club.
At the end of 2014 King was plotting with the three bears how to buy up shares in the troubled company, yesterday Goldilocks was stuck in South Africa voting against the plans of his former besties.
Although it had no overall impact King used his 15.45% stake to vote against the re-election of Graeme Park and against further share issues.
Losses of £23.5m on a turnover of £47.7m last season barely seemed to register at yesterday’s AGM but with King having a £6m loan repaid with interest and voting against his former partners there may be others beginning to question what they are getting from their Ibrox ‘investment’.
Picking up on a report from the Glasgow Times, The Sun reports:
FORMER Rangers chairman Dave King voted AGAINST the re-election of Graeme Park to the Ibrox board at the club’s AGM, it has been revealed.
The son of chairman Douglas WILL be returning to the club’s board after gaining the support of 81.1% of shareholders at yesterday’s annual general meeting.
But he does so with significantly less support than deputy chairman John Bennett and director Alastair Johnson, who were returned with 100% and 98.5% of the overall votes cast respectively.
And that is because, as revealed first by the Glagow Times, King used his 15.45 per cent stake in RIFC plc – which is held through New Oasis Asset Limited – to vote AGAINST Resolution Two and the election of Park to the board.
Graeme Park has sat on the main plc board since August 2015 – having previously held a position with The Rangers Football Club Ltd.
The 37-year-old has a board seat on the committee for Rangers’ 15-th anniversary celebrations.
He also served as a director whilst King was chairman – prior to the South Africa-based businessman stepping down and handing power to his fellow investor.
King – who holds more than 65 million hares in RIFC plc – has a deal with Club 1872 which will see him pass on his shareholding to the fan organisation.
Unusually for The Sun the above extract contains a number of spelling errors and mention of the 15th anniversary celebrations.
Last season the Ibrox board issued 11 batches of shares in return for loans given, since July this year they have repeated that four times.
Every time that that happens King’s overall shareholding is diluted making the stake he is trying to sell on to Club 1872 less significant.