Rangers set date for Mike Ashley requested general meeting
The Rangers board are to propose the possibility of removing voting rights of shareholders who own stakes in other clubs at a general meeting next month.
Following a request from Mike Ashley's MASH Holdings, the gathering will take place at Ibrox on 12 June.
Newcastle United owner Ashley has a 9% stake in Rangers.
MASH are asking for a vote on the repayment of a £5m loan from Ashley's Sports Direct "as soon as possible after the passing of the resolution".
MASH are calling for explanations to the following:
- The precise reasons why the company is no longer trading on AIM.
- What steps were taken to appoint a new nominated advisor.
- What terms a £1.5m loan from Douglas Park, George Letham and George Taylor was provided.
The Rangers board have added their own proposals:
- To provide shareholders with a breakdown of the income received by Rangers Retail Ltd [in which Sports Direct have a 75% holding] and the payments it has made to the club.
- To consider removing the voting rights of shareholders who own stakes in other clubs, which contravenes the SFA's dual ownership rules.
- Also calling for an ordinary resolution to "ensure that the contractual arrangements between the club and Sports Direct are renegotiated on a basis that is fair and reasonable to both parties".
On taking over as Rangers chairman last week, Dave King said the £5m loan from Sports Direct was unlikely to be paid back soon, describing the resolution as "a non-event".