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OPERATION PHOENIX KING

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DAVE KING has assumed control of Rangers 2012 after his bid to oust the current board proved successful at today’s EGM.

Reports of a ‘landslide victory’ for King proved correct as all five motions proposed at the meeting were carried unanimously.

The King, Paul Murray and Glasgow businessman John Gilligan were appointed to the board while former chairman David Somers, who resigned earlier this week, chief executive Derek Llambias and finance director Barry Leach were voted off.

However, the latter two will continue to have ‘executive responsibilities’ according to King until their position with the club is ‘sorted out at a later date’.

No motion for the removal of Somers, and James Easdale, who quit the board last month, were voted upon at the Ibrox gathering. Around 500 shareholders, including manager Ally McCoist – who is currently on gardening leave – attended the meeting which lasted just over 13 minutes. To the disappointment of many people on social media the world famous Sevco comedy club tent was absent! Spoil sports!

The King has earmarked the post of chairman for himself, but Murray, like King a former director of oldco Rangers, will assume the role on a temporary basis while the SFA and Stock Exchange rule on his suitability for the position.

The King, who has a 14.57 per cent stake in the struggling Championship side, was convicted of 41 counts of contravening South Africa’s Income Tax Act in 2013, and must now satisfy both authorities’ ‘fit and proper person tests’. Authorities branded him a “glib and shameless liar.”

The vote now clears the way for King to put in place his ‘revolution for the club’ which he outlined on Thursday. Today’s announcement comes shortly after Rangers’ nominated advisor – WH Ireland – resigned, resulting in the suspension of the club’s shares on the Stock Market.

The 60-year-old Glasgow-born businessman must now appoint a new ‘nomad’ within 30 days to avoid the club, which currently lies third in the Championship table, being delisted from the Stock Exchange.

The King said: “The main gameplan now, and the main thing I have stayed focused on, is to try and get regime change and try and install on the Rangers board some like-minded individuals who know what the club is about and who know what the history is about.

“It will be a little daunting as the one thing that is clear to me is that the club is broken. Not just the team, but the stadium, the infrastructure, whe whole value system within the club has disappeared.

“That is why it is really critical that we hit the ground running and inject a bit of much-needed energy.”

King, who allegedly invested £20m of his own money into Rangers 1872 in 2000, added: “It will be a long road but as long as we travel that road together I guarantee the fans absolute transparency and accountability.

“If there is one thing that has been missing in Rangers over the past couple of years it is not just the ethos and the level of respect, but accountability and transparency, which has been completely absent.”

The King back in 2012 predicted that the CVA would be rejected and that Rangers would be liquidated. He was right. He also told us that he would sue Sir David Murray for the £20M he lost in the previous club. No papers have been lodged as far as we know with any court in pursuit of this claim.
What is certain that the crew who sailed the good ship Rangers to its death in 2012 seem to be re-assembling in under 3 years having shed tens of millions of debt. Sir David Murray’s own ‘Empire’ has gone – with him picking up the assets for a fraction of the debt associated with them.
Selling to Craig Whyte for £1 doesn’t look too bad a deal now for the board of the old club who are now back where they think they belong.
It looks like they have been taking the Michael all along.
 
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