Q:
What are Mike Ashley's intentions?
The Sports Direct entrepreneur is undoubtedly an astute businessman and unlike former owner Craig Whyte has financial clout. While notoriously secretive, many observers believe he sees Rangers as offering a cheaper and easier route to the Champions League via the Scottish Premiership, than Newcastle United in the English Premiership. This would provide a platform for the Europe-wide promotion of his Sports Direct chain of shops. But some observers believe he does not need to take over at Ibrox as an owner having already secured the stadium naming rights, merchandising and shop deals. There is a strong belief that the prospect of a dual 'ownership' issue with European football's governing body, Uefa, means he will eventually have to nail his colours to one mast.
Q: Are there alternatives?
South Africa-based former Rangers director Dave King is still believed to be ready to re-invest, with others, up to £50 million into the club, an option favoured by the Rangers supporters collective Union of Fans. As a long-term supporter of the club, King has their trust. But critics are concerned his low profile since declaring his interest, is echoed in previous forays into major involvement in the club, which appeared to come to nothing. Questions, however, remain on whether he could be appointed as a director on the board of the holding company Rangers International Football Club plc because of tax case convictions. At the end of August, last year, King, one of South Africa's wealthiest men, and a director brought in by former owner David Murray, settled a 12-year-long income tax dispute in South Africa after pleading guilty to breaching 41 counts of the country's Income Tax Act including the failure to disclose information about incomes. He agreed to pay £45m as a settlement. It is understood King has been kept abreast of recent discussions involving two influential Rangers supporters - Paul Murray and George Letham - as well as chief executive Graham Wallace and finance director Paul Nash.
Q: What happens if there is no sign of fresh investment?
It was expected that an annual general meeting this month might seek the go-ahead to raise more money through a fresh share issue that could see the club through to the end of the current season. But holding company Rangers International Football Club plc have yet to say when they will publish year-end accounts, and so cannot set a date for their AGM. Having raised £2.7 million from a September share issue, nearly £1 million less than the board was seeking, it was claimed that without any other investment, the sum would barely see the club through to Christmas. The club had been left with working capital of just £1.2m, before the share offer.
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