Making sense of the twists and turns of the fast-moving Rangers boardroom battle is no easy matter. Here's our guide:
Q: Why did Walter Smith step down as chairman?
A: He opposed the return of former chief executive Charles Green as a consultant. He was angry to discover earlier this year the extent of Green's dealings with Craig Whyte, the former Rangers owner.
Q: What prompted Green's return?
A: The Yorkshireman wants to retain his power base among shareholders, influencing how the club is run. The Ibrox consultant also wants to protect their profit margin, which means trying to keep the share price from collapsing.
Q: Where does this leave Ally McCoist?
A: Vulnerable, since he and Green are at loggerheads and Smith was on the manager's side. McCoist, though, will not quit, although his team suffered a damaging defeat against Forfar in the League Cup on Saturday.
Q: What does Jim McColl hope to achieve?
A: He is among the shareholders who see the current boardroom line-up as dysfunctional and want former director Paul Murray and Frank Blin in with Craig Mather, Brian Stockbridge and non-executive [independent] director Bryan Smart removed. McColl's presence is significant due to his reputation and contacts.
Q: Is McColl looking to buy the club?
A: No. McColl only wants to see more stability and corporate governance experience at boardroom level. This would allow the financial institutions among the investors to consider providing more funding.
Q: Is the club running out of money?
A: It is believed that the current rate of spending would see Rangers require additional investment before the end of the season. Otherwise, wages and costs need to be cut significantly.
Q: Who are the major shareholders?
A: Charles Green holds a 7.79% stake, Hargreave Hale Limited 7.71%, Artemis Investment Management LLP 6.58%, Blue Pitch Holding 6.14% and Newcastle United owner Mike Ashley 4.61%. Hargreave Hale and Artemis are believed to support McColl, while Ashley has yet to publicly declare his support.
Q: Whose side is chief executive Craig Mather on?
A: He is essentially neutral. The chief executive was brought in as an investor by Green before December's Initial Public Offering of shares. He gained the trust of Smith and McCoist, and could remain chief executive even if voted off the board.
Q: What about Craig Whyte?
A: A board internal investigation declared that Whyte is not currently involved with Rangers. Green had to admit to striking deals with Whyte during administration, though, and later claimed that he set out to dupe the former owner. Whyte, in turn, threatened to sue. He remains a stalking presence in the whole saga.
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