RANGERS fans have called for a stock market investigation into the Mike Ashley Ibrox power grab, claiming it breaches corporate governance rules.
The Rangers Supporters Trust and other fans have lodged complaints with the Alternative Investment Market (Aim) over how the Sports Direct billionaire has been allowed to have had so much control over the club accusing the board of operating with a "reckless and irresponsible attitude to going concern status".
While the Newcastle United owner holds just under nine per cent of holding company Rangers International Football Club plc, Mr Ashley has been effectively pulling the strings since the board accepted his emergency £2 million six-month interest free loan to the club. It is secured against two of the club's assets adjoining the stadium, Edmiston House and Albion car park.
Mr Ashley's trusted lieutenant Derek Llambias has since joined the Rangers board as a non-executive director and another ally is expected to join both the board of the plc and its operating company subsidiary The Rangers Football Club Ltd, headed by another supporter of Mr Ashley, Sandy Easdale.
The plc board has power to make major investment decisions and representatives recently met with former Rangers director Dave King over his now seemingly doomed £16 million takeover bid. Another £3 million loan offer made by Brian Kennedy also fell by the wayside.
Mr Ashley's grip on the club comes as a result of an alliance with subsidiary chairman Sandy Easdale, who holds voting rights over 26.8 per cent of the total shareholding of the club, 4.5 per cent of which he owns himself, and Isle Of Man-based hedge fund Laxey Partners, which controls 16.3 per cent.
He is prevented from owning more than 10 per cent of the club after signing a pact with the Scottish Football Association aimed at limiting his influence at Ibrox.
After it was revealed he got the stadium naming rights for £1, it emerged that Sports Direct, headed up by Mr Ashley, has for two years had effective control of all financial matters at the club's Rangers Retail operation which runs the three Rangers Megastores, and holds the rights to the club's name and famous crests.
Former financial director Phillip Nash recently quit the plc board and all subsidaries in protest at the decision to accept Mr Ashley's loan in return for allowing his representatives two seats on the TRFCL board. Chief executive Graham Wallace followed. Mr Ashley had previously called for their removal, demanding a shareholder vote.
Fans who have lodged complaints have told Aim they believe the board has breached point 8 in Aim's Rules for Companies that states an investing company "must seek the prior consent of its shareholders in a general meeting for any material change to its investing policy".
They also believe there has been a breach of point 15 which says that where an Aim company proposes to take action which would mean it "ceases to own, control or conduct all, or substantially all, of its existing trading business, activities or assets" they must make a notification over investing policy and obtain shareholder consent.
Rangers declined to comment.
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