RANGERS shareholders have voted against paying back a £5m loan to Mike Ashley and demanded that controversial retail contracts with his Sports Direct firm are renegotiated.
Sports Direct own 75 per cent of the shareholding in Rangers Retail with the percentage from merchandising sales given to the club regarded by the current board as unfavourable and unfair.
Votes were cast at a club EGM at Ibrox Stadium last Friday with the results announced today.
Ashley's holding company MASH requisitioned the meeting with two ordinary resolutions being put forward to shareholders.
The following results were posted on the official Rangers website:
Resolution 1:
THAT, the shareholders support the principle that the Rangers Football Club Limited (the "Club"), a subsidiary of the Company, is released from the arrangements between the Club and SportsDirect.com Retail Limited (Sports Direct) pursuant to the Facility announced by the Company on 27 January 2015: (a) including the release of security over (i) the Rangers' brands owned by the Club; (ii) the Murray Park training ground; (iii) the Albion Street car park; and (iv) Edmiston House; (b) including the release of the Club from the current restrictions preventing it from being able to provide security over the Ibrox stadium without the prior consent of Sports Direct; and(c) thereby resulting in the transfer back of a 26% interest in Rangers Retail Limited from Sports Direct to the Club , through the Directors of the Company resolving to procure the repayment in full of the loan of £5 million owed by the Club to Sports Direct as soon as possible after the passing of this Resolution.
For - 29,376,675 (46.36%)
Against - 33,988,991 (53.64%)
Total votes cast on the Resolution was 63,365,666. This represents 77.77 % of the Company's issued share capital
Resolution 2:
THAT, the shareholders support the Directors of the Company in their desire to ensure that the contractual arrangements between the Club and various members of the Sports Direct group of companies are renegotiated on a basis that is fair and reasonable for both parties and will deliver best value to both the Club and Sports Direct. The shareholders agree that these negotiations need to address the whole relationship between the Club and Sports Direct in order to achieve that goal.
For - 39,760,539 (62.5%)
Against - 23,852,291 (37.5%)
Total votes cast on the Resolution was 63,612,830. This represents 78.07% of the Company's issued share capital
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