The coming days may yet bring a resolution to the sagas that continue to trouble Rangers.
The different factions are by now fairly well established, but not everything can be taken at face value. The politicking is more intense behind the scenes.
Tuesday's board meeting represents an opportunity. The Rangers directors will consider Charles Green's role as a paid consultant, and ought to also make a decision on the notice requisitioning a general meeting made by a group of disgruntled shareholders. The GM can still be avoided, if the board agrees before Friday to the resolutions, which are the removal of chief executive Craig Mather, finance director Brian Stockbridge and non-executive director Bryan Smart from the board, and the appointments of former Ibrox director Paul Murray and Frank Blin, the former executive chairman of accountants Pricewaterhousecooper.
Talks were held throughout last week in attempts to broker support for various positions. Mather and Stockbridge attended meetings in London with the institutional investors that have stakes in Rangers. Most of the institutions back the requisition, including Jim McColl, the businessman and entrepreneur who is a significant figure in the attempt to bring more corporate expertise and rigour to the board.
Green was also in London for a spell last midweek, although he did not meet Mather, whose attempts to reassure investors that the current board can still guide the club to financial stability were positively received. Nonetheless, the status quo looks the least likely outcome.
All three major fans groups have demanded the removal of Green, who has been a disruptive figure since his return as a consultant. The only individuals still prepared to align themselves with the largest single shareholder, and former chief executive, are James and Sandy Easdale, the Rangers shareholders and owners of McGills Buses.who want the current set-up to remain.
Personalities have dominated the dramas around the club, but it is finances that are more critical. Dave King, the former Rangers director, believes the club could run out of money before Christmas, while others are adamant it will be next March or April before additional funding is required.
With no credit facility, and all of the £22 million raised in last year's share issue already spent, the board needs to be credible before investors will feel comfortable enough to provide further funds. Mather is acutely aware supporters want Green removed. But if he cannot garner enough support from his board on this issue, he may feel obliged to consider his own position.
King and others are prepared to invest in Rangers in return for ownership stakes. Institutional investors will also be more willing to provide funds if the board is capable of running a streamlined, and transparent operation.
On Tuesday decisions need to be made that best serve Rangers, and allow the club to properly rebuild its business operations.
Should the GM be called, all sides will attempt to publicly and privately canvass further shareholder support. That will only further delay the alterations that are required.
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