The extent of Mike Ashley’s grip on Rangers will be clarified, and most likely tightened, when the club holds what is likely to be a stormy annual general meeting on Monday.
The Scottish FA has charged Ashley and Rangers over alleged breaches relating to dual interest in clubs. The Newcastle United owner is officially a 9% shareholder in Rangers but is generally recognised to be exercising a strong influence, as shown by the appointment of Derek Llambias, the former managing director at Newcastle, last week as chief executive at Ibrox.
Llambias’s role was confirmed after the Scottish FA’s charges, in itself an apparent illustration of what Ashley thinks of them.
Rangers have admitted they need to raise £8m from next month to continue trading, a matter which should lead to a new share issue being confirmed at the AGM. Ashley is reportedly ready to underwrite that, thereby increasing his Rangers involvement despite the Scottish FA hearing being scheduled for late January.
At Monday’s meeting, the Rangers directors are also likely to emphasise the value of Ashley to their struggling business. The Sports Direct owner has already loaned Rangers £3m to assist with running costs but his involvement has angered supporters’ groups.
The Scottish FA has another dual interest case ongoing, relating to allegations surrounding Neil Rankine’s connections to Livingston, East Fife and Dumbarton, which is suddenly highly relevant in the context of Ashley and Rangers. Ashley signed an undertaking not to control more than 10% of Rangers, hence he falls under the jurisdiction of Scottish football’s governing body.
The future of Ally McCoist will be another key topic at the AGM. McCoist has served his notice on a 12-month rolling Rangers contract and the manager has insisted he is fully of a mind to see that out. However, certain members of the Rangers board would far rather McCoist exited immediately. This situation is complicated by the club’s financial inability to pay him off.
After Rangers defeated Livingston in the Scottish Championship on Saturday, McCoist expressed sympathy for his club’s supporters. Tens of thousands of empty seats were visible at Ibrox for the 2-0 win.
“I have felt unbelievably sorry for the fans over the last three years, to be honest,” McCoist said.
“I am not sure attendances are a worry. Obviously, when we are playing at home, I would far rather the team were being supported by 50,000 rather than 15,000, 20,000 or 25,000. That goes without saying. However, I do understand, 100%, the vast majority of fans’ feelings over the last three years.
“Will we get those fans back? Yes. In the short term? I don’t know about that.”