There might not be a Panto at the Armadillo this festive period but there could be plenty of theatre and drama inside the SEC auditorium on the banks of the Clyde in December. The way it is shaping up, tickets for the Rangers AGM could probably have done a roaring trade -– fans will just be glad this isn’t another opportunity for them to part with their cash – if access wasn’t limited to club shareholders only.
It was always going to be a lively event given the fact the Ibrox side are currently on the hunt for a new manager after sacking Giovanni van Bronckhorst, trail fierce rivals Celtic by nine points and suffered the worst Champions League group stage performance in the history of the competition. But former chairman Dave King has cranked up the heat by revealing he will vote against the re-election of the Douglas Park – the man who replaced him a couple of years ago. It comes just 12 months after he tried and failed to oust the car tycoon’s son Graeme from the board at the previous AGM.
The South Africa-based businessman, back in Glasgow, said he had a “moral obligation” to vote against Park Jnr remaining as a director of the club but ultimately it ended in defeat with the 38-year-old businessman keeping his blazer after receiving the backing of 81.1 per cent of shareholders. And therein lies the potential problem for King as he looks to take out Douglas Park. Having lost out by an overwhelming majority last year, what are chances of King succeeding in taking out Park?
King is the largest single shareholder with a 15.45 percent stake which rises to almost 20 per cent when taking into account Club 1872’s 4.62 per cent, the prominent supporter group he agreed to sell his shares to when he stepped down as chairman. However, that alone would still leave him well short of the support needed to push through any major changes. King would need a simple majority of 50 per cent plus one share to force out Park and, on the face of it, that looks unrealistic.
It’s in contrast to rivals Celtic where the largest shareholder Dermot Desmond owns 34.9 per cent followed by global equity fund Lindsell Train Limited, owned by Nick Train and Michael Lindsell who also have an interest in Juventus and Manchester United, and marketing supremo Christopher Trainer who own 17.4 per cent and 10.4 per cent respectively. That allows the trio to make all the major calls at Celtic Park.
So as King looks to turn Park into the pantomime villain at the Armadillo on December 6, Record Sport looks at who owns what at Rangers among the major shareholders and how likely change is at the very top. The board are voted on for two-year cycles with Douglas Park, Julian Wolhardt and George Taylor the three directors up for re-election this time - with Resolution 2 involving Douglas Park and the one King on which is focusing.
•New Oasis Asset Limited - 15.13%
The Family Trust of King which his shareholding is held under. He stepped down as Rangers chairman in 2019 after rescuing the club from the clutches of the despised former regime. But has remained active in the background and wants change at the top, admitting he won’t vote for chairman Park’s re-election. He said: “I think we can be back winning the title, but the way things are going at the moment, unless changes are made to the leadership of the board, the leadership and executive of the club, I fear we will be stagnating for a long time to come.”
•Douglas Park - 12.16%
The motor group chief drove to the rescue of Rangers during their time of need and has risen to take his place as club chairman. Joined forces with George Letham and George Taylor as one third of the so-called Three Bears to help force out Mike Ashley. A major investor in the Ibrox club over the years.
•George Taylor - 9.96%
One of the aforementioned influential Three Bears the Glasgow-born businessman was appointed a director last year. He has been a key figure behind the scenes for a number of years and has invested significant funds into the club and will almost certainly vote for Park’s re-election.
•Stuart Gibson - 9.25%
The Paisley-born businessman pumped £5million into the club a couple of years ago after making his money in the Far East. Was brought to the table by George Taylor so also likely be a Park ally.
•Borita Investments Ltd. - 6.39%
Danish investor Julian Wolhardt is said to be the man behind this group. Based in Hong Kong, Wolhardt is a chief executive officer of Hong Kong-based Dehong Capital Partners.
•John Bennett - 5.13%
A lifelong fan, he was appointed to the board seven years ago and as Park’s deputy it’s clear where his loyalties will lie.
•George Letham - 4.92%
The third of the Three Bears consortium, he stepped down from the board room last December. A quietly influential figure in the club over the years who has invested around £5m.
•Perron Investments LLC - 4.68%
Billionaire finance executive John Halstead is listed as the owner of the shares held by Perron.
•Club 1872 - 4.62%
Influential supporter group formed in May 2016 and have close links with Dave King so he can bank on their support.
Conclusion
It looks a tall order for King to oust Park at this moment. However, he can bank on around 20 per cent of the shareholders voting with him and if he can add a sizeable rump of single shareholders (the fans) while gaining the backing of a big beast, then victory is not outwith the realms of possibility.
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