American investor Kyle Fox has doubled down on her intentions to buy a huge stake in Rangers – after defeating the Ibrox board in a Miami court.
Miss Fox was hit with a lawsuit by the club’s hierarchy after holding talks in London with vice chairman John Bennett about a potential takeover plan. The legal action was aborted after two months of wrangling last week when lawyers representing Rangers confirmed the case against her had been voluntarily dropped.
But Fox responded to the development last night by confirming that she still intends to snap up a ‘significant ownership interest’ in the club. Record Sport understands the Florida based investor has agreements in place to hoover up a stake of between 25-30 per cent at 40p per share - which would make her the club’s biggest single shareholder. Her plan was put on hold after being dragged into court by the incumbent Ibrox board.
But Fox insisted at that time she would press ahead with the deal as soon as the legal action was booted out of court. That happened last Thursday in the States when Rangers folded their own case after lawyers representing Fox’s firm KRF Capital demanded it was dismissed.
And a bullish Foix said: “I have always been, and will continue to be, open and transparent with Rangers’ board, shareholders, and investors. I look forward to putting the lawsuit behind us and continuing to explore opportunities to bring value to the Rangers organisation, its loyal fans, investors, and other stakeholders through KRF Capital’s proposed acquisition of a significant ownership interest in the club.”
Fox had initially proposed to buy a 75 per cent controlling stake in Rangers but this was met with hostility by chairman Douglas Park and his directors - who insisted they have no wish to sell up. She then advised them of an alternative strategy to acquire around 25 per cent instead, while insisting that other shareholders were willing to strike a deal.
It was at that point that the club launched legal action against KRF Capital - accusing Fox of unauthorised use of a club crest in a document related to her proposal and insisting Rangers were not for sale. Fox’s lawyers pointed out “factual and legal deficiencies” of Rangers’ claims – including that the club is a UK public company with freely transferable shares.
The club was forced to withdraw many of its allegations before ultimately dropping the case.
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