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Mike Ashley lobbed a high cross into Rangers’ penalty box today, calling on shareholders to remove the football club’s chief executive, Graham Wallace, and one of Wallace’s top lieutenants.
The Sports Direct and Newcastle United owner last week doubled his stake in the Scottish Championship club to 9%.
Rangers said it was “currently verifying” that the call for a shareholder meeting, by Ashley’s private MASH vehicle, was “properly constituted”.
Ashley has called for the meeting to eject directors Wallace, chief executive since last November, and Philip Nash, who joined the board in July having advised on restructuring and finance since January.
Nash is a former finance director of Liverpool and Arsenal.
The Rangers board came out fighting, saying even if Ashley’s notice of meeting is valid it would “seek to have such notice withdrawn in order to avoid the cost and disruption of an ad hoc general meeting particularly given the company’s forthcoming annual general meeting, further details of which will be announced in due course”.
The board said it was “united” behind the executives and would recommend voting against Ashley.
Rangers won backing for a £3.1 million share issue last month but fell £800,000 short of its target.