Rangers fans hope King will spell end for Ashley

Dave King, a former Rangers director, is expected to step up his investment following yesterdays share purchase. Picture: SNS

RANGERS supporters groups have welcomed the major power moves at Ibrox and believe they will signal the end of the Easdale brothers and the Mike Ashley influence over the club.

Dave King and the consortium of Douglas Park, George Letham and George Taylor now control around 35 per cent of the club and are expected to make significant moves in the coming week.

King snapped up 15 per cent yesterday following Laxey Partners’ decisions to sell their 16 per cent to the group known as the Three Bears while Taylor already held nearly 4 per cent.

The South Africa-based multi-millionaire had offered a £16 million funding package through a new share issue but this was rejected in favour of a £3m loan from Mike Ashley.

The Sports Direct owner has been subsequently blocked by the SFA from increasing his stake to 30 per cent and now King and his like-minded investors have moved in.

King said last night: “I would like to specifically record my disappointment that, if I hadn’t been blocked by the present board in favour of a lesser and commercially disadvantageous offer by Mr Ashley, the money could have gone into the club and not into the pockets of existing shareholders.”

Fans groups believe it is the beginning of a new dawn for Rangers after three years of turmoil.

Rangers Supporters Association secretary Drew Robertson said: “What has happened in the last few days is certainly encouraging and we now have people invested who have the best interests of the club at heart rather than their own personal agendas.

“I think both Dave King and the other consortium have realised that the only way they were going to get in was to purchase a shareholding.

“My only concern – and I believe Dave King said this before – is that the more they spend on the shares it would eat into the amount of money available to actually invest into the club. This should give them control of the boardroom and they will hopefully be able to effect change.

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“Derek Llambias [Ashley appointed chief executive] has a contract, so that might be difficult, but would it be the case that there are a number of people whose positions are now untenable?

“It would be difficult to see anyone who is in Mike Ashley’s camp being able to continue.”

Robertson thinks the major corporate new will encourage Rangers supporters to return to Ibrox in considerable numbers but he cautions that there is still work to be done.

He said: “I would like to think it would encourage more fans to come to the match on Saturday and also going forward.

“However, I think there might be more pain before there is any gain. The most important thing is to get the club on a sound business footing. I don’t think Dave King and the Park group are going to throw a few million pounds at it and say ‘here we go’. I think we need to build foundations before we put the roof on.

“Of course in the forthcoming share issue, Dave King and the Three Bears would be able to increase what they have already purchased.

“But these guys still have a lot of work to do to restore the club to its former glory.”

Sandy Easdale’s spokesman, Jack Irvine, said: “Sandy is pleased Dave King has shown goodwill and bought these shares and he hopes it will lead to further investment.”