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SBD Global/August 14, 2013/Franchises

Former Director Imran Ahmad Set To Launch $5.3M Action Against Rangers

Former Scottish Second Division Rangers Dir Imran Ahmad is "set to launch" a £3.4M ($5.3M) legal action against the club, according to Gary Ralston of the Scotland DAILY RECORD. Ahmad claims to have the support of former CEO Charles Green "in the fight for bonuses and legal costs he says he is owed." In a "document sent to the Rangers board by Ahmad on July 22," Ahmad claims that Green "has agreed to stand up in court and support him in any cash battle with the club." Finance Dir Brian Stockbridge admitted the £22M ($34M) raised "from a stock market flotation only eight months ago has gone" and there is £10M ($15.5M) in the bank. The club coffers "could now be raided further still by Ahmad." Ahmad has told the Rangers board that "he might be willing to settle" for a compromise sum of £500,000 ($772,500), plus legal fees, "to avoid a High Court battle." That would "still hit Rangers hard," with Stockbridge admitting more than £3M ($4.6M) of the flotation cash "has already gone on legal, accounting and stockbroker's bills since December" (DAILY RECORD, 8/13).
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