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SBD Global/March 27, 2014/Franchises

Scottish League 1 Side Rangers Fans Demand Club Accept Dave King's Cash Offer

Scottish League 1 side Rangers fans on Wednesday demanded the club accept former Dir Dave King’s offer "to pump cash into the Ibrox outfit," according to Keith Jackson of the Scotland DAILY RECORD. King "outlined his plan to plough huge sums into the club" and umbrella group the Union of Fans has called on the board to accept the tycoon’s offer of cash for new shares. The move came on a day when Rangers "pulled the plug on a high-interest emergency loan from hedge fund firm Laxey Partners" -- and accepted a cut price counter offer from one of its own fans instead. A statement from the Union of Fans said, “We would now ask the board to indicate publicly, as a matter of urgency, whether they are prepared to accept Dave King’s offer of massive investment. The ball is firmly with the Rangers PLC board, in particular with chief executive officer Graham Wallace and chairman David Somers." Wallace "was also in the spotlight after the loan with Laxey Partners became public." But "after the terms of the deal were announced to the Stock Exchange," wealthy fan George Letham stepped in with a "far more favorable offer" to help keep his club out of more financial distress (DAILY RECORD, 3/26).
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