Scottish Championship side Rangers CEO Graham Wallace "has been fired" as part of shareholder Mike Ashley's "Ibrox power grab," according to Keith Jackson of the Scotland DAILY RECORD. Wallace -- who is "expected to be replaced by Ashley's right-hand man Derek Llambias -- was axed on Saturday morning, moments after the club’s beleaguered board accepted" a £2M ($3.2M) "crisis loan" from Sports Direct magnate Ashley. Wallace's departure "was confirmed this morning." It is "hotly anticipated" his £300,000 ($483,900)-a-year role will "now be given to Llambias as part of a boardroom shake-up." Ashley "also wants another close pal, Stephen Mucklow," to replace former Finance Dir Philip Nash, who resigned on Friday. In "return for his cash,
Ashley demanded the right to make two changes to the board and also has
security over two of the club's main assets, the Albion car park and
Edmiston House" (DAILY RECORD, 10/27). The PA's Andy Newport reported Wallace's exit will come as a "major blow" to Manager Ally McCoist, with the pair having formed a "close bond in the 11 months they worked together." Ashley -- who owns 8.92% of Rangers -- "saw off a late bid by Sale Sharks owner Brian Kennedy to put forward his
own emergency loan facility and now has the Ibrox club in his iron-like
grasp" (PA, 10/27).
LLAMBIAS LIKELY NEW CEO: The BBC reported Llambias "is likely to become the new chief executive of Rangers." He was expected to "fly into Glasgow over the next 24 hours for talks" (BBC, 10/27).
EASDALE BACKS ASHLEY: The BBC's Chris McLaughlin reported Rangers Dir Sandy Easdale said that Ashley "should bring financial stability to
Rangers and revealed there are no plans to change the manager." Easdale spoke "following reports Ally McCoist's position could be under threat." He also said that "the plc board acted in the best interests of the club" by accepting Ashley's £2M loan. Easdale: "Mike's a very wealthy individual and he really does want to help the club. I can only see it being a good thing" (BBC, 10/27). In London, Andy Hunter reported McCoist "insists his job as the Rangers manager is safe." McCoist claimed he has "been given assurances" by Rangers Chair David Somers and Easdale that he "will not be replaced" (GUARDIAN, 10/27).
