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Nash resigns as the battle for Rangers continues [Newcastle Journal (England)]
[October 25, 2014]

Nash resigns as the battle for Rangers continues [Newcastle Journal (England)]


(Newcastle Journal (England) Via Acquire Media NewsEdge) RANGERS director Philip Nash has resigned from the Ibrox board, the club informed the Stock Exchange.

The former Liverpool and Arsenal financial chief was brought in by Light Blues chief executive Graham Wallace in January to help solve the club's ongoing cash crisis.

But he has now decided to quit before Newcastle United owner Mike Ashley - who holds a 8.92% stake in the club - forced him out.

The Sports Direct tycoon has called an emergency shareholder meeting to vote on removing both Wallace and Nash from the board.

Wallace had favoured striking a Pounds 16m rescue deal with former oldco director Dave King, but found his efforts blocked by Sandy Easdale, the football board chairman who controls 26% of the club's shares.

King jetted in to Scotland last week but has now headed back to South Africa after failing to agree terms with Easdale. The Glasgow- born millionaire, backed by former Blue Knight Paul Murray and wealthy fan George Letham, was looking for a controlling stake in the League One champions in return for funding.



King has refused to admit defeat although the Daily Record reported that Ashley could now step in to provide emergency funding to keep Rangers afloat in the short term. King insists that would only allow Ashley to tighten his grip on the Ibrox outfit.

He said: "I have been asked to make a personal comment on the rumour that the Rangers board is considering a loan from Mr Ashley.


"I don't see the offer of a shortterm loan by Mr Ashley affecting me in any way. Our offer is for a longterm permanent solution to take the club forward and unite the fans and board for the first time in years.

"The board is in the final stages of reviewing our offer, I expect a definitive answer next week. It doesn't seem possible that the board can do anything other than recommend it to shareholders given the dire financial circumstances, and the fact that no other long-term solution is on offer.

"Mr Ashley's involvement with Newcastle precludes him from making a similar offer of long-term permanent equity. What Mr Ashley can do is attempt to increase his vice-like grip on the Rangers brand by improving his retail position as a condition for supplying short- term debt to tide the club over until our permanent funding is in place. But I know that there are other investors also willing to provide bridging finance." (c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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