Football Trade Directory

Dave King seizes control of Rangers after EGM at Ibrox

Dave King and his consortium have taken control of Rangers after being voted in at the club's EGM at Ibrox earlier today.

King called for the meeting in a bid to oust the current board, but ultimately his work was already done for him by the time the actual vote took place.

David Somers and James Easdale both resigned from the board in run up to the vote, leaving only Derek Llambias and Barry Leach on the board.

They were both voted off the board in the meeting, with King, Paul Murray and John Gilligan all being voted in.

King's consortium received approximately 85% of the votes cast overall, but a chunk of shareholders who backed Sandy Easdale, brother of James, abstained from the vote. With these shareholders not voting, King's only potential obstacle was removed.

With Llambias and Leach both being associates of Sports Direct owner Mike Ashley, there has been no word yet as to what the Newcastle owner will do or how he will work with the new board.

Ashley, who was fined £7,500 this week for breaching the SFA's dual ownership rules, owns a 10% stake in the club, and has also loaned the club £10m through his company Sports Direct.

The new board will start immediately and their first job will be to appoint more directors to the board, and also find a new nominated advisor (NOMAD) for the club on the stock exchange.

Trading on Rangers International Football Club was suspended after the club's nomad WH Ireland resigned.

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