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16 January 2015, 19:02
Dave King has called a general meeting to ask Rangers shareholders to rout the entire Ibrox board.
The former oldco director will call for the heads of chairman David Somers, chief executive Derek Llambias, financial director Barry Leach and director James Easdale.
In their place, he plans to nominate himself, former Blue Knight Paul Murray and John Gilligan - the one-time managing director of Glasgow brewer Tennent's - as their boardroom replacements.
King - who is now the club's biggest single shareholder with a 16 per cent stake after buying up Laxey Partners - is now hoping he can pull together a majority coalition to force through sweeping boardroom change.
In a statement handed to Press Association Sport, the South Africa-based millionaire said: "I confirm that a requisition for a general meeting has been hand delivered to Ibrox Stadium. The requisition consists of four resolutions for the removal of the incumbent board and three resolutions for the appointment to the board of myself, Paul Murray and John Gilligan. The resolutions do not seek to review the employment of the two executive directors presently on the board. They will merely be removed as directors.
"I would not have called for a general meeting if I was not confident, from my review of the present shareholder register, that it will be supported by more than 50 per cent of the total registered shareholders.
"While many of the shareholders hold differing views as to what is right for the club, I believe that a clear majority are like-minded on one key point - the need to remove the incumbent board and to replace it with individuals who can gain the trust of fans, sponsors and the shareholder community.
"It is also desirable to partner a Nomad that is willing to move forward and away from the recent poor governance at the club. I have already had initial discussions with potential Nomads on the basis of two key conditions.
"Firstly, that the resolutions at the AGM are passed. Secondly, that the board is expanded as soon as possible thereafter to incorporate experienced independent non-executive directors such that the highest level of corporate governance is achieved and maintained.
"That is exactly what all stakeholders should want to happen after experiencing so many years of different boards that have lurched from one crisis to another. In advance of the general meeting, I will further engage with Nomads willing to embrace the standards that we will set for the future and ensure that an appropriate arrangement is in place to be adopted immediately on conclusion of a successful vote at the general meeting.
"The most pressing task for the incoming board will be to ensure the long-term financial sustainability of the club. A secondary important task will be to conduct a forensic audit of the management and commercial contracts undertaken over the last few years to determine whether they are truly arm's length and whether the affairs of the company have been pursued in accordance with the fiduciary obligations of those entrusted with that responsibility. Any malfeasance will be pursued aggressively and transparently.
"I call on all shareholders to vote for all resolutions when the general meeting is convened.''