Rangers EGM: FAQs

Pic: Jeff Holmes

Rangers are to host a general meeting at Ibrox at 11am on Friday. The shareholder vote could finally bring the club's four-year soap opera to its climax. SO WHAT IS THIS GENERAL MEETING ALL ABOUT? At its basic level, it is a simple vote to remove the club's last two remaining directors, Derek Llambias and Barry Leach, as well as three motions to appoint Dave King, Paul Murray and John Gilligan as their replacements. WHO WILL BE IN CHARGE COME MONDAY? King is the man pushing this. He claims he is set for a "landslide" victory, and that Llambias has privately told him that. But whatever happens, King will not take up the chairmanship of the club right away. Instead Murray will act as interim chair while King tries to prove to football and City authorities he is a fit and proper person following previous disputes with the South African tax authorities. APART FROM THAT, WHAT OTHER HURDLES MUST KING OVERCOME? Well, following the resignation of the club's nominated adviser WH Ireland on Wednesday, King has a month to find a replacement firm or the club will lose its Stock Exchange standing, making it much harder for investors to plough cash into the Ibrox coffers. Then there is the issue of Mike Ashley in the shadows. BUT LLAMBIAS AND LEACH ARE THE NEWCASTLE OWNER'S PLACEMEN. WON'T HIS INFLUENCE END WITH HIS DEPARTURE? Not quite. Ashley owns 8.92 per cent of Rangers. But more importantly, his Sports Direct firm has handed the club a £5million loan which gives him security on assets like the Murray Park training ground and club trademarks. It also allows Ashley to name two more directors to the Rangers board - meaning it is entirely possible Llambias and Leach could be back behind their desks come Monday morning. Sports Direct also swallows up 75 per cent of Rangers' retail income. The process to allow the club to withdraw another £5million of Ashley's cash was started on Wednesday. King has threatened to rip up "onerous contracts" like the Sports Direct retail deal but that could just spark another battle, this time in the courtroom. THAT ASIDE, WHAT ELSE WILL KING BE FOCUSING ON? Putting Rangers back to the top of the Scottish game. It won't be easy. The side are currently without a full-time boss or a scouting network and trail Scottish Championship leaders Hearts by a massive 24 points. King will have to identify a new manager and fund a complete overhaul of the football operation. That will not be cheap, while King also says Ibrox and Murray Park also need a £10million facelift.