Mr Ahmad Leaves the Rangers Stage – Does This Leave Only One Director of the Rangers Football Club Ltd?

According to the BBC, Rangers have confirmed that Imran Ahmad, the Commercial Director and close ally of Charles Green, has left the club.


Of course, as a listed company, and as Mr Ahmad is a “key employee” (as described in the Prospectus, RIFC PLC needs to be careful about how it publicises the information, lest it be accused of releasing market-sensitive information inappropriately.

Mr Ahmad was of course not on the PLC Board, but he was on the Board of the Rangers Football Club Ltd.

As regular readers will know, the assets and business of the football club are owned by Rangers Football Club Ltd (the former Sevco Scotland Ltd) and in turn that company’s shares are owned 100% by the PLC.

It is therefore important who sits on the board of RFC Ltd. This is effectively the football side of the business, as is a common structure.

When Sevco Scotland Ltd was incorporated, Mr Green was the sole director. He was joined on the board at the end of June 2012 by Brian Stockbridge, Mr Ahmad and Malcolm Murray. The company then changed its name at the end of July 2012 to the Rangers Football Club Ltd.

In December, following the flotation of the PLC, Mr Murray resigned as a director, allowing him to focus on being non-executive chairman of the PLC.

So the Board of the company which owns the assets and business of Rangers Football Club consists, according to Companies House records as at today’s date, of Messrs Stockbridge, Green and Ahmad.

The latter two have, we are told, gone or are going. So Mr Stockbridge is now in a remarkably strong position (at least on paper) as being the sole “active” director of the private limited company and, along with Craig Mather, the only executive director of the PLC (although Companies House does not seem to have Mr Mather listed as a director yet).

Mr Stockbridge appears only to hold around 71,000 shares, so about one eighth of one percent of the share capital.

By contrast the shareholdings of Mr Green and Mr Ahmad add up to over 11% of the capital. As ex- or soon to be ex-employees of Rangers, then one might expect them to be looking to sell off shareholdings, subject of course to “lock in”.

Mr Green has apparently already sold (or agreed to sell) his stake to the Easdale brothers. Will Mr Ahmad do the same? If so, suddenly there is a new major shareholder in Ibrox and indeed the BBC suggest they are looking to increase their stake to 29.9%. (That figure is important as accumulating 30% or more of a PLC’s shares requires a takeover bid to be tabled.)

It seems bizarrely quickly that Mr Green’s stated goal of the flotation ensuring that there could never again be a dominating shareholder has gone by the wayside!

On the basis however that it is ill wind that blows everybody now good, there will be gainful employment for Rangers PR team in preparing a further announcement for 7 am on Monday to the Stock Exchange. In addition stockbrokers might find that there are more people than normal looking to sell Rangers shares, whilst of course at the same time speculators looking to buy them up if they see a money-making opportunity.

Losing the top two men involved in setting up a PLC, being owners of 11% of the shares, and therefore leaving the company minus a fully appointed CEO and Finance Director would have effects on the most stable of companies.

How will it impact on Rangers? After all, stability is one quality which has been at very short supply in Edmiston Drive for a long time now!

Looking back at recent developments, the words of Freddie Mercury come to mind …

Posted by Paul McConville



Filed under Rangers

205 responses to “Mr Ahmad Leaves the Rangers Stage – Does This Leave Only One Director of the Rangers Football Club Ltd?

  1. portpower

    Demarcation dispute between the SFA and the the sevco. What shall we do with the Janitors FC players?

  2. ecojon

    Richard Wilson at The Herald has reasonable piece as far as MSM go and he does have genuine inside tracks it would be seen rather than the made-up p*sh of many other journos.

    However drawn to Ally on Bomber: “McCoist’s urging of the fans to buy season tickets last summer helped prompt 38,000 supporters to back the club. The manager was also warned by his friend and former team-mate John Brown over Green’s potential impact.

    “John just about spelled out what was going to happen,” McCoist said. “He had some documented evidence. But it was very much [Brown’s opinion]. I was nervous last year about [promoting season ticket sales] and I’ll be nervous again. There are things to happen before we ask them to give up their hard-earned cash. We have to find out the results of this inquiry, what league we’re going to be in and are we going to get some new free-transfer players in.”

    Strange I never heard of any documentation before. However as we all know Ally and Cardigan decided to ignore whatever Brown had and went ahead and backed the ST sales push and Flotation.

    Was there any viable alternative? I’m afraid the final answer to that is a little way off and could go either way. As to the full facts surrounding the Sevco 5088 ‘switcheroo’ I truly doubt if anyone other than Green and Whyte were totally in the know and perhaps Ahmad was as well but again these issues will be a while in seeing the light of day if they ever do.

    The Eadales are interesting because no one really seems to have publicised whether they are in for a medium to long financial involvement or whether it is just a short-term one if they can buy shares cheap enough to get in and get out with a tidy earner.

    Wilson’s latest piece seems to suggest Green and Ahmad are locked-in sharewise until December but the other day he was more unclear as to whether they had to wait until December or could sell now. In any case there are plenty of ways of circumventing a lock-in even legitimately.

    One thing for sure and that’s the pay-off to Green and Ahmad will cost a pretty penny and could leave little change from £750K and then there’s the mouthwatering salaries and bonuses both have earned in the current season. The only one paid more was Ally.

    And the nice little earner in their 1p shares well at least we know Imran paid 1p each having got 2.2 million shares for £22,000 which even at 50p a time = £1.1 million. On the same basis Green’s shares would be worth £2.5 million.

    I reckon the two of them have probably scooped not far short of £6 million between them out of Ibrox for under a year’s work. Not bad going and it equates to more than the fans invested in the share issue to put it in perspective.

    When the dust settles at Ibrox and the smoke and mirrors disappear I really wonder if the fans will decide that the pair were worth it? And I haven’t included their expense accounts as a big cloud has just passed over and my solar-powered calculator has run out of juice.

    • cam

      Batter it off yer noggin,there’s plenty melon juice in there.

    • Adam

      Are you saying that Brown was 100% right ?

      Do you have evidence to back this claim up as of yet ?

    • castlerockbhoy

      Aye, just after reading the Sunday Times that Mc Coist now says John Brown showed him documents to back up his claims and that he decided the best thing to do was `to fight on from within`. Weasel words if you asked me, as ` fighting from within` is always the words of someone who outwardly represents one cause whilst being in the pay of another. one wonders how much longer McCoist and the cardigan can last. If the rumours of civil war in the boardroom are true, it is hard to see any of the moneymen wanting to keep these two stool pigeons around in a new set up.

  3. cam

    What a great morning,Brian Stockbridge that Clark Kent lookalike has saved the day!
    In one of the greatest interviews in recent history Super Stocks has ensured a blue heaven and demolished the fools in here with an intellect not seen since ,,,,well mine!
    Front page big Jig bares his soul,,,what a great guy.Its all about the Rangers!
    The uber rocket Lenny tries to associate his diddies with Barca and Real,,,jeez what a trumpet.
    Kenny McCaskill promises to deduct fines from scumbags benefits and the leader of that upstanding paragon of virtue the city cooncil,is to be investigated over his role in a good few shekels being blown in the George Sq fiasco,,,a whole lot of blowing going on.

    What a great Sunday to be a flute blowing,drum banging,Orange topped big mad mental,hubris filled klan member!
    Stuff that sleeping lark,,i’m having a party!

    Step up and pay,simply the best,the bluebells are blue,c’mon over to my place hey you we’re having a party!

    I bet you’re all loving Craigie bhoy now ya rockets!!

    • gortnamona

      More of the usual puerile sectarian shite that we have come to expect from Cam. Isn’t it strange how you are so smart with your anti-Celtic invective and so utterly bollocks stupid in recognizing the con-men who continue to make a fool of you?

      • cam

        Gaun yerself gort,lance that boil old bhoy,,,let all that pain out,,,Rangers now,then,forever,,,stop taking life so seriously ya big sulking wean.

        • gortnamona

          Good morning old Bhun
          I notice you are having a go at the old transference therapy treatment. Yes indeed Freud could be the boyo for your particular problems. Sorry about the emasculated midget team you follow, no hope there, a basket case write off.

    • Oh ….no ….
      Still hav’nt recovered from the last Harlem Shake …….. not another please !

  4. cam

    Like Moses,oor Brian holds up the sought after deeds and this gullible,easily suckered blue nose,royalist,patriotic, hard working,honest faithful Bear can munch on his sugar puffs and roll and square sausage with pride.
    The poor deluded fools in here have been duped again,Incubator heid,,,who are you,who are you,,,hang on,whats that darling? its a fecking wind up!!!

    Ok, i would like to retract my premature statements and beg forgiveness from the all knowing, all powerful Wizard of Cliftonhill.
    Two guys with padlocks have been spotted at Paisley Rd toll,,,i’ve gotta go.

  5. cam

    Getting back to reality,or the version of it in here,i must say that that evil man Mr Stockbridge,in cahoots with Ally,Walter, Pol Pot,Fred West and other NEDS has obviously hatched this cunning plan to snare gullible imbeciles like my good self while we feast on our cold kebab from last night washed down with flat cider.
    As i stare into the mirror that big stupid bigoted coupon of mine shows the strain of being duped,duped and duped again.We are in the middle of the biggest crisis in our disgusting shameful history,bottom of the heap,ostracised from normal folk,condemned for ever more,,,,and then i realise i’m not a Celtic fan and every little things gonna be alright.

    Gort,listen to this at full volume,,,it will make you happy,,,guaranteed!

  6. cam

    I’m greetin wi laughter,,,again!
    Maggie is gonna have to studiously ignore all this drivel whilst scanning it for proof positive of my disgusting insidious hunnery,,,you folk give me so much pleasure and i want to be cyber buddies for ever,,,can we all arrange a meet up and have a swally and the night can end up like a Benny Hill sketch with you all chasing me!

  7. cam

    Carson are you out there? some mad bugger is giving me TU’s,,,i’m off to bed,the good lady has demanded my presence in duvet land!
    I’m gonna think of corporate governance and Gratuitous Alienation.
    I expect a good new blog when i awake,,Ally has been interviewed so no doubt more stuff filed under comedy and tagged as talking utter nonsense,,,

  8. Brian Stockbridge has finally sorted out the protracted debate on the seemingly mythical title deeds.

    They were in the Ibrox safe all time!

    What a pity no one thought to look there before, the entire mess and confusion could have been resolved at a stroke.

    Charles Green must be kicking himself.

    All that remains is to sort out who owns them, and everything will be fine.

    • Adam

      The deeds were shown to a fan group many months ago. Wasnt covered in the media, unsurprisingly.

      • Adam,

        I was unaware of that though I’m not sure showing the deeds to a fans group would have made much of a story.

        Showing them to the press directly is another matter. It certainly looks like a more confident approach than has been seen up to now.

        Assuming the paperwork is in order nipping the issue in the bud by going public looks to have been an obvious choice.

        That said as Paul’s’ next blog shows, the real issue remains to be resolved.

  9. Paul

    So the asset’s belong to who the old co or the new co?

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