If Dave King Returns to Rangers, Should the “Haters” Be Afraid?

Back in the ancient past (2010) when first stories started to appear about the tax issues faced by the Murray International –owned Rangers, and on into 2011 when the Rangers Tax Case blog first saw the light of day, stories about the financial, legal and regulatory aspects of Rangers Football Club appeared every couple of weeks.

RTC could post a blog explaining about the ongoing tax sage, and know that there might only be a need, and even material, for another two or three posts that month.

As time went on the pace of news and developments quickened.

Now we are at the stage where hardly an hour goes past without some new legal issue arising, or some further stage in the fight for control of the assets and business of the Rangers Football Club. All of that means that even professional news organisations sometimes either miss stories completely, or do not have the time for detailed analysis, as something new happens and the original report is overtaken by events. And if it is hard for a professional new operation, how much more difficult for a lone individual who does this as a hobby!

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The Incredible Shrinking PLC Board – Who Will Nominate New Rangers Directors?

Following the departures of Messrs Mather and Smart this morning, the Rangers website was quickly updated.

It graphically shows the sorry state the RIFC Boardroom has reached.

Yep.

That is it.

Just two of them.

‘It became necessary to destroy the town to save it’ – Craig Mather’s Departure From Rangers

Rangers International Football Club PLC is, as the name tells us, a public limited company. Its shares are traded on the Stock Exchange. There are certain standards of corporate governance which require to be met in the interests of shareholders and potential shareholders. These include having a suitably qualified Board of Directors, comprising executives and non-executives and including a chairman to represent the interests of the investors and to oversee the executives.

RIFC presently has a board which consists of:-

Brian Stockbridge – Finance Director

James Easdale – Non-Executive Director

Breaking News – Craig Mather Resigns as Rangers CEO – And Bryan Smart Goes Too

Stock Exchange announcement this morning:-

The Company announces that, by mutual consent, the Chief Executive, Craig Mather, has resigned from the Company with immediate effect. The Company also announces that Non-Executive Director Bryan Smart has resigned from the board with immediate effect. The Directors would like to thank both Craig and Bryan for their contributions to the Club.

As a matter of priority, the Company, working with its advisers, will now seek to strengthen the Board, both to meet the standards required for an AIM company, and to achieve stability through a consensus amongst major shareholders, which can then be considered by all shareholders at the Annual General Meeting.

“Black Monday” For Rangers’ CEO Craig Mather

Fans of Billy Joel might be familiar with his song “Summer, Highland Falls”. It includes the lines:-

“For we are always what our situations hand us

It’s either sadness or euphoria”.

For some reason those words came to mind last night when I was thinking about Craig Mather, the Rangers International Football Club PLC CEO.

Why Might Mr Mather Have Been Euphoric?

A week ago he was in South Africa along with Brian Stockbridge to see Dave King.