Three Bears & Dave King set for control of Rangers?

Dave King, courtesy of Paul Chappells

written by – John McIntosh

The Three Bears, comprising of George Taylor, George Letham and Douglas Park along with Dave King, brought some much needed hope to Rangers fans at the new year buying around 34% shares in the company collectively. They state that they are not a concert party but rather will work closely together for the club’s interests.

Many of the fans have been questioning the likes of King for his amateur tactics in trying to wrestle control of our club, I myself criticised him not so long ago in an article for the Rangers Report however he has changed his tactics of only investing – if the money goes straight into the club and I am very glad he has had a re-think.

While this is good new, the club is still on its knees and has days to survive another insolvency event. Rangers star player Lewis Macleod has been sold for £850,000 to Brentford, while we have received a £500,000 loan from Sandy Easdale – what a great guy he is.

Lewis Macleod, courtesy of SNS

Interestingly, American Robert Sarver had bid for control of the club with an £18,000,00 and then  an improved £20,000,000 offer – both of which have been rejected, this has come as no surprise as resolution nine states that no outsider can invest in a share issue without gaining 75% approval.  The fact that the “good guys” have a combined 34% shareholding instantly made the takeover offer impossible to pull off.

Sarver has now withdrawn from any further bidding process and I have to admit for the time being I am happy with this as it will hopefully now allow Parkco and King to improve their position.


Now back to the increasingly worrying financial status of our club, there is an offer of a loan later turned to equity from Parkco and from reports this offer is being seriously looked at.  They are expected to be in pole position to have this offer accepted.  Not only will this increase their shareholding in the club, this will also allow two members on the board which is vital before an inevitable EGM will take place

An EGM has been talked about over the last few days more and more and really this is the only logical way to go about this.  It is highly expected that King will be the party to call the EGM and as he has over 10% shareholding this will go ahead if called for.  This is a massive moment in the battle for control and the good guys will aim to remove members of the board and put their own trusted guys in.

There has been talk that some of the requisitioners – yes, that word may jog your memory – will be recommended to take a boardroom seat, whilst two board members is not enough it will do right now as an EGM can take seven weeks to take place and it is a must we have trusted people on board.

Mike Ashley

There is a possibility that Mike Ashley may look to provide Rangers with another loan however the figure quoted that we need is a minimum of £6.5 million and you really have to question what Ashley motives are now.  You could say he could do well to get aligned with the Three bears and King as they are the party who can take us forward and he could do well from the onerous retail deal currently in place.

Do Parkco and King believe they have the support in an EGM to effect major change?

It is a question that many people are asking and I personally believe they do however the outcome of a successful EGM for them could come down to the fans who are rumoured to hold 10%, they are individual fans and not aligned to one group which makes it harder to call.

Let’s  breakdown the groups and individuals who currently have shareholdings that are likely to back the good guys, Dave King has 14.57%, the three bears have 19.49% combined – so there is 34.06%.   That means that they need 16% shareholders to back their vision.

There are rumours that River Mercantile and Artemis back them and they have 5.77% and 5.26% respectively – then there’s Keiran Prior 1.35% Ally McCoist 1.31%, Rangers Supporters Trust 1.01%, Felix Magath 0.99%, Rangers First with 0.8% and Malcolm Murray with 0.3%.

That total is 50.85% and before you worry that it is too close to call –  we have the support the reported 10% that individual fans hold collectively could have the defining impact on sorting our club out.

At an Emergency General Meeting not every fan who has shares will be able to attend which means it is heavily important the likes of Rangers First and Rangers Supporters Trust should make it clear to fans they can proxy votes to them.

I am cautiously optimistic, after everything we have been through.  Of course,  I am always wary of getting too confident of good news given all that we have been through over the last few years.  However I have never felt as positive of getting my club back as I do now.

If you follow my writing, you will know how passionate I am about fan ownership and it is very heartening to hear George Taylor say he wants fan ownership to be the biggest owner in time.

I urge you to look at the Rangers Supporters Trust and Rangers First and join them as this could be pivotal in wrestling control and both schemes are increasing members at an impressive rate currently.

You can follow John McIntosh on Twitter @JohnMcIntosh19 

 

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13 thoughts on “Three Bears & Dave King set for control of Rangers?

  1. Hi John, A good blog. I thought that the best move (monies permitting) would have been for either King or the Three Bears to buy up (if possible) Margarita Holdings shares and Blue Pitch(?) shares and perhaps the few others who have
    4 – 6 % share holdings. This move may well then nullify The Easdales and ostracise M Ashley bringing about a quick end to long suffering saga.
    Whatever happens with King and Co I am now beginning to see light at the end of a very very long dark tunnel.

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  2. First of thanks for your honest assessment of the facts a commodity that seems to be in short supply over in certain other blogs were there is a blind faith in Ashley and his non action!!unbelievable!!,there support for a man that has raped rangers of valuable funds and advertising monies,and whatever else is hidden!!
    This man that has ring fenced gold plated retail deals! Advertising deals!! And also had the excellent biz sense to “loan” back the profits rangers should have or would have “normally” earned under a normal retail contract!! Well done mr Ashley!!
    We now have the blog on the other side now trying to blame the loss of the sarver deal on king and everyone else even although sarver has publicly stated the ” board” refused to engage with him!,now it really worries me when someone like that blogger can feed succulent lamb that way and the gullible gorge on his every word like gullible sheep!,and when pertenent questions or facts are put across on that blog it earns a ban or non posting!,
    Now I care not for any agendas or boardroom wars I only want my club back without embarrassment or pain,and I ain’t going to be eating any succulent lamb anytime soon for no one because fortunately I can feed my self well

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  3. Unfortunately it’s Ashley that holds all the power and he will wait until the very last minute before showing his hand,I also think he will give us another loan but it will be secured against Ibrox itself ,very sad in my opinion !

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    1. I don’t go along with Ashley having the power now ! Rob but he certainly has the power within the board ATM to recommend another ” gold plated ” loan from mash as you say sadly!,I for one believe this is why mash have rushed in “there” own finance stooge!! ,he will be in there securing “everything” Ashley!! ATM before king calls his egm!!

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      1. I think another loan from Ashley may result in an all out boycott and then Ashley will have no revenues from the merchandise he sells. An immediate call for an EGM to vote off Somers and Ashleys 2 will follow and Admin2 will not be an option as there are 2 offers on the table from King and the 3 Bears.Lets hope the negotiations are going well and Ashley realizes without what we will call “Rangers Men” at the helm he is hopefully doomed to failure. He cannot invest more unless it is loans which to me would be totally unacceptable and the Board would need to be brought to task as not working on behalf of the good of the Club.

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  4. I have ,for the last three years,prayed for someone,bloody anyone,who would come and save my club.Ihave prayed that i could win theLottery so that i could buy the the bloody place myself.How many of you guys have felt exactly the same. I do not even profess to understand the machinations of High Finance if that is what you want to call it but ,one question, would our so called saviors wait until 17p share price was set before they moved to save the Club.Would you ! I know iwould not do such a thing. BEWARE…….maybe…just maybe Ashley is not the biggest crook within theRangers Mafia

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    1. Your deluded bobstuart! Anyone who buys shares at rock bottom from the big handed Yorkshireman and also accepts mega retail deals,free advertising,and naming rights for £1 is not someone who has rangers at his heart!!! Now anyone who cannot see this fact is either blind or stupid!!,this very man also has the contract were rangers have had to buy strips from him at bigger price than the club can sell them for!!hhhmmmmggrrrrrr!! Yes bobstuart this is rangers saviour in another bloggers eyes..?
      Guess what bobstuart this saviour also reloaned rangers fc the profits he made from there strips !! How kind of him!!
      This man has also rushed in. Finance director and CEO for a “secured ” loan of a paltry 3 millions when a far bigger package was provided by more than one party,this man wanted two seats on the board for his “loan” but!!!! He forgot to mention it was the two most powerful seats!!!

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    2. Bob ,
      Much as I am not naive enough to believe everything will be rosy if the Rangers men take power and have been frustrated with their tactics in the past , the reason they have bought shares now is simple ……. some one with a large block was willing to sell .This has allowed them to be in a position of power right away and gives them a base to unite the other smaller shareholders .I only hope that they still have enough money behind them to be able to turn things round if and when they take control.Heres hoping!!

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      1. Absolutely William !, no one knows except a certain blogger and his sheep!!,,this certain blogger and his flock have the 3 bears and king skint applying for provvy loans FFs!!
        Which is quite rich when you consider the guy that they support has provided mega payday loans from the company that he owns !! You know the company that has since been mega told off by the government !! And ordered to stop robbing the people!!
        This man that has got wealthy by absolutely stripping the poor and vunnerable and then grab a minority shareholding in our football club but gains maximum power,for a pittance !, rangers do not want this man of no moral etiquette,this man is a total hyena!! He will clean any bone or carcuses without remorse or care ,,,he is a vulture and the sooner bill mcmurdo senior educates his son the better for him …it is actually quite pathetic how gullible mcmurdo junior is,the bigger issue for rangers is !! That he has his flock of sheep!!

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  5. Ronnie ,
    I`m not sure what all the references to McMurdo is about , but there certainly is a lot of misinformation around.It boils down to …………who do we trust , the guys who have already screwed us over , Somers , Easdales ,Ashley OR the 3 Bears and King who appear to be guys with Rangers at heart .It is a simple answer really , because if the latter cannot be trusted , then the club is doomed anyway .Its a bit of a leap of faith but one we need to take.

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  6. Why didn’t King , Park , etc throw in their weight behind Robert Sarver ? Surely everyone with Rangers at heart has to unite at this time to get rid of the current chancers ?

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