Rangers chairman Douglas Park has suffered a fresh blow ahead of tomorrow’s AGM after a leading fan group announced they’ll be voting against his re-election bid.
Club 1872 - who hold the sixth largest stake in the club worth just over five percent - say they will oppose the Ibrox chief at what's expected to be a stormy shareholder summit after consulting their 6000-strong membership. Park’s former boardroom ally Dave King has already announced he’ll be voting against the motor group tycoon while a host of smaller shareholders are also expected to reject extending the current Gers’ chiefs two-year reign in charge any further when they meet at the Clyde Auditorium tomorrow morning.
Former chairman King’s stake when combined with Club 1872 would tally up to form a slice worth around a fifth of the club’s total shareholding. But even that is unlikely to be enough to bounce Park down the marble staircase.
The Rangers chief requires a simple majority to keep his seat at the head of the boardroom table but with major investors including George Taylor, George Letham and vice-chairman John Bennett lining up behind him, the chairman should comfortably hold on. However, the Club 1872 vote is another sign of the growing supporter frustration with the way the club is being run.
Fans have hit out at the board several times over the last year, with the decision to sign up to the Sydney Super Cup and the failure to further strengthen the squad ahead of Gers’ return to the Champions League after a 12 year absence among a growing list of gripes. Club 1872 confirmed they will use their vote to oppose Park’s re-election after 64.31 percent of respondents voted against the chairman.
Directors Taylor and Julian Wolhardt are also both up for re-election but will have the support of the fan group after Club 1872 members backed their positions. Park’s place may be secure with the support of his board colleagues, but the directors do face an anxious wait after Club 1872 confirmed they would vote against resolution 8.
The motion, which requires 75 percent backing, would allow the directors to dish out new shares to hand-picked investors. If King and smaller shareholders vote along with Club 1872 to block the resolution, it could put a major dent in the board’s ability to raise fresh funds in future.
The meeting, which starts at 10.30am, will also see new boss Michael Beale address shareholders for the first time since his return to the club last week.
READ NEXT
