Laxey Partners have sold their 16.32% shareholding in Rangers on Wednesday morning at 20p per share. The transactions totaling 13,299,415 shares were sold for just under £2.7 million.
The buyer and seller have not been officially announced yet by the London Stock Exchange, but a source told Scotzine that Laxey Partners have ‘indeed sold their stake’ in the club ‘due to a lack of faith in the board’ and that the consortium led by Douglas Park have snapped them up.
With the ‘Three Bears’ – Douglas Park, George Letham and George Taylor – snapping up Laxey’s shares it now means they own the biggest shareholding in the company running Rangers and that could spell the end of chairman David Somers. Much to the relief of the Rangers supporters.
Rangers are in desperate need of investment and must secure around £8.3m to survive until the end of the season.
But with Mike Ashley being blocked by the Scottish FA from increasing his stake in the club to 29.9 percent, it prevented a major source of funding from the billionaire.
George Letham, George Taylor and Douglas Park had offered to underwrite £6.5m of a share issue but this was thrown onto the scrapheap after shareholders rejected Resolution 9 during the recently volatile AGM on December 22nd.
On Monday night, a spokesperson for Sandy Easdale, confirmed that they would be interested in the ‘Three Bears’ offer of investment.
He said: “Sandy would welcome investment from Douglas Park and his friends. As regards board seats that is not his decision.”
And it seems they Have moved swiftly to secure a major say in the club.
Despite this move, they will not automatically be given places on the Ibrox board and it will not spell the end of Mike Ashley’s control over the merchandise and commercial aspects of the club just yet, as well as having security on Edmiston House and Albion Car Park in return for his £3 million emergency loan which has to be repaid in April.
The source has also told Scotzine that Laxey Partners decision to sell was pre-emptied by the departure of their representative Norman Crighton on December 10th.
The non-executive director was voted off by the Rangers board, two weeks before the annual general meeting, raising questions of the board from a corporate governance point of view and therefore Laxey Partners walked away.