King claims result in fight with Ashley to control Rangers

Dave King, the South African businessman seeking to wrest control of Rangers Football Club from retail entrepreneur Mike Ashley, claimed victory ahead of Friday's emergency meeting of shareholders.

Mr King, who owns 14.5 per cent of the club, said chief executive Derek Llambias and finance director Barry Leach, both appointees of the Sports Direct owner, had conceded defeat. "Mr Llambias put it best by advising me that I had achieved a 'landslide' victory," said Mr King.

Rangers has been the subject of an intense tussle for control between Mr King and Mr Ashley, which will come to a head on Friday as shareholders vote on Mr King's proposals to sweep away the current board and replace it with a three-man team comprising himself and associates Paul Murray and John Gilligan.

Mr Ashley, who also owns Newcastle United, has an 8.92 per cent shareholding in Rangers, as well as a merchandising deal, and has provided the cash-starved club with a £10m loan facility from his Sports Direct business.

In a statement issued after Mr King's claim, the board said it would draw down the second tranche of Sports Direct's loan facility to meet cash requirements for the third week of March.

The board warned that the "willingness of Sports Direct to release the funds" could be affected by adverse events, which it did not specify.

Shareholder support for Mr King appears to have been enough to see off two directors already. Rangers chairman David Somers resigned on Monday ahead of the vote and criticised boardroom infighting. Another director, James Easdale, resigned last week citing a lack of support from fans.

Mr King accused Mr Llambias and Mr Leach, who have not resigned, of trying to "extract a profitable exit" from Rangers by remaining in their positions.

In an email to the Rangers directors, Mr King said he would hold them personally responsible for the cost of the emergency meeting, which he said was no longer necessary given they had accepted he would win the vote.

Mr Llambias and Mr Leach, rejected the allegations and said that as directors they had "at all times sought to act in the best interests of Rangers for the benefit of its shareholders as a whole".

In a statement issued on behalf of the remaining Rangers board, which now consists of Mr Llambias and Mr Leach, they said the outcome of the vote could not be "determined with certainty".

They said remaining in their posts would give Rangers the best possible chance of avoiding suspension from London's Alternative Investment Market.

Meanwhile, the Scottish Football Association fined Mr Ashley £7,500 for having control over two clubs at the same time.

A second count of allegedly not acting in the best interests of football was not proven.

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