Friday 20 February 2015 14:53, UK
The Rangers Supporters Trust have been given control of an additional 1.36m shares ahead of the club's EGM next month.
The fan-ownership group, which already holds around 1.3m shares of its own, has been collecting proxies from minor shareholders after the meeting was called by shareholder Dave King.
He has proposed the removal of the current board of directors and wants chief executive Derek Llambias, finance director Barry Leach, chairman David Somers and James Easdale voted off.
Resolutions for King, former Rangers director Paul Murray and John Gilligan to replace them are in place as they seek to turn the Glasgow club around following more than three years of financial troubles.
The RST are now in charge of a 3.25 per cent stake ahead of the gathering at Ibrox Stadium at 11am on Friday, March 6.
Overwhelming
It is taking place there after two attempts to hold it at hotels in London failed when the venues in Kensington and Tower Bridge each withdrew their availability because of safety concerns.
The Trust has already polled its members on how to use its vote and an overwhelming majority has given its support to King’s proposals.
Rangers First, a like-minded Community Interest Company with a 1.75 per cent holding in Rangers, confirmed this week it will do the same.
Now the biggest fan ownership group in the UK with over 11,000 members, Rangers First is also in favour of installing King, Murray and Gilligan as replacements for the present incumbents.
King is confident those changes will take place but the final result is expected to be close and while the number of shares the RST has responsibility remains relatively small, it could be enough to be crucial.
Spokesman Chris Graham said: "This is a hugely significant step by fan shareholders. They have entrusted the RST with what could prove to be a decisive portion of the vote in this EGM.
"Whilst still increasing our membership steadily, our focus in the past few weeks has been on galvanising the existing shareholders to vote for all the resolutions at the EGM.
"This announcement shows how successful that campaign has been. We would encourage fans to continue to proxy their votes and also join the RST and contribute to our Buy Rangers share purchase scheme.”
Graham expressed concern the board will try to adjourn the meeting – thus extending their smallest possible stay in power – and has urged shareholders to submit their votes well in advance.
Doing that could result in a majority being determined before the meeting on March 6 and the RST are keen to get to that stage.
'Encourage'
Graham added: "Proxy votes are still coming in to us daily by post and we are holding another event at the Kirkintilloch Rangers Supporters Club on Sunday at 2pm for those who want to hand their proxies in personally or learn more about the RST.
"The fans have once again stepped up when their club needed them but we cannot rest on our laurels. We would encourage people not to attend the EGM despite it being moved back to Glasgow.
“Fans should proxy their vote to arrive with us on or before Thursday 26th February and ensure their vote is counted.
"It is clear this board will not go without a fight. They will try any trick they can at the EGM to get the meeting adjourned. Fans can ensure that any such move fails by getting their vote in now."
King, speaking on behalf of the proposed new board members, has given their thanks to the Rangers supporters who have backed his resolutions.
He needs a simple majority vote to go his way for the changes he has suggested to go through and his optimism is growing.
King said: "We would like to thank the Rangers Supporters Trust and Rangers First for their excellent work towards the board room changes necessary.
“They have performed a remarkable service for their club and are to be commended. RST have an astonishing 3.25% of shares and proxies while RF have also gathered a significant number of shares.
“Their total will be announced shortly but together these two groups deserve to be recognised.
"Both groups have released the results of surveys conducted with their members and the overwhelming majority have backed our resolutions.
"We thank all fans who have taken the time to buy shares, fill out proxy cards and back our resolutions. Supporters are the lifeblood of Rangers Football Club and they should never be taken for granted. They have our thanks."