Rangers & Their Influential 10% Shareholder

“It’s not what you own, it’s what you’re owed – this is how the balance of power currently lies at the Rangers Football Club. Lloyds Banking Group is owed far more than they own, and they are prepared to take drastic measures to get what they are owed – up to and including administration, if reports of Rangers’ mid-October board meeting are to be relied upon. The immediately subsequent appointment to that board of “corporate recovery specialist” Douglas Muir was the clearest indication that Lloyds wanted their money, about £30m of it, but even those in Scotland who knew that something like financial implosion was coming Rangers’ way weren’t prepared for amount of figures thrown at them recently, concerning the debts and borrowings which have kept them just within touching distance Celtic over the latter part of the decade.” (twohundredpercent)

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