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Scottish Championship

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Modi wants to buy stake in Rangers

Lalit Modi, the commissioner of cricket in the Indian Premier League, is interested in buying a 26.6 per cent stake in Rangers.   He thinks that the club is currently under valued.   He is targeting the shares held by the Easdale brothers.

Talks are at a very preliminary stage, but some argue that events in his past do not make him a suitable person to be involved in a football club.

Ashley tightens grip on Rangers

Mike Ashley his tightened his grip on Rangers after the club agreed to accept his offer of a £10m loan. They turned down an alternative offer from the so-called Three Bears Consortium.

The club told the Stock Exchange that the terms negotiated with Sports Direct 'represent the optimum combination of quantum and duration of funding, allowing the company time to arrange permanent capital which can be used for strengthening the playing squad.'

Crisis deepens at Rangers

The power struggle at Rangers has deepened after former director and 14.6 per cent shareholder Dave King mounted a bid to remove four members of the board of the club, including the chairman David Somers, the chief executive Derek Llambias, and finance director Barry Leach.

The resolution by New Oasis Asset Management, Mr King's family trust, also proposes appointing to the board Mr King and his allies Paul Murray and John Gilligan. The attempted boardroom coup is the latest instalment in the manoeuvring between rival shareholders trying to secure control of the club.

Ashley loan comes with conditions

Mike Ashley is prepared to lend Rangers £10m, but his offer comes with conditions that are unacceptable to Rangers fans.   The Union of Fans umbrella group has asked for a demonstration and boycott at tonight's match against Hearts in response.

Three Bears take Rangers stake

The so-called Three Bears consortium has acquired a 16 per cent stake in Rangers, making them the largest shareholders in the club,   The consortium is made up of Scottish businessmen George Letham, Douglas Park and George Turner.   Its involvement offers the club a new way forward without the complications associated with Mike Ashley's attempts to take control.

Shareholders turn down Rangers rights issue

The Rangers board failed to persuade fans to back a rights issue at the annual general meeting, leaving the club face a funding gap in the new year.    The board needed 75 per cent of the votes, but did not even manage a straight majority.  The resolution was rejected by 55.2 per cent.

Chairman David Somers and other board members were heckled and booed by shareholders and fans. Almost 39 per cent of shareholders voted against the reappointment of the chairman.

Hearts rely on fan donations

Hearts are reliant on fan donations of £1.4m a year to keep going.   Given that 8,000 fans are making donations, this works out at an average of £1,750.   This implies that some of the donations must be substantial, given that some fans can presumably only afford relatively small amounts.

Third director quits at Rangers

A third director has quit the board at Rangers, less than two weeks ahead of a crucial annual meeting when the cash squeezed club will seek to raise more funds.

Livingston face administration threat

Livingston face a threat of going into administration for a third time.   The club went into administration in 2004 and 2009.

Former chief executive Ged Nixon is bringing an action in the Court of Session in Edinburgh to freeze the club's funds.    He want to sue them for £311,000.   If he was successful, the club might not be able to pay wages due on 25th December.

Rangers fans call for merchandise boycott

The Union of Fans, a coalition of Rangers supporters' groups, have called on fans to stop buying club merchandise.   They have got accountants to analyse the deal with Mike Ashley's Sports Direct and they consider that it is highly unfavourable to the club.

According to their calculations only 75p of every £10 fans spend on merchandise goes to the club and Rangers received just £2,000 in the last six month accounting period.