Jim McColl Rejects Chance to Increase Rangers Stake
August 8, 2013
Engineering tycoon Jim McColl has turned down the former Ranger’s chief executive Charles Green’s invitation for a 28% share in the club for £14m ($21.7m).
McColl had invited Green to place the money in a bank account by Friday afternoon in return for the stake in the Scottish League One club. Green already owns a small holding in the club and maintains that he has no desire to increase it. Instead, he will add his support to the calls for boardroom changes, which are also backed by former chairman Walter Smith. The proposed changes include adding former PricewaterhouseCoopers Scotland executive chairman Frank Blin and former director Paul Murray to the board.
McColl said: “I am a small shareholder and have no intention of increasing my position in the short to medium term.”This is a demand for change by some very concerned investors, fans and other stakeholders. Things have to change to allow the club to move forward with ambition and confidence.
“The board needs to be constructed to reflect balance, independence and experience to operate in the best long-term interests of the club, fans and shareholders, rather than the interests of a small clique.
McColl’s personal wealth was estimated at £1bn in the Sunday Times Rich List and he had been involved in a previous bid to take control immediately after Green had taken over the club.
McColl added: “Let me make it very clear, I am not seeking to join the board or to increase my shareholding in the club.
“I am 100% focused on my own businesses and the strategy which I have agreed with the investors in my funds. I am duty bound to honour that agreement.
“This is not because I don’t believe investing in Rangers would be a good investment, it is because of the commitment I have made to my own businesses and to my partners.
“On the contrary, I believe that with a strong, reconstructed, effective and highly competent board to restore financial transparency, stability and success to the club, it is a very attractive investment opportunity.”