Lawyer Mazen Nabil Houssami’s Rangers board bid
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By NEIL PATEY, Football finance expert
THIS appears to be a classic power struggle to get control of the Rangers board — which is extremely important.
Control of the board means having power over day-to-day operations, under delegated authority from the shareholders.
Reading between the lines, it appears the request for an EGM is from the Charles Green camp.
It’s possible this could mean a return of Green to a leading role — if directors loyal to him control the board.
He’d still have to reflect on his standing in the eyes of the public and fans and whether it was the right thing to do.
But the ongoing uncertainty is something Rangers don’t need.
A MIDDLE Eastern lawyer linked to Charles Green has revealed HE is behind the move to force dramatic boardroom changes at Rangers.
Major investor Mazen Nabil Houssami, 39, has demanded an emergency shareholders meeting — and the sacking of chairman Malcolm Murray.
He wants to win seats on the board for Chris Morgan, 50 — from Mr Houssami’s overseas investment firm Blue Pitch Holdings — and bus tycoon James Easdale, 42.
And his plan could see Green BACK at Ibrox in in a day-to-day role.
In his legal letter, Mr Houssami also called for director Phil Cartmell to go. The Lebanese-based barrister said last night: “It’s the right time for shareholders to meet and decide what to do.
“There’s been a lot going on. The shareholders haven’t been informed of what’s happening. Somebody had to do this.”
Yesterday we revealed the daring bid to seize the reins at Ibrox — prompting Rangers to issue a stock market statement on the move.
Blue Pitch Holdings owns six per cent of Rangers — enough to force an EGM. The firm was part of Green’s takeover consortium last year.
Mr Houssami said of his plans: “Hopefully it will be good for the team. It’s suffered a lot.”
He declined to discuss any links with Green — who insiders claim could return to Ibrox if cleared by a probe into his alleged dealings with shamed ex-owner Craig Whyte.
Rangers shares closed yesterday at 56p. Hours earlier, the club told the stock exchange it had “received correspondence” requesting an EGM.
A Gers spokesman said: “The board is seeking clarity on the validity of this requisition.”
Meanwhile, last night Ticketus made moves to liquidate Whyte’s Virgin Islands company as they chase £17.7million awarded to them by a court.
The firm — duped by Whyte into bankrolling his Ibrox takeover — applied to have Liberty Capital put into liquidation.
A hearing is due to take place at the island’s high court on May 27.