The board of Rangers International Football Club has defeated an attempt by rebel shareholders to shake up the board at a shareholder meeting that resembled an Old Firm match rather an AGM.
About 1,800 shareholders greeted the club’s board with shouts of “out, out, out” at the AGM, which was held on a specially erected stage at Rangers’ Ibrox stadium.
The board defeated attempts by a group of shareholders led by former chairman Malcolm Murray to gain seats, with a comfortable majority.
Chief executive Graham Wallace – who has been in the job since November – said: “The result today gives us a resounding mandate.”
About a third of shareholders voted against the re-appointment of the finance director Brian Stockbridge – the only remaining director from the club’s original board.
Asked whether Mr Stockbridge was the long-term choice for the role, Mr Wallace replied: “It’s too premature to answer a question like that.”
Mr Murray, alongside fellow shareholders Paul Murray, Scott Murdoch and Alex Wilson, failed in their attempt to get themselves appointed to the board. Each attracted less than a third of the vote.
Former director Mr Murray told the BBC: “We’ve forced change. They’ve been forced to bring on a couple of decent additions to the board. Graham Wallace is a credible chief executive and I hope he can take the club forward.”
Rangers has been in crisis for most of the year as shareholders battled for control of the once-mighty Scottish club, which went into liquidation last year.
Its original chief executive, Charles Green, lasted only four months in the job before he stepped down amid media scrutiny over the way his consortium initially took over the club.
His successor as chief executive, Craig Mather, resigned after less than six months in post, in a move he hoped would end the “current hysteria” surrounding the Aim-traded club.
In total, Rangers has lost all but one of its original eight directors and is on its third nominated adviser. Shares in Rangers trade at 33p – having halved in value in 12 months.
Get alerts on Sport when a new story is published