Felix Magath joins up with the Three Bears as pressure to hold EGM builds for Rangers board 09 January 2015 10:30 PM Gary Ralston FORMER Bayern Munich boss holds talks with consortium looking to gain control at Ibrox as he impresses with his blueprint for future of the club FELIX Magath has joined forces with the Three Bears in a bid to force a regime change at Rangers. Record Sport revealed yesterday how the former Bayern Munich boss had bought one per cent stake in the cash crippled club. Magath held discussions with one of the key players in the Three Bears consortium after flying into Scotland last week. Amazingly, he did not let on about his share purchase of around £200,000, which was made towards the end of last year. He spoke about his plans to overhaul the playing side of the club from Murray Park, including scouting and development - and impressed with his vision of the future. Magath, 61, is keen on a technical director role and has no desire to become first team coach. His appointment could be one of the most important in shaping the direction of the club if the Three Bears seize control with ally Dave King. Felix Magath keeping tight lipped after buying £200k worth of Rangers shares Magath was remaining tight-lipped yesterday. He said: “To my equity commitment, I am saying nothing. This is a private matter. “Ive spent the Christmas holidays in London and have actually visited someone in Glasgow, that’s correct.” However, he declined to comment when asked to outline details of the specific discussions with the club’s would-be saviours. King is inching closer to calling an EGM as the board continue to stall on a £6.5 million funding package offered by the Three Bears - George Taylor, George Letham and Douglas Park. Rangers are running out of money and a £20 million takeover bid by American Robert Sarver has no chance of succeeding as it needs 75 per cent shareholder approval and the King and Three Bears axis control around 35 per cent of club stock. Increasingly, the only option remains an EGM to oust the existing board, but it would take around six weeks and cost the club £50,000. In the meantime, the directors may be left with little option but to turn to Sports Direct tycoon Mike Ashley for emergency funding again. He is likely to seek an even greater share of the club’s retail operations and, if rules allow, may even look to extend the existing lucrative deal beyond its current five year term.
Posted on: Sat, 10 Jan 2015 01:25:13 +0000
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