Chairman David Somers is expected to announce his resignation to the London Stock Exchange Monday morning and the rest of the board will follow before Friday’s planned EGM, which now becomes a mere technicality after it became clear that King has enough votes to oust the current regime.
And Sportsmail understands that King’s first move will be to sack chief executive Derek Llambias and finance director Barry Leach, who have both just been awarded bumper contracts — complete with lengthy notice periods.
David Somers (left) will resign from Rangers on Monday and Derek Llambias will soon be sacked
The South Africa- based businessman is determined to get rid of both men, whom he intends to remove from the board and dismiss as employees, whatever the cost. Leach was nominated to the board by Ashley, whose emergency loans have kept Rangers afloat in exchange for an increasingly large slice of retail revenues, while Llambias is a long-time running partner of the Newcastle United owner.
The resignation of Somers represents virtually the final shot fired in a war that has pitted King and his allies, Paul Murray and John Gilligan, against the cabal of major creditor Ashley and the Easdale brothers.
Along with the Three Bears consortium of George Letham, Douglas Park and George Taylor, former director King has been buying shares and gathering proxies — including those from thousands of ordinary fans who have bought into his vision for the club — in a bid to have the current board removed from office.
Dave King has won his battle for control of Rangers and wants to rid the club of Llambias and Barry Leach
King, along with his likely board appointees Murray and Gilligan, intends to be in Glasgow for an EGM which should now be reduced to the company’s NOMAD taking note of the various resolutions and recording the votes.
News of Somers’ expected resignation leaked out on Sunday, prompting huge celebration among Rangers fans, who had cited his presence as perhaps one of the most public demonstrations of the disconnect between supporters and the board.
The chairman’s handling of the recent AGM, in particular, prompted fury among shareholders — and his decision to go now is clearly at last in part motivated by a desire to avoid another high-profile humiliation.
Both men are cronies of Newcastle United owner Mike Ashley, who King has been battling
Rangers remain in serious financial trouble despite King’s arrival, with the repayment of Ashley’s loans — at least £5 million — and meeting running costs likely to require upwards of £25 million over the next two years, even if the team do gain promotion to the Premiership this season.
With Ally McCoist on gardening leave and interim caretaker boss Kenny McDowall serving his notice, appointing a new manager will also be a priority for King. Stuart McCall is among the favourites for the post.