RFC.L Share News (RFC)

Shareholders overwhelmingly voted to replace the management team previously put in place at Rangers Football Club by major shareholder Mike Ashley.At the Glasgow club's extraordinary general meeting on Friday afternoon, resolutions put forward by rival shareholder and former director Dave King to remove chief executive Derek Llambias and finance director Barry Leach received 85% of the vote.Votes to install expat Glaswegian King as director, along with his nominations for fellow directors Paul Murray, also a former director at the club, and fellow local businessman John Gilligan, were all voted through with less than 15% opposition.Llambias and Leach are close business associates of Newcastle United and Sports Direct owner Mike Ashley, who owns a 8.92% stake in the Scottish Championship's club.King already forced the exit of directors Sandy Easdale and previous chairman David Somers, who both stepped down ahead of the EGM.Speaking to the assembled fans outside the meeting at the club's Ibrox ground, King said the vote was a "turning point in the future of the club"."We want Rangers to get back to being in its rightful place in Scottish football," he added, according to the BBC. "The club is pretty much broken. It's broken in many areas. Pretty much everything has to be looked at."On Wednesday, WH Ireland resigned as nominated adviser (nomad) of the cash-strapped club, leading to its shares being suspended.On Tuesday, Rangers warned it wanted to use the second tranche of a loan offered by Sports Direct in January to slake its urgent cash needs but that it had not been able to as the loan was subject to due diligence.The club, which granted Ashley security on its stadium in return for the loan, need to appoint a new AIM nominated adviser within one month to avoid its stock market listing being cancelled.