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Derek Llambias asks 'Where is Dave King’s Nomad?' and questions funds

The Rangers chief executive was questioned as he arrived in Glasgow ahead of the club’s EGM.

Rangers chief executive Derek Llambias has questioned Dave King's ability to finance Rangers and to find a nominated adviser to act for the club on the Stock Exchange.

Former oldco director King has already announced he is set to claim a "landslide" victory when shareholders vote at the club's emergency general meeting on Friday.

King has moved to replace Llambias and finance director Barry Leach from the board and replace them with himself, former Ibrox director Paul Murray and businessman John Gilligan.

His announcement came after it was revealed trading in Rangers shares were suspended following a move by its nominated adviser (Nomad) to quit.

WH Ireland resigned with immediate effect on Wednesday, stating it does not believe it can properly "satisfy its obligations".

But Llambias, arriving in Glasgow ahead of the EGM, told STV that he was sceptical of King's ability to find a nominated adviser. If a replacement for WH Ireland is not found within 30 days, Rangers would not be able to trade on the AIM Stock Exchange.

Llambias also queried King's intent regarding funds for the club. Rangers announced on Wednesday that they were drawing down a £5m loan from Sports Direct to cover cashflow requirements at Ibrox.

Arriving at Glasgow Airport, Llambias was flanked by two bodyguards, who hurried him past waiting reporters. As he headed to a waiting car he said: "Show us your money Mr King... Ask him 'where's your money, Mr King? Who is your Nomad?'".

Llambias added: "You should be asking where is Mr King's Nomad, why is it such a secret?

Asked why Rangers have begun the process of drawing down the second £5m of Mike Ashley's £10m loan, he replied: "Because we have to. We have a duty to."

Llambias was further asked: "Is Mr King not able to provide those funds?". He replied: "Has he offered to provide funds? No he hasn't".

King is due to arrive in Glasgow on Thursday afternoon.

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