British billionaire Mike Ashley just lost his power over the board at Glasgow Rangers.
At the Extraordinary General Meeting at Rangers' Ibrox Stadium today, major shareholder David King, with a 14.5% stake, seized control of the football club by winning an 85% majority of votes.
He also managed to replace Ashley's right hand men, Derek Llambias and Barry Leach, with Paul Murray and John Gilligan.
Rangers Football Club
Ashley only owns 9% of Rangers (4% personally and 5% through his MASH holdings company) but that still makes him the second-largest shareholder in the group.
His attempt to boost his stake in Rangers to around 30% was thwarted in December last year by the Scottish Football Association. It cited a "conflict of interest" with his Newcastle ownership (the two clubs compete for player contracts and could in theory face each other in European competition).
However, his loans to Rangers actually gives him a lot of control, including appointing directors and bosses to the beleaguered football club.
But, now, his four close business partners, Llambias, Leech, James Easdale and Derek Somners, are no longer on the board at Rangers. Easdale and Somners left a week before the EGM.