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Prior: Why I Invested in Rangers


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THE former Goldman Sachs trader, from Salford, was born with cerebral palsy and has an IQ level of 234, making him one of the most intelligent men in the world.

Prior, who now runs private equity company Pri Arc, sat down with Record Sport’s Gary Ralston in London yesterday for his first in-depth interview since emerging as a significant player at Ibrox.

Only one request was deemed out of bounds as Prior was quizzed by our man – getting him to pose with a Rangers shirt.

He said: “No way. The last thing I want to do is come across like Craig Whyte.”

Q. Why didn’t you invest in Rangers a year ago?

A. Pri Arc had just been established and I had to concentrate on doing the right thing by my own company, rather than focus on my personal likes.

Q. So when did you seriously think about investing?

A. When Walter Smith became chairman and Malcolm Murray became just a member of the board. It didn’t make entirely great sense to me.

Walter has absolutely impeccable credentials but I didn’t understand why others wanted to challenge Malcolm’s position as chairman when he has such a solid background in corporate governance.

Q.You know Malcolm Murray, right?

A. I’ve met him and my relationship with him is friendly, although we can go months without speaking. He struck me as distraught about what was going on at the club.

If I was going to help an institution in which I’m a

long-standing fan I knew I would have to buy a stake to get under the hood.

Q. When did you become a supporter?

A. I grew up in Irlam in Salford and my Manchester United loyalty relates to that community.

Like most football fans you also pick the most successful team outwith your locality and in my youth it was Rangers. I remember Gary McSwegan scoring against Marseille.

I watched that Champions League campaign with glee.

Q. What has been the reaction to your investment?

A. I have an Irish Catholic parentage and I will not deny my mother and father but I’m not a man of God.

Contrary to some internet reports, neither did I make my money by saving on trainers. And, no, I’m not the child who finished runner-up on Britain’s Got Talent, although he is very talented and brave for his age.

I’m quite fond of that type of humour – I take it and give it out as well. When I’m back home my mates call me Potter, after Brian from Phoenix Nights.

Q. How much of this investment is emotional and how much is aimed at a financial return?

A. I cannot deny my support, it cannot be taken from my psyche but after 10 years at Goldman Sachs you cannot deny I also know what I’m doing with the stocks and shares of the world.

Once I see under the bonnet the fan might take over and I might end up getting more involved than I had originally planned.

My plan was always to buy up to 1.4 per cent of Rangers, carry on due

diligence going forward and then buy more if the constitution of the club changes.

Q. Is your gut instinct telling you to stick or twist?

A. I’m not big on gut instinct. If I can get a hold of the accounts and enough corral among the existing board members or fan base to get a reconstituted board I can only see me going one way – increasing my stake.

However, I cannot be a benevolent dictator, five to 10 per cent is the correct level. Why would you let one man dictate your club’s destiny? Look at Craig Whyte.

Q. Where are Gers as a fledgling plc?

A. It’s very precarious and if we don’t take the right decisions, based on solid corporate governance, for the good faith of the fans and club then we’re going to struggle.

No one wants a fractious club. The ideal scenario would be

reconstituting the board and also getting a fan elected.

Q. As a former City of London trader, what do you think of investors such as Blue Pitch and Zeus?

A. I don’t know enough about them. The response to every question I’ve asked has been opaque at best. I can’t seem to get to the constitution of who owns their shareholding.

It doesn’t make sense and it concerns me. I’m a shareholder who wants the best for the fans and club, who are one. My job is risk and reward. Hopefully that reward in the long term will be to help build a club out of constitutional rubble.

Q. So you’re not just another rapacious venture capitalist?

A. The only way I could ever see my shareholding being sold is if someone buys over the 30 per cent threshold and triggers a buyout.

Then I would have no option but to sell. That’s the only way I could be bought out right now.

I’m willing to be a voice of the fans. I can ask now I’m a shareholder. I will never not back up my word.

Q. How do you spend your time away from business?

A. I don’t have much time. I love football, rugby, all sports. I have a very good home life, a lovely nephew James who is three-and-a-half and a girlfriend Iustina.

Q. Are you under-estimated by others because of your disability?

A. Certainly. It undoubtedly helps me as an investor.

Q. How tough was it growing up confined to a wheelchair?

A. I attended a special primary school and once lost seven of 10 class-mates in under two weeks. They died of various illnesses, including twins who had muscular dystrophy. There is a futility in being afraid once you accept mortality is inevitable. I’m scared of nothing and no one.

Q. How big an influence were your parents, Terry and Pat?

A. My dad got us a plot of land and built a bungalow virtually with his own hands. He worked as a baggage handler and built the house at night.

No one knew I had an intellect that could carry me forward. They imagined I’d live at home forever.

Q. Are you still in contact with your friends from those days?

A. Several of them called after reading the Record article to tell me how proud they were.

These are the guys who carried me on the bus at stag dos and to watch the local team play the area cup final.

Once you’re part of a gang, you’re part of it for good.

And you couldn’t even run away when you got into trouble...

The secret was never getting caught. That and telling the truth.

http://www.<No links to this website>/sport/football/football-news/rangers-investor-kieran-prior-explains-1954038

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Just a couple of days ago he said he met malcolm Murray about some asset management business a few years back. Now he's his mate.

Now he's back in the daily rhebel today saying that the executive directors are overpaid pointing the finger at Stockbridge and Green who in his words are "strangling" the club of money.

This guy is nothing but a plant from Malcolm Murray, first thing he does is run straight to Murray's mates at the Rhebel to badmouth all Murray's enemies. So much for board stability.

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He's not some super fan. I would be shocked if he bought any shares in the IPO or donated to the fighting fund. He is in this for a fairly easy buck. Invest £1M, he'll be £100K up in days. It's a no lose trade.

Where was he in the hour of need?

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I don't know what to make of him on the good side he's moved quickly to get his initial shares bought and he's right about high levels of pay whatever you think of Charles and as you all know I have a great respect for him, but he was well paid as is the rest of the board now that's fair enough they grabbed us from the brink of total liquidation and built us back up, but now that we are not in dire straits maybe the boardroom pay should be looked at if its really such a drain on resources. On the other hand he is now talking much more about his friendship with MM despite saying in his first interview on Thu he had only met him once and I am concerned that despite being a 'true supporter' he doesn't appreciate how the support feel about the daily rheble or MM so he's got some work to do to win us over I feel.

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It's just another disruptive event that Rangers don't need, an intelligent bogman from Connemara?. He's not that clever either, says the Goldman Sachs gang are the best company in the world, they divide and conquer nations, just look at Greece, Spain, they are nothing more than the mafia with suits. The blood letting isn't finished yet and this man should be first to get it.

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Hopefully he is the real deal for once to many snake oil salesman have walked through the doors at Ibrox and filled their pockets Green and his many friends included. Our saviour more than reaped his rewards and will continue to do so with his cohorts

Correct...

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Stockbridge made himself a target following his filming of MM.

Oh balderdash. Stockbridge was/is a target because of his business relationship to Ahmad and Green. 'Guilt by Association' even if like Green he is, while not squeaky clean, completely innocent of any wrongdoing.

Had I been in the same position with a mobile phone I too would have filmed MM -- a total embarrassment to himself and Rangers Football Club.

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Oh balderdash. Stockbridge was/is a target because of his business relationship to Ahmad and Green. 'Guilt by Association' even if like Green he is, while not squeaky clean, completely innocent of any wrongdoing.

Had I been in the same position with a mobile phone I too would have filmed MM -- a total embarrassment to himself and Rangers Football Club.

MM was an embarrassment but I'm sure we didn't need the video evidence to prove it and filming him was below the belt.

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