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RANGERS have caved in to pressure from a fan in a desperate bid to avoid a second police probe.

Shareholder Billy Paterson took the club to task after they initially refused his legal right to inspect the contracts of existing and past directors. Paterson, 49, arrived at Ibrox on Monday afternoon to make the request under Section 229 of the Companies Act 2006 amid growing concern at the financial state of the club.

He was forced to contact police and claim the law had been broken when a club official rejected his request to study the contracts of key officials, including chief executive Graham Wallace and chairman David Somers.

She cited advice from the club’s legal department but Rangers made a dramatic U-turn yesterday and have promised to open the books.

Now Paterson, from Fraserburgh, will be allowed to study contract details of current directors, as well as those employed by the club within the last 12 months. They are likely to include salaries, benefits and details of any bonus schemes.

He said: “I didn’t expect such a blatant refusal and was disturbed to be told it was on legal advice. If that’s the case, Rangers should change their legal advisors.

“I was angry at being treated with contempt. The Rangers board may think they’re above the law but they’re not. This was as brutal a breach of the Companies Act as you could get.”

Paterson fired off emails to key Rangers officials, including Wallace and Somers, and representatives of nominated advisors Daniel Stewart on Monday expressing his disgust.

He also contacted Police Scotland, who confirmed his correspondence, as a breach of Section 229 of the Companies Act is a potential criminal offence, punishable by a fine of up to £1000.

Rangers backed down yesterday afternoon when Keith Anderson, legal counsel to the club, contacted Paterson.

Anderson said: “I can confirm arrangements will shortly be made for you to inspect the service contracts (as allowed by the Companies Acts) at a mutually convenient time.”

Paterson said: “I’ve been concerned at the actions of the board for several months and reports Mr Wallace could earn a 100 per cent bonus were the final straw.”

Paterson asked to see the service contracts of existing directors Wallace, Somers, James Easdale and Norman Crighton.

Under Section 229 he also asked to see the service contract of Sandy Easdale with the Companies Act allowing him to request the contracts of former chief executives Charles Green, Craig Mather and ex-finance boss Brian Stockbridge.

Police Scotland have confirmed they are still investigating after Phil Maher, another shareholder, alleged Wallace misled fans at December’s agm over the club’s financial position.

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