97. In summary:
(1) Rangers was in breach of the Agreement by entering into the Elite/Hummel Agreement and by failing to offer SDIR the opportunity to exercise its matching rights in respect of Elite/Hummel’s offer.
(2) SDIR is entitled to the declaratory relief which it seeks.
(3) SDIR is entitled to an injunction in broadly the terms set out in paragraph 87 above, although I will hear counsel as to the precise form of that injunction.
(4) SDIR is entitled to the declaratory and injunctive relief sought in paragraphs 34(5F)(5I) of the AmPoC.
92. If relevant, I am satisfied that damages are not an adequate remedy for Rangers’ breaches.
SDIR’s losses are likely to be in the order of many millions of pounds. Rangers has pleaded in §42A AmPoDCC that it will rely upon clause 16.3 of the Non-Exclusive Rights Agreement to limit its damages to £1,000,000. I accept SDIR’s submission that it would be unjust to deprive SDIR of the benefit of its matching right provisions.