Darthter
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Everything posted by Darthter
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I have never said I trust the board, but what are the REAL options??? They are the ones in control & should be given the time to carry out the necessary actions to recover the club. What happens if the fans get the board sacked??? Who replaces them - they are appointed by the same folk who put this board together!!! You'd still get the "different puppets, same puppeteer" calls.
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Time is required to carry out the actions. Do you expect the board to announce every single action they take??? "Today we sacked 1 person in accounts & renegotiated the price of a Mars bar. Thanks"
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Action is definitely required.....but they need time to carry out these actions. There should have been a massive clear out during administration, but that didn't happen & the club have been paying the price since. Now it's more difficult....contract are in place and possibly can't just be cancelled - some of these may be able to be renegotiated, some cancelled with a pay-off other will be allowed to run down. It takes time to sort these things out.
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I do agree to an extent, but football fans are a fickle bunch. If we were going out and winning 3 or 4 - nil each week, and playing decent football, I believe there wouldn't be as much focus on the board. Fans would be happier that the team was looking good & winning well. How concerned were fans about boardroom issues when they were watching Laudrup, Gazza, Arteta, De boer Gattuso etc. The team was entertaining & fans were happy. Ultimately any business is about producing a product & paying the bills (at a very basic level). As for GS comment about not 1/2 the deficit. £3.5m loss for the 1st 6 months compared to £7m for the same period the year before, looks pretty positive to me - it may just be accounting mumbo-jumbo, but the accounts still report that losses were halved.
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Can they resurrect the club? I don't know.....no-one does at this moment. The board will be confident that they can. Getting the club sorted will not happen in 6 months - I should have started 2 years ago, but didn't. Constantly demanding change to the board because the fans don't like something will not help things in the long term - its looking like a classic case of "too many cooks, spoil the broth". As for communicating their aim, in order to take the fans with them......If the board enable the manager to put a winning team on the park, while still paying all the bills etc, the fans will be happy IMHO. Segments of the fan base are crying out for transparency and better flow of information to the fans, yet most will probably struggle to tell you what they specifically want from that. There was a time, not that long ago, that many fans couldn't even tell you who was on the board, never mind what their aims or policies were. Now it is of vital importance (to some) to know every single details about what is going on/being said within the club, without that information the club will not continue. Being vigilant over the boards actions is one thing, but demanding to every detail that goes on is not the way forward. What happens when the next financial figures are released - what if there is another reduction in deficit??? Will the current board be praised, or will there still be the calls to get them out???
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Time is exactly what is required IMHO.... Say we get rid of the current board, and get a whole set of new face - how long do they get to resurrect our battered club??? 1 month, 6 months, 5 years???? Probably depends on whether DK is involved. What happens if DK gets his board in place, and the club is still losing money by the millions - will they be hounded out as money grabbing S**vs???
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I may be missing something here....Where are the big, bad & faceless Blue pitch and Margarita????
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I will agree that the promotion of ST has been poor. What have they done - halved the financial deficit compared to the same period the year before!!!! (£3.5m compared to £7m). They have also clearly identified & documented the failings of the previous board, it is now up to them to work on rectifying that and to clearly show the areas of improvement.
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Maybe someone can answer this question: When was the last time a PLC company produced a full & detailed Business Plan (inc contract details/revenues/expenditure etc), then published it to the general public??? Mr Wallace has published an overview or summary of his business plan, not the full & frank version. To publish a full business plan would probably be against certain stockmarket rules & could potentially be in breach of some contracts - it would also be financial suicide. IMHO, the information that Mr Wallace has published highlights a number of areas where the business was obviously failing/underperforming - this is the 1st step to improving things. The key thing now for the board is to act upon the failings that they have identified & get things sorted. As I have said before, I think they should come out with some Key milestones/targets along with completion dates. Hitting those targets would go a long way to improving not only the fans trust, but also the stockmarkets trust.
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I think the sheer number of questions is rather telling about the whole setup....
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no they never....it was Edmiston House & the Albion car park which were offered as security - not mention of Ibrox or MP that I recall!!!!
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We are a football club - I would expect the football related cost to be the highest, but that doesn't appear to be the case.
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Two weeks tomorrow is the extended ST renewal deadline, and still no detail about how DK/UoF's alternative is going to work. All that exists is a company owned by DK (with Gough registered as a director). - What measures are or will be in place to provide control over the funds & to stop DK/RG from swanning off with all the cash??? - How are they going to guarantee that anyone who places their cash into the account, will actually get a season ticket, never mind their existing seat??? - What is the plan if folk put into the account & no security is given by the club??? - How is the actual process going to be handled....are DK/RG going to personally submit all the ST renewal forms along with the cash??? - What security is DK/RG giving the fans over their cash??? I'm not a ST holder, but I still have grave concerns over the whole process. DK/UoF are asking supporters to part with a significant amount of cash, yet at present offer no info how the system is going to work. If it is left too late, fans will not have time to make a rational decision. I expect there to be a flurry of statements just before deadline, shouting about how bad the board are and how the cash will be wasted and that Ceptic will go on to win the SPFL forever more etc - they will play the emotional blackmail card in order to get last minute sign-ups.
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Rangers requisitioners warned cash storm clouds were gathering
Darthter replied to ian1964's topic in Rangers Chat
Who was chairman of the club for just shy of a year, and oversaw the IPO & the subsequent spend of the proceeds.... -
Rangers requisitioners warned cash storm clouds were gathering
Darthter replied to ian1964's topic in Rangers Chat
I am not surprised the the Requisitioners knew all about the level of spend etc....Malcom Murray was one of the directors doing the spending!!!! -
fixed that for you....
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In fairness, disclosing contractual details to the public/media etc is completely different to a shareholder viewing the contract documents etc.
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<Devils Advocate mode: ON> Couple of things to remember..... 1 - There are always 2 sides to a story 2 - The media always like to make things sound more dramatic than they are All we know about this is what the papers have said. What we don't know is the finer details. Did Mr Patterson contact the club before showing up on the doorstep??? Did the club actually tell him he's not allowed to see them, or it's not practical to see the info at that exact time??? What was Mr Patterson's demeanour & attitude like??? these are all things that are not completely covered by the story (from my brief reading of it). <Devils Advocate mode: OFF> I fully support Mr Patterson's actions (providing he went about it in the proper manner). He is a shareholder of the company and as such has a legal right to inspect certain documents/information etc. I would hope that if anything untoward is found etc, that he will handle it in the correct manner, alerting the correct authorities etc and not simply publish online or straight to the media.
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I think the breakdown of the spend shows that money hasn't just gone missing, however I think it is clear that it has been mis-spent in many areas. I would be very interested to hear some of the major shareholders views on how the money has been spend & how positive (or otherwise) they are about their investment in the club. Ultimately, the Board are there to run the business on behalf of the shareholders - are they happy or content that the value of their investment has dropped so much in such a short time??? Are they happy that the current (and previous) board are spending funds wisely??? Laxey in particular appear to be acting out of character. From what I have read, they have a history of being rather "aggressive" with regards boardroom change in order to improve their investments. Since Laxey became involved, the club/business has ploughed through £70m, with not an awful lot to show for it. They have also seen the share price drop to less than half their initial investment.
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bit rich coming from McCoist is it not..... I think someone with a "casting vote" over McCoist's signing would be a good thing - I wouldn't trust his talent identification or signings.....
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Are the cops actually investigating??? Just because a complaint has been filed, doesn't always mean a full blown investigation has been started!!!!
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If King originally quoted as saying he would invest up to £30m from his own pocket - How would folk feel if he took say £10-15m of that planned investment & used it to buy up shares & take (some kinda) control, leaving up to £15-20 for future investment. I believe that the majority of fans would be behind him 100% - if he is able to backup his current shouting with a solid, dependable board & company structure. I think fans would happily take the reduced investment.
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It could be an "effective" controlling stake. If, as many folk believe the club is being controlled ultimately by BPH & Margarita - If DK was to buy their shares, The Easdales would have a large drop in proxy control, and the balance of power would shift.
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Simple answer....Dave King!!!
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IMHO, The next statement baring DK's name should be a notifiable interest statement from the Stock exchange. I think by doing that it would send a clear message to everyone, that he's more than just words. As for DK "killing" the club...I would say that wording is harsh, but the constant speculation, uncertainty & bitching coming predominantly from 3rd parties (but also from RFC), is not doing the club any favours. Companies & suppliers etc will be looking at the media flurries and wondering what the hell they have got involved with. Same goes for investors and future investors....there is nothing about the club that is enticing for anyone. DK is criticising the board for not revealing more detailed investment plans - Where is DK list of guaranteed investors, had how much they are putting in??? If he were to gain control, who would he have on his board to do a better job??? We can all sit and complain about the board etc, but at present there are NO VIABLE ALTERNATIVES!!!! With-holding ST cash may force a change in personnel, but will have little effect on current shareholding.....