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RANGERS chairman Alastair Johnston believes the remaining 13 games of the SPL campaign hold the key to the Ibrox club securing a healthier, long-term financial future. Speaking as Rangers published half-yearly accounts which reveal an operating profit of �£13.1 million for the six months to 31 December 2009, Johnston admitted the value of Champions League qualification cannot be overstated in addressing the prospects of reducing his club's �£31million debt and attracting new ownership and investment. The Scottish champions' interim figures also showed a turnover of �£37.8million, directly attributable to their participation in the group stage of European football's elite club competition this season. Twelve months earlier, on the back of elimination from the Champions League in the second qualifying round by Lithuanian side Kaunas, Rangers posted a loss of almost �£9million and turnover of just �£20.1million. The contrast is startling and illuminates Rangers' need to retain their domestic title this season. With Scotland's Uefa co-efficient ranking in freefall, it is likely to be the last year for some time the SPL champions will qualify directly for the lucrative group phase of the Champions League. Rangers, who squeezed into the quarter-finals of the Scottish Cup last night with a 1-0 win over St Mirren, are ten points ahead of Celtic at the top of the SPL with 13 games to play, leaving them on course for a championship success which would underpin Johnston's quest to steer his club out of their current fiscal storm. "The main thing for us at the moment is the short term and focusing on matters on the field," Johnston told The Scotsman last night. "The next ten weeks will impact significantly on how we aspire to make progress for the club. "The figures we are announcing today are pleasing and they show just how crucial it is to be in the Champions League. We have to sound a note of caution, because we still face many challenges, but clearly getting into the Champions League again would be of significant benefit." Johnston succeeded Sir David Murray as Rangers chairman last August during a period of turmoil for the club as their finances came under intense scrutiny from Lloyds TSB. While he concedes the bank's ongoing involvement in the club's affairs is "not desirable", Johnston sought to ease concern among supporters as he insisted it is currently to Rangers' benefit. "Looking back to August, when Lloyds TSB were taking a more than unusual interest in Rangers, we have to be satisfied with where we are now," he added. "We were successful in persuading them that their immediate reaction, which was to look to downsize the club, was impractical and particularly unwise in terms of maintaining the club's value. "We reached an agreement with them which is not ideal for either party but is practical in the circumstances. In no way would I criticise the fans who are entitled to voice their opinions. But as far as our relationship with Lloyds goes, it is working. We need them at this point in time. Murray (International Holdings) are not going to put any more money into the club, so we need the bank. They have been left holding the baby after the economic crisis hit Murray. The bank are our stop-gap measure." Donald Muir, the corporate troubleshooter appointed to the board to oversee the club's financial restructuring, has become the focal point of protests from Rangers supporters, but Johnston called for understanding of his fellow director's position. "To say Donald Muir is conflicted may be overstating it, but he is wearing two hats," said Johnston. "He is a non-executive director of Rangers and is expected to work within that role. He also represents the Murray group of companies, so in that role he is seeking to liquidate to Murray's advantage. "In terms of a possible new owner, there is activity, but it is like shadow boxing at the moment. I would hope something will happen sooner rather than later, but there has to be understanding and probably compromise. It will be challenging going forward and hopefully we can adjust the current business plan which was the subject of Walter Smith's ire recently, rightly so in my opinion." Smith had expressed his frustration at the restrictions placed on him in the transfer market where Rangers have now not paid money for a new player since August 2008. Johnston praised the veteran manager for his part in achieving ongoing success for Rangers despite those handicaps and is hopeful Smith and his assistants Ally McCoist and Kenny McDowall will be in a position to agree new contracts this summer. "The guys know our position," he said. "Walter is at the stage of his career that whenever his time at Rangers does end, he will probably go and play golf. With Ally and Kenny, who are a bit younger, we are dealing with different scenarios. Walter is keeping an open mind at the moment. Whatever happens, history will show that Rangers were very fortunate to have him as manager during this period." Emerging from the January transfer window with the loss of only Pedro Mendes and Jerome Rothen was regarded as something of a bonus by Rangers but the club face further uncertainty at the end of the season when several players, including top scorer Kris Boyd, are out of contract. Boyd has decided to wait until the summer before making a decision on his future. "The offer to Kris Boyd remains on the table," said Johnston. "We hope he will stay but circumstances outwith our control, such as offers from English football, could persuade him to leave. We can't control the environment we are in when it comes to contract negotiations." KEY FIGURES TURNOVER �£37.8m Up by �£17.7m OPERATING PROFIT �£13.1m Up by �£17.0m OPERATING EXPENSES �£21.0m Down by �£3.6m http://sport.scotsman.com/sport/Rangers-progress-in-cup-.6082665.jp

CHAIRMAN reveals profit of 13.1million pounds to December 31, 2009 More... RANGERS have announced unaudited interim results for the six months to 31 December 2009 and chairman Alastair Johnston has released the following statement: I HAVE pleasure in presenting the Interim Results for the six months to 31 December 2009, a period that saw the Chairmanship of the Club pass to myself in August 2009. The ensuing six months of my tenure saw us perform in Europe's elite club competition and reap the financial benefit of so doing in achieving turnover of �£37.8m and an operating profit of �£13.1m, an increase of �£22.0m on the prior year. These however have been challenging times within the Club, and credit must go to Martin Bain and Walter Smith and their respective teams in maintaining performance, standards and above all the intrinsic value of the Club over this period. Whilst our results in the UEFA Champions League were disappointing, we currently sit proudly at the top of the Clydesdale Bank Premier League, and have progressed to the final of The Co-operative Insurance Cup and the fifth round of the Active Nation Scottish Cup. This has been achieved with a first team squad that has been stretched through injury and suspension, which has in itself created opportunities for the younger members of the squad. Whilst the recent transfer window saw the departure of Pedro Mendes and Jerome Rothen, it was pleasing to retain our more valued assets in the run in for the league title. Discussions continue on various contract extensions, although a balance has to be struck between value and player expectations. Earlier this month we were delighted to confirm the appointment of Tennent's Lager as the official Club and shirt sponsor from 2010/11. We will continue to work towards a positive climax to a highly successful and productive seven year relationship with Carling. Work also continues in developing our ground-breaking media offering through http://www.rangersTV.tv, enabling live broadcasts and archive material to be viewed on demand. Although the effect of the current economic climate had an impact on ticketing and hospitality sales as well as the income from SPL media rights, the turnover for the six months to 31 December 2009 rose by �£17.7m to �£37.8m on the back of Champions League participation. Due to the timing of our involvement in the Champions League, revenue is weighted in favour of the first six months of the financial year. Net operating expenses decreased by �£3.6m to �£21.0m reflecting the reduced salary levels and efficiencies introduced throughout the Club, and resulted in an increase in operating profit of �£22.0m. Accounting for a �£5.5m decrease in gains from the sale of player registrations to last year, profit before interest and tax rose by �£16.5m to �£13.8m. Lower interest rates and historical tax losses contributed to a retained profit of �£13.1m, compared to a retained loss of �£3.9m for the same period last year, an increase of �£17.0m. Whilst the Interim Results are pleasing, a degree of caution is required as the future outlook is fraught with challenges. When I assumed the Chairmanship in August 2009, I realised that we had to take a short-term perspective on the business model that we needed to adopt for the financial year through to June 2010. The Board appreciated the understanding of Lloyds TSB Bank plc in supporting our initiatives to stabilise the Club without totally compromising the ability of the management team to field a competitive squad of players for the current season. We continue our efforts to source a capital injection into the Club to fuel the ambitions of the staff, supporters and shareholders, all of whom have been remarkably supportive as we navigate through the turbulence. Until such time as this is achieved, we are compelled to maintain our working relationship with Lloyds TSB Bank plc. The Board understands that reliance on such a facility going forward is not desirable if we are to retain control over the Club's destiny and avoid negatively impacting the potential for future success. However, a balanced view is required at this stage amongst operating sustainability, ambition, and the commensurate underlying value of the Club. Rangers will need continued commitment from all of those with the best interests of the Club in mind in the months ahead, and I remain totally confident that we will prevail together.

Summary The club made a profit of �£13.1 million in the first 6 months to 31st December 2009. Sounds good, but is it really? Yes, on this occasion, itâ��s bloody good. If we compare this yearâ��s operating profit (thatâ��s the profit before accounting for the sale of players and interest) then it has increased by an incredible �£22 million. Turnover An increase in turnover of �£17.7 million, due to our qualification in the Champions League accounted for most of this increase. This increase is at the upper end of expectations, and shows how important qualification was to the club. The commonly held view that the Champions League being worth �£10m is shown to be a vast under-estimate, and shows why a league win is so vital again this season. Take out the Champions League income and we would be looking at a loss of over �£4 million for the half year, and perhaps a loss of �£8 million for the full year, which shows that we have still a long way to go before we are in the position of breaking even without European football. Costs Operating Costs are down by �£3.6 million. A large part of this is due to lower wages being paid and fewer players but there will also be savings in other areas. Costs have been reduced by over �£138,000 per week. Amortisation Amortisation is the write-off of the cost of buying players, which is done over the period of their contracts and it has fallen from �£4.4 million to �£3.7 million. The second half of the year should see if fall to around �£3.2 million following the sale of Mendes. Given that we have not been buying any players, it would be expected that future yearâ��s charges would be even lower. Profit on the sale of players Last year we made profits of �£6.2 million, principally on the sale of Carlos Cuellar. We have not made the same level of profit on our sales since 1st July 2009 and we are showing a profit of �£678,000 presumably mainly on the sale of Barry Ferguson and Charlie Adam. However we might have expected it to be slightly higher but it is surprising that it is this low, as the sales of Ferguson and Adam were at reportedly higher sums, with presumably very little value in the balance sheet. Interest Interest payable to the bank is �£677,000, which is more than half of what it was in the previous year, primarily due to lower interest rates. Second half of the year It should be noted that all the Champions League income has been accounted for in these 6 monthsâ�� results, irrespective of when the cash is received from UEFA, and therefore the results in the second half of the year will be worse. It appears that Pedro Mendes was sold for around the value that the club had him in the books so there should be little profit or loss on the deal. The second half of the season could see the club making a loss of around �£4.5 million (depending on the level of bonuses paid out for hopefully winning a few trophies!), so we could end up with profit of �£8.5 million for the full year. The debt Unfortunately the interim accounts do not show a balance sheet or the debt as it is not required to under the reporting rules that the club operates under, so we are not told where the debt currently stands. Although we have accounted for all the Champions League income in our profit, it is understood that some of the cash is not received until the end of the season and we get a large proportion of the season ticket money before the end of the last financial year, and there are other issues which means that debt does not move in line with our profit, so it would be wrong to assume that our debt has fallen by �£13 million. I would not be surprised if our current level of debt had not fallen. Conclusion A slightly better set of results than I certainly expected and it is good to see that we are heading in the right direction, but they also highlight our continued reliance of Champions League football, which will become harder to qualify for in future years given the lowering of our co-efficient so a sense of caution about our future is still required by everyone.

ALTHOUGH Rangers will tonight continue on their quest for an improbable treble, Ally McCoist has admitted that even he can't bear to think about Rangers' long-term prospects at times. While the immediate future is something to relish there is an uncertainty which must strike at the heart all of involved with the Ibrox club at present. Even the reliably upbeat McCoist yesterday admitted he falls prey to moments when thoughts stray ADVERTISEMENT beyond the end of the season, and what the future holds for the club he has adored since when he was a boy. He insisted that his own ambitions to succeed Walter Smith as manager must be considered a side-issue when compared to the needs of the club. The assistant manager also applauded those players who have put to one side their own contractual concerns as they bid to complete what would form a historic and unlikely treble. Skipper David Weir, top goal-scorer Kris Boyd and Nacho Novo are among those whose deals with the club expire at the end of the current campaign. In an effort to prevent distraction from his duties on the pitch Novo yesterday said he had instructed his agent not to involve him in on-going talks with the club. "Some of the boys have got contract issues and they never mention it," said McCoist. "They just get their work done. They have to have concerns about it too ââ?¬â?? of course they have. But they are handling it really well, and they are appreciative of the fact that the club is the most important thing." Rangers remain up for sale and heavily burdened by debt and have been hampered in their efforts to hang on to such prize assets as Boyd. Some fear that the ingredients are there to deliver the club back to the grim days prior to the arrival of Graeme Souness in 1986, when Rangers were not considered to be among those challenging for the league championship. McCoist does not want to even contemplate this down-scaling of ambition. It is a particularly relevant fear for the former striker, since he could well be asked to steer the club through whatever stormy waters lie ahead. "I couldn't see it," he said, when asked whether the bleak days of the early Eighties at Ibrox ââ?¬â?? which he experienced as a player ââ?¬â?? could be revisited. "But to be brutally honest, maybe it is because I don't want to look at that big picture. It's not through ignorance. I am obviously a half-full person rather than a half-empty one. "I just think we will be OK. In Graeme's first game as manager we had to beat Motherwell just to qualify for Europe. I remember those days. But I would be certainly hopeful it would not return to that kind of situation. "It's only a worry for me because it's my football club ââ?¬â?? and has been since I was a wee boy," he added. "It's thousands and thousands of other people's club as well. It's the same concern for them. I will survive. But the most important thing is the club. Hopefully we can sort it out in the near rather than distant future. The stripping of this club's assets is something no supporter would want to see." The immediate future is a much more palatable thought for Rangers supporters. The Ibrox side entertain St Mirren this evening in a fifth-round Active Native Scottish Cup replay and then on Saturday lunch-time will aim to go 13 points clear at the top of the Scottish Premier League with a victory in Perth against St Johnstone. The chances that these outings will end with positive outcomes for Rangers have increased due to an easing in the injury situation at the club. Three weeks ago both McCoist and Smith feared that their ambitions on all three fronts this season ââ?¬â?? Rangers also have a Co-operative Insurance Cup final appearance against tonight's opponents to look forward to next month ââ?¬â?? would be de-railed by a crippling injury list. This was on top of the dire financial circumstances which have caused Rangers to be inactive in the transfer market for over 18 months. But the return of in-form strikers Boyd and Kenny Miller has heartened Rangers ahead of a critical period, with nearest challengers Celtic due to be faced at Ibrox a week this Sunday. There was further good news for Rangers yesterday when DaMarcus Beasley came through a half of a bounce game against Kilmarnock at Murray Park as he bids to improve his match fitness. McCoist is someone who cannot help but accentuate the positives and he welcomed this return to what is a full-strength squad. Rangers will contemplate resting either Miller or Boyd tonight, with the option of leaving one on the bench until the later stages of the game. "We are in a lot better shape than we were maybe three weeks ago," said McCoist. "Back then we were all concerned about having players injured. For us to be successful we have to have a reasonably clean bill of health. I don't want to tempt fate, but we have that now. We (McCoist and Smith] feel that is the most important thing for us, it really is." http://sport.scotsman.com/sport/Finance-fears-stop-Ally-McCoist.6078352.jp

Kenny Miller insists Rangers' players are determined to be successful to help the club's long-term future. More...

Peter Lawwell today predicted Celtic would emerge from their current troubled times to a bright future. The Parkhead clubââ?¬â?¢s chief executive is acutely aware of the discontent of a support which has watched Tony Mowbrayââ?¬â?¢s rebuilt squad fall 10 points behind debt-ridden Rangers in the title race, which almost certainly brings with it a Ã?£10million ticket to next seasonââ?¬â?¢s Champions League. Celticââ?¬â?¢s turnover for the first half of this campaign is down by almost 23 per cent as a result of failing to qualify for the competition this season. And chairman Dr John Reid had warned that, if income is not there, then that inevit-ably has an impact on the ability to invest as much as they would like in players. However, Lawwell is confident the clubââ?¬â?¢s financial strategy and plan to find raw talent which they can develop into Champions League-quality players will pay off. So, while the going may be tough at the moment, he believes better times are on the horizon. Lawwell said: ââ?¬Å?I believe we have a bright future. Weââ?¬â?¢ve managed our resources well. We are stable. ââ?¬Å?We have strategies in place for further development of the club. ââ?¬Å?This is a club that will keep growing and we will see the fruits of some of our strategies two or three years down the line. ââ?¬Å?The financial figures gives us elbow room to support the manager. Every manager needs resources and the financial statement shows we have leeway to support him. ââ?¬Å?There aspects of this that are part of a long-term strategy. We will see the returns from that in the next few years.ââ?¬Â However, Lawwell knows the fans want immediate results, especially on the field. He continues to reject any suggestion the directors are more interested in balancing books than winning trophies. Crucially, the club did not succeed in bringing in at least one more experienced central defender after Gary Caldwell and Stephen McManus left, but Lawwell said: ââ?¬Å?We traded well in January. ââ?¬Å?Weââ?¬â?¢re in a period of transition and we have to rebuild. We invested heavily in the summer, too. We have a financial strategy that is working and allows us to support the manager in his rebuilding plans. ââ?¬Å?Weââ?¬â?¢ve brought in real quality, and still we get criticised.ââ?¬Â Robbie Keane was the big-name arrival in the last window, and Lawwell shot down reports this loan signing is being financed by major shareholder, Dermot Desmond. ââ?¬Å?Yes, Dermot Desmond, and the rest of the board supported that acquisition, but the wages are being financed from the club,ââ?¬Â he said. http://www.eveningtimes.co.uk/sport/editor-s-picks-ignore/peter-lawwell-future-is-bright-at-parkhead-1.1006915

Kris Boyd has denied deliberately elbowing Merouane Zemmama in Rangers' 3-0 win over Hibernian on Sunday. More...

It has been announced that a group of Rangers fans - backed by all official fan groups and all unofficial fansites in the online community (including Gersnet) - are to hold a peaceful protest within Ibrox Stadium this Sunday. You can read the statement released by the group below.

Hearts boss Jim Jefferies has rubbished reports regarding the future of Jose Goncalves. More...

Interesting viewpoint in this RM article by Boss. . http://www.rangersmedia.co.uk/homepage/index.php?option=com_content&view=article&id=263%3Arangers-protests--qdonald-muir-the-saviour-withinq&catid=41%3Afinances

Rangers ace Madjid Bougherra insists he will finalise his long-term future at the end of the season. More...

CHIEF Executive reveals key points at Assembly meeting More...

MADJID Bougherra is being lined up for a dream summer move to Spain that could net Rangers a small fortune. The Ibrox defender is wanted by no fewer than three clubs including top guns Barcelona who are ready to fight it out with Seville and Real Betis for the 27 year old's signature. Bougherra who is currently rated at �£5m caught the eye of all three outfits after his impressive performances during the African Nations Cup . Having already been named Arabian Player of 2009 after helping Gers win the Double and inspiring Algeria into the World Cup finals his reputation not to mention value could rocket further by the end of this season. Barca team coach Pep Guardiola had him watched during the Desert Foxes' 3-2 African Nations Cup quarter-final win over the Ivory Coast 16 days ago and has since studied videos of him playing for both club and country. And now the Nou Camp boss plans to monitor the former Charlton defender during the rest of the season at Rangers and also follow his progress in South Africa during the summer. Barca won an unprecedented SIX trophies last year including the Champions League, La Liga , Copa del Rey and the FIFA Club World Cup but want to strenghten at the back as the long term future of �£17m Gabriel Milito is in doubt following his return from a 19 month spell out with a cruciate knee injury. Sources in both Spain and Algeria confirmed the current La Liga leaders' interest in the France-born player, who has also had spells with Crewe and Sheffield Wednesday revealing that a final decision on Bougherra will be taken after the Presidential elections in June. Barca won an unprecedented SIX trophies last year, including the Champions League, La Liga, Copa del Rey and FIFA Club World Cup. Seville though have already made contact with Bougherra's agent and while he has previously voiced his interest in moving back to the Premier League at the end of the season the prospect of moving to Spain would be irresistible to the defender who has been one of Rangers' best players since his �£2.5m arrival from Charlton in 2008.

Join Supporters Group Statement News - Assembly News "The Rangers Supporters’ Trust, Rangers Supporters Assembly and Rangers Supporters Association united today in expressing alarm at recent comments made by the club's Manager, Walter Smith: "anybody who thinks it is going to get better in the summer is deluding themselves. My concerns for Rangers for the long term - not even in the long term, for the end of the season - are genuine concerns as being a supporter as much as being a manager." We call on Rangers fans to stand shoulder to shoulder with Walter Smith and we ask all fans to show public support for the Manager and join us on February 14th at Ibrox where fans will express their frustration at the club's current situation. All fans' groups are united in seeking a public announcement from the Club Chairman on the precise remit and intent of both Donald Muir and Lloyds Banking Group, regarding the future of Rangers Football Club. Finally we ask parties who have expressed an interest in buying into Rangers FC to now come forward publicly with an outline of their plans, specifically on how the Rangers support can be involved and help overcome barriers to a successful, sustainable transfer of ownership which will secure the Club's future." Looks like I'm not alone in wanting to know what Muir's remit is ??????

Credible information on the plight of our club is hard to find amongst the hearsay and rumour we read across the online community. However, once again our club's manager has saw fit to comment on what he sees as a worrying and bleak future for our club under the guidance of Lloyds Bank. No matter whether it is his place to do this, the fact he is commenting again should concern every Rangers fan. What is also clear is that the support should be entitled to know more about the status quo - more so season ticket holders who continue to be the sole biggest investors into the club year after year? The chairman saying one thing, the manager another and alleged sources close to any potential buyer(s) also contributing to the debate; means the conflict of information for Rangers fans is unacceptable. As such, while protest is something that isn't agreeable in the first instance for most people I'm sure, perhaps more direct action may help us find the transparency required for us to make up our own mind. If we're to protest (and to be clear I'm definitely interested in doing so), it needs to be well organised, include all the fan groups, all the websites and have a clear strategy. If possible (and I appreciate that is difficult) it also needs a credible focal point that the 'non-politically active' fans can identify with. Do that and the chances of success are greater. Therefore, as an empirical judgement of intent, I'm interested to see what Gersnet members think. Please take a minute or two to take part in the following poll.

http://www.dailyrecord.co.uk/football/spl/2010/02/03/rangers-face-new-fears-over-future-as-walter-smith-is-ordered-to-slash-ibrox-wage-bill-further-86908-22015075/ WALTER Smith last night expressed fears for the future of Rangers as it emerged the club will be forced to offload more players this summer. Less than 24 hours after Robbie Keane became Celtic's eighth new arrival and the highest player in SPL history Record Sport can reveal Smith has been instructed to drastically slash the wage bill. Rangers raked in �£1million and reduced their operating costs by �£40,000 a week after the January departures of Pedro Mendes and Jerome Rothen. But, Smith will not be allowed to use the savings to make an enhanced contract offer to Kris Boyd, who has an �£18,000-a-week deal sitting on the table. Instead the Gers boss must attempt to plot the downfall of Celtic while trimming his threadbare squad even further. Smith, who saw a third transfer window pass without any purchases, is deeply concerned about the situation and feels it will only get worse until a new buyer is found for the club. He said: "It's a bold move by Celtic and in many way they should be congratulated for doing that. Robbie Keane is an imaginative signing and one that will be a good one for them. "From our own point of view we have known the situation for a long time. It's obviously in stark contrast to what happened at Celtic. The only thing that bothers me is this is a look into the future for Rangers Football Club and that's the way it seems to be. "Unless something is done that is something that will continue to happen on a regular basis." Smith admits Celtic have raised the bar with their January recruits, however, he is backing both himself and his players to meet the challenge. He said: "With what's happened at Celtic means the lads will get a full test between now and the end of the season. "It's a challenge they will look forward to. It's a challenge I look forward to as well. "Since I came here nobody could ask any more from the group of players I have here. "They have been brilliant in their whole attitude towards playing for the club. "Guys who are out of contract are still giving 100 per cent and I was interested to read Steven Smith's article the other day about not playing. "He typifies the attitude of a lot of players in that he gets fed up not playing but he comes into training every day and there is nobody more committed. "If I ask him to play he comes in and gives 100 per cent. "That is typical of the group we have and I can't speak highly enough of them."

Last August, ArsÃ?¨ne Wenger cautioned against the typically British opinion that “In England, people think all problems can be sorted out by buying players”. Certainly, as Tony Mowbray and Celtic have discovered thus far, that is not always the case. As the third transfer window in succession closed without a new signing arriving at Ibrox the blue half of Glasgow cast envious glances across the city as the hordes of hooped horrors bared their behinds in our direction. The temporary signing of Robbie Keane, a man who has amassed Ã?£70million worth of transfer fees over his career, is undoubtedly a real coup for Celtic. A player of EPL pedigree should run amok in Scotland. But I’m not ready for jumping off the Kingston Bridge just yet. During the summer I wrote an article calling for calm amongst the support as stage one of the Mowbray revolution was underway. The point was made then, and is perhaps more appropriate now, that the reason for so much turnover at Celtic Park was due to their greater need. Walter Smith presided over a team of double winners whilst the new manager at Parkhead was tasked with rebuilding a team that could challenge for the title. The vast number of transfers in and out, in addition to a change of management, did not just demonstrate a financial strength currently unavailable to Smith. It was a clear indication of turmoil in the East End. First team stalwarts of previous seasons; Nakamura, Hesselink and Hartley were moved on as a number of fringe and youth players also exited Parkhead. 12 players left Celtic either permanently or on loan, with Darren O’Dea (now back at the club) among their number. At the same time 7 players were brought in, all to questionable success so far. Zaluska has rarely featured with Boruc number 1. Zheng Zhi had an Old Firm cameo that ended in defeat, whilst left-back Danny Fox has already returned to England. Young defender Josh Thompson has only featured due to a recent lack of viable alternatives whilst N’Guemo and more strikingly Fortune have yet to justify their fees. As I quoted in the summer article ArsÃ?¨ne Wenger is a firm believer that purchasing players is not the only way to develop and improve your team. Consistency of selection with a group of players who know and are willing to work for each other can be far more valuable than a high-profile transfer earning mega-bucks who could disrupt dressing room harmony. How will Keane’s team mates react to Celtic reportedly paying half of his Ã?£130,000 wages? The flurry of activity in this transfer window, like in the summer has further highlighted our lack of incoming business. During the summer, only Jerome Rothen arrived on loan whilst Barry Ferguson, Brahim Hemdani and Christian Dailly amongst the high profile departures. A large number of players left the squad, but the majority of the double winning squad were retained with the impact of those leaving questionable at best. I appealed for calm in the summer as just because Celtic were making a lot of moves, there was no guarantee of success. No one could judge how the signings would settle and it was not as if they were merely adding to an already strong unit. Only selling key players from the first team allowed to finance their summer spending spree, as has been the case this January. The effect of continuity is there for all to see. Despite a first team squad reduced to around 20-23 first team players, Walter Smith has led Rangers to a ten-point lead at the top of the SPL table. All this achieved despite a desperately unlucky run of injuries and suspensions. With Bougherra, Boyd, Miller, Edu, Beasley, Naismith, Mendes, Novo and Broadfoot all unavailable at various points in the season (and most of our star performers missing in January) many predicted our title challenge to falter as we started the new year. Instead, we extended our advantage at the top. There was no doubt an element of luck in coping without so many key players, but it is also testament to the character and collective will of the players who performed in their absence. We are undoubtedly a better unit with the likes of Bougherra, Boyd and Miller in particular are available. But we have the players to keep picking up the points when the first team is down to the bare bones. It is highly unlikely that we will contest the rest of the season with the number of players unavailable that we suffered through January. Bougherra, should he not lose himself or his passport, will be back for this weekend’s match and if he has aspirations to return to the EPL should relish the challenge of Robbie Keane when that arrives. Kenny Miller seems to have aggravated a long standing injury and may miss a few more games but should hopefully be available for the tougher upcoming fixtures. Kris Boyd should be playing bounce games next week ahead of a first team return and will look to renew his partnership with his international team mate. So we may not have strengthened the squad with new bodies, but we will have a host of the key players from earlier this year to bolster the squad that battled valiantly in January. The loss of Mendes weakens the squad but due to injury his contribution to developing a ten-point lead was minor. There is every reason for positivity in the ability of those who remain in spite of his absence. If the squad turnover at Celtic in the summer was a sign of turmoil, their January spend has done nothing to dispel that view. Summer signing Fox had already returned to England whilst Darren O’Dea, packed off down South on loan, has returned and already taken the captain’s armband (if temporarily) with McManus going out on loan... Hardly the sign of a manager with a clear vision for the future of his club. A further 12 players left the club last month, most notably the captain McManus, his centre back partner Caldwell, Barry Robson and top scorer Scott McDonald. These players have been replaced by South Korean Ki, Jos Hooiveld, Rasmussen and 3 loan signings in Keane, Diomansy Kamara and defender Braafheid from Bayern. With Celtic’s preference for masking their transfer business with undisclosed fees and using the press to augment their signings values by increasing their wages across the duration of the transfer it would take a more financially astute poster (visit our forum for our two accounting experts' views) to assess the impact of their transfer dealings and hence gain insight to their real financial standing. However, with the fact that the big name players have come in on loan and the departures of their top scorer, captain and first XI players it appears their incoming transfers have only been possible by flogging half their squad. Suggestions of financial strength appear wide of the mark. Having lost the title last year and missed out on the financial bounty of the Champions League, Celtic cannot afford to miss out again. Having fallen ten points behind after their match with Kilmarnock last night they have taken an enormous gamble by throwing money at expensive imports in an attempt to wrestle the title from our grasp. Should they fail their financial problems should become more apparent. The rumour that Dermot Desmond has put up the money to cover the cost of Robbie Keane’s expensive loan stay further supports this theory. As does Redknapp’s insistence on Sky Sports News that it is only a temporary move. Essentially, Celtic have not spent much money this transfer window to flex their financial muscle over Rangers. Mowbray has wheeled and dealed better than Del Boy Trotter, or even dodgy ‘Arry to manoeuvre his club into a position to attract big name players from down south. The suggestions out with Parkhead suggest falling attendances were a further motivating factor. Whilst bringing in EPL class strikers is most surely going to strengthen your squad, selling your top scorer, your captain, your first choice centre backs and your most effective combative midfielder does not. Celtic are not going from strength to strength. They are trying to resurrect the phoenix from the ashes of the last 18 months. By contrast, whilst we do not have the funds to bring in EPL squad players, we do not have to sell Boyd, Bougherra and Davis to try and turn round a misfiring squad. It is distinctly unlikely we will suffer the injuries and unavailability of player that we have over the first half (or so) of the season. A full strength Rangers in December was a ravenous beast - chewing up and spitting out the best the SPL had to offer out with the Old Firm. When our player of the year candidates return there is every reason to expect we will be strong enough to maintain our title advantage and secure a second consecutive title. The lack of continuity at Celtic is an unknown quantity that could backfire for Mowbray as he tries to rebuild a squad in January and the sensible money will be on Rangers retaining the SPL championship.

Taken from FF It was me who posted way back in October about the consortium and I have been confident ever since My stance on this hasn't changed - the information is coming from a positive source which has been verified by Admin I do expect the consortium to move now with a second offer pretty quickly It has been somewhat delayed by the non committal of a certain member of the consortium who I believe is now out of the picture - (Take a guess at who that is ) I also think they would be better coming clean to the support to galvanise our attention but obviously there is not a lot we can do about that, I also don't blame people for not trusting them either - thats the price you pay for playing it that way I suppose There has also been a lot said about capital and fan investment - as I understand it they have more than enough capital and the plan is for future fan investment once the club is stabilised and away from MIH which is the must at the moment I can't name the consortium but it isn't hard to guess as I have said previously I am still confident and I would be extremely disappointed if after one bid they don't follow it through If anyone has any questions I will try and answer best I can - bear in mind I want this to happen as much as you and I am only trying to give you all the best info I have

The morning after the night before then and am I the only one who feels somewhat hungover despite not even having the benefit of a few beers? As always, like most football fans, the excitement of the last day of the transfer window means alcohol isn't even needed to feel inebriated as the rumours, counter rumours and subsequent arguments rage. Who needs a pub when you have hundreds of people on a forum arguing the toss about who is coming and who isn't while Sky Sports News conducts this bizarre symphony? Then finally, when the window creaks shut and the realisation your greatest rivals have strengthened while we've signed no-one the online equivalent of a hangover kicks in. So, do we reach for the tonic of a positive spin on the situation or, as is often easier, do we take our minds of the bad feeling by feeling sorry for ourselves? Is your glass half-full or half-empty? Allow me to help you decide! First off, let's look at the downside of the last few days. Celtic now have a better team than before January. There, I've said it and anyone who suggests otherwise is simply being churlish while hiding from the truth of the matter. Any team who buys seven new first team players to replace seven players who were hardly setting the heather alight in Scotland, is likely to improve. Add in the fact these players are internationalists and a few of them respected professionals from leagues betters than the SPL, then I wouldn't blame any Rangers supporter for being somewhat worried. The addition of Robbie Keane is also fascinating and while his recent form in England has hardly been worthy of his inflated fee/wage; his overall playing and goalscoring threat means Celtic will be confident of scoring the goals to win any match. To sum up, these signings will reinvigorate the fans and players at Parkhead so the likelihood of Celtic dropping as many points in the closing stages of the season as they did in the first half, is low. As such, their chances of winning the league have increased - to deny this would be foolhardy. Conversely, we've lost a key player, have allowed several fringe players to leave on loan and our squad has not improved as a result. Therefore, it would be easy for our fans and players to lose confidence and question their own chances of success. Undoubtedly, we're now going to enter a crucial period of the season and the mental games of the last few days way well influence the physical battles ahead. All the more reason then to look at the positives. Firstly, we still have the same core of players who have given us a seven point cushion (in real terms). The loss of Pedro Mendes and Jerome Rothen is disappointing from a creative point of view but neither player contributed all that much to this season so far. Their injury and poor form meant other players stepped up and developed the lead we have at the top of the SPL. Indeed, despite injuries and constant changes of personnel in January, that lead was extended so our current squad has shown it is good enough and deep enough to cope with the very worst that luck and circumstance can throw at us. It is extremely unlikely we'll lose as many key players over the rest of the season as we did over the last 4-6 weeks. In that regard, it is important to outline that the advantage of having such a settled team of players who know each others styles should not be under-estimated. Not losing our key players such as McGregor, Bougherra, Davis, Miller and Boyd shouldn't be something to celebrate per se but it is a positive worth highlighting. These players will be as crucial as any at Celtic and all five are just as good (or better) then their immediate opponent in green. The same goes for the rest of our squad - all of whom have now been over the course of a championship battle before. Can we say the same about Celtic? Another reason to be constructive is that our financial situation is improving while Celtic are certainly taking a gamble on their own future. We've managed to remove the burden of the wages of two of our highest paid players and bring in a decent fee which should decrease our debt further and allow some flexibility for those nearing the end of their contracts. The situation of Kris Boyd is somewhat different to that of Nacho Novo, Kirk Broadfoot, John Fleck and Danny Wilson but all five players can now surely be dealt with suitably to ensure we continue the settled theme into next season and beyond. Meanwhile, Celtic - who did have a healthy balance sheet - have now spent millions of pounds to risk their financial future on winning the SPL. Sure, they've improved their chances, but those of their fans suggesting the title is now theirs because of a few signings mid-way through a season are being premature. Certainly if they don't catch Rangers and win the title the loan players that arrived yesterday will find their stay in Glasgow a short one. And they won't be replaced next season. Add in two seasons without the Champions' League Group Tage pot of gold, then they only rainbow they'll see is a red, white and blue one as the rain falls on their parade. Of course, we're now looking into a future none of us know the content of. To that end, some say fate can't be avoided and that may be true. I say different though as we can all influence our own future. Yesterday, saw Celtic attempt to instigate a positive change on theirs and I doubt anyone will argue that their chances of success have improved. Unfortunately, our club didn't do the same so it is difficult to disagree when some suggest our chances have weakened. However, I do disagree. We are still in front and we still have a fine group of players capable of delivering the championship to Ibrox for the 53rd time. For that reason, don't let the negatives dictate your thoughts over the coming days, weeks and months. Yes, be frustrated but channel that frustration in a positive manner by supporting the players and management team as we always do - loyally, in good voice and welcoming the chase. I'd like to raise a glass then - a half-full one - to the 53rd! Aye! :spl:

Now that there is no takeover this January and highly improbable to be by next January, where have all the experts and commentators on imminent takeovers disappeared to. I wont get involved in who is running the club games, if punters wish to believe it is the Bank that is their prerogative, if my information is correct and I have no reason to believe it is not, SDM's son will be announced as the new chairman at some time in the future.

Rangers midfielder Pedro Mendes has reiterated his desire to join Sporting in the January transfer window. More...

Celtic attracted a paltry 41,000 through the turnstiles for a game against the current 3rd best team in the league - a team who are now only two points behind the east end mob. This figure can only get worse after a disastrous defeat which vastly lowers their hopes of wrestling back the title, and can only cause more despondency in the ranks – swelling the growing epidemic of empty green seats furter. That compares with a little over 47,000 at Ibrox for the recent Hearts game - a match of similar stature. This is about 150 lower than average for the season; however, both club’s figures could be seasonally adjusted due to the perceived, traditional end of January financial gloom of the nation. The comparison between the clubs; however, still stands. Their average has dropped to just over 51,000 in a 60,000 stadium giving an uptake of 85% with 68% of capacity at the game last night. That could be even lower when you consider their attendance stats are often a round thousand - which could suggest massaging of figures, not unheard of from a club which obsesses in perpetuating myths. Rangers have about 92% uptake on capacity which is fairly reasonable and as mentioned by our chairman, is currently one of the best in the UK. It also could demonstrate that the number of seats at Ibrox is about right for the current climate and plans to increase the stadium size are quite rightly shelved for at least the medium term. So Celtic are averaging about 4,000 more through the gate than Rangers, a gap which could lessen if Walter’s Winners tighten their grip on the SPL trophy, currently gleaming in the Ibrox trophy room. That is about half what is has been in recent years and cuts the annual financial reward for building a cheaper, low quality but ultimately larger stadium, from about Ã?£4M to about Ã?£2M (at a guess). Combine that with the difference in European money due to Rangers being the only Scottish representative in the Champions’ League while Celtic had to make do with the relative paucity of the Europa Cup, out of the League cup early on, and the Ã?£10M spending spree of Mowbray compared to SFA by his Govan based counterpart, and it seems that while Rangers are bravely weathering a financial storm, Celtic’s bank balance could be starting to take a bit of a battering. This could be exacerbated next year if Rangers again become the sole Scottish representative in Europe’s premier competition, when you consider how difficult it is to qualify as a runner up in the league, with far more affluent English, Italian and Spanish teams barring the way. It was expected by the Parkhead hoards that Celtic would start to flex some financial muscle while Rangers were reeling in a weakened state, and with a golden circle of success bringing income bringing success. They have brought in a new manager and thrown some money at him, but the return has been spectacularly poor, almost but not quite on the same scale of disaster as the ill fated, short lived, Le Guen era at Ibrox. Who next takes the lead in the ups, downs and almost outs of the off the park money game, all depends on how a proposed take-over of Rangers pans out. The club will surely benefit and vastly strengthen from releasing the manacles of a hefty debt and perhaps a small cash injection and a fan-based share issue, but ultimately the board will have to find a way to live within its means. This may mean defocusing on European success, and the removing the reliance on Champions’ League money, a prize which will soon become as difficult to win as the jackpot from your average puggy machine. For the largest two clubs to survive the financial barren financial future of post recession credit squeeze, post Setanta demise and during a time of incredible financial input into the bigger European leagues, they will both have to cut their cloth and concentrate on the more parochial goals of dominating the main three Scottish football competitions. It’s an Old Firm tradition which has sated most of its fanatical and vociferous followers for over a hundred years, and will have to suffice for the near future, until greed and mismanagement of banking proportions, bursts the fragile bubble of the likes of the English Premier League. The good news is that even with the profligacy of our long term owner putting us into a very difficult and constraining time, we could be competing on a reasonable level financial playing field – and with a much better team on the pitch.

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RANGERS fans are planning their most high-profile campaign yet against the Lloyds Group at Ibrox today. Influential supporters have contributed to the cost of 12 banners, each 20-feet high, as they demand clarification on the future of their troubled club. The banners will be distributed to key fan groups with a view to draping them from the Broomloan, Govan and Copland Road stands before the game with Hearts and again at half-time. Supporters are confident they will not fall foul of police as they turn up the heat on the banking group, tax-payer funded, who now have a significant say in the running of the cash-strapped club. It's believed at least one of the banners reads Lloyds - Heartless Bankers while another focuses on the role of director Donald Muir at the club, labelling him the enemy within. Muir has won a reputation as a turnaround expert but he is viewed with suspicion by many of the club fans who believe his role is primarily to slash debts without concern for the club's well being. Rangers' financial woes were given a lift yesterday when the club finally got shot of French flop Jerome Rothen - and avoided a �£300,000 bill for the wantaway winger. Rothen, 31, flew out to Turkey yesterday to pen a six-month loan deal with Ankaragucu after snubbing the advances of Greek sides Larissa and Kavala. Gers had been servicing half Rothen's �£36,000-a-week wages at French side PSG and would have been locked into the deal had he not been moved on during this transfer window. With PSG refusing to rip up their loan arrangement on Rothen, Rangers feared they'd have to keep him until June. At least we are getting rid of Rothen http://www.dailyrecord.co.uk/football/spl/2010/01/23/rangers-fans-plan-bank-protest-at-hearts-clash-86908-21989054/

Unless you've been on Mars, the Rangers ownership debate will have been everywhere in your supporting life of the last six months in particular. From the 'official' newspapers and media, to the 'unofficial' forums and fanzines; from the 'official' fan groups, to the 'unofficial' singing sections; the apparent dispute between Lloyds Bank/MIH and those interested in buying the club has been a hot topic for months now. I say apparent because real, genuine facts are thin on the ground so it is extremely difficult for the average bear to decide what is and isn't authentic when examining the ownership issue. On one hand we hear rumours that Lloyds Bank - via the introduction of director Donald Muir - are in control of the club and attempting to regain their �£31million debt by manners that could cost the club its short, medium and long term competitiveness. On the other we have club chairman Alistair Johnston telling us at the club AGM that these rumours are untrue while the bank say they remain committed to the club's future success. The battle-lines are drawn then but the lines are somewhat unclear. Who is in what army and who is fighting who. And, most importantly, what is the prize and how much will it cost? All confusing stuff for supporters who look at the SPL table and see a six point cushion (in real terms) between us and Celtic. Therefore, as a starting point for those of us without the source with the inside info, what are the facts of the situation? Well, as reported late last year the club is �£31million in debt (as of June 2009) although our participation in the Champions' League group stage will likely have reduced that figure by a few million in the interim. To that end, the debt is owed primarily to Lloyds Bank who are involved in the club via long term loans as well as their shareholding in MIH. Nevertheless, Sir David Murray remains the majority owner of both Rangers and the MIH parent company and people under-estimate his influence at their peril. However, MIH do have alleged serious financial problems and, much in the same way the Rangers board had to renegotiate their loan terms with the bank in 2009, it is believed that Murray has had to do the same with the huge debts MIH have. This much is unclear as the company have delayed the reporting of their accounts until April this year - lending weight to claims he is having difficulty appeasing the bank in terms of restructuring. Back to Rangers and once again dealing with what 'official' information is publicly available we examine the club AGM where the shareholders were told the club did not need to sell any players and could, if necessary, 'trade' their way through transfer windows. Obviously this statement is open to interpretation but given we've not sold anyone (yet!) and contract talks have taken place with several players, Johnston appeared to be correct when speaking in December. The club also strenuously denied that Lloyds are 'running Rangers' as some suggest. Unfortunately this is where the waters become muddied - perhaps deliberately so and certainly by a range of parties - including the club, including the media and including 'in-the-know' fans. Read any Rangers forum (and indeed most newspapers - be it Jim Traynor in the Daily Record or Darrell King at the Herald) then the 'official' lines above are challenged. The rumours and innuendo are rife: Donald Muir is an agent of the bank; the bank want to reduce the playing squad to 14 senior players; contract offers have been taken off the table by the bank; Muir has held meetings with his friend Alex McLeish to sell key players; key club staff members (Martin Bain and the head Groundsman) have been 'sacked' then reinstated; the club is allegedly for sale at �£31million with SDM happy to accept a nominal sum for his 91% shareholding; Dave King is the man the fans must throw their weight behind; Graham Duffy is the only show in town; why are the bank rejecting good offers for the club; the fan groups will unite the support; Murray Park is to be sold to realise funds; paint banners and place pressure on the bank; the fans can run the club; etc etc etc. I'm sure there are more I've missed. To be clear, I don't know if these rumours are true. They may well be and, in fact, I believe some are but I certainly urge all Rangers supporters to be cautious in what they read - no matter the source. I don't under-estimate the intelligence or passion of our fans and to that end we shouldn't be patronised by any side of the argument. Therefore, what is certainly the case and the reason for this article, is that once again we're the ones being treated unfairly. I don't doubt people want to buy Rangers FC and I certainly don't blame them for wanting the best deal possible. After all, the cheaper they buy the club (or the bank debt); the more money they'll have to invest in the parts of the club that desperately require it. Be it an essential improved contract for Kris Boyd or repairs to a stadium built in memory of the 66; tens of millions of pounds are required to take our club forward. Again, anyone under-estimating the scale of the job needed to keep our club as a successful going concern, could be even more fatal than allowing the bank to sell off our assets. Consequently, more than ever, what we need is clarity and leadership from those that are buying (and those that are selling) the club. Of course, Stock Market rules may determine what information can be made available but, while the current method of drip-feeding unsubstantiated rumours to people via the media and unofficial fan forums may help apply pressure to a degree, we need more credible ways of reaching the support than that. After all, the online community may know and trust a few otherwise anonymous user-names, but how on earth do the vast majority of off-line fans - the often apathetic preponderance of the Rangers support; get access to the debate? These are the people any potential buyer (and fan group) need to reach if they want a successful subscription to any ownership model and so far the efforts to do so are below par. Across the community and at recent games I see Rangers fans challenged to open their eyes and be aware of 'the enemy within' our great club. Fair enough, I understand that mantra and, given I'm lucky enough to be in contact with a few interesting people, I also share in it to a degree. However, how can I possibly pass this message onto others without looking somewhat irresponsible? Despite the proclamations from some on the other side of the debate, there's no doubt there are problems at Rangers football club. There is also no doubt people are concerned about that enough to want to spend a lot of money during a difficult financial period to buy the club. For that I'm thankful. However, if these people are truly serious and want their efforts to be respected and supported, I expect to see more. If the situation is as dire as their plants in the media and their associated fan groups suggest by proxy for them, then the odd post on a forum and the odd banner at a game is not enough. We've heard the declarations of unity but there has been little evidence of it when requested. More is required. Meetings are needed. Credibility must be sought. Unification is paramount. Egos need not be massaged. Communication must be used. The fans should be trusted. What cannot be denied is that to be the owner of Rangers FC one must be a true leader of men. We want and need this leader. If you are serious in your intentions, then you must step forward. Are you Ready?