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........the only way to truly hurt the board is to stay away from games. GORDON argues that if fans really want to get rid of the Rangers board then they must cut off all financial support to the club. IT'S TIME for Rangers fans to pee or get off the pot. They either want regime change or they don’t. They either realise the power they wield or they don’t. The red card displays, the eternal and infernal statements, they show willing but ultimately achieve nothing. Sticks and stones and all that. But does anyone really think the occupants of their boardroom give a toss about what anyone says about them? They can’t hear you. They’re too busy counting your money. And all you’re doing is facilitating them. That’s the problem. The power of the Rangers support lies in its size, its strength but most of all in its unity of purpose. If half of you stick and half of you twist though? You’re playing right into their hands. Giving them just enough to keep their tiptoes on the bottom of the pool and their nostrils poking above the surface. That’s what 23,000 season tickets was in the summer. It was a message, it was five figures down – but it wasn’t enough for the fans, and just enough for the board. Same with the walk-ups. The drip-feeders. Around 20,000 for Hearts, another 11,000 for Clyde, 9000 each against Dumbarton and Queen of the South. You’re handing over your cash at the turnstiles and it’s going straight into a black hole. I understand there are plenty who just want to go to the football on a Saturday, who don't care about what goes on behind the scenes. They’re probably the silent majority. But maybe they need to start listening to the loud minority. Nine months ago, before their agm, was the first time they really threatened this lot with what they called ‘disengagement’. I said then that if they truly believed that was the way to go, then they all had to have the stomach for what would effectively be the euthanising of their club. A mercy killing. That the short-term pain would be acute but they’d appreciate what they’d done in the long term. But their disunity, their lack of a core belief, has crippled their true effectiveness. And here they are in the wake of that begging-bowl share issue, back at square one. So what choice do they have? They play Inverness at Ibrox in the League Cup on Tuesday. They don’t have another home league game for more than a fortnight when they play Hibs. For a club who, by their own admission, are living hand to mouth, two empty stadiums through to the end of September with no walk-ups, no hospitality, no catering, no nothing, would be financially catastrophic. But THAT’S the only language they speak. They were described to me the other day as being like wild dogs around a carcass, stripping it to the bone. When do they leave? When there’s nothing left for them. As long as there are morsels of meat to be picked off around the edges, they’ll hang around. A grasper like Imran Ahmad, for example. Only persuaded to take his leave this week by tossing a juicy chunk of what was left in his direction. So if the fans really want to do their club a favour, the place should be a morgue on Tuesday night. Will it hurt? Of course it will. But if you believe there’s a cancer, the only way to get rid of it is to cut it out – and hope. Ever since December and that car crash agm there’s been a suspicion that Rangers would have to go the grave again for a second resurrection. Is there a fear of what follows? Again, of course. But this is where a properly unified support has some control. Because much in the same way as the wild dogs won’t hang around, another pack won’t bother stepping in unless they think there’s another meal ticket to be had. Who’s going to invest in a club with no regular income? Any owner needs approval. He needs customers. So the only way to make anything out of Rangers now is to turn it into the business it SHOULD have become when they went belly up in the first place. Trimmed-down costs, sustainable plan, 40,000 people through the gate every week, build yourselves back up, develop players, sell the odd one for more money, challenge, win, get into the Champions League, get your share of that gigantic European pot… Sound familiar? The antithesis of what happened, when £70m walked in the other direction in just 18 months. Who knows, Dave King may have played the smartest game of all because he knows now he could yet be their only option, and that would have the approval of the rump of the rank and file. And don’t worry, the irony’s not lost – the uproar at the Easdales hanging out with Interpol’s most wanted, yet the open-armed embrace for a guy who’s spent more time dealing with South African courts in recent times than with affairs at Ibrox. But there may yet be plenty more pain before that scenario has a chance. Two weeks ago I said they had two choices. Neither of them attractive. Keep the regime afloat week to week, or not a penny more. Seems to me they only have one left. http://www.dailyrecord.co.uk/sport/football/gordon-waddell-rangers-fans-must-4257414
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I'm not clear on what is classed as repetition so perhaps we can have 1 topic where we can say what we like (within reason) and let off steam. Also, certain people can just stay away from this thread and then they won't be offended.
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Chris Graham @ChrisGraham76 17m .@RFC_Union call on Rangers PLC board to remove Sandy Easdale as a club director immediately. #RFC pic.twitter.com/wIlX0SWgVu
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Hi folks Without going into it too deeply, I feel I cannot follow the other 2 sites I am a member of who go to extremes with fighting each other, all to our detriment as fans. When I go to Kirkcaldy tomorrow, it will be with a sad heart and hope the team just rip it up to cheer me. I have sadly become a NAPM (Not a Penny More) to the regime. I find the idea that the shares groups have decide to buy-into the open offer of £4.97 for 23% (?) of the club abhorrent. Why? Surely the majority want the clowns out and therefore handing them a wee bit more cash is an own goal? Even if the motivation is to become more involved percentage-wise, you hold-back on this one. The LSE announcement already conceded there would be a further offer if we get there. Those shares would be capable of being bought at an even better rate by FF/BR. What am I missing?? Why why why have BR/RF decided to expend the funds now???????
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The Dangerous Game by Graham Taylor | Guest Contributor Crunch time. In just under 24 hours’ time, we should have some clarity as to how long the stricken Rangers International Football Club plc can limp along for. If the Open Offer of shares is fully subscribed, Rangers should have enough to get them to the 2014 AGM where a motion will be tabled to disapply the pre-emption rights which were voted down at the previous year’s meeting, allowing for a far larger tranche of shares to be released. If not then the club, simply put, won’t have the funds to pay its way, leaving the financing options available limited and likely to the long-term detriment of the club. Given the revelations of recent times, there can be little doubt now that Rangers have been run for the benefit of a relative minority of shareholders since the trauma of insolvency in 2012. The numerous contracts and agreements entered into since those days have been the subject of much rumour and speculation for some time, but only recently have they started to come to prominence now that the club has reached a critical juncture. It is clear through the management acting on behalf of a few individuals, Rangers’ ability to generate revenues to sustain itself has been severely and critically reduced and has made the club a less-than-attractive proposition for would-be investors who would view the club as a viable commercial proposition. In the absence of commercial investors, high net-worth fan investors are the most viable alternative. One name is constant and is one would invest for all the right reasons. Dave King is the man that the majority of fans have put their faith in, rightly or wrongly, to come to the club’s rescue. Some say he has disappeared; others say he is playing the long game. King himself said that the prospect of gaining control would ultimately be a “business transaction” and not one that would be fuelled by emotion, regardless of his feelings for Rangers. His position has been consistent in that he will only invest in new shares as it is Rangers that are in desperate need of cash. He is also the only individual to ever publicly say that he would invest in Rangers. So why haven’t the club welcomed him with open arms when we are once again staring into the financial abyss? Something that is often alluded to but hardly ever spelt out is this – club director Sandy Easdale will not entertain the notion of allowing Dave King to invest directly into Rangers because Dave King will not entertain the notion of allowing Sandy Easdale to remain on whatever board he is supposed to be on if he were to assume control. It is that simple. Easdale’s influence, through his shareholding proxies and his own relatively minor shareholding, is generally considered to be corrosive to the best interests of Rangers. And yet, he has more of a say in how the club is run than the man paid handsomely to lead the plc, Graham Wallace. Would Dave King allow that to remain the case if he stays true and invests his mooted £30 million? Not a chance, so Easdale will do whatever it takes to keep King at bay. And even though he went as far as to say in his Q&A with Keith Jackson that he would be happy to work alongside King on the board, the truth is neither wants the other anywhere near the club. Would Easdale’s stance on King remain if it meant the possibility of inflicting long-term damage on Rangers through having to secure financing against assets? On the evidence so far, yes. King, however, is playing a very dangerous game and one that could see the club slip away from him, and what many of us believe to be the true Rangers, forever. There has been an attempt in recent days to portray the battle for control of Rangers as a tussle between two parties – Mike Ashley and King. Ashley’s involvement in a future share issue has been promoted by those connected to the club, but it has also been said that he is simply protecting his commercial interests with the club. His retail contract with the club has been described as a ‘licence to print money’ for his sportswear firm Sports Direct, therefore it’s not something that he is likely to give up without a fight. Perhaps the most revealing aspect of recent times was the arrival of the Malaysian businessman Datuk Faizoull Bin Ahmad. It wasn’t so much the arrival of Bin Ahmad that was revealing, it was more who he was travelling with – convicted fraudster Rafat Rizvi, who was spotted laughing and joking with Sandy Easdale. Unfortunate as it was for Easdale to be photographed with Rizvi, a man long since speculated as to having an influence in the running of the club, it further evidenced that those currently in control are not about to let it slip from their grasp easily. And that it is not a given that King will get his opportunity to invest, even if the approaching iceberg moves sharply into focus. The possible further release of shares at what is likely to be an even stormier AGM than that of the incredibly hostile 2013 edition, should, on the face of it, finally enable the release of Rangers from the clutches of the small clique that have been running the club for the last two years. But given that this group form part of the 26% proxy vote held by Sandy Easdale and the resolution needing 75% approval, it is also entirely possible that they could choose to vote down the release of further shares if they feel that their position of control is severely threatened. If this group feels that their interests would be better served by initiating an insolvency event and restructuring the cost-base by that route, with the added advantage of retaining control, then it seems likely that this is an option that they would seriously consider. There is also a high probability that motions will be put forward to once again remove some, if not all of the current directors at the AGM. Given how the newly-constructed board scraped through by the skin of their teeth last year and the lack of any meaningful progress since, they will be unlikely to find such favour with the institutions this time around. Add in the rumours of King having been active in London and you have the perfect storm building up for the weeks ahead where the destiny of Rangers will be decided. And where does it leave us – the fans, who’ve suffered as the club has been pillaged for far longer than anyone thought possible? We’re merely an afterthought in rich (and in certain cases, not-so rich) men’s games… http://www.thecoplandroad.org/2014/09/the-dangerous-game.html
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Latest blog from McMurdo.........
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Daily Mail -
http://www.dailyrecord.co.uk/opinion/sport/keith-jackson-six-men-six-4181483
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September 6, 2014 / billmcmurdo The Ibrox boardroom wars are still rumbling on, with the board doing more damage to themselves than the rebels can inflict. I am dubious of the so-called latest revelations – that Sports Direct magnate Mike Ashley was sold the naming tights to Ibrox for the price of 8 AAA Sony batteries. My feeling is this is an attempt to get the directors to release the real figure but if it turns out to be true, it is a massive hit against the beleaguered board. If the deal was made based on projections of Sports Direct selling boatloads of RFC merchandise, then it was still a poor one. The ball is now in the board’s court to reveal the true price of re-branding Ibrox. I have always backed the present regime but it is increasingly hard to muster confidence in their ability to steer the club through this difficult year. It doesn’t help that the board is hopelessly split, with CEO Graham Wallace having been “Matherised” i.e. converted to the rebel cause. Truth be told, Wallace has failed to provide the leadership and bring stability to matters behind the red brick facade on Edmiston Drive. The grand plan of the Fans Board has not galvanised the fan base but has been a monumental waste of time, effort, money and energy. Wallace’s alignment with those who have choked the sale of season tickets so necessary for the club to progress is a cave-in of epic scale. That said, the board’s feeble response to this has not helped engender confidence. I championed another contender for the post of CEO but was more than happy to support Graham Wallace when he took the reins. Now it is all a cod and the vultures are circling, ready to swoop in for the kill. It looks like the next phase of the Ibrox Civil War will be a head-to-head between Mike Ashley and Dave King. Question marks arise over the ability of either to invest substantially – both may be curtailed by football rules and in King’s case, he could be blocked by regulation here and in South Africa. Ashley will no doubt be turned into the antichrist by a Rangers-hating media here in Scotland. There is a consortium of people who are desperate to get hold of Rangers and if they cannot get control of the club on their terms, then they would rather see the club go under. King is their champion and this means he is their weakness. You get the feeling that when and if he is ever asked to actually pony up the money, he will not produce. Should the consortium prevail, with or without Daddy King’s involvement, Rangers will probably never be as dominant as they were at the peak of the SDM years but they will challenge Celtic for the Premiership. Success in Europe will be a pipe dream. Ashley and others are Rangers’ best bet of going to a higher level. Their vision and collective financial clout exceeds by far the grasp of the consortium. It is all about a clash of ideologies and visions. The problem for this board and investors like Mike Ashley is that they are trying to fight a battle based on AIM regulations against people who are not bound by these. The battle for Rangers is a street fight, a rammy, not a game of bridge in a gentlemens’ club. It’s time the board at Ibrox realised this. “Ground on which we can only be saved from destruction by fighting without delay, is deadly ground.” SUN TZU
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Do you remember when we knew what Celtic players looked like? Do you remember how we would listen in nervously when they played, hoping that they'd falter? The football landscape has changed so much in Glasgow that the city is no longer an Old Firm goldfish bowl. Instead, the two sides function in separate atmospheres. With no Old Firm interaction, each has become a stranger to the other. The current Celtic team could walk past me in the street and I probably wouldn't know who they were. For Celtic fans, due to Rangers being run as a retirement home for elderly footballers, they have no difficulty in recognising Rangers' established guys, but many of our players are unfamiliar faces to them too. There was a time when fans of each side knew the other lot almost as well. They didn't need to learn the enemy team, they just knew it. Not so long ago, a Rangers-supporting friend of mine used to chat fairly regularly to a fellow dog walker. It turned out that he was talking to a leading Celtic player, and yet he had no idea. This surely couldn't have happened in the past. We knew them and they knew us. Now, Celtic's profile has dipped as a consequence of Rangers being in the football wilderness. Ours has dipped too, of course, although Rangers is such a dysfunctional entity that it retains a profile of sorts by providing a daily source of amusement to the nation. Apart from the obsessed element in the Celtic support though, which keeps Rangers under intense scrutiny at all times, there is a realisation within the Celtic fraternity that the game is up for Rangers. The laughter has abated and they even feel a degree of sympathy for us. They are looking at a future now that might not be seriously challenged by Rangers, and as they come to terms with it, there is a grudging realisation that they are poorer for it. Now that the big two has been reduced to the big one, the intensity has disappeared, the temperature has cooled and the colour has faded. Celtic fans are living in a monochrome world where the competition is either walkover material or too good for them. It is a bore. It's not boring being a Rangers fan, though. The football may be rotten but when was clinging to a life raft ever boring? Rangers fans are living out an outrageous soap opera where each twist is more absurd than the last one. This Rangers saga could not have been made up or engineered even by a bitter and hateful enemy. It is a tale of woe beyond imagination and comprehension, and with every day that passes, the realisation dawns that bouncing back is hard to do when the ball is burst. The leading figures at Rangers have become cartoon characters. There is nothing that they do which shocks or surprises. Talk of the stadium being sponsored for the grand total of £1 is eminently believable. This is the calibre of people Rangers FC is run by in the 21st century. Every statement, announcement or comment from the club is greeted with ridicule and dismissed as being symptomatic of a failed and toxic regime. Rangers has ceased to be a credible entity. It is crumbling and falling apart. We are often reminded when we complain about politicians that we get the governments we deserve. If the same can be said of the governance of football clubs, the Rangers support must have been guilty of something dreadful, or maybe we're just not that bright. Either way, Rangers fans have an allegiance to a club that is an asylum for the clueless, the calamitous, the absurd and the avaricious, and it is conspicuously rotten from the front gates of Auchenhowie to the top of the Ibrox Stadium flagpole. I have long believed that Rangers had a sell-by date. I always suspected that it was going to become an unwelcome institution in a changing world. I was concerned too that it would fail under 'private' ownership. The only solution was to become a fan-owned club that embraced a new enlightenment, but our failure in this area has been as embarrassing as it is shameful. As we remind ourselves, almost hourly, what a mess it is at the top of the house, we really have to take account of our own inability to properly attempt some kind of rescue. We may have been turned over, but we have been passive, mostly inactive and even apathetic during this crisis. As per usual, we wait on a saviour, and if there isn't one, we just keep waiting anyway. When the lights go out at Ibrox, or when they become so dim that they can barely be observed, ask yourself - how will Scotland remember Rangers? Fifty years after Rangers' passing, how will our children and grandchildren remember the football club that is so much part of our lives? I suggest that Rangers will be remembered with the same kind of affection that BBC Radio Scotland and Radio Clyde currently have for our club. We will not be fondly remembered or missed. The country will be glad to see the back of Rangers and it will speak of us in a highly derogatory tone when enough time has elapsed to make us a distant memory. Bearing in mind our current predicament - and we are all aware that another collapse could be close - not only would we lose a club that is dear to us, as people, we would be marked down by history for having an association with a club that will almost certainly be remembered as a monument to bigotry. And with this double whammy in mind, what do we do? We wait, and wait, and then wait some more. History won't be kind to us for this either.
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Mike Ashley to up his stake in Rangers to 9.9% through the current share issue. Source SSN” Sources close to Mike Ashley say there are no immediate plans to invoke the naming rights at Ibrox stadium #Rangers @charlesp_sky: It's understood Ashley views his interests in Rangers as purely strong commercial ones which he intends to protect
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Regarding Mike Ashley, the question of dual club ownership and the rumoured '10% rule', for anyone interested in reading the exact rules in the current 2014/15 SFA Handbook (Articles of Association/rules & regulations) just have a quick read of Article number 13. titled "Dual interests in clubs" which starts on page 90 of the Handbook PDF document. http://www.scottishfa.co.uk/resources/documents/SFAPublications/ScottishFAPublications2014-15/Handbook%202014-15..pdf
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.......to save Ibrox as new cash crisis rocks Gers. RANGERS fan groups fear the club will not be able to pay next month's wage bill after court ruling while legend Andy Goram feels it may be too late to save Ibrox. FORMER Rangers director Imran Ahmad has succeeded in his bid to have £620,000 frozen in the club’s bank account. Lawyers for Ahmad claim he is owed a £500,000 bonus for the time he spent working as commercial director at Ibrox. They went to the Court of Session because they fear Gers are about to become insolvent. Ahmad is set to take his former employers to court later this year and is concerned that if he were to win his action, Rangers would be too poor to pay him. His legal team had failed on two previous occasions to obtain the order. But yesterday, after hearing claims that Rangers were becoming the “envy of English Premiership sides” for their financial position, Lord Stewart ruled there was still a “risk” of insolvency. He said: “I have formed the view that there is a risk of Rangers becoming insolvent. “That is not to say there is an actuality or a certainty insolvency is something that will happen. At this stage, it is only a risk.” Fans groups now fear Gers won’t be able to pay wages this month. Rangers have £1.2million in their account but the wage bill for playing and non-playing staff is thought to be close to £1m a month. Salaries are normally paid on the last Thursday of every month so they will be due on September 25. The club’s recently announced share issue takes place a week earlier and the beleaguered board are hoping to claw enough cash together from that to limp on. However, Chris Graham of the Union of Fans said: “This puts the club in a really difficult position. “With just £1.2m in the bank at the moment this will make it difficult to pay the next wage bill.” Graham also hit out at director Sandy Easdale and said: “Many fans will be wondering what on earth Sandy Easdale was doing speaking to the media just days before this case and outlining how dire the funding position at the club is. “Surely he should have realised that his comments were going to weaken our chances of getting a positive outcome from this case.” Another fan, Craig Smith, tweeted his 16-month old daughter “could have run Rangers’ finances better”. But the club last night claimed they were confident they would still be able to “operate as normal”. Rangers have sought leave to appeal and the court will deal with that request on Tuesday. A club statement said: “We agree with Judge Lord Stewart when he told the court: ‘This does not mean to say that insolvency is an actuality or is going to happen.’ “We remain confident that the club will be able to continue to operate as normal.” That came after Alan Summers QC told the court Rangers’ financial situation was improving. He said: “When we were last here, we heard how the share issue would only keep the lights on at Ibrox. “I can tell you the floodlights are back on at Ibrox and are in no danger of being switched off. “Talks are at an advanced stage with two potential investors. The club has not been in rude health for some time. But the situation is improving. The club is trading its way out of difficulties. Its current position is the envy of many English Premiership clubs.” However, Ahmad’s advocate Kenny McBrearty told the court there was no proof the share issue could keep the club solvent and insisted there was no guarantee investors would come forward. He said: “A pattern of diminishing working capital is evident. There is nothing concrete that there is a saviour for Rangers.” Many fans view Dave King as that potential saviour after the South Africa-based businessman promised to pump £30m into Rangers if the board were removed from office. He also set up a trust fund with fans’ groups so punters could commit their money to the club without handing it over to those in charge at Ibrox. But Rangers legend Andy Goram believes time is running out for King to stop the club from tumbling into administration again. The former keeper said: “I would like to see King doing what he has been promising to do for a while. “King threw a grenade in at the start of the season and stepped back. The longer he leaves it, the worse it’s going to get. “The fans had three choices this summer. You either paid season ticket money, went game to game or gave your money to King. “Now it needs something pretty quick. I see Jim McColl has saved the shipyard on the Clyde. “People like that, Rangers fans like that, I think the club is still important to them. “We don’t want to see it go down the tubes again. Administration again would be ridiculous. “If King’s timing is not right, if people don’t get the timing right with the investment, it could be too late. It’s getting pretty close.” Yesterday’s court ruling came after Record Sport revealed Mike Ashley’s Sports Direct firm had acquired the naming rights to Ibrox for just £1 – a move which has sparked fury among the fans. The Newcastle supremo is one of the biggest individual shareholders at Rangers and has also taken full control of the club’s retail stores. Those deals were struck during Charles Green’s time at Ibrox and Goram believes it would have been better for Rangers if someone like Fergus McCann had taken over after the first financial crisis. The canny Canadian helped rebuild rivals Celtic two decades ago by watching every penny. And Goram said: “Rangers needed someone like McCann to sort it out from the beginning. “The deals Ashley has done all happened when Charles Green was in charge.” http://www.dailyrecord.co.uk/sport/football/rangers-brink-new-cash-crisis-4173651
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DR publishing interview with Sandy Easdale tomorrow.....and also running a headline that the naming rights of Ibrox being sold for £1!! Rumours are that the naming rights are given for £1 plus underwriting the share issue. Not 100% sure though. Looks like more grim news on the way bears....buckle up!! -
http://www.gersnet.co.uk/index.php/latest-news/272-rangers-being-held-hostage-stockholm-syndrome It’s been a stressful week for those interested in the well-being of Rangers Football Club. Not only does the club admit to the Stock Exchange that if the latest share offer is under-subscribed it will be unable to pay its creditors; we have key board members who represent the interests of the vast bulk of existing shareholders conceding that his and our CEO’s intentions are different, confirming a split at board level. Meanwhile the negative detail of each onerous contract placed upon the club are drip-fed to concerned fans on a week-to-week basis: from retail deals where the money is yet to be released to our struggling accounts to stadium naming rights which appear to be the result of self-interest rather than good value. Never has it been more obvious that our club is being held hostage to the whim of chancers. Yet, bizarrely, almost in a comedic fashion, we have some fans absolving these people of blame. Wikipedia describes Stockholm syndrome, or capture-bonding, as ‘a psychological phenomenon in which hostages express empathy and sympathy and have positive feelings toward their captors, sometimes to the point of defending and identifying with them.’ The syndrome itself is named after the Norrmalmstorg robbery of Kreditbanken in Stockholm, Sweden, in which several bank employees were held hostage in a bank vault from August 23 to 28, 1973, while their captors negotiated with police. During this standoff, the victims became emotionally attached to their captors, rejected assistance from government officials at one point, and even defended their captors after they were freed from their six-day ordeal. Ok, I’ll admit at the outset the analogy is a bit strong but if we examine the last few years – from the excesses of Sir David Murray to the actions of Craig Whyte right through to the present day incumbents, there are examples of the above. These include the eyes-wide-shut worship of Murray onto the lauding of Whyte’s supposed net-worth despite all the evidence to the contrary at the very outset to some fans insisting the ‘current’ board are not to blame for the club’s position now. Indeed, not only do we have bloggers continue to suggest Charles Green remains interested in the well-being of the club but we have various fans eager to hold their own as culpable in Rangers’ problems. Apparently it’s Dave King, the Union of Fans or Sons of Struth’s fault that the club cannot pay its bills. Similarly, possible investors such as Dave King who has proven his good intentions to the tune of £20million previously are mocked and pushed away. Conversely, some supporters are eager to extoll the virtue of Mike Ashley’s ongoing involvement despite many Newcastle fans being desperate to rid their club of him. He’s a billionaire they cry – without acknowledging the reason for his success is the kind of questionable retail and naming deals he strikes with clubs such as ours. Let’s be clear: the future of the football club is again in serious question and the danger should not be under-estimated. There has been a shortfall of at least 12,000 season tickets and it’s this lack of working capital that is directly impacting upon the club’s ability to trade. Thus, those that suggest the fans are to ‘blame’ for the financial problems are at least partly correct but the reasons are worth examining as well as the club’s inability to address this serious problem. Never has it been clearer that our money runs the club year on year – not Sir David Murray’s, not Craig Whyte’s and certainly not the anonymous investors currently in control of it. Therefore, engaging with the support should be a priority for any regime looking to make a success of the club. For all his faults, Murray realised this and while he was by the dominant partner in that relationship, we did have a nominal seat at the table and aside from a few small issues (comparatively speaking anyway!) crowds were always high and only his cowardice led to the Whyte debacle. Yet even in the dark days of that era attendances didn’t drop and after administration we had capacity crowd after capacity crowd. The same can be said after we fell to Division Three – our support did not dissipate and our loyalty should never be questioned. Not by anyone – least of all our own. Unfortunately the last year or so has seen attitudes change: not due to fans becoming lazy or greedy but because of a combination of factors. Firstly it become clear that much of the substantial monies raised in backing the Charles Green ownership were wasted and his associates less than ideal custodians of the club. In the face of this criticism, board changes were made and supposedly extensive reviews into the business carried out but the paucity of these contributions didn’t provide much solace. A poor quality (or at best inconsistent) product on the park wasn’t helping but promised changes highlighted in the review to address this have not been forthcoming. Thus, reluctantly, and by way of protest, many fans chose to withhold their investment and, if we’re brutally honest, that’s understandable. Generally, the last year has seen fans become ever more frustrated with their club and increasingly obvious evidence that the incumbent board – or more accurately the decision-making investment groups – cannot turn things around. Not just in terms of the £30million investment talked of in their empirical reviews but the kind of credible and transparent leadership required to rebuild trust in the boardroom and entice fans back to Ibrox. With almost 250 staff members and overheads of aging stadiums, training grounds and dilapidated white elephant buildings, is it any wonder a new administration event looms large on the horizon? Consequently, where does that leave us? Well, I’d suggest we have two distinct pathways ahead. One: if as seems likely, the share offer is subscribed enough to defer our problems to another day; we’ll have the fait accompli of 75% share-holding levels for approval of AGM/EGM resolutions related to the sale and/or leaseback of club assets ¬– such as the Auchenhowie training ground which has consistently been ignored by club representatives when talking about such revenue sources. Or, two: investment groups are able by way of this issue to consolidate their holdings enough to enable a sale to other interested parties. Now, I won’t try to predict the outcome but I’m certain both the existing ownership and the likes of Dave King and/or Mike Ashley will have planned for these eventualities over the last year. The events of the last week won’t be a surprise to them. What is easier to predict is that without one of these outcomes an insolvency event is inevitable as things stand. However, misguided suggestions that this may be an agreeable solution make me uneasy. For example, will onerous contracts be removed by this process, would ownership be guaranteed to change after it and what of the club’s league position after the fact? We don’t know so, simply put, no-one should look at administration with anything other than horror. On the other hand, neither should fans be emotionally blackmailed into providing what appears to be an ever-more toxic board and ownership with a mandate to stumble on in charge. The time for making excuses for these people has long gone. There is no defence of Charles Green and, whether he’s still involved now or not, his associates on the ‘current’ board are equally tainted by their deficiencies. With that in mind, what options are available to fans? Not many is the desperate answer. Yes we have worthy share initiatives like Buy Rangers and Rangers First but with further financial uncertainty abound, can we really expect fans to invest in shares after the events of 2012? Even so, we absolutely must consider such projects with an open mind but with the greatest will in the world, they’re arguably not a short term solution. Nevertheless, possibly buyers engaging with these groups going forward would go a long way to cementing the fans’ contribution in a better future. Indeed, it’s only through that kind of undertaking that we may finally achieve the kind of bond between supporters and ownership that has been missing for so long. Unfortunately, such a positive conclusion seems difficult to attain. The coming weeks and months will define the future and it may well be beyond the fans abilities to impact upon this. Nevertheless, neither should we be held to ransom by people who will never understand the love we have for our football club. We have a choice and while I’d never begin to tell my fellow fans what to do, at some point we have to stop identifying with people who don’t share our love for our club. In that sense Stockholm syndrome is not a workable survival strategy – it just prolongs our inability to escape from the status quo and it’s that kind of clarity every fan needs for our battles ahead. Either that or be held prisoner forever.
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RANGERS fan George Letham has reluctantly agreed to give the Ibrox board a short extension to repay the £1million loan that was due last week. The wealthy supporter stepped in to lend his boyhood heroes the seven-figure sum earlier this year as chief executive Graham Wallace was forced to seek a quick fix to the Gers' cash crisis. As part of the agreement, Rangers were scheduled to give Letham his money back by the close of business on Friday, but after the Light Blues announced plans to raise around £4m in a share option last week, the prospect of him receiving his money appeared bleak. SportTimes understands Letham held full and frank discussions with Wallace on Saturday and agreed to a short extension to allow the under-fire board more time to come up with the money. With cash reserves running low at Ibrox, a refusal from Letham would have left Wallace and his fellow-directors with a huge financial headache. But after stepping up to the plate to help Rangers in their hour of need in March, the lifelong Light Blue was not prepared to pull the rug from under the board's feet at this time. The full extent of the Gers' financial plight was laid bare in a statement to the Stock Exchange last week when the board admitted that the future of Rangers International Football Club plc would be 'uncertain' if all 19 million of the new shares were not snapped up by existing investors in the coming weeks. Any funds that are raised will be used to pay off Letham's £1m loan and the £500,000 deal that was agreed with Sandy Easdale, both of which were secured against the Albion car park and Edmiston House. The Ibrox board originally clinched a deal with major shareholders Laxey Partners but that move came under huge criticism from supporters after it was revealed the Hedge Fund would collect £150,000 in interest payments for the short-term loan. Rangers had a cash balance of just £4.2m at June 30 this year, but with £2.7m of that unavailable as use for working capital, the board have been forced to issue more shares in a bid to repay Letham and Easdale and provide much-needed money for the coming weeks. With the financial picture once again bleak at Ibrox, boss Ally McCoist was unable to make any last-minute moves to bolster his squad before the transfer window closed last night. The Gers' two most valuable assets, Lee Wallace and Lewis Macleod, remain at the club, but seven players have gone out on loan - Barrie McKay (Raith Rovers), Calum Gallacher (Cowdenbeath), Danny Stoney (Stranraer), Luca Gasparotto (Airdrie), Robbie Crawford (Morton), Tom Walsh (Stenhousemuir) and Craig Halkett (Clyde). http://www.eveningtimes.co.uk/rangers/letham-gives-rangers-extra-time-to-repay-1million-loan-178673n.25212709
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What can this board do to pacify the fans? Is there anyway the directors can turn both the finances and the trust of the supporters around? With the club unable to repay George Lethams loan and the stark warnings from London that the investors may not support the short sighted share issue to the level required (75% uptake or the issue will not proceed). The fact that the club couldn't convince or provide 2 potential investors to underwrite the share issue let alone see any of the controlling investors (BPH Marg and Laxey) put their hand up to do so, then what is next should the share offer fail? Mr Letham has gracefully given the club a short time to re pay his loan and I can't see this being done if as it looks, the share issue doesn't provide enough capital. Does the immediate future of our club rely on this short sighted offering? If it fails will the directors be in the unenviable position of declaring insolvency? It certainly looks like it. One thing has been missed by many board apologists since Fridays announcement, why with the finances in such a state did it take so long for the board to even attempt to seek this small investment via share sales? With the amount of accountants at our club surely one of them must have been able to see this coming sooner and not left it till the last possible minute to panic. Did they maybe want the season ticket sales to finish before setting the alarm bells as I see no reason that fans have been able to predict even with 100% st renewals that the club would not get through this calendar year without investment. I spoke to Mr Wallace as far back as February and asked him what the club would do should the season ticket sales not reach the required level and I also asked him at the same meeting why not do a share issue now if one was available. Mr Wallace at this time suggested waiting as the price would be higher later in the year. I raised an eyebrow at this claim as I would have thought the less cash in the bank would surely not increase the share price but Mr Wallace has vastly more experience than me and I wrongly took his word on this. Maybe he didn't gauge the reaction to ST renewal notices that were working their way to postboxes at this time I have no doubt that the board apologists will say " aye it's because of the low season ticket sales they need the money and it's the fans fault they can't raise the dough" REALLY? The season ticket deadline was back in April and the board have had almost four months to react to the results, my goodness that's around 120 days which seems to be the normal reaction time round our boardroom to do anything these days. My prediction and that shared by many others is, if the share option fails to reach the 75% buy in, the fans will be blamed for not buying enough ST and putting the directors in this position, then the shareholders will be blamed for not bailing them out and the outcome will be "we needed to do a deal on the training ground/ cheap deal on naming rights to get us out of trouble, we are a good shiny new board" I actually feel sympathy for a director or two at this time because not only are they struggling to keep the lights on, they have to contend with in fighting and power struggles in the boardroom which will no doubt be also hampering their efforts to do the right thing I haven't even touched the "where's the promised investment?" question which has been promised now by both sides of the boardroom split. All this drama going on while a potential investor has declared the willingness to invest £30m but can't even be giving financial information when he's been asked to underwrite a share issue. The mind boggles. Sort out your boardroom differences, cut the crap and spin and pick up the phone. It's good to talk and you did claim you're "ready to listen". Craig https://www.facebook.com/SonsOfStruth
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http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=12066370
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I wouldn't disagree with much of this to be fair. BY GORDON WADDELL Gordon Waddell: Like Thelma and Louise, Rangers have arrived at their destination.. the edge of a cliff 31 August 2014 08:37 AM By Gordon Waddell GORDON reckons Rangers are at the edge of a precipice but the cash crisis hasn't stopped the club signing back-up keeper Lee Robinson in a move typical of the way the club has been run for the past few years. THEY sold their road back to the top of the game as ‘The Journey’. It would appear Rangers have arrived at a destination many financial experts predicted for them long ago. The edge of a cliff. As the directors sit there like Thelma and Louise, with the engine revving, you wonder if the question was not whether the club would end up being driven over the edge but more a matter of when the crash would occur. How else do you explain it? No sane person would surely run a business the way they’ve run theirs. It’s as if they have committed commercial suicide. An example? It didn’t make a headline. Barely registered a mention. But if you want even a tiny indication of exactly how dysfunctional Rangers are, then look no further than the signing of Lee Robinson last week. A 28-year-old back-up keeper to a 35-year-old back-up. When they already have the Scotland Under-19 No.1 AND the Scotland Under-17 No.1 on their books? Another wage? Aye, why not, eh? We’ve been splashing money needlessly for two and a half years on players we don’t need and can’t afford – another won’t kill us. Their share offering on Friday was like taking a tube of Savlon to a cremation. They’ve admitted to the stock exchange that if they don’t get at least £3m, they’re knackered. And even if they do, they’ve openly shifted the problem a couple of months further down the line. Yet still they sign players like autograph hunters? They act as if they don’t give a monkey’s. Other clubs coming back from the brink, the first thing they attacked was their cost base. Trimmed all the fat and started from the ground up. Live within your means. New club motto? Numquam Iterum. Never Again. Yet here we are, back at square one. Ally on the back pages, pleading: ‘Don’t sell my stars’. Why not? Truth is you should never have been allowed to sign most of them in the first place. This whole ‘We’re Rangers and until someone tells me otherwise, we’ll continue to behave like Rangers’ schtick? McCoist is a bright, articulate, likeable guy. I refuse to believe he’s so gullible. That he never sat there and thought ‘This can’t be right’. Who would you prefer to be in charge at Rangers? I’m not saying anything I haven’t said to him in a dozen different press conferences. I’ve asked him why they weren’t hunkering down, signing players for their level, saving cash. He always replied: “The fans deserve better.” Damn right they do. But they also deserve their club to survive after what they’ve put in over the years. In a football sense, I haven’t yet met a Rangers fan who didn’t think the club would have been better bleeding half a dozen youngsters into their line-up back on day one and developing them properly than going down the road they did. I haven’t yet met a fan who wouldn’t have put up with the odd defeat to see some genuine progress and fiscal responsibility rather than watching the likes of Richard Foster, Stevie Smith, Ian Black, Dean Shiels or Jon Daly. Or Lee Robinson. Nice lad, decent gloves – but what about Liam Kelly and Robby McCrorie, two of the highest-rated teenagers in their position in Scotland? Every other club in the country is giving youth a chance and reaping the rewards. Not The Rangers. Sorry lads. Can’t trust you, even on the bench. No time to have faith in you. Other diddy clubs might get away with playing teenagers. They may even excel. Hell, look at Conor McGrandles – 82 senior games by the age of 18 and a £1million move from Falkirk to Norwich. Rangers are too good for that, though. Listen, the dysfunctional management of the club’s affairs runs a million miles deeper than the team. These are just examples of how a total breakdown in management manifests itself in public. What goes on behind closed doors or up marble staircases? We may never know. But the fact they’re putting out the begging bowl in such a humiliating manner suggests none of it is good. And then we have the ever-hovering presence of Dave King . King has been criticised for his silence but don’t let anyone kid you that he hasn’t been waiting for this exact moment. The lowest ebb. The final wheezing breaths of a regime someone as long in the tooth as he is always thought would arrive. Sure, he’s a Rangers fan. Sure, his intentions for the club will be more honourable than the current incumbents. But spare me the idea his timing suggests anything other than his own benefit being served too. In the meantime, the Rangers fans are once again left with what they call Morton’s Fork – two choices, both undesirable. Take up the share option, keep a shambolic regime functioning a little longer. Or not a penny more. Flush them out and suffer the consequences. I don’t envy them their decision.
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...........but who should be holding the knife.. Mike Ashley or Dave King?. WITH Rangers back on the brink KEITH says the time has come for the Ibrox board to pick a saviour before it's too late - and it's a straight choice between two men. There may only be enough money in the vault to keep them breathing until the end of next month and that’s with the help of the Elastoplast treatment the current board is attempting to apply in the shape of a £4million share issue. The truth is this business is broken again and if those in charge of it are not running around the Blue Room with their underpants on their heads they should be because the time has come for complete and all-out panic. Even if they can somehow scramble enough spare cash to repay £1.5m worth of emergency loans to George Letham and Sandy Easdale and to cover the next wage bill at the end of this month their gravy train is clattering towards the end of the line. The smart money says they’ll just about avoid the horrors and ignominy of administration by the skin of their teeth until, at some point in October, they press the big red button at an AGM and pass a resolution on the urgent release of even more new shares. At which point the game will change for good. Have YOUR say: 15 key questions on the financial situation at Rangers As things stand this morning, two men are currently jostling for position as this club’s potential saviours. There are others tapping their toes on the sidelines and some of them are making all the right noises but the fact remains the duo at the front and centre of this dance are Mike Ashley and Dave King. One of them plans to make as much money out of the club as he possibly can. The other insists he wants to gift it £30m. You’d think it would be a straightforward choice but then this is Rangers we are dealing with – a club that abandoned good logic and sound reason when it disappeared through Craig Whyte’s looking glass. My information is that both Ashley and King were asked (perhaps even pleaded with) to underwrite the latest begging-bowl approach to the city of London. Both declined but for different reasons. And yet, intriguingly, both remain sitting at the table with a stake in the game at this late stage. Ashley’s motivation is simple. He smells an earner. On the one hand he has to keep Rangers alive – and away from the clutches of administrators – in order to protect a retail contract that was generously handed to him by Charles Green and which has since been described by those who have seen its content as a licence to print money. Green’s generosity with other people’s cash knows no bounds. He was so delighted to take Ashley’s £1m he invited this crafty Cockney to name his terms on a seven-year shirt deal which is worth its weight in gold. To Ashley’s Sports Direct, that is. Even Craig Mather, who subsequently replaced Green in the role of CEO and seemed not to have the first idea of what he was doing there, was bright enough to identify the flaws in this particular arrangement. “It’s the worst, most one-sided commercial contract I’ve ever seen,”was how he described it to Walter Smith’s board. Rangers have tried hard to find a way out of it but Ashley’s lawyers left them no wriggle room. Reluctantly, the current chief executive Graham Wallace has branded it “unbreakable”. No wonder then that Ashley is ready and willing to shore this thing up as, if Rangers were to be tipped back under, the first thing to be ripped up would be this deal which still has five years left to run. The numbers involved, although unclear, will run into millions of pounds a year. Put it this way this revenue stream is so important to Ashley that just last week he saw the value in fuelling up his private helicopter and sending it to Greenock to collect Sandy Easdale from a bus depot and flying him down south for an urgent face-to-face talks. This pair have formed something of an alliance in recent weeks and months and if Ashley is to push for control of Rangers he will do so with Easdale’s full backing. His problem is the SFA jurisdiction which, because of his position at St James’ Park, forbids him from owning more than 10 per cent of a Scottish club. Couple of likely lads that they are, Ashley and Easdale may yet attempt to circumnavigate this in some way but certainly not by doing something as blatant as underwriting this latest share issue. My information is King was also asked to pony up £4m after being approached by the club’s nomad Daniel Stewart. His initial response was to ask if they were being serious as it is King’s belief four million quid will not touch the sides of the problems faced by this basket case of a football club. Those close to King maintain that – despite an extended period of silence from his South African bunker – he remains deadly serious about pumping as much as £30m into Ibrox. In fact they suspect he is now closer than ever to getting his way and obliterating a chunk of his children’s inheritance as the Rangers saga enters this next crucial phase. But, even so, King declined to put his name to the share issue because his requests for information about the true state of the club’s financial health were turned down by Stewart. He was told any such disclosures would be a breach of stock market regulations. King was then stunned to learn that a third party – another who was approached and asked to underwrite the issue – was given full sight of the documents he had asked to see. That third party, by the way, having looked under the hood, ran for the hills with £4m wedged in his pocket. It is now King’s view he was been deliberately blocked by the Rangers board from getting involved although the truth of the matter is the current regime is split down the middle. In fact, CEO Wallace is very much on King’s side. He has clashed personally with Ashley over that ridiculously onerous retail deal and has grave concerns about the diligence in allowing him to carve himself another even bigger portion of the Rangers pie. It’s just a pity for King that Wallace is effectively powerless and at the head of a PLC board which doesn’t have the authority to chose its own underwear never mind decide when the time has come to place pants on heads. King will have to find a way of convincing Big Sandy his is the only way out of this gathering crisis and his money will have to do the talking if he is to win the argument. Easdale is the man who continues to call the shots on the inside as a result of his alliances with Green’s people in Blue Pitch Holdings and Margarita Holdings. And he sees Ashley as some sort of kindred spirit, albeit a far more wealthy and successful one. And while all this infighting is going on auditors from Deloitte are now just weeks away from signing off on the latest accounts which must be completed by no later than the end of this month. With season tickets down and cash running out they will have little choice to confirm in writing what the rest of us already know to be true. Rangers are on a life support machine and life-saving surgery is required. The only question now is a simple one: Who do they want holding the knife? http://www.dailyrecord.co.uk/sport/football/football-news/keith-jackson-rangers-need-life-saving-4142492
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I would encourage anyone not already a member to join now The below will be being emailed to all members shortly. We encourage all Rangers Fans world wide to now participate in at http://www.rangersfirst.org'>http://www.rangersfirst.org We are the People and this is our time. Dear members > > As you will have gathered the Club issued an Open Offer today regarding the issue of 19,864,918 new Ordinary Shares in Rangers International Football Club PLC. > > The full details of that issue can be found here: > > http://www.londonstockexchange.com/exch ... d=12066370 > > We would ask that you have a read of it all. > > Rangers First was set up to collectively buy as many shares in the PLC as it could, with the hope of at least reaching 5% ownership which in a PLC is significant as it would allow Rangers First to hold any PLC board to account via the calling of a General meeting. > > Rangers First can confirm that it has already written to both Graham Wallace and the NOMAD (Daniel Stewart & Company PLC, who has confirmed reciept) that it is in a position to “invest beyond our pro-rated pre-emption rights” and that Rangers First would “wish to be added to any Excess Application Facility for the purchase of additional shares” > > Upon reflection on todays statement the Rangers First steering group has concluded that it is most appropriate to continue on our policy of buying shares and will as we indicated in our letter seek to take up as many as possible. > > However as is made clear in the Clubs own statement there are severe risks if this share issue is not taken up and this will not be the last share issue and so we presume these same risks will also attach as concerns to the further share offers to follow. Rangers First is set up as a democratic organisation and so the Steering Group wish to put the democratic process into action and have our members confirm by vote that they are happy for Rangers First Steering Group to continue its share purchase policy and take up as many shares as it can in this share issue. > > All members will be sent a vote in the next few hours which will be open over the weekend. > > This is another chance for Rangers Fans to take a significant stake and have significantly more influence at our Club. From the statement this will be the first of a number of equity raises so now is the time to sign up, get you family, home and abroad signed up, get those you go to and watch the game with signed…..get every Bear you have ever known to sign up to Rangers First > > http://www.rangersfirst.org Please consider taking out a Life membership of Rangers First for £500 (this can be passed to your children one day) or joining for a monthly fee of as little as £5 per month (U16 free) Selling all the 1872 life membership would raise enough for Rangers First to buy over 5% of the Club and reach our Stage 1 > > > We are the People and this is our Time!
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By Richard Wilson BBC Scotland What does the immediate future hold for Rangers? It is 120 days since the chief executive Graham Wallace published an overview of his 120-day business review, but there are still aspects of the running of the club where doubt resides. Two weeks ago, the Ibrox board announced that they were "considering a possible equity issue" to raise £4m. Their hope was that an institutional shareholder would underwrite the offer - ensuring that the full amount would be raised - before it was opened to all existing shareholders to see if they would invest to retain the size of their stake. Yet even the Stock Exchange announcement carried the caveat that "there can be no certainty on the outcome of these discussions" with the leading shareholders. The Union of Fans released a statement raising their concerns about the possibility of Mike Ashley, the owner of Newcastle United, underwriting the issue and so increasing the size of the near 5% stake he already holds in Rangers International Football Club. There now seems little likelihood of that occurring, though, not least because under Scottish Football Association rules no individual can hold stakes of more than 10% in two clubs. The share issue itself so far remains uncompleted, since no Stock Exchange announcement has been made. “Rangers remain a club that lacks long-term stability and any sense of connection or shared values between the directors and the fans” Some inside Ibrox had hoped to finalise it this week, although institutional shareholders have seemingly shown little appetite for putting more money into Rangers. The reality is that the £4m will be used to fund the club and pay off the £1.5m in loans still owing to the shareholders George Letham and Sandy Easdale, who is also chairman of the Rangers Football Club board. Should the full amount be raised, it will likely provide Rangers with enough financial support to reach the end of the year. In the meantime, the annual accounts are due to be published next month, once audited, then the board intends to hold the annual general meeting - probably in October - and seek permission from shareholders to offer new shares to non-shareholders in a fresh issue. In his 120-day review, Wallace said that the board's intention was to seek shareholder approval for a new share issue in the autumn, however the fall in season ticket sales - prompted by continuing distrust between the fans and the board - left them needing to seek a solution to their immediate financial issues first. Rangers, in effect, remain bedevilled, given the board and shareholders' inability or unwillingness to finance the operation of the club and the necessary additional investment that is required. This is the backdrop to the team's attempts to build a solid foundation to this season's bid to gain promotion back to the top-flight. Rangers remain a club that lacks long-term stability and any sense of connection or shared values between the directors and the fans. While that relationship remains fractured, there is little prospect of the rebuilding process being fully completed. Progress has not been particularly swift on many of Wallace's aims, including the fundamental one of restructuring the club's finances and seeking the external investment required to underpin the club's ambitions. The attempt to appoint a chief football operations officer has stalled, after talks with the former Rangers and Bayern Munich midfielder Christian Nerlinger failed to deliver an agreement. While the idea is sound - not least because Rangers still do not have a properly function and extensive scouting network, let alone the kind of medical, performance and strategy support structures expected of a club of this size and the stature it wants to regain - it seemed impractical to try to recruit somebody now when the club's finances are so fragile. The wage of the individual alone would be substantial, but there would be significant associated costs in setting up the infrastructure and appointing new personnel. Rangers cannot currently sustain those costs. The process of setting up fan liaison board has begun, but Saturday's visit of Dumbarton will provide an indication of the level of disaffection amongst the fans. Some intend to buy tickets on a match-by-match basis, having chosen not to renew their season tickets, although there are additional costs incurred by the club for policing and stewarding 'walk-up' supporters. The re-emergence of Charles Green brought a new round of white noise to the story of the club, but the reality is simple: Rangers need money and the board is rapidly running out of options. Dave King remains committed to investing in Rangers, via a larger share issue, but so far the board has chosen to stick to its strategy of seeking £4m initially. That might reflect concern that a shareholder vote might not deliver the necessary permission to offer shares to non-shareholders - Sandy Easdale held the 28% of proxy votes at the last AGM - although a restricted share issue at this stage does not require a prospectus to be published. Wallace identified a number of improvements and initiatives that Rangers require, and also the level of funding it takes - he estimated £20m to £30m - but it is the financial demands that are critical. No other investors are lining up to put money into the club. Options are limited. http://www.bbc.co.uk/sport/0/scotland/28904062
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THERE has been more talk in the last few days about a possible deal that would see Ibrox renamed if Mike Ashley was to increase his stake in Rangers by underwriting the £4million share issue. It is not something that I am in favour of and I hope we never see the Ibrox name lost.As far as I am concerned, Ibrox will always be Ibrox. There are a lot of clubs down south that play in branded stadia. Arsenal get a lot of money for having their ground called The Emirates, but that is different to what could happen at Rangers if the Ashley deal does indeed go through. That, like the Reebok Stadium or the Walkers Stadium, was a new ground. I can understand when sponsors name stadia when they are newly built. But we are talking about an institution here and for over 100 years Rangers' home has been Ibrox. I would hate to see that change. Newcastle fans didn't like it when Ashley renamed St James' Park and put his company logos all over the place. I will always know it as St James' Park, as will the Newcastle fans, and it should have been kept like that. I wouldn't like to see Ibrox change, and certainly not for £4m. The deal Ashley signed to sell Rangers shirts wasn't the greatest deal ever for the club. It was great for Charles Green and Mike Ashley, but not for Rangers. He is making money out of the club as it is. And I would hate for us to see the Ibrox name lost just for a few quid. It's not on. Ibrox is synonymous with Rangers, and Rangers with Ibrox. I think the club would lose a bit of credibility if the stadium was renamed. It wouldn't sound right and it is not what Rangers Football Club should be about. If you look at some of the great Rangers men that have been in that boardroom, they were quality men and always wanted the best for their club. They would be spinning in their grave if the name of Ibrox was to be changed. I know money talks but I hope this doesn't go through. Everyone knows it as Ibrox and it should be kept that way. Nothing has been confirmed yet by Rangers, although there has been a lot of talk about this possible deal. We know that Gers are looking to bring in £4m worth of investment and need all of the shares available to be bought. Whether Ashley wants to do that himself, I don't know. We are all aware that the money will run out at some stage and more investment is needed. I don't see there being a lot of people willing to put money into Rangers just now. I don't know a lot about Mike Ashley, there are so many stories about what he has done at Newcastle and that, if he could, he would sell them and invest in Rangers. Nobody knows what is in his thoughts. What we do know is that if Rangers are putting up these shares to be sold, they are needing them all to be sold. Whether it is Mike Ashley who buys them or a number of different investors, the board need that money to come in. We would need to know a lot more about what Ashley wants to do, if he does indeed buy more shares. What are his plans? What does he want to achieve with Rangers? We don't know right now unfortunately. As soon as Rangers and shares are mentioned, different names come up about who is going to buy them. Until we hear from Mike Ashley, or the club, fans are again left in the dark. As I have said for a while, where is Dave King? Will we see him come in and underwrite this share issue? I would hope that, behind the scenes, Dave is making progress. We haven't heard from him for a few months. The fans are hoping that things are going ahead and he is keeping quiet for a reason. He threw the grenade in about not buying season tickets and now, it seems, he is off the radar. Fans are asking where he is and what he is doing. Nobody knows what is going on behind the scenes but, what we do know, is that these shares are up for grabs and someone will need to buy them to get money into the club. On the field, Ally McCoist and his players will continue their bid for a place in the Premiership against Dumbarton tomorrow. This is a huge season for the club on and off the field and while boardroom goings-on won't affect the players, or at least they shouldn't, they need to be in a far more stable place sooner rather than later. http://www.eveningtimes.co.uk/rangers/rangerscomment/dj-rangers-investment-cant-come-at-price-of-historic-ibrox-identity-177212n.25112173
