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  1. Taken from FF "It has come to our attention that the Rangers board are considering a move which could see Mike Ashley underwrite the £4m share issue they previously announced. This has been necessary due to understandably poor take up from existing investors. We believe the SFA have been approached to find out what would be required to give clearance for this, due to Mr Ashley’s ownership of Newcastle United. We would question the wisdom of approaching someone who, despite his obvious wealth, cannot significantly invest in the club without removing himself from his ownership position at Newcastle. Why are the board persisting with these short term, desperate measures? The club needs urgent, substantial investment - not a short term fix which will be lucky to see us past Christmas. Even if they are successful in raising the £4m, almost half the money will immediately have to be used to repay overdue loans. The board indicated to us that they could raise this money "at the push of a button". Sandy Easdale also indicated that investors were lined up. Clearly neither of these statements have turned out to be true. Also, the vast bulk of this money could have been raised by greatly increased season ticket sales if the board had been prepared to properly safeguard the club’s assets. If the SFA give special dispensation to Mr Ashley to up his stake in Rangers will it be irreversible and without any possible future sanction? Will the board get an unequivocal assurance that the SFA will not use this issue as a stick to beat the club with further down the line? The SFA have a track record of attempting to impose draconian sanctions on Rangers using tenuous methods. It would be extremely unwise of this board to unnecessarily put the club into a situation that allowed the SFA to act in this manner again. We are also concerned that, under UEFA regulations on dual ownership of clubs, Mr Ashley cannot have a “decisive influence over decision making” at Rangers without it leading to the possibility of us not being able to compete in European competition. He could find himself holding around 20% of the shares in our club, having control of all club merchandise and being the largest single shareholder if he underwrites this share issue. Will the board clear this unequivocally, and in advance, with UEFA to ensure that Rangers will not miss out on European football in the future because of Mr Ashley’s ownership of Newcastle? It would be negligent of the board not to gain the above assurances from the relevant football authorities. We would ask them to publicly confirm that they will have full written clearance for Mr Ashley from both UEFA and the SFA before moving ahead with any plans for him to underwrite this share issue. We would also ask them to confirm that any such clearance is free from any caveat which could negatively affect Rangers in the future. Finally, Mr Ashley’s initial purchase of shares in Rangers appears to have been linked to his Sports Direct merchandise deal. The only man inside Rangers who liked that deal at the time it was put in place was Charles Green. We hope that any possible assistance given to the board by Mr Ashley at this time will not see him clinch another favourable deal, perhaps to rename Ibrox at a knock down price. Can the board confirm that renaming of Ibrox will not be part of any underwriting deal with Mr Ashley and that we will not be seeing garish Sports Direct signage defacing our iconic Main Stand?"
  2. ... maybe the rumour's grown some legs: Newcastle Chronicle We had a few mentions of Ashley to Scotland before, it might be that now he's got the chance to at least "move closer".
  3. This mantra is in stark contrast to the axiom stated about boxers but it holds true at Ibrox, whether it is turmoil, on and off the field, Charles Green or Dave King. It was just another Sunday at Ibrox with normal levels of turbulence and uncertainty. There was a stark contrast to the dignified and fitting tribute to the late Sandy Jardine in the lurid headlines that screamed in the morning newspapers. Basically, they read: Chuck is back and this time it is business, not personal. Affairs at Ibrox must be investigated in two sections: the business and the playing. The former is the more urgent. As one Rangers supporter told me yesterday: "There are more pressing issues to address than whether Lewis Macleod should be playing wide right." The return of Mr Green is more than an amusement, though. The tales of George Soros may be as tall as Peter Crouch on stilts but the backstory to the former chief executive's latest foray into the media contains an element of truth that points to what is going on at Ibrox. It is this: there are significant developments unfolding at the club. The financial situation is acute with the board seeking investment and Green wants to be near at hand when that deal is brokered. More interesting is the relative silence of King. He, too, though has not gone away. Much of the action from Graham Wallace, the chief executive of Rangers, and King, the man who would be sovereign at Rangers, is taking place in London, with mixed results. A City source, who invested in Rangers in the initial public offering, told Herald Sport last night that Wallace has been active in trying to arrange support for another share issue. However, he added: "He has not met with conspicuous success." This was said wryly. The message, though, was deeply serious. "There is no way I would advise further investment at Rangers under the present circumstances and under the present board. It is that simple," he said. King has been working the City since at least March. His initial strategy was to canvass support for his plan to take the proxy vote for significant shareholdings and force change. This, increasingly, has been seen to be impractical, perhaps even unworkable, as long as the major players remain united within the Ibrox boardroom. The pressure must be applied to the Beaufort Group that holds the majority of shares. This has been applied effectively by the strategy of some fans to withhold season ticket money. There has been much argument over whether this constitutes a boycott but it would be much more instructive to investigate the action's consequences. It has brought King back into play, despite the reluctance of some on the Ibrox board to deal with the South African businessman. King's patience was criticised over the summer but he may just have played his cards astutely. Rangers are searching for money and King claims he has it. This seemingly straightforward case of demand and supply, however, founders on the rocks of implacable politics at Rangers. King, though, has improved his position quietly over the summer and may in the position to make his move. The re-emergence of Green at this crucial juncture is not coincidental. The Yorkshireman, who has the copyright of the terms bluff and plain-speaking, has again caused considerable annoyance to those inside Ibrox, not least Ally McCoist. The Rangers manager was understandably frustrated at Green's latest intervention at the weekend when he stated that he could raise money to extricate the club from the deep financial hole. McCoist described all of this as "a sideshow" and it is, but it is one with a purpose. The former chief executive was reminding everyone that he will have a say, even if his influence may be limited, in what happens at Ibrox. With this financial game playing out in the media, it is almost crass to discuss a football match but what happened at Ibrox in front of 43,683 deserves consideration. First, Hearts deserve enormous credit for a gameplan and for the willingness of their players to carry it out. Craig Levein and his football department have recruited wisely. Robbie Neilson set the team up cleverly and there were particularly outstanding contributions from Danny Wilson, in central defence, and Osman Sow, in attack. Success for Hearts was ensured by increasing fecklessness in Rangers ranks. After they had missed early chances, Rangers defended awfully. Wilson made the most of a free header and Sow capitalised on disarray in the Rangers backline to score emphatically, seconds after McCoist's side equalised. This frustration - and the very fact that he was asked a question he had to answer - probably accounted for McCoist's relative sharpness as regards Green. He will, though, be more concerned about solving the matters he has influence over, including finding the ideal wide man who can produce opportunities for Kris Boyd and Kenny Miller. The latter had to come back to midfield on Sunday to find a touch and he was insistent afterwards that the side had to create more chances. The team faces an interesting challenge at Falkirk on Friday. The board confronts more difficult problems with every day that passes. http://www.heraldscotland.com/sport/football/king-still-in-play-as-financial-chess-game-rumbles-on.25024715?
  4. Gonna charge up the phone. Have a feeling there might be some Rangers breaking news to come tonight as well! https://twitter.com/tedermeatballs
  5. From The Evening Times Their desperation is growing by the day. Keep up the pressure, lads.
  6. I sometimes wonder if the news HMRC intend to appeal the latest dismissal of their vendetta against Rangers causes any ripples in the Ibrox boardroom. After all it was another time, another regime with legal culpability squarely on the shoulders of Sir David Murray and his legal advisers. But not for us who are the Rangers support. For us it is part of a journey from hell, a journey which is not yet complete, with the scars and wounds endured on that journey show little sign of healing. Why is it that those who aspire to power within our club don't seem to feel the pain of such scars ? For years under the tenure of Sir David Murray many of us warned about the dangers of the “dignified silence” strategy. As lies were written and broadcast about both club and support Sir David Murray responded to our concerns with “If a newspaper offends you – don’t buy it” Our club and support have become the easy picking for hate filled individuals who appear to think that carrying an NUJ card offers them considerable immunity from lies, deceit and hate filled articles, many written without research or based in fact, or more concern, deliberately omitting facts in order to damage to our club. Why is it the defence of our club has been left to individual bloggers or groups such as Vanguard Bears, The RST or The Rangers Standard who appear to have the energy and passion to respond to unfair articles or decisions against our club ? Why is that same energy and passion not emanating from inside our club ? Have we honestly learned nothing in the last few years ? Its time those inside Ibrox, whoever that might be, became pro-active rather than occasionally reactive. If you are privileged enough to wear a Rangers blazer and tie – then that should be akin to a suit of armour - stand prepared to champion this club against all attacks. Jim McColl's alternative board missed a considerable trick at their question and session at the Hilton when asked about defending the club. Their fudged answer showed little desire or forethought, and was as bereft of ideas as those they sought to depose. Why cant these people get it ?? This issue is of vast importance to the Rangers support. We live, eat and breathe this club and every attack on her is borne personally by every single one of us. It's hard to understand why our club pays for PR, when we appear to be getting trodden on day in day out by the same individuals and organisations, operating with apparent impunity. Jim Traynor's “Gentlemen be very careful” is a dark and distant memory full of empty threats. In fact words without action appear to have exacerbated the problem. For all the criticism I have penned over the years about Charles Green, I will concede one point – at least he “got it”. He realised that defending this club, albeit his reasons were part of bigger plan and not altruistic, was a sure fire of winning over the support. How can it be a stranger can walk into our midst and grasp such a crucial point which our own seem to continually miss ? The well meaning articles by Rangers bloggers, Rangers Supporters Groups and Rangers websites however well intentioned and passionate, do not carry the same authority as statements or action coming from within the club itself. Furthermore it's not our job – its your job, those of you who are privileged enough to wear a club blazer and tie, or aspire to do so in the future. This support has proven itself time and time again in the face of considerable adversity, with its willingness to protect and safeguard this club. We have done as much as we can. For those with both responsibility and authority – its time for you to step up and play.
  7. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=12043401 Looks like the £5m button isn't as easy to press as they think...
  8. RANGERS Football Club has today announced a commercial supply deal with the UK’s leading cider and beer business, HEINEKEN, who join our growing portfolio of international partners. HEINEKEN will become Official Beer and Cider Provider for hospitality facilities at Ibrox Stadium including its flagship Heineken® premium beer, a global brand with a proven football pedigree, through its long term association with the UEFA Champions League. Chief Executive Graham Wallace commented: “Rangers Football Club is delighted to announce a commercial deal with HEINEKEN, one of the world’s premier brewers, and the latest in our growing portfolio of international partners. “HEINEKEN, like Rangers, is a massive global brand with a high profile in football given their sponsorship of the UEFA Champions League and this will undoubtedly benefit both parties. “We are in the process of rebuilding this great club, and developing partnerships with world leading businesses such as HEINEKEN demonstrate the progress we are making. We welcome them and their great brands to Ibrox, and look forward to working with them next season and beyond.” John Gemmell, Trading Director for Scotland, commented: “We’ll be working closely with the club to help build on hospitality guests’ match day experience, and to ensure that those who chose to enjoy a beer or cider will benefit from great choice and quality. We’ll also bring our knowledge and unrivalled track record in promoting the responsible enjoyment of our brands.” For more information on HEINEKEN, log on to http://www.heineken.co.uk. http://www.rangers.co.uk/news/headlines/item/7339-gers-agree-heineken-partnership
  9. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=12035870 Speculate away gentlemen but it seems there's some sort of influential tug o' war happening...
  10. From @SonsofTruth twitter (not sure who administrates/runs/owns that account):
  11. "We note with interest the comments of David Somers in the press regarding the proposed sale and leaseback of Murray Park. We would question why it is Mr Somers, and not the CEO Graham Wallace, who is making this response on behalf of the board? The phrase "plausible deniability" springs to mind. Whilst the response of Mr Somers is a fascinating insight into his "mindset" we are more interested in unequivocal, legally binding statements from the PLC board. We note these are still not forthcoming for either Ibrox or Murray Park. Mr Somers stated at the AGM that he was not against debt as long as it was 'cheap' debt. It was clear that his "mindset" at that time was that 'expensive' debt was not acceptable. Weeks later the board agreed to take extremely expensive debt from Laxey in a move which was only thwarted by fans. We are therefore not inclined to take too much heed of Mr Somers "mindset" at any given time. However, since Mr Somers appears to be the designated spokesman for the board on this topic perhaps he can clarify some more specific matters: Is Mr Somers denying that Mr Wallace and Mr Stockbridge discussed raising finance using the assets of the club as early as a few days after the AGM in December 2013, at which Mr Wallace stated the club had "enough cash for the near term"? Is Mr Somers denying that this would have been done had the asset finance not fallen through? Is Mr Somers denying that Mr Wallace and Mr Stockbridge specifically discussed raising finance using Murray Park? Is Mr Somers denying that Mr Wallace and Mr Stockbridge discussed using board relationships to raise finance against the club's property assets including some of Mr SomersÂ’ own relationships? Is Mr Somers denying that although this use of Murray Park to raise finance was not actioned at the time it was discussed that it could be used at a later date? Perhaps Mr Somers feels that two Executive directors of the Rangers board discussing raising finance on Murray Park does not constitute "board discussions"? We would disagree and remind Mr Somers of his focus on board collective responsibility when he was defending Mr Stockbridge's appalling performance at the AGM. Once again we would ask this board to stop engaging in half-truths, pedantry and wordplay and tell fans the truth."
  12. "The Union of Fans were approached approximately two weeks ago, on behalf of the PLC board, to once again try to reach agreement on a binding legal guarantee over the club's assets. These discussions continued and various drafts were passed back and forth. The statement that the board released yesterday was rejected by UoF last week due to the fact that it does not give a binding guarantee over Ibrox and that several misleading statements are made within it. Despite us negotiating in good faith, the board has seen fit to release the statement anyway. We were seeking written guarantees over both Ibrox and Murray Park. The board removed all reference to Murray Park. This was not an oversight - they are explicitly refusing to include Murray Park in any undertaking. We believe this is because the board are actively looking to sell this vital club asset due to their failure to so far secure enough funds to see the club through the current season. Their statement is also disingenuous and is a slap in the face for the thousands of fans who have given up long cherished seats attempting to get this board to guarantee the future of our clubÂ’s home. Despite their attempts to claim otherwise, it has never been their position to give any kind of legally binding guarantee over Ibrox and they still have not done so. This most recent statement, on behalf of the so called 'Football Board' - not the PLC board - has crucially not been released to the stock exchange and therefore reduces the chance of shareholder action should they go back on their word. The board claim that they are "committed to protecting the assets of the club". Currently the club has four main assets. Two of those, Edmiston House and the Albion Car Park, have already been used as security for crisis loans due to financial mismanagement. The board continues to refuse to give any legally binding safeguard over Ibrox and we believe they are actively looking at a sale and leaseback of Murray Park - a vital asset if we are ever to properly develop our own talent. They have shown no commitment to protecting the club's assets. This board has committed to raising funds from existing investors through a new share issue in September. We do not believe that they have support from those investors for what is essentially money to keep the lights on and we would ask Graham Wallace to urgently clarify the position on new money coming into the club. The board have lost just under half of the club's season ticket holders due to a complete lack of ability to build trust. Even if those fans were to buy season tickets now, the club still does not have the funds to complete the season and yet the board keeps us in the dark over how they will address this shortfall. We ask them to stop the half-truths, spin and smoke and mirrors and tell fans the truth."
  13. THE IMPORTANCE OF SAFEGUARDING IBROX 23rd July 2014 Some have asked why we have such a desire to safeguard Ibrox and claim it's ok for a club to borrow money against it's stadium and to be fair in normal operating conditions this may be the case. Unfortunately our club does not operate within normal operating conditions. To understand the full importance of our position it is important to be aware of the full financial position our club currently operates. Our club does not have enough cash flow to see out the full season that is soon to start. Some predict a shortfall of circa £8m just to allow the club to stay afloat. Due to many issues, last years season ticket holders numbered approx 34,000 and by the end of the renewal date only 50% of these had renewed their seats. It is fair to assume that some new ST will be sold to new ST holders and some old ones may still renew but regardless, the season ticket sales will be significantly lower than last year and after a promotion, one would have expected to see a rise in sales. ​The much touted share issue that the board would have us believe would be fully supported by institutional investors simply will not be as successful as they publicly admit and sources close to us claim that even the board now feel the money raised will be much lower than they first presumed. The reason for this is simple, they are asking investors to invest more money but this money will not be used to make the club better and worth more it will simply be used to shore up shortfalls in cash flow (remember we were advised by Mr Wallace at the AGM that we had no short to medium term cash shortfalls) If this share issue was to raise funds for assets or player purchases etc then there is a good case for investors to invest more as the business would normally rise in value and they would see an increase in their investment. Our directors expect to go cap in hand and ask investors to give them more money just to stay afloat and this is only 7 months after telling these very same investors that we had no short to medium term cash worries. Would you give it if you had no emotional attachment to the club? I didn't think so. ST sales are well below target and the promised windfall from a share issue looks like just a pipe dream so where does that leave us as a club? Simple, fresh investment is required and is available and not only from Dave King. So why won't the board accept outside investment? I believe this is the reason or at least one of the reasons that our board room is starting to split. Anyone willing to invest at the levels required would rightly ask for a say in the boardroom and here lies the problem. Our faceless investors and hedge fund simply don't want this and although between them they own less then a third of the business, they want to control the full boardroom and don't want to dilute their power. The faceless and the hedge fund are therefore starving our club. We find ourselves a club in a catch 22. We need cash but those willing to give it won't be allowed as the faceless and hedge fund won't agree to them. That takes us back to the main point, Ibrox. If the club were to use Ibrox to raise money then two options are available 1) Sell stadium then lease back or 2) use Ibrox as security in a loan. ​If we do a sale and lease back agreement then our club will be paying out money over a long period of time just because this current board are way out on their own cash assessments and if we borrow against Ibrox and our club was to once again lurch in to admin then we would lose our stadium to the lender. Neither is acceptable to me as a fan. So what's the alternatives? 1) Mr Easdale can magic the investment he promised on national TV prior to the AGM (has there ever been a public excuse of what happened to this promised investment?) 2) Mr Wallace can find the £5m he told the UoF at a meeting six weeks ago was available "at the click of a button" 3) Mr Crighton can do something he's been paid to do since pre AGM and that is attract investment as when he was introduced to us he was to chair an investment committee with that very aim (what investment have we attracted since he came?) 4) Talk to those willing to invest in the club and compromise with them. It's not a bad word. 5) Stop mucking about with the fans and show a bit of humility. Tell the fans you are listening to them, tell the fans their actions have been noted and tell them you WILL NOT sell or borrow against our stadium instead of hiding behind cute statements with obtuse phrases. But for the sake of the future of our club DO SOMETHING. ​If you are incapable of finding an alternative then move aside and let others on board that aren't selected by the 30% of investors who are holding our club back or welcome some on board who can bring the faith of the fans and investment with them. Why are Blue pitch, Margareta and Laxey so against others being represented on our board? This will be discussed in the near future Why does this statement not ask about Auchenhowie? Simple, there's no point in asking for something you can't get and our belief for sometime has been that our training ground will go soon as negotiations have been ongoing for some time. It's time for change, either change how our board conduct themselves or change who selects and drives our board members. ​The alternative isn't worth considering. http://www.sonsofstruth.co.uk/blog.html
  14. After a successful meeting with Glasgow City Council and Police Scotland today it would appear that subject to a few little details our application for a procession to Ibrox on the 19th July will be passed as acceptable. We will require the following volunteers from within the support to fulfil some council requirements. - Experianced marshals - Volunteer marshals - First aiders - Expectant numbers. I would love to hear from pipe or accordion band with a repertoire of Rangers songs In their play book. If you can help with any of the above or will be in attendance can you please let me know on this post or via PM Thanks Craig SoS https://www.facebook.com/SonsOfStrut...al_comments=14 L
  15. A look at Europe's "second best" youth academy and how we can learn from it http://rfcyouths.wordpress.com/2014/07/08/fk-partizan-belgrade-youth-school/
  16. RANGERS have experienced a flurry of late season ticket sales since striker Kris Boyd made his emotional return to Ibrox last week. Boyd ended weeks of speculation when he signed a one-year deal with the SPFL League One champions - and is set to team up again with Kenny Miller. And his capture has since led to a surge in Light Blue supporters signing up to watch Ally McCoist's side in the 2014/15 season. The ticket office at Ibrox at the weekend was queued out of the door for long spells as fans snapped up season books for the new campaign. Lifelong fan Alan Anderson, from Cambuslang, was taken aback at the level of interest when he renewed his ticket at Ibrox on Saturday. He told SportTimes: "I was told the season ticket office was going to be open until after two o'clock and popped down half an hour before it shut. "But when I got there there were a lot of cars in the car park and people were queueing out of the door. "There was a great atmosphere among the supporters who were waiting to buy tickets. "I think most of them were, like me, buying season tickets because Kris Boyd has signed. "But people were genuinely excited about the season ahead and the prospect of playing teams like Hearts and Hibs. "I wasn't going to renew my season ticket, but I decided to do so when I saw that Boyd had signed. "I think a lot of people were the same as me. "I don't necessarily like who is in charge at Rangers at the moment, but I am, as the slogan goes, prepared to support the team and not the regime." Rangers announced to the Stock Exchange a fortnight ago that "approximately 17,000" season tickets had been bought by fans this summer. That is in stark contrast to the 34,000 supporters who made the Gers one of the best backed clubs in Britain for the second stage of "The Journey". The Union of Fans - an umbrella group comprising six supporters organisations - has been urging fans not to renew their season tickets. The UoF and former director Dave King set up Ibrox 1972 Ltd in the close season and urged supporters to pledge their money to it instead. They want Rangers to give them security over the stadium and the training ground at Auchenhowie in return for the cash. http://www.eveningtimes.co.uk/rangers/rangers-revel-in-boyd-ticket-bounty-169185n.24618366
  17. looks like the clubs saviour has gone missing any posters know what he is planning to do next ????????????
  18. “If ever fans required a reminder of the reasons for our campaign to secure our club’s home, it is the recent £200k windfall received by disgraced former finance director Brian Stockbridge, who in the past couple of days has been handed shares worth approximately £215,000 for which he has paid just over £7,000. It is the current board’s position that Brian Stockbridge was contractually entitled to these shares and it was therefore outwith their control. We reject this entirely. Mr Stockbridge could and should have been sacked for any number of employment related issues including his abysmally inaccurate financial projections, financial mismanagement of tens of millions of pounds of fans’ and investors’ money and several misleading statements to fans and shareholders. That this board allowed a compromise agreement to be signed, on termination of Mr Stockbridge’s contract, which allowed Mr Stockbridge a further £200k windfall is an absolute disgrace. His share option entitlement and any other financial benefit which Mr Stockbridge was due should have been removed as part of his contract termination. Mr Stockbridge has already received considerably more than he merited from our football club as have several others with whom he is closely associated. Did Mr Stockbridge’s close relationship with the Easdale brothers, who hold undue influence over boardroom matters, smooth his path to this further windfall? Furthermore, we believe that David Somers misled shareholders at the AGM on the subject of Mr Stockbridge’s share options. When a question was asked on this topic, the clear inference from Mr Somers was that this would not be an issue due to the option price of 70p, which at that time was almost twice the market value of the shares. Mr Somers clearly gave the impression that the option would not be taken due to the drop in share value. At no point did either Mr Stockbridge or Mr Somers make it clear that this option could be exercised for 1p a share – a crucial and highly misleading omission. Charles Green had a similar clause in his contract which entitled him to 1,028,571 shares. Can the board confirm whether this option was also allowed to remain following Mr Green’s contract termination? If so, can we expect a further windfall in the near future for Mr Green on top of the small fortune he has already bled from the club? Finally, despite repeated attempts to engage with Graham Wallace and the board over the issue of a binding legal commitment not to sell or lease back Ibrox or Murray Park, we have been unable to come to any agreement. It seems the board are happy to continue to alienate the thousands of fans who have supported our efforts through the Ibrox 1972 fund. As a result of this refusal from the board to give fans any legal undertaking over the club’s most prized assets, we are left with no option but to release all those who have supported the fund from their binding financial commitment. This will be confirmed to them over the coming weeks. We urge fans not to give their money to this regime in a lump sum payment via season tickets and to support the team on a game by game basis. The team deserve our loyalty, this regime, with its stranglehold on our club, deserves nothing but our contempt. Quite simply, they cannot be trusted and supporters simply do not know where their hard earned money is going to end up if they pass it over blindly."
  19. Thought it worth expanding upon this on the main site as well as creating its own thread. http://www.gersnet.co.uk/index.php/latest-news/251-dave-king-disposes-of-15million-shares-in-micromega Lots of speculation about the relevance of this from it being unimportant to of utmost interest. Certainly seems worthy of discussion in any case.
  20. We know that season ticket sales are slow/low, and this is for a variety of reason. One of them being Dave King's "trust". Does anyone know what sort of numbers are involved with the trust now??? Is it a significant number, or has it turned out to be a bit of a damp squib???
  21. Rangers' beleaguered directors face the possibility that the club auditor, Deloitte, could sever its connection with the club over the next few weeks, following a collapse in the number of season tickets sold. The Daily Telegraph understands that the international corporate finance and accountancy specialists are unhappy about the latest figures emerging from Ibrox, which show that season ticket sales for Rangers’ Scottish Championship campaign are running at half the level of last year’s take-up for their SPFL League One schedule. In a statement on the Rangers website on Friday, the board confirmed that only 17,000 season tickets have been sold. On March 27, when Deloitte signed off the half year accounts up to the end of 2013 – which showed a £3.5 million loss – the auditors added that “key assumptions” made by the directors included a reckoning of future season ticket sales. Deloitte noted that this indicated the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern. Despite assurances at the annual general meeting in December from the chief executive, Graham Wallace, that the club could meet its costs until the end of the season, the board subsequently borrowed £1.5 million from shareholder George Letham on the assurance that the sum would be repaid when season ticket sales had yielded the equivalent amount. *However, there has been no notification to the Stock Exchange of any repayment. Instead, leaked reports from a spin doctor formerly employed by the club, confirmed that the board would attempt to raise £8 million through a rights issue later this year. In a statement on the club website on Friday, the Rangers directors said of the latest season ticket sales total – and the likelihood of a share issue – that “The Board believes that whilst this level of support reduces the potential requirement for short-term financing the Board also notes the strategic objectives that it identified in the Business Review Summary published on 25 April 2014 and the related funding requirements. “The Board continues to evaluate its plans in this regard and will update the market in due course.” However, should Deloitte dissociate themselves from Rangers, investor confidence is likely to diminish. Deloitte last night would not comment on any speculation, citing client confidentiality. In response to the club statement, the supporters’ umbrella group, the Union of Fans, condemned the directors’ stewardship. The UoF statement read: “We note the announcement of the Rangers board regarding the season ticket renewal levels for the club this year. It is now obvious that a clear majority of fans have rejected Graham Wallace, Norman Crighton, David Somers, James and Sandy Easdale and their running of the club. “In any normal business, a board which had been rejected by over 50 per cent of its customers in the space of a few months would be removed. Whilst we do not expect this to happen due to the continued support of anonymous shareholders, who could not care less about Rangers, we would highlight that they have utterly failed to gain crucial trust from fans. “We do not believe this trust will ever be built without fundamental change at the club. The problem for this board is very simple. The vast majority of fans, even many of those who have renewed, simply do not trust them and likely never will. “The corporate governance at the club also continues to be a cause for grave concern. We would repeat that it is unacceptable for Jack Irvine of Mediahouse to have access to confidential, price sensitive board information through the Easdales and to then leak that information to the press as he did this week.” J
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