Search the Community
Showing results for tags 'dave king'.
-
http://www.bbc.co.uk/sport/0/football/27793911 Rangers are to launch a new share issue in a bid to raise in the region of £8m. The Ibrox board met institutional investors in London on Tuesday, with the new issue to take place before the end of August. Rangers chairman Graham Wallace recently told fans that the Ibrox club was "in a good place" financially. The BBC understands that a minimum of £7m is needed to cover a cash shortfall at the newly-promoted Scottish Championship outfit. Major shareholders Laxey Partners and Sandy Easdale, chairman of the football board, have both indicated they will buy more shares. The Union of Fans - a collective of Rangers supporters groups - has urged people to withhold season-ticket money in protest against the board's running of the club. It led to question marks over the ability of the club to meet the sales figures required for next season. However, Wallace insisted Rangers are "in a good place" despite concerns over the club's finances. The chairman's 120-day business review set out the club's intention to raise fresh equity in the autumn, win promotion from the Championship at the first attempt next season, before adding a Scottish title and being competitive in Europe by 2017. The club's interim accounts revealed losses of £3.5m for the six months to 31 December and "going concern" status was only granted on the basis of predicted rises in season-ticket prices and sales. The board have had to seek emergency funding in recent months. -
The board of Rangers (the “Board”) can confirm that approximately 17,000 season tickets have been renewed to date for the Club's forthcoming SPFL Championship season. This level of renewals reduces the potential requirement for short term financing as highlighted in the Business Review Summary published on 25 April 2014 particularly given the updated season ticket pricing structure for the 2014/15 campaign. Applications for new season ticket purchases opened on Monday and sales of season tickets are continuing. The Club very much looks forward to welcoming more supporters back to Ibrox for what promises to be an exciting league competition. 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. http://www.rangers.co.uk/news/headlines/item/7059-season-ticket-sales
-
Friday, 13 June 2014 15:00 Hutton Extends Ibrox Stay Written by Rangers Football Club http://www.rangers.co.uk/news/headlines/item/7061-hutton-extends-ibrox-stay RANGERS midfielder Kyle Hutton has agreed a one-year deal with the club. The 23-year-old was out of contract in the summer but has now extended his stay at Ibrox having signed a new deal this afternoon. Hutton, a product of the Murray Park youth academy, has fully recovered from the injuries that reduced his playing time last term and will return to the training ground with the rest of the squad later this month to prepare for the 2014/15 Championship campaign. He said: “I am absolutely delighted to sign a new deal with Rangers. You never want to leave a club like this so I am over the moon to agree a new contract. “There are a lot of good midfield players at Rangers but I am confident in my ability and I will work hard to try and get a place in the team. “It was frustrating to miss so much of last season through injury but I am fully fit and ready to play a part in our rise back to the top. “I had a great pre-season in German last year and was feeling sharp but then I picked up an injury in training and that set me back. I have worked hard during the summer on my fitness though and I feel great so I can’t wait to get started again. “Next season is going to be an exciting one with Hearts and Hibs in the same division and they will be good games for the fans to look forward to. “I have played in some great games for Rangers in my career, the highlight was against Manchester Utd in the Champions League, and I want to help the club get back to the highest levels of the game once again.” http://www.rangers.co.uk/news/headlines/item/7061-hutton-extends-ibrox-stay
-
http://www.bbc.co.uk/sport/0/football/27804525 By Richard Wilson BBC Scotland Finance remains the fundamental issue at Rangers. One contingency plan has always been to seek additional funding from current shareholders, and a substantial drop in season-ticket sales merely exacerbates the problem. When chief executive Graham Wallace published his business review last April, he indicated that if the uptake of season tickets was "materially less than anticipated" then the board would consider a pre-emptive offering of 43 million unissued Rangers International Football Club shares to existing shareholders. That remains, for now, the only viable way for the business to raise additional funding. With a new share issue proposed later this year, the price would be at a discount to the current market value of 27p and the intention is believed to be to generate in the region of £7m. This would go some way to covering any shortfall from a significant drop in season-ticket sales, and so allow the business to continue trading for the next 12 months. Unanswered questions abound, though. Which shareholders, for instance, would participate? Some individuals are suggesting that Laxey Partners would invest more money, along with Sandy Easdale, the chairman of the Rangers Football Club board. Others believe that the institutional shareholders, such as Hargreave Hale and Artemis, would not participate, given the sharp fall in the share price from its launch of 70p. In the first instance, existing shareholders are normally offered enough additional shares to maintain the size of their overall stake. Any shares that are not taken up could then be offered to existing shareholders to allow them to increase their ownership stake. It is also theoretically possible, though, for the board to place shares with specific existing shareholders, which could strengthen the power base of the group of aligned shareholders who currently effectively run the club. That would, though, be likely to agitate those left out and potentially cause further upheaval. However, Easdale and his proxies could then be considered as acting as a concert party if their combined shareholding goes above the 29% threshold, and so expose them to takeover panel rules and regulations. While a pre-emptive offering is restricted to current shareholders, their rights to participate can be acquired by non-shareholders. So while finance remains the fundamental issue at Ibrox, in that it underpins every substantial development, how the need for funding is addressed is also critical. Control is at stake also. Laxey Partners are currently the largest single shareholder, while Sandy Easdale held the proxies for around 25% of shareholders at last December's annual meeting. Institutional shareholders supported the current board at the AGM, but the need for additional funding may alter their point of view. Wallace is attempting to steer a course through the demands of financial issues and specific shareholder interests. There is no simple solution, beyond a radical change to the shareholder dynamic. That would only occur, though, if shareholders were prepared to sell their stakes or if a fresh rights issue was launched to the public. In the meantime, the Rangers board need to ensure that the business can trade as a going concern for the next 12 months. When the interim results were released last March, they contained a note outlining that a fall in season-ticket renewals from last year's figure of 38,000 would affect the business's ability to trade as going concern. Right now, Rangers are thought to still be considerably short of that. Short-term financial issues are at the forefront, but other intrigues also exist. It has been possible to detect, within the noise around the club, a growing tension between Wallace and Sandy Easdale, who is not a member of the plc board. Wallace has the executive role, but Easdale, through his proxies, carries the strongest shareholder authority. Rangers' April review: Key points Business needs to raise up to £30m over three years New share issue planned for autumn 2014 Cuts of £2m have already been made with other savings likely Plan to make the business sustainable by season 2015/16 Aim to make team Scottish Premiership winners by 2017 The flow of information is also a source of consternation to some within Ibrox, not least because talk of a share option is price-sensitive information and ought to be published first to the stock exchange. Jostling for position is evident, although finance remains the key point, not individuals. Dave King, the former Rangers director, wants to invest directly in the club. The South African-based businessman and Wallace in his business review both estimated that it will require £20-30m of additional investment to provide Rangers with the means to challenge Celtic for the Premiership title and compete again in Europe. The only way to raise that kind of money would be a fresh public offering of shares, which is what King wants to participate in since his money would go directly to the club, which needs money spent on the football infrastructure - there is still no scouting network - and maintenance work at Ibrox. King's intervention would likely lead to the dilution of the current shareholders, though, which is why an alternative route is being sought. The current squad, with one or two additions, ought to be good enough to gain promotion from the Championship, but to compete again with Celtic, Rangers need to be properly rebuilt. There is a current shortfall to address, but that is only a short-term fix. For Rangers to compete at the highest level, a change in approach is required.
-
RANGERS directors were locked in showdown talks in London yesterday as they attempt to stave off more financial chaos. Record Sport can reveal brothers Sandy and James Easdale travelled to meet with representatives of shareholders groups Blue Pitch Holdings and Margarita Holdings before staging further discussions with the rest of the Ibrox regime yesterday afternoon. Talks will continue at 10.30am today at an official board meeting to be held in the offices of the club’s financial advisers, Daniel Stewart. The Easdales flew out of Glasgow yesterday on a morning flight to the docklands’ City Airport. Coincidentally on the same flight were the club’s shamed former finance director Brian Stockbridge and axed PR guru Jack Irvine. Rangers sources insisted last night that Stockbridge’s presence was ‘purely coincidental’ although all four were spotted chatting together in the departure lounge before boarding. On arrival in London, Stockbridge was seen heading for a train while the Easdales left in a taxi cab. But it’s understood the brothers were then involved in talks with the same mysterious investors who helped fund the £5.5million takeover which saw Charles Green, Stockbridge and Imran Ahmad seize control of the club’s assets two years ago. Blue Pitch and Margarita are now supporting the Easdales and sources claimed last night they will be willing to plough more money into a fresh share issue if, as widely expected, the club requires an urgent injection of cash after a dramatic slump in season-ticket sales. It’s understood chief executive Graham Wallace later met with the Easdales after flying back to Britain from a supporters convention in Canada. Wallace declined to answer fans’ questions when asked how many season tickets have been sold. Sources close to the board insisted last month 20,000 fans had renewed. Meanwhile, generous fan George Letham, who stumped up £1m in emergency cash to keep the club out of trouble in February, has still not had his loan repaid. Under the terms of his loan the money was supposed to be returned as soon as sufficient funds had dropped into the club’s account from season-ticket sales. And with June’s wage bill still to be covered at the end of this month, the regime’s need to secure fresh funds seems increasingly urgent. But before jetting back across the Atlantic for yesterday’s London talks, Wallace insisted on the club’s website that Rangers finances are not a cause for alarm. And he insisted fans can expect to see more new signings soon. Meanwhile, it has been revealed accountants and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar. The figures have been detailed in the latest six-month report from insolvency experts BDO who were appointed liquidators of the Rangers Football Club PLC after it failed to emerge from administration following Craig Whyte’s ruinous 10-month reign. And the unfathomable strategy adopted by Whyte is further highlighted by the fact almost half of this latest bill has been covered by the final instalment of the £4.5m deal which saw Nikica Jelavic sold off to Everton just two weeks before the club was plunged into financial chaos in February 2012. The BDO report, which was completed at the end of last month, reveals a cheque for £975k is expected to arrive from the Goodison Park club ‘shortly after 31 May 2014’. But that won’t come close to covering the spiralling costs – as BDO gear up for a potential multi-million pound courtroom battle with Collyer Bristow, the law firm who advised Whyte during his takeover in 2011. In total, more than £1m has been spent on legal fees and outlays with more than £650k of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says a trial date is ‘currently set for the beginning of 2015’ but it is anticipated a deal could be negotiated and an out of court settlement agreed. BDO are also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Green for a knockdown £5.5m. http://www.dailyrecord.co.uk/sport/football/football-news/rangers-directors-hold-showdown-talks-3668192
-
Lifted from their page: I am still of the opinion that we will NOT go in to admin and that Laxey will give us another loan but this time against Auchenhowie training centre. I have, since Friday, been hearing the same rumours that others have been no doubt hearing and I will be investigating them this week. Some reliable sources say we will be in admin before season starts in a way to get high earners off wage bill and others claim the training ground will be getting sold outright before this happens. Both of these rumours are a concern due to the quality of sources and I shall seek to prove them right or wrong. Anyone with info regarding these rumours please feel free to contact me confidentially via personal message
-
“There must be some kind of way outta here Said the joker to the thief There’s too much confusion I can’t get no relief Business men, they drink my wine Plowman dig my earth None were level on the mind Nobody up at his word” Where is it we are trying to get out of ? I would respectfully suggest a rock and a hard place. As many of you know I’m not often given to profanity – but quite simply – what an absolute clusterfeck. There is a civil war engulfing us with our boardroom the battleground. As in every conflict the collateral damage is considerable. On one side we have a board who have failed to impress, fail to convince the Rangers support they have our club’s best interests at heart and on the other side we have the challenger in the shape of Dave King, who appears to be being given considerable latitude in his own failings and lack of clarity, as a consequence of his previous investment in our club. And of course that collateral damage I referred to is manifesting itself not only in a season ticket boycott, but also in the form of a “protest shirt” whose purpose is to deliberately prevent incoming revenue from the sale of club merchandise. It’s easy to say that such ventures deprive the board of money and as anti-board protesters I’m sure that provides the conscience with a fairly robust moral platform for such action. But at what point does it not only deprive the board, but also our club and a manager wishing to strengthen a squad ? Having deliberately deprived the board of regular and essential revenue are we then to hold them to account for failing to enhance our playing squad ? Good Lord. Before anyone starts harbouring feelings of sympathy for the current board allow me to remind you of the 3 critical questions I tweeted about the other week, which as yet remain unanswered. 1. Why did our club have to secure additional funding after CEO Graham Wallace assured us only weeks earlier there was sufficient money in the account. 2. Why have the board not moved to dispel allegations by the Daily Record that our credit/debit card facility was removed re season tickets due to the financial incompetence of the board and not as was suggested in the review – due to threats of an imminent boycott. 3. Why does it appear the Rangers Football Board, or persons serving thereon, have the ability to overrule the PLC board, when circumstances dictate. At the forefront of much of the angst against the current board have been the Sons of Struth. Since its inception this group have campaigned on a platform of opposing any sale or leaseback of Ibrox Stadium. Perhaps this groups 3 original aims and objectives are worthy of a refresh. 1. Keep the stadium in the club’s name to avoid Coventry situation 2. Have clear accounts which prove the proper running of the club 3. Have a board that keep the club off the front pages and who themselves are beyond reproach. To date however the Sons of Struth have not shared with the wider support the circumstances which gave rise to their fears which suggested our stadium may be subject to a sale and leaseback. Why cant those demanding transparency of others lead by example ? Surely if there is evidence which suggests this current board are planning such an option for our stadium it is something which should be shared with the wider support not only made available to a select few ? In fact would the sharing of such information not in fact be in this group’s interests in convincing the undecided within our support of the unsuitability of the current board ? I have spoken previously of our need for our support to find an enthymeme – a point where there is common agreement and we can move on from. Surely the status and destiny of our 2 biggest assets – Ibrox and Auchenhowie – can provide such a point of common agreement. All along the watchtower Princes kept the view While all the women came and went Barefoot servants, too Outside in the cold distance A wildcat did growl Two riders were approaching And the wind began to howl How long before the Princes stop being onlookers, or begging for the scraps off the master’s table ? When will we start campaigning on behalf of ourselves and the vision and aspirations we have for our club instead of using our energies and efforts to do the bidding of others ? When will we realise that the way outta here is to take control of our own destiny, and rely upon ourselves rather than upon others ? As Buy Rangers, Rangers First and Vanguard Bears continue to do that which Dave King seems to find impossible – buy shares in our club – its becoming less and less a question of “if” but rather a question of “when” ? Many music critics have commented on how Dylan’s All Along the Watchtower mirrors the words of The Book Isaiah Chapter 21 :- Prepare the table, watch in the watchtower, eat, drink: arise ye princes, and prepare the shield./For thus hath the Lord said unto me, Go set a watchman, let him declare what he seeth./And he saw a chariot with a couple of horsemen, a chariot of asses, and a chariot of camels; and he hearkened diligently with much heed./…And, behold, here cometh a chariot of men, with a couple of horsemen. And he answered and said, Babylon is fallen, is fallen, and all the graven images of her gods he hath broken unto the ground. I truly hope I live to see the day when Babylon falls at our club.
-
Rangers fans seek access to season ticket sales figures Written by ANONYMOUS A Rangers supporters' group has called for the club's board to reveal how many season tickets have been sold. The deadline for renewals passed two weeks ago and the rate of sales is critical. Directors have previously admitted that a drop in renewals would affect the business's ability to trade as a going concern. The Union of Fans group has been urging supporters not to renew in protest against the current board. Before the deadline, Rangers admitted that sales were slow and directors even met with members of UoF, a coalition of various different fan organisations, to try to broker a compromise. UoF has been advising fans to pay their renewal money into the Season Ticket Fund, an initiative backed by former Rangers captain Richard Gough and former Ibrox director Dave King. The intention was to only pay the money to the club in return for security over Ibrox Stadium and Murray Park. It was claimed Rangers' chief executive Graham Wallace raised the prospect of the board offering legally binding guarantees not to use the property assets as security for loans or to sell them, but talks subsequently broke down. The Union of Fans have urged Rangers chief executive Graham Wallace to reveal how many season tickets have been sold The Union of Fans have urged Rangers chief executive Graham Wallace to reveal how many season tickets have been sold When the club released their interim results in March, the directors acknowledged that a fall in renewals from last year's sale of around 38,000 would leave the business short of enough income to trade for the next 12 months, although Wallace has been adamant that Rangers International Football Club will not fall into administration. A £1.5m loan from two shareholders - Sandy Easdale and George Letham - is due to be paid back as soon as that amount is raised from season ticket sales, but neither is thought to have received their money back yet. "We urge chief executive Graham Wallace and the board to come clean about how many season tickets they have sold and how much cleared income in the bank these sales have provided," said UoF in a statement. "If and when the cash figure reaches £1.5M, the board, as they announced to the Stock Exchange when the loans were negotiated, must immediately pay Sandy Easdale £500,000 and George Letham £1m. "For the avoidance of doubt, if these loans have not yet been repaid, it means that the board have not yet secured £1.5m of season ticket money or they have broken the repayment terms of these loans. "We would ask the board to make a clear statement of the number of fans who have renewed to the AIM market in order that supporters and shareholders can rely on the accuracy of the figure given. "This is a matter of grave concern for shareholders and supporters alike and we also believe it must be something which is being monitored by auditors, Deloitte. "When we met Graham Wallace on 14 May, he once again reiterated that there was 'no possibility of administration'. "We would therefore ask him to make it clear how the club plans to operate at what we believe is a greatly reduced level of season ticket sales." http://www.bbc.co.uk/sport/0/scotland/27651399
-
We are currently in the process of gathering together names of individuals and representatives of fans groups, RSCs, websites, etc who are willing to come along and help find a solution to the infighting amongst our fans. If you are interested in attending the meeting could you please email info@thelouden.co.uk (or you could dm/pm us) with your name and any group that you wish to represent or are a part of. To be clear, any individual who wishes to attend to try and help our support is more than welcome but we would appreciate an email so as to know the numbers. Regarding the format of the meeting, we are looking for suggestions on what specifically the meeting should cover. We are not discussing the politics at the club, we are only focusing on the way fans communicate with each other. This is not about which side is right or wrong. We do not need everyone to agree about everything but at all times we should be civil to one another. The meeting will be held in the lounge area of the pub and no alcohol will be served for the duration of the meeting. If anyone wants any other information, please ask. Thanks We Are The People God Bless The Rangers The Louden Tavern: Ibrox Stadium - More than a Pub Official Partner of The Rangers Football Club *We are responsible for The Louden Tavern: Ibrox Stadium, 111 Copland Road, Ibrox, G51 2SL solely and are not involved in the operation of any other premises -
keith jackson @tedermeatballs 43s More sources close to RFC board saying 20k season tickets now sold. If true then they should thank Dave King for his prolonged silence. IF true.
-
Approx 230 pages containing over 7,000 signatories and about 80 pages of comments Thanks to all who added to the numbers Craig SoS -
Being said on FF and Twitter that VB met with the board the day after the UOF meeting. Somers and James Easdale also attended. Why would the board meet with such a small unrepresentative group? As is being said on Twitter most supporters clubs have more members.
-
Anyone heard where Mr King is and what hes up to? He seems to have disappeared off the face of the earth.
-
IMO this question should come before the one about on-field exploits. There are many things to take into consideration and perhaps the Financial Bears could map out what they see as a probable/conditional route through the next 12 months. Some of the obvious questions that scream out are:- - Where is the money coming from to keep the lights-on? - Will there be an insolvency event? - What will be the final ST number? - Will game by game maintain it's attraction? - How long will it take to get a share issue up and running and will it be successful? - Is there money to carry out plans mapped out in business review? - How deep could austerity hit us? - How exactly will austerity hit ut? - How will severe austerity be paid for? (pay-offs) - When do the assets go? - Do you trust who is in control of the board (including the Easdale proxy block)? etc. -
So many season tickets have been sold in the past because it was 'what you did' every year and also an element of loyalty when the Club was down. Very few, if any, were still buying for the entertainment value. It was very much a habitual thing for a large number of us. You had your budget fixed every year to allow for it. A huge assumption is being made (IMHO) that everyone will come back if the boardroom mess is sorted out. I have major doubts about that. You see, I don't believe everyone has put the money aside for that eventuality. I think the poor uptake on Dave King's fund supports that theory. I don't think it was a mistrust of DK. People just want to see something for their money - instant gratification. Very few working class folks have that money to simply leave lying in a 'limbo' account. I also KNOW of many who were seriously considering giving up the STs due to the perpetual lack of entertainment year on year. Taking that step to use the money for something else, e.g. a large contribution towards a family holiday, has been a huge decision for some. But like with anything habitual in life, once you break it life goes on. After a few months........if there is nothing there to entice you back.... I'm just interested in whether anyone believes we will hit the same heights again in sales? I firmly believe that boardroom change wouldn't be enough to win the people back.
-
Give written legally binding assurances to fans that Ibrox stadium will not be sold or used as security for any loans Ibrox stadium has been the home of our club for over 100 years and due to mistrust of the board of directors, many fans are unhappy that no legally binding assurances have been forthcoming from the board and a recent club statement declared that the board are unwilling to provide such assurances. The board agree that the stadium is sacrosanct and state they will not sell or use as security. The word of the board can not and will not be accepted by many fans due to a number of recent statements that have since proven innacurate and untrue. Fans also wish to be protected if the current board should be replaced in the future. They have also declared they wish to build trust with the fan base and this action would go some way in improving any relationship https://www.change.org/en-GB/petitions/graham-wallace-give-written-legally-binding-assurances-to-fans-that-ibrox-stadium-will-not-be-sold-or-used-as-security-for-any-loans?recruiter=97305010&utm_campaign=mailto_link&utm_medium=email&utm_source=share_petition
-
SATURDAY 24TH MAY. CELEBRATION AND PROTEST We have been asked by many fans to arrange some protests during the close season and as 24th May is the anniversary of the clubs greatest victory in Barcelona 1972, we have made arrangements for the Louden Tavern at the stadium to show a re run of the game from 1.00pm At 3.00pm we will be marching to the stadium for a 30 min protest and a petition to hand in and explain why the fans wont renew season tickets or indeed buy new ones. We require as many fans as possible to turn up as a show of numbers would be vital for the success of the protest Fans are asked to meet up at the Louden between 1.00 and 2.30 to give us adequate time to make final arrangements with fans Can I ask all to share at usual places and feeback to me with expected number which will allow me to notify Louden and make necessary arrangements. We are planning on some other things for Saturday and will announce them once we have confirmed Thanks Craig.
-
RANGERS were today urged to clarify the current state of their finances - after it emerged that loans of £1.5million have not been repaid. Wealthy Gers fan George Letham and major shareholder Sandy Easdale lent the cash-strapped Ibrox club £1million and £500,000 last season. Under the terms of the agreement with the SPFL League One champions, they are due to receive that money back as soon as it is in the club account. But the pair have not received their cash - more than a week after the deadline for season ticket renewals passed. The Union of Fans want to be granted security over the stadium and training ground, and they have been urging supporters to pledge their money to Ibrox 1972 Ltd. And it is still uncertain how many people have signed up to watch Ally McCoist's side in the SPFL Championship during the 2014/15 campaign. This latest development has not helped to make the situation any clearer - and Rangers chief executive Graham Wallace has been encouraged to speak out. Rangers Supporters' Association general secretary Drew Roberton said: "When we (the UoF) met with (director) Norman Crighton, Sandy Easdale and Graham Wallace the other week they were adamant there was enough money in the bank. "They also said that they could raise £5m at the 'push of a button' and that all but one of the current investors had agreed to back a scheme should they need additional revenue. "But I was told on Thursday that around 12,000 had renewed their season tickets. If that is the case, and even allowing for the fact that many will have chosen to repay in instalments, then this might be cause for alarm. "My understanding was the first £1.5m of season ticket money that came in would be used to repay these loans. It would be good to have some sort of explanation." Roberton added: "Graham Wallace has said repeatedly that administration will not happen and the club will not run out of money. "Either he is right and we have sufficient money. Or he has been spouting the party line and he may have to take the fall. He may be faced with a career decision soon. "Whether his belief that £5m can be raised 'at the push of a button' is included in his forecast is not clear. But season ticket sales are slow and running costs are in the region of £1m a month." Roberton, who revealed he was "disgusted" at the way the Union of Fans was treated after their meeting with the board, has also urged the club to heal the rift with Dave King. He said: "The club has said they need to raise £20-£30m to get back to the top. Well, they have a guy, Dave King, who is chapping on their door who is willing to invest £30m. "It is economically silly to ignore him. The club say they hope to raise money in a share issue. But in far better times Sir David Murray had to underwrite a share issue himself." A Rangers spokesman said: "The loans will be repaid in accordance with the terms of the agreement in a timely and proper manner. We are in regular contact with Mr Letham and Mr Easdale." Meanwhile, Rangers chief executive Wallace received hundreds of postcards from supporters outlining why they have not renewed their season tickets when he returned to work today. The cards were delivered at a protest organised by the Sons of Struth on Saturday. It was one a series of events the Sons of Struth have lined up during the summer. http://www.eveningtimes.co.uk/rangers/uof-call-rangers-to-account-164951n.24329053
-
after refusing to hand over contract details for Charles Green and Imran Ahmad SHAREHOLDER Billy Paterson reported the club to police under Section 229 of the Companies Act 2006 after they refused his legal right to inspect contracts. RANGERS are facing a police probe into alleged failures of corporate governance. Shareholder Billy Paterson has reported the club to police for the second time after they refused to hand over contract details for Charles Green and Imran Ahmad. Rangers’ board were forced into a u-turn last month when they failed to show Paterson details of the service contracts of current directors, claiming they had no legal obligation. However, Paterson, from Fraserburgh, stuck to his guns and reported the club to police under Section 229 of the Companies Act 2006. Rangers admitted within 24 hours they had got it wrong – and released details confirming chief executive Graham Wallace is on a salary of £315,000 with a potential 100 per cent bonus. Paterson is now embroiled in another legal battle after Rangers rejected his request for contract details for former chief executive Green and commercial boss Ahmad. Ibrox legal advisers say his appeal is time-barred, they need only show service contracts for the previous 12 months. A Rangers spokesperson said: “Both service contracts were terminated in April 2013 and were outside the one-year inspection period stipulated by the legislation.” But Paterson is refusing to take their latest snub lying down and insists Green and Ahmad were still officially recognised as directors of the parent company and the subsidiary football board until the end of last May. He said: “Notices filed to Companies House by Rangers show Ahmad stepped down on May 29 and Green on May 31. “Rangers even released a statement last April stating Green was stepping down as chief executive with immediate effect but that he would leave the company by the end of May. “The failure of Rangers to acknowledge they were still both directors within the past 12 months and provide me with my legal right to see details of their service contracts has left me with no other option but to contact police. “I don’t know what, if anything, they are trying to hide but they are reluctant to be open and transparent.” A police spokeswoman said: “We have received a complaint and the matter is being looked into.” Rangers are already the subject of a police probe after fan Phil Maher reported Wallace for allegedly misleading shareholders over the company’s finances at the agm in December. Good on you Mr Paterson, whoever you are. Makes you wonder, why are they so reluctant to let the details out?
-
Given the current situation and arithmetic within,......the easiest way of tackling 'division' within the support is to stop talking about it. The vast majority (look at ST renewals/ or lack of) and we see that the large 'apolitical middle rump' of the support are unhappy. I don't think there is any doubt that the majority would cite general unhappiness of how the club is being run alongside a distrust of the current board. The numbers involved with groups that may be considered loosely as pro-board are such that they become unimportant. That isn't to disrespect anyone or to say they can't have their opinion(s) but it is to say that the arithmetic points to any 'division' currently being insignificant. The biggest noise is coming from those who don't belong to any group and the board would do well to listen.
-
Support from the above on keeping Ibrox and Auchenhowie, while some of our own dither. http://www.eveningtimes.co.uk/rangers/rangers-fans-backed-by-leeds-support-for-board-battle-164353n.24280107 RANGERS fans were today urged not to give up the fight to hold on to Ibrox and Murray Park as animosity grows towards the under-fire Light Blues board. The call came from Gary Cooper, chairman of the Leeds United Supporters Trust, who have fought a series of hierarchies in Yorkshire as the club have fallen from grace in recent years. United's Thorp Arch training centre was sold off for £4.2million a decade ago while their Elland Road home was hived off in a sale and leaseback agreement just weeks later as the club battled for survival. The Rangers Union of Fans have launched a bid to pool season ticket money this summer that will see cash only handed over to the Gers board once security has been granted over Ibrox. A meeting between the group and board last week failed to reach a settlement, with fears growing among supporters that their Murray Park base could be sold to raise much-needed funds. Leeds have never fully recovered from the disastrous Peter Ridsdale era and fans' chief Cooper has issued a rallying call to the Light Blue legions to play their part in safeguarding Rangers' biggest assets. He told SportTimes: "Any club worth its salt has to own its stadium and training ground. For a decade and more, Leeds United haven't and that isn't right. "It is difficult for supporters, they value it more than bricks and mortar. "They make an emotional investment in their team and the club and have a link, a tie to the heritage and history, past glories and failures, to the ground, your home. "We have not had that at Leeds United and it is hard for supporters of any other club to fully understand it until it happens to them. "Rangers are a massive, historic club and the idea that they could lose their stadium and training ground and become tenants is, in my opinion, devastating. "It has been so hard for the fans of Leeds United and it will be for Rangers fans if it happens. "We are in a fight to reclaim our identity and our home and I would urge Rangers fans to keep up their fight to hold on to Ibrox and Murray Park." Having seen the board backtrack on plans to consider a legally binding undertaking on Ibrox and again hit out at the aims of Ibrox 1972 Ltd - the vehicle used by the UoF to collect season ticket pledges and backed by Dave King and a host of Light Blue legends - supporters have become increasingly disillusioned with the Gers powerbrokers. The board have repeatedly criticised the UoF proposal that would see the stadium and training complex handed over to fans but LUST chairman Cooper has given the group his firm support. He said: "Supporter involvement in owning any ground, or financing the purchase of a ground, has to be a positive thing. "The club's identity is intrinsically linked with the place it plays its football. "Its history is there, its traditions are there and the hearts and emotions of the supporters are there, and I mean supporters from a hundred years ago and today. "It is fundamentally important that fans try to retain a voice in all aspects of our game and our clubs. "It doesn't belong to the money men, it isn't all about money. "It is about competition, identity, tribalism, recognising something in your club that lives and breathes in yourself. We are losing that. "If the Rangers fans are going to fight to keep ownership of Ibrox and Murray Park then I am sure our 9,000 members would support them all the way."
-
Nacho Novo branded the current situation at Rangers a ‘joke’ as he lent his public backing to Dave King’s plan for boardroom change. The Spanish striker has become the latest former Ibrox player to speak out against the existing regime – following Richard Gough, Lorenzo Amoruso and John Brown. Staggered by the squandering of almost £70 million in the period between May 2012 and December 2013, Novo believes an overhaul is required if Rangers are to be restored as the title-winning club he represented between 2004 and 2010. Anger: Nacho Novo has hit out at the debt and uncertainty dogging his former club Rangers The 35-year-old is supportive of fans withholding season ticket money and hopes to see King eventually assume a position of control at the end of the turmoil. [h=4][/h] The South African-based businessman has stated a willingness to invest around £30million in a new share issue which, if granted, would weaken the current shareholder power base. ‘It’s all very sad – you can see that in the people at the club when you go to the stadium or Murray Park,’ said Novo. ‘It’s sad – in my time everyone was happy, the training ground and stadium were excellent. ‘Now it looks as if it’s been left and is not being looked after. ‘The spirit is not the same either. I’ve been at Murray Park and Ibrox – and there is something missing. The feeling is not there. ‘It is still a massive club and without the fans the club would not exist. ‘Families are struggling for work and don’t have much money to live on yet they will always try and support the club and would normally buy season tickets. Yet they do not know where the money is going. ‘It’s not just that – for me the whole thing is a joke. Anyone who pays money needs to know what they are funding. That’s why I’m 100 per cent behind the fans and Dave King.’ After a compromise briefly appeared to be on the cards last week, relations between the Rangers board and the Union of Fans have plumbed new depths in recent days. The club denied claims it intended to offer any legal guarantees over Ibrox and Murray Park, with the Union of Fans responding by expressing fears the key assets could be in ‘grave danger’. King’s next move is now awaited. He may try and rally support for change among investors, but has so far insisted he has no intention of buying out existing shareholders. ‘I have been supporting King and before him Paul Murray – they are Rangers people and for me I will always side with them,’ said Novo. ‘I will definitely support them and have thought about making this statement before now. ‘I hear people asking all the time – why don’t people put lots of money in? But let’s be honest – why would you put money in now when you don’t have any clue where it is going? The whole thing is a mess. I will support King because he has Rangers’ interest at heart. ‘The only people I really care about in all of this is the fans. They are the ones who have spent their money on Rangers and they are the ones who are told nothing.’ Read more: http://www.dailymail.co.uk/sport/football/article-2634441/The-situation-Rangers-joke-blasts-former-striker-Nacho-Novo-backs-Dave-Kings-plans-struggling-Scottish-giants.html#ixzz32IlO09Vi Follow us: @MailOnline on Twitter | DailyMail on Facebook -
SATURDAY, 17 MAY 2014 19:30[h=2]Club Statement[/h]WRITTEN BY RANGERS FOOTBALL CLUB RANGERS have issued the following statement today: “Representatives of Rangers have met with a number of supporter groups over the past few days and discussed a wide range of topics. We again made it clear during these meetings that the club will not grant security over Ibrox to any organisation and therefore the 'Ibrox 1972' scheme can never achieve its objectives. In addition the club will not accept season ticket applications from third parties such as 'Ibrox 1972' on behalf of supporters. “In some of our discussions with fans, it was indicated that there was a wish for the Board to confirm that our statement of intention not to grant security over Ibrox could become a commitment that would last for 12 months. This has subsequently been discussed by the Board and the Board confirms that it will not be seeking to effect a sale and leaseback or grant security over Ibrox during that period of time. “The Board is rebuilding the Club by ensuring its financial stability and the integrity of its assets. “Whilst the Board is reported to have offered legally binding undertakings during a fan group discussion in relation to Ibrox and Murray Park, this is not the case. The Board is committed to high standards of corporate governance and is comfortable that it has at all times been very clear in providing consistent and unequivocal public comments on this subject. "Season ticket sales have continued at a good pace over the last few days and we appreciate the continued support shown by our loyal fans. "We trust that any supporters who may have been in any doubt about the Board's previous statements regarding Ibrox now have an additional level of comfort and any who may have made, or were considering making, a pledge of their season ticket money to 'Ibrox 1972' are clear that there is no prospect of that group achieving its aims."
-
I believe it's now a distinct possibility that we'll see an "insolvency event" happen this summer given the state of play with season tickets and potential concerns for the security of Ibrox and Murray Park. There are a number of questions this raises, not least of which is - Would this be the first or second insolvency event in the eyes of the SPFL? Would you accept this happening if it meant the parasitic shareholders and board cut and run? What would be Dave King's entry plan/opportunity should it occur? All very emotive stuff I know but I think we have to be realistic and say that it's at least a possibility.
-
http://www.yorkshirepost.co.uk/sport/football/leeds-utd/new-leeds-owners-will-buy-back-elland-road-for-15m-1-6322034 BUYING back Elland Road for around £15m tops the list of priorities for Leeds United’s prospective new owners, the Yorkshire Post has been told. A consortium led by United managing director David Haigh is bidding to buy a 75 per cent stake in the Championship club. The group - which is believed to include Andrew Flowers, the managing director of current shirt sponsors Enterprise Insurance - have signed a share acquisition agreement with GFH Capital, the Dubai-based firm that purchased United from Ken Bates a year ago. Football League approval is now being sought as this buyout would be the second of the club in as many seasons. Providing there are no late hiccups, the Haigh-led consortium is expected to take charge early in the New Year. As revealed in this newspaper yesterday, re-signing former Player of the Year, Max Gradel, in the January transfer window is high on the list of targets for the prospective new owners. However, sources close to Haigh’s group have also made it clear to the Yorkshire Post that buying back Elland Road will be their top priority once at the helm. United’s home was sold to Manchester businessman Jacob Adler for a knockdown £8m price in November, 2004, as mounting debts threatened to drag the club under in its first year outside the Premier League. Ownership passed the following year to Teak Commercial Limited, a firm based in the British Virgin Islands. Included in the initial sale and leaseback deal with Adler - and something retained in the subsequent sale to Teak - was a buyback option that allows the club to purchase the stadium at a set price. That amount rises each October and today stands at £15m. Also subject to a raise of three per cent each October is the rent United pay to Teak, which this year will cost the club £1.4m. Since Elland Road was sold to Adler by the United board that was led by Gerald Krasner, United have paid around £11m in rent. Removing that financial millstone from around United’s neck will, the source close to Haigh’s group insists, be the overriding priority providing the expected takeover goes through early in 2014. Regardless of whether the club’s would-be new owners are successful or not in that quest, United’s tenancy in LS11 is secure thanks to the terms of the 2004 sale and lease-back arrangement - a deal in which the owner of a large asset, such as property, sells it and then immediately buys back from the buyer the right to use the asset under a lease for a fixed term at a pre-arranged rent. In United’s case, that agreement was for a 25-year lease that, once at an end in 2029, can be extended by a further quarter of a century. This means Leeds’ future at Elland Road is safe for at least the next 41 years. Haigh and his fellow would-be investors, however, are well aware that buying back the ground would be the clearest signal yet to supporters that the club is moving in the right direction. If they are successful in that quest, it will be the second time in a generation that United will have bought back their home thanks to improving financial fortunes. The first instance came in 1998 when Peter Ridsdale’s board paid £10m to Leeds City Council for the stadium, which along with the surrounding land had been sold 13 years earlier to the local authority for a quarter of that sum. Crippling debts of around £1.5m had forced the 1985 sale on the club. History then repeated itself in 2004, though by then the sums involved had multiplied dramatically. Krasner’s board had taken over Leeds in March of that year but relegation just a couple of months later hit United very hard. A fire-sale of players such as Alan Smith and Mark Viduka during that summer bought the club respite for a time but by the early months of the 2004-05 campaign it was clear Leeds were still in the financial mire. Debts that had, at one stage, stood north of £100m when the takeover went through had been slashed to around £25m. However, punishing repayments to Jack Petchey, a London-born businessman who had once been chairman of Watford and an Aston Villa shareholder, for a £15m loan taken out by Krasner and his fellow directors when buying the club had started to bite. After negotiations with a number of parties that included Sebastien Sainsbury and local businessman Norman Stubbs floundered, the United board was left with no option but to sell the club’s only two remaining assets of substance - Elland Road and Thorp Arch, the latter’s sale raising £4.2m. Once the two sales were concluded, the remaining debt of £9.2m to Petchey was cleared. United’s financial woes continued, however, and the club was subsequently sold to Bates the following January. At his first press conference, the former Chelsea chairman said: “It is our intention, in the fullness of time, to exercise those options and bring the land and stadium back where they belong.” Scarcity of funds, though, meant those wishes went unfulfilled with a bid to buyback Thorp Arch floundering at the 11th hour in 2009. Similar sentiments about purcahasing Elland Road were expressed by GFH Capital following their December 21 takeover last year but, again, nothing concrete came of the plans.
