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Given all the talk about share issues , proxies , who own what , who has proxies for whom , here is an up to date position , ( stands back to be shot down ) , this is from the Rangers International Football club site on shares , http://www.rangersinternationalfootballclub.com/share-information. Sandy Easdale - owns 2,942,957 , proxies of 14,387,003 . This Includes all of BPH (4,000,000) and Margaritta 's 2,600,000 share holdings . Laxley owns -8,292,957 Artemis -5,749,000 River & Mercantile -4,795,500 Hargreave Hale - 4,601,888 BPH - Proxied to Sandy Easdale -4,000,000 Miton Capital -3,143,857 Mike Ashley_3,000,000 Margaritta ,Proxied to Sandy Easdale ,2,600,000 Cazanoza Capital - No longer shown as having a reportableholding Legal & General -No longer shown as having a reportable holding Dont know what this means exactly Currently, 16.24%+ of the Company’s Ordinary Shares are not in public hands. The Ordinary Shares are freely transferable and no Ordinary Shares are held in treasury. + Does not include the 14,387,003 Ordinary Share (representing 22.1% of the issued share capital of the Company) which Alexander Easdale has voting rights over pursuant to the terms of proxy agreements entered into with other shareholders. Should also point out this was last updated on the official site at the end of Jan 2014

Monday, 28 April 2014 10:30 Past Win Can Help Us Written by Andrew Dickson DAVID BROWNLIE hopes the fact Rangers have so many past winners in their team can help them retain the City of Glasgow Cup against Celtic tonight. The Light Blues will face their biggest rivals for the prestigious old trophy at Parkhead (7pm) as they look to build on four final successes in the last five years. Tickets are still available to season ticket holders only and they can purchase them from the Rangers Ticket Centre up until close of business at 4pm. Defender Brownlie turned out in the most recent final 12 months ago as Gers edged a cracking game 3-2 at Firhill. Played out in a raucous atmosphere in front of 6,500 fans, a Ryan Hardie goal and Junior Ogen’s double won the game for the Murray Park outfit. Both forwards will be involved again this evening along with under-17 skipper Brownlie and a number of other Auchenhowie starlets. There has been nothing between the two teams this season, with each having a 2-1 home win in the Glasgow Cup and also sharing a draw in the league. But where Billy Kirkwood’s team perhaps has an edge is in terms of the fact there are a number in his side who know what it takes to come out on top in the decider. Brownlie said: “In the first game we had a man sent off in the first 10 or 15 minutes when we were 1-0 up and they got a penalty then went on to win 2-1 in the last couple of minutes. “That was a bad one but we had to get on with it but we won the more recent match between us 2-1. “The victory helped us get out of the group stage of the competition plus it gave us a boost as a team ahead of this final. “On the night, it is 11 players against 11 and anything can happen and the fact we’ve got a lot of boys who experienced the final last year in our side can help. “We’ve the likes of Ryan and Junior who scored the goals in the last final plus people such as Michael Mossie and Adam Wilson as well as me. “There are a few in there who know what it takes and what it feels like to play in front of a passionate crowd and to have the composure required to win the game.” Supporters attending tonight's game should note there are car parking facilities in Dalriada St, off Janefield Street, for no charge. Rangers fans should approach Celtic Park from Kinloch Street. http://www.rangers.co.uk/news/academy-news/item/6886-past-win-can-help-us

"The Union of Fans is absolutely appalled by Graham Wallace’s business review and revelations over the weekend regarding Mr Wallace’s alleged behaviour and that of this board. Given the serious nature of the allegations, we expect David Somers, in his role as chairman, to suspend Mr Wallace until these investigations are complete. It is our firm belief that shareholders have been misled. First of all we would like to address the London Stock Exchange statement, and Mr Wallace’s subsequent comments in his press conference, which attempted to lay the blame for the withdrawal of credit and debit card facilities at the door of UoF and Dave King. We are aware that FirstData, the payment processing company, first alerted Mr Wallace to the need for security for these facilities on 23rd January of this year, a full month before Dave King and the Union of Fans spoke about the idea of a season ticket trust. FirstData clearly communicated that this was due to the shocking financial results released in December and Mr Wallace’s attempt on the 16th January, just four working days before FirstData raised the issue, to get the players to take a wage cut. FirstData did not at that time raise any issues with a possible decline in season ticket sales as being a reason for the need for security. Once again we have seen a Rangers board attempt to deflect the blame for their own incompetence onto fans who only want the best for the club. Even more seriously, this is a blatant attempt to mislead shareholders as to the underlying reasons for the club’s inability to provide these facilities. As if this was not bad enough, we now find out that Mr Wallace has been reported to police over his comments at the AGM about the club’s financial position. We have consistently stated that his AGM undertaking that the club had sufficient funds was false and nothing that has happened since has shaken us from that belief. We are not surprised that his consistent refusal to address this issue has led to angry shareholders taking this action and we hope there will be a full and thorough investigation. Mr Wallace’s ‘120 day’ review could have been written by any Rangers fan before Mr Wallace even took up his position. It is full of vague promises for the future which read like a wish list from a fans forum. Whilst much of the content in terms of football progress is certainly desirable, there is a complete lack of any detail as to how this board can achieve it. They have provided no evidence that they can raise the necessary funds to take the club forward and we have no confidence in them to do so. We note Mr Wallace’s criticism of previous boards. James Easdale sat on the previous board from July of last year. Is he now going to be removed for his part in this financial mismanagement? Sandy Easdale became a de facto member of the previous board in September last year and has clearly had unprecedented and unjustifiable access to the PLC’s financial details since. His public statements just prior to the review showed that he has access to information he should not, were share price sensitive and showed the utter lack of corporate governance being enforced by Mr Somers in his role as chairman. It is time for Mr Somers, our absent chairman, to step forward and clear up this mess. He must explain why his CEO, Mr Wallace, misled shareholders. He must suspend Mr Wallace pending the conclusion of police investigations. He must deal with the serious questions over Sandy Easdale’s role and why he is being treated like a privileged PLC board member when he is simply a minority shareholder with undue influence. He should also inform shareholders and fans whether the board as a whole was aware that the reason given to the London Stock Exchange for the need for security to obtain credit and debit card facilities was misleading. He is responsible for the total lack of corporate governance on this board and must act now or his own reputation with be irrevocably damaged. This board is a disgrace to Rangers Football Club and the current members of it are running our club into the ground whilst simultaneously making a mockery of the positions they are privileged to hold." http://www.unionoffans.org/statements/2014/4/27/uof-statement-270414

Another day, another story in the anti-Rangers media designed to damage the club. And yet another collaboration between the Union of Fantasists and a notoriously Rangers-hating outlet. It is obvious that the rebel faction in the Ibrox support is prepared to fight as dirty as it gets after a so-called Rangers fan reported Graham Wallace for statements made at the AGM last December. It is clear that this is just mischief-making and a sordid attempt to tarnish Mr Wallace’s reputation and the board in general. I genuinely think that some of these people will not stop till they have destroyed The Rangers, so all-consuming is their hatred. It has been an open secret for a while that Graham Wallace was their next target. To be fair, I think Wallace himself has been naive about the extent to which the rebels will go. He is certainly under no illusions now. There are many fans who feel this has gone beyond whether or not you are pro or anti the board. The issue now is one of survival. The brutal reality is that Dave King and his supporters are playing a game of brinkmanship, hoping that the pressure of mob rule will force the board to hand over control of the club to them. But Dave King is more aware than anybody that the board have no power to do that. Any suggestion they would take that course of action would trigger the shareholders to junk the board and appoint a new one. In short, King knows he can only win if he is prepared to go all the way and force a second administration, from which the club may not recover. That would be a Pyrrhic victory. In other words, nobody would win except those who hate Rangers so much that they would be prepared to destroy the club. Many fans are anxious that there are those in the King camp prepared to do just that. For me, it’s always been as simple as this – seeing the lengths these people are prepared to go, I oppose them on principle. The board Rangers presently has was appointed by the democratic votes of shareholders. That is the normal and lawful way things are done in this country. To use mob rule to usurp power is indefensible and doomed to failure. The question is not can the rebels win? It is can the club survive their constant attempts to undermine progress? It is not about whether people support the board or not anymore. It is about the survival of Rangers Football Club. This attempt to grab control of Rangers by Bolshevist tactics has split families, destroyed friendships, turned bear upon bear and cheered the enemies of Rangers no end. Rangers fans are being threatened at games and people are being sickened to the point of threatening to stop going to watch the team. Anything this divisive and destructive cannot be a good thing. Behind it all are tycoons who won’t buy shares and blazer chasers who fawn upon them. Rangers fans need to unite and show support, not to the men who sit in the Directors Box or those who want to – but to the club itself. Propagandists have tried to tell us there is a difference between the tean amd the regime. But Rangers supporters need to look beyond that superficial division and understand that supporting The Rangers means you support Rangers Football CLUB. We have learned that the company running Rangers is not the club itself. Therefore, do not let anyone con you into thinking that supporting RFC is backing the board. It’s not the board that need the support, it is Rangers Football Club. If opposing the board results in destroying the club, how does that help anybody except those who hate Rangers? Rangers Football Club was formed in 1872/3. That is the club I support. Noit Dave King and the Union of Fantasists formed a few months ago.

IN THE standard media take on Rangers’ affairs, Graham Wallace is the big, bad bouncer barring entry to the club to Dave King, a man whose deep pockets would ensure everything went with a swing for those inside. Yet, Ibrox chief executive Wallace has tried to create the impression that King will be welcome to join the party. Just not take it over. “We have quantified a range [of investment, the figure being £30 million] where we think the club needs to be looking at in order to be competitive,” said Wallace, as the club published a damning 120-day business review which showed £70m had been haemorrhaged over 18 months. “Right now we don’t have the authority to issue a fresh batch of shares and say to Dave King ‘Here you are… £20m? In you come...’ “What we’ve said is we will go to the shareholders for authority in the autumn and the timing of that is important because it gives us time to demonstrate stability in how we’re running the business from an investor’s perspective. When we do that, the equity offering will be open to existing shareholders, it should probably also be open to fresh investors, including Dave King, and potentially others. There’s no one stopping Dave King or anyone else putting money into the club today other than the regulatory authority the board needs to have. “Dave has said before, there may be 15 per cent of the existing shareholders who may not want to participate further, in which case there’s a significant block of stock that would be available.” Wallace denies the current directors fear their power being diluted by King’s involvement. “When we met with him, when you look at his ambitions and his vision for what he would like the club to be, they’re not dissimilar to what we’re trying to do,” insisted the chief executive. “We want to be competitive, we want to be punching at the top of the Premiership and in order to do that we know the club needs investment.” Rangers supporters find themselves in an horribly invidious position. They are understandably contemptuous of the current board for the cash burn and calamitous contracts that Wallace excoriated in his review. However, through a gushing press for King, the only alternative being presented is a man who mismanaged his own financial affairs so profoundly he had to repay more than £40m to the South African tax authorities and lodge certain payments to 
prevent his convictions landing him in prison. “A wide cross-section of the fan base is looking for some form of guidance, some form of reassurance as to how their club has been run,” Wallace said. “I hope as they look at this review that they get a sense of where it’s been, where it is now, and more importantly where it can go. “People are worried about putting their money into the club and three months later it not to be there and they’ve lost their £400. I completely understand that, and I’ve been repeatedly asked if the club is under threat of another administration and I’ve said the same thing every time – no, it’s not. “The point about the fans is, yes, there’s a desire on behalf of a segment of the fanbase to support someone like Dave King, who’s offering up – on paper, at least – a potentially significant amount of money to invest in the club. I understand that. “We’re giving the assurance that if the fans continue to back the club in the way they have, then there is no threat to the financial stability of this business. That’s the single most important thing. If fans are really concerned about the financial health of their club, if they give us the support by behaving as they have done and renewing their [season] tickets, then we’re in a very very strong position.” That is tantamount to the emotional blackmail the supporters’ coalition the Union of Fans has railed against. Wallace might not be so tainted in the eyes of the wider support, and might have been perceived more as a figure to trust by them, were it not for the £1.5m loan at exorbitant rates the club required only months after he stated such an injection would not be needed to keep the club afloat. The chief executive now accepts his credibility was damaged. “It was an issue, yes. I responded to a question at the AGM about [whether there] ‘is sufficient cash to continue to trade in the near term’ and I said there was. That was an honest answer made on the assessment of what was available at the time. As we’ve gone through the review, there were certain assumptions made in the business plan which, when we went to push the button on them, we found they didn’t exist. So yes, we got to a position where we had to look at an alternative strategy for a very short, defined period of time. So yes, our credibility was questioned. “Subsequent to putting the deal in place there were offers of similar amounts at vastly reduced monies. I think we’re in a better place now.” A huge measure of sensible husbandry is required at Rangers, but with Wallace stating manager Ally McCoist’s playing budget for the Championship will be “comparable” to the indefensible £6m with which the club have bulldozed their way through two part-time lower divisions, questions can be asked about lessons learned. Perhaps in one sense they have been. Rangers announced in their review that they will appoint a chief football operations officer, essentially a director of football, who will “concentrate initially on developing player talent identification, scouting and recruitment capability”. In the past two years, Rangers have certainly been guilty of having a flawed recruitment strategy that has been the largest consistent drain on their revenue and resources. “In terms of building this club to be competitive back at the top level, the level of infrastructure is not there,” said Wallace. “So scouting, recruitment, talent identification, managing and driving value from sourcing players [needs to be addressed]. Bringing players in here, if they’re good enough to play for us great but if they’re not then they might do a season and move along and get some value. “We’ve no one looking at that. That’s what I see this particular role focusing on. It’s very much a support role for me, for the manager, at an overall level. The hunt for this person begins now and it’s about getting the right person, with the right skill set and the right experience. I’d hope over the course of the coming months to have someone.” Wallace maintains this new appointment did not reflect on McCoist’s job security. “I have never even had a thought about the manager’s future. We speak every day and meet two or three times a week. “He’s obviously interested in the financial budget. We’ve talked about it. He knows we’re going to make funds available for the summer. He doesn’t know the magnitude, the number. We will sit down and agree that.” http://www.scotsman.com/sport/football/spfl-lower-divisions/rangers-open-the-door-to-dave-king-1-3390262

I’m going to start this blog with a warning – We must ensure, for the future of our club, that we do not repeat the mistakes of the past. I say that because it is important we focus on the facts and not the personalities involved. There is a considerable amount of information circulating at the moment and it’s vital we scrutinise it in a totally objective manner. Not only because it is the right thing to do – but because the future of our club may depend on our ability to sort the wheat from the chaff. The Union of Fans only have themselves to blame to an extent, that their anti-board message has not been widely accepted by all. Their insistence on being so deliberately confrontational with our current board, as well as their sometimes puerile rhetoric, may go down well with those already in their camp but it doesn’t necessarily resonate with all the support. As I’ve written previously, when the man you are openly supporting suggests some are “looking for a fight” it’s surely worthy of re-assessing how you are coming across to people. It’s a real pity the debate has become so polarised. There is almost a sense that you are either pro or anti-board. I’m aware of a supporter yesterday who was threatened for refusing to chant “sack the board”. – a sad indication of the state of play. The reality of course is that for every pro or anti board supporter there are probably many more of us who are utterly confused, worried and trying to get to grips with facts amongst a deluge of propaganda. It’s important that those in our support who are against Dave King, for whatever reason, still realise they have a responsibility in holding the current board to account, and reticence of the possible alternative does not mean we ignore unacceptable standards from those currently in power. And just why should our current board be viewed with suspicion and be subject to challenge ? Well for starters we have employed a new PR Guru. Such an appointment baffled many within our support, particularly with the crying need for a chief scout. One is left to ponder what our board’s priorities are for our club. We have a non-executive director, Sandy Easdale giving interviews to the BBC where he suggests intimate knowledge of financial matters pertaining to the club. This should raise serious questions about the level of governance at boardroom level. From the CEO’s review we have learned that contracts were signed off by the previous board without any legal representation on behalf of the club. Quite simply that is nothing short of scandalous. Do the current board intend to investigate these matters and retrospectively pursue those responsible ? As many us are learning to our angst, the ability to renew season tickets by Credit or Debit Card is no longer available due to the merchant, 1st Data, requiring what is viewed as an unreasonable level of security for such a privilege. The CEO’s review states : “The Board believes that one of the major factors influencing the merchant acquirer to change its terms was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets. “ The Union of Fans have denied this and their denials have been supported by a National newspaper which claims it has viewed correspondence which suggests this is not the reason for the increased levels of guarantee. The ball is now in the board’s court. The integrity and veracity of both the board and the review has been challenged by a national newspaper – it is up to the board to instruct 1st Data to clarify the reasons behind the additional security requests. Quite simply if the board fail to take action over such a critical point then they have failed both themselves and the Rangers supporters who were patient enough to wait for the 120 day review. We must not let personal feelings or personal dislikes affect our ability to exercise vigilance or judgement. It’s a luxury not only we cannot afford, but more importantly, our club cannot afford.

... from Ibrox Noise. I know quite a few will jump in here and there, but maybe it would do good to read the article twice before go haring after specific things. Posted by Ibrox Noise at 10:26 It will come of no surprise that I agree with a lot IN has to say, including that I don't view the current status quo as ideal.

http://www.dailyrecord.co.uk/sport/football/football-news/police-probe-launched-after-rangers-3464370 Forgive me, but I think things have just taken a particularly unedifying turn for the worse.

In response to a number of threads which kinda veer into polarised positions, I'd like to set out why I think the running of our club is in the wrong hands at present. I avoid calling them 'the board' because it's hard to remember who is actually on which board at the moment, who is responsible for what and who gets to lock the safe, so to speak. That in itself is a criticism of those at the top & I haven't even started! The two people who are most often seen & heard as our main people are Sandy Easdale & Graham Wallace. To begin with Mr Easdale: he's had a struggle to be accepted, since he came with baggage. I would be the last person to insist that to be a Rangers fan or official you need to sign up to the whole manifesto of beliefs. But when it comes to blazers, I do feel that 'not having been to jail to VAT fraud' is a broadly non-controversial opening qualification. This raises the philosophical debate about whether jail is for punishment or rehabilitation: as a lapsed socialist I see it more as the first than the second, since those who are there tend to have harmed society and, bluntly, society deserves to get a kick back. Even, however, if you lean toward rehabilitation, does Mr Easdale strike you as rehabilitated? The world of West Scotland's bus garages may not sound like the sort of place to find Sonny Corleone tied to a chair, but neither is it a clear, visible symbol of someone having learnt a hard lesson and overtly trying to do better. You could liken it to a pimp who is jailed, does his time and buys a strip club; not criminal, but not much use in persuading folk you are a reformed character. All this is speculation and could - who knows? - be most unfair on Mr Easdale. Nevertheless image counts and his image, which is now tied to our club, is not a good one. Coming with such baggage, he would have had a hard fight to get some fans, maybe puritan ones, onside in any event, but he has decided that steady, unobtrusive work with tangible results is not the way to go and plumped for issuing legal threats to fans, questioning the loyalty of fans, and blaming fans for the club's problems. Whether you agree with the man that he was being impugned unfairly, threatening Rangers fans while ignoring the libelous attacks of fans' of every other team in Scotland is, bluntly, an insane policy if the aim is to promote yourself as a trustworthy figure. The lack of the ability to think a situation through and deal with it is dismaying; when the UoF or Sos were at Murray Park last week for a photo-opportunity it showed how anyone with any sense ought to have dealt with it. His remarkable access to ST sales figures and the financial status of a plc of which he is not a board member could, you might argue, point to a searingly sharp analytical business mind. Graham Wallace certainly made it clear that Mr Easdale was speaking in a personal capacity as shareholder last Thursday; I wonder if every shareholder, should they chap Mr Wallace's door, would receive such detailed information as Mr Easdale apparently gets? Mr Wallace, Mr Wallace. His deflection of Mr Easdale's blatant presence as eminence grise didn't do much for his credibility either, which was a shame because he at least of all the players who have high-kicked their way across our stage in the last two seasons seemed to come without baggage and with, it seemed, the tools to get the job done. He didn't have to lay out his credentials, they were there to see. However, trying to sell the most obvious of nutmegs over Mr Easdale's position did not leave him looking very sharp and counts against him. If it has been disappointing to see him bullshit us over Mr Easdale's interview. It has been doubly disappointing to find out, a day after the event, that far from Rangers credit facility being withdrawn due to the actions of fans or agitators, it was withdrawn because credit companies see us as a bad risk. I'd urge you to consider for a moment that credit firms - the leeches, the parasites, who cause so much suffering by lobbing bales of cash at people in no state to repay them - even these people don't want to touch us. This is not, in my book, an achievement which goes down in Mr Wallace's 'debit' account and, although it cannot be exclusively laid at his door as 'his fault', his dealing with it has been pitiful and serves only to erode both trust and credibility. His legal case seems a little vindictive; frankly there are deals and tranches of missing money more deserving of investigation. I think Mr Wallace dealt well with the media following the 139 Day Fantasy press conference last Friday, and in an ideal world he could probably do the decent job we all hoped he would. But you have to assume he sanctioned or was at least asked about hiring Paul Tyrell a day before he announced job losses; on the one hand we know we have to cut costs, on the other cutting them to pay someone to defend he and the rest of The Keystone Kops seems grotesque. You have to assume he is going to take a bonus unless more pressure is brought to bear, since he declined to answer questions on the subject and that seems grotesque; you have to assume he was aware that it was not fan issues which led to the credit situation described above but decided to blame them anyway. That's a lot of assuming, but since Mr Wallace won't answer the questions what else can I do but assume? So my view of the 'current lot' is one person with a dreadful reputation and image who constantly engages in battle with the people he then asks for money and trust from; and another person who is either massively out of his depth or finds clarity and transparence subtle concepts to be moulded as needed. Neither inspire any confidence in me, not because I desire Dave King and his millions to bail us out, nor because I have a reflex condition which means anyone in office is immediately a crook. There's no doubt we're heading for complete division as a fan base between those who back the board (beyond belief in my view but it's a free country) and those who perceive that the malaise lies at the boardroom door(s) and until they are cleaned out we're going nowhere. As a lonely handwringer these many years I am not especially freaked about splits in the support: but it's going to be sad to see nonetheless. Anyhoo, that's how things look from here.

According to STV the review will be published to LSE today as planned. Please ensure all discussion takes place in this thread where appropriate. Full review for download here: http://t.co/HNRfyvKDAe

Thread on FF saying Sandy has passed away! So so sad if true Been confirmed by Mark Dingwall on FF RIP Sandy, a true Rangers legend.

How many non playing staff do we have?

To view this email online, click HERE IF YOU HAVE ALREADY CANCELLED YOUR SEASON TICKET OR HAVE ALREADY RENEWED, PLEASE IGNORE THIS COMMUNICATION. Dear Bearger, Rangers FC would like to notify all supporters that from today, Friday 25 April, it has withdrawn the option to use credit or debit card payments for season ticket purchasers. Following today’s Business Review announcement which is available on the Rangers website here, we are contacting all season ticket holders to update them on the options available in order for them to renew their season ticket. Continued negative external comment and campaigns have created significant operating difficulties and has been threatening the Club’s orderly and progressive recovery. A current example of the difficulty being faced by the Club, and which will regrettably impact upon supporters, is that for next season supporters will now be unable to pay for their season tickets by credit or debit card. The Club’s merchant acquirer, which processes credit and debit card transactions, has advised that it would require extensive security, including a charge over Ibrox Stadium and an insurance policy at considerable cost to the Club, to protect itself against any potential liability arising from passing on monies from season ticket purchases ahead of next season’s matches. One of the major factors influencing this decision was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets. As previously stated, the Board will not grant security over Ibrox and therefore has regrettably decided that for the current season ticket renewal process it will proceed with direct payment only to the Club by way of bank transfer, cash or cheque payment. Any supporters who are on the automatic renewal scheme will not have their tickets renewed automatically and will also require to renew their seats individually. The Club recognises that this will inconvenience a significant number of supporters, however in the Board’s opinion, the demands placed upon the Club by the merchant acquirer are not in the best interests of Rangers. Please note however that whilst credit card and debit cards cannot be used to pay for season tickets, the continuous credit card schemes remain unaffected. To assist supporters at this time, the Club is extending the season ticket renewal window until Friday 16 May, to give every supporter sufficient time to renew their season ticket. Please note that if you do not submit payment by the revised renewal deadline, the Club reserves the right to release your seat for general sale. PAYMENT OPTIONS OPTION 1 – in full by bank transfer, cheque or cash. Bank Transfer – For UK payments please use the following account details: Metro Bank, One Southampton Row, London, WC1B 5HA, Account Name: Rangers FC - Direct Ticket A/C, Sort Code: 23-05-80, Account Number: 14222855. For all overseas payments please use the following account details: Metro Bank, One Southampton Row, London, WC1B 5HA, Account Name: Rangers FC - Direct Ticket A/C, SWIFT/BIC: MYMBGB2L or IBAN: GB86MYMB23058014222855. IMPORTANT INFORMATION – if you select to pay by Bank Transfer you MUST only pay for one season ticket at a time and ensure that you use your correct 9 digit Rangers Number along with your seat details with a space in between as payee reference in order for your season ticket renewal to be processed. Your individual payee reference would therefore be 500545595 BR3AA84 Cheque – write cheque guarantee card number, expiry date, RANGERS NUMBER and seat details on reverse and make payable to The Rangers Football Club Ltd. If returning by post, please send to Rangers TICKET CENTRE, Ibrox Stadium, 150 Edmiston Drive, Glasgow, G51 2XD. Cash – only in person at Rangers ticket centre. OPTION 2 – Zebra Finance by 4 or 10 monthly instalments Renew online from Thursday 1 May at http://www.rangers.co.uk/renew, download a renewal form or request a form from Rangers Ticket Centre. If you have any queries regarding the change in payment methods, please contact Rangers Ticket Centre or email ticketcentre@rangers.co.uk Thank you for your continued support RANGERS FOOTBALL CLUB Rangers.co.uk To unsubscribe, please follow this link: Unsubscribe The Rangers Football Club Ltd, registered in Scotland with number SC425159 registered office Ibrox Stadium, 150 Edmiston Drive, Glasgow, G51 2XD

RANGERS chief executive Graham Wallace has insisted that major shareholder Sandy Easdale was not speaking for the Ibrox club when he cast serious doubt on their financial position and repeated his own assertion there is “no threat” of a second administration. Easdale, who controls more than 26 per cent of the shares in Rangers, described the club’s situation as “fragile” in a BBC Scotland interview ahead of Wallace’s publication yesterday of his business review and strategic plan for the League 1 champions. The long-awaited document painted a damning picture of Rangers’ operations since its business and assets were *purchased by Charles Green’s consortium in May 2012 following the descent into administration and liquidation under Craig Whyte’s ruinous tenure. Despite raising £70.7 million through a share issue, season ticket sales and commercial income between that date and December 2013, only £3.5m was left at the end of last year. Wallace’s review admits the club “mismanaged almost all of its cash reserves following administration” and that a “perfect opportunity to rebuild Rangers has been completely missed”. Wallace has now set out a strategy which will require capital funding of up to £30m over the next three years and which he believes can culminate in Rangers winning the Premiership title in 2017 and qualifyingfor the Champions League. The club intend to have another share issue later this year to raise cash, but their immediate financial position is dependent on the sale of season tickets against the backdrop of former director Dave King’s call for supporters to instead place their renewal money in a trust fund. But, although Wallace *admitted poor season ticket sales would have an impact on the club’s financial operations, he distanced himself from Sandy Easdale’s bleak assessment and the possibility of a second *administration at Ibrox. “Sandy Easdale’s comments were made by him in his *capacity as a shareholder,” said Wallace. “He’s not a director of the PLC board, so they were not made in a capacity in respect of the PLC company. “I’ve gone on record before to say there would be no threat of administration and my position today is exactly the same. There is no change to my view based on the club’s current position and our future projections. “Sandy Easdale wasn’t put out to comment by the club. “He made them as a shareholder. You would have to speak to him directly to ask the context in which he made those comments. “If you are asking me if ‘administration II’ is a possibility, then I’m saying categorically ‘No’. There would need to be a significant reduction in season ticket renewals to present a major problem to the club.” Wallace denied that the current level of season ticket sales was as much as 9,000 down on the same period last year. But the situation has been further complicated by the withdrawal of credit and debit card services to pay for season tickets after the company who processed them for the club *demanded security over Ibrox Stadium to protect itself against any potential liabilities. Rangers turned down that *request and supporters will now only be able to purchase season tickets by bank transfer, cash or cheque payment. “We have extended the season ticket renewal window through to 16 May and we will monitor the progress of the fans renewing over the coming weeks and assess it,” added Wallace. “There is no sense of panic – no sense of panic at all. Season ticket sales have been slow and I don’t think that’s surprising. A lot of people have been waiting to see what we were going to see coming out of the review, a sense of comfort and security that if they put their money in, the company is still going to survive, but also a sense of ambition in terms of where we want to take the club. “We’ve never said that we would look to run this club on a limited cost basis. What we did say was that we would look at every pound we were spending and ask ourselves if we were spending it in the right areas. I think we’ve been true to that. “So what we’re setting out is a summary of the position as it was, an assessment of where we are today but, more importantly, a vision of where we want to take the club over the next three to five years. We’ve spent a *decent amount of time on a proper robust business plan. “I said at the time of the AGM that there was no point in going out and looking to raise funds if you haven’t got a robust plan that sits behind that. “So that’s what we’ve done and I very much hope that the Rangers fans will look at what we’ve said and support us with a sense of comfort that we’re running the club in the right way, that we have a sense of ambition and that their aspirations for a successful team on the field is equally matched by those of us in the boardroom who are *trying to grow and develop the club.” What Wallace described as a “small number” of staff will be made redundant as a result of the review findings. He also outlined plans for two new major roles at the club – a chief football operations officer, responsible for player talent identification, scouting and recruitment, and a chief commercial officer tasked with maximizing club revenues. http://www.scotsman.com/sport/football/spfl-lower-divisions/wallace-at-odds-with-easdale-over-rangers-finance-1-3389705

Reports he is gone, just about to be sacked. Stories in most English papers and all over twitter. http://www.dailymail.co.uk/sport/football/article-2609419/David-Moyes-sacked-Manchester-United-lose-patience-following-Premier-League-failure.html

http://www.bbc.co.uk/sport/0/scotland/27165564 Graham Wallace's 120-day business review provides a snapshot of Rangers' potential future. The challenge for the chief executive and his fellow directors is guiding the club to that point. There is detail in the document , certainly, and some commitments to act in the months ahead. How supporters react will determine the extent of the difficulties that Wallace will face, though, which means that trust is as much of a critical commodity as finance. Both have been in short supply in recent months. The review is a mixture of regret and hope. The amount of money that was squandered after the launch of Rangers International Football Club on the Alternative Investment Market is startling, and blame is placed firmly on previous executives, and by extension the directors who oversaw them. That analysis is accurate, but does not also take into account the fact that the appointments of previous and current directors were all sanctioned by the same group of aligned shareholders. Rangers' power structure is ultimately gathered around those shareholders who granted their voting proxies to Sandy Easdale, himself the holder of a smaller shareholding, ahead of the annual general meeting last December. It is only change at shareholder level that will alter the power structure. Wallace arrived as an independent figure, but he is now inextricably linked with events at Ibrox. His credibility as chief executive relied, to some extent at least, on the contents of the review, but also now on his ability to deliver it, the accuracy of its contents and his judgement in recent months. Easdale has expressed concern about Rangers' finances The latter is already in question following revelations that the club were informed last January, several weeks before any talk was raised of a season ticket boycott, that accepting credit card payments would require security being granted. This was because of the accounts, and Wallace's suggestion that the playing staff might accept a pay cut, rather than any fan initiative, yet the review - which was delivered to the stock exchange - states otherwise. With season ticket renewals "slow" according to Easdale - and believed to be significantly less than they were at this stage in the process last year - it would seem that Rangers fans were waiting to be convinced by Wallace. It did not help, for instance, that he said at the AGM that there was enough cash in the bank to sustain the business until the end of the season, only for the board to then seek a £1.5m loan from Easdale and George Letham (who offered better terms than those initially offered by the single largest shareholder, Laxey Partners) in February. It was also a crass juxtaposition for Wallace, following the release of the review, to fail to deny the bonus arrangements in his contract while at the same time revealing that there would be a "small number" of redundancies amongst the non-playing staff. This also followed the appointment of Paul Tyrrell, the former director of communications at Manchester City, Liverpool and Everton, in a consultancy role in the immediate run-up to the publication of the review. Wallace has, at times, seemed unable to negotiate the political intricacies of his position. It would have exasperated him, for instance, that the day before the review launch, Easdale gave an interview in which he described the club as being in a "fragile " position and suggested that it would not survive an insolvency event. He was revealing information sensitive to the RIFC share price, but isn't a plc director, in contravention of stock market rules. Wallace insisted that administration was not discussed during the 120-day review, but the message in the review is clear that if season ticket sales fall substantially, then the business will be unable to trade. It seems inconceivable that if insolvency is a possibility then it hasn't been discussed. The same message is contained in the revelation that Rangers cannot accept credit or debit card transactions for season ticket sales because the merchant provider was seeking security, which is likely to reflect a threat of insolvency should season ticket sales fall. This is a consequence of past recklessness, since supporters have lost faith in those running the club. It will only irk them further to read assessments in the review that £2m was spent on stadium wifi, LED displays and jumbo screens which were "non-essential"; that players were signed last summer that executives should have known the club could not afford. There were promises of optimism, in assertions that Ally McCoist will be given funds to spend over future transfer windows in a "more structured and planned" signing policy and that a three-year plan has been drawn up to deliver the Scottish Premiership title. Former Rangers director Dave King Fans will also like the notion of a chief football operations officer, an academy fund and commercial developments. Wallace's position as chief executive will rest on his ability to deliver these, though, as well as persuading the fans to renew their season tickets to such an extent that there is an overall uplift in sales. So what does the future hold? In part, that is dependent on how much money is left, and whether or not immediate costs can be met in the meantime. For now, there remain a number of scenarios. Should there be a shortfall in renewals, the intention is to hold a pre-emptive share offer, of up to 43,400,000 shares, to existing stakeholders. This would likely be at a discounted market price - and the share price fell by 15% to 22p following the review - and so would only raise up to around £9.5m. There is a further intention to seek the approval of shareholders in autumn 2014 for a new rights issue, to raise equity for investment. This would, again, be a pre-emptive offer, allowing current shareholders first refusal on a pro-rata basis to protect the size of their stake, but unsold shares, commonly known as the rump, are normally then offered to non-shareholders. This is where Dave King, the former Ibrox director, could make a move. There are other options for King, and he could in theory potentially acquire the right from existing shareholders to take up their allocation from a share issue. As with the Union of Fans, King chose to keep his counsel following the publication of the review, out of respect to the family of the late Sandy Jardine, the former Rangers defender who died on Thursday. South African-based businessman King now at least has options, as he looks to implement his strategy to invest in the club. King has publicly asserted that he wants to invest up to £30m in the club, if needs be, but that would be on the basis that he also gains control of how that investment is utilised. In the end, it came down to several thousand words, some reflection back and some casting forward. The review emphasises that Rangers are in a potentially dire financial position, and signalled what attempts might be made to address this. Can Wallace deliver? Will supporters buy into it? And what will King do now? The following days will be more revealing than the review itself.

Full interview here: http://www.bbc.co.uk/sport/0/football/27142340

#Rangers Union of Fans statement in response to comments made by Sandy Easdale today: “We note Sandy Easdale’s comments to the BBC today and would like to clarify some matters for him. Firstly, his attempt to blackmail the supporters is both transparent and expected. The financial position of the club is not down to lack of support or loyalty from any of our fans, it is down to two years of mismanagement and the squandering of huge sums of money, which Mr Easdale has been a part of for the past 7 months. Mr Easdale, despite his apparently intimate knowledge of the PLC’s financial position, was unwilling to provide the club with a loan without taking security on it. He now urges fans, who are completely in the dark regarding this board’s ability to take the club forward, to put their money in to sustain the current regime, fronted by him, on behalf of nameless, faceless shareholders of BPH and Margarita. We would like to know why Mr Easdale is being pushed out to speak on behalf of a PLC board he is not part of. Mr Easdale’s comments about the financial position of the club are share price sensitive, as are his comments about possible administration. These comments directly contradict those of the CEO, Graham Wallace, who is on record as saying that a second administration is not a possibility. Why is the PLC board allowing Mr Easdale to make these comments on their behalf and why does he have access to such information in any case when he is not a director of the PLC? Once again huge question marks are raised over corporate governance at Rangers by Mr Easdale’s role at the club, which has never been clarified. We would also like to state that we will not be lectured by a Greenock Morton fan on loyalty to Rangers. We have fans in our ranks who have had season tickets for over 20 years and have contributed more to Rangers over the years than Mr Easdale ever will. It is a measure of the distrust and complete disillusionment with this board that people who have devoted most of their lives to following Rangers have already cancelled their season tickets. Perhaps, rather than meaningless sound bites, veiled digs at those opposing Mr Easdale’s regime and unfulfilled promises about investment, Mr Easdale would be better clarifying what his position at the club actually entails and why he has access to sensitive PLC information when he has been unable, despite trying, to get himself onto that board. Perhaps he could also tell us what has happened to the investment he said was lined up for the club prior to the AGM in December? Did it ever actually exist? Maybe he could also clarify why Jack Irvine is still attempting to brief journalists on Rangers’ stories? Is it on Mr Easdale’s behalf? The board have stated that he has been removed and we are not aware of any previous philanthropic work carried out by Mr Irvine on behalf of Rangers. Finally we would question why Graham Wallace has just recruited another highly paid, PR spin doctor, Paul Tyrell, to replace Jack Irvine when the club does not even have a Chief Scout. We have moved from a PR man who disgracefully denigrated club legend, John Greig, to one who likened his own fans to the Khmer Rouge when at Liverpool. It is interesting that this new spin doctor arrives a week after Mr Wallace refused to clarify the position with his 100% bonus, and the suspicion is that this is another appointment to help the board rather than the club itself.”

" The Union of Fans had planned a large scale protest display and leafleting at the game on Saturday. This will now be cancelled following the sad passing away of Sandy Jardine. We hope that Saturday will now be solely about honouring a fantastic servant of Rangers Football Club. "

Rangers manager Ally McCoist has admitted major shareholder Sandy Easdale’s description of the Ibrox club’s finances as “fragile” is a significant concern ahead of today’s publication of a 120-day business review. Rangers manager Ally McCoist has admitted major shareholder Sandy Easdale’s description of the Ibrox club’s finances as “fragile” is a significant concern ahead of today’s publication of a 120-day business review. McCoist was visibly taken aback when he heard Easdale had already given an interview to BBC Scotland yesterday, ahead of the manager’s own press 
commitments before tomorrow’s final home league of the season against Stranraer. Although Rangers will be presented with the League 1 championship trophy after the game, it is today’s long-awaited business review, prepared by chief executive Graham Wallace, that dominates the agenda at Ibrox. Staff at the club are anxiously awaiting the outcome of the review and whether it will impact on their jobs amid fears of further cost-cutting. McCoist said that the welfare of employees was of paramount concern. “Nothing’s changed in my opinion with regards the livelihoods of the staff,” he said. “That’s arguably the most important thing. Obviously the future and health of the club is of vital importance, but without doubt the people within the football club and their livelihoods are extremely important.” Easdale, who is also chairman of the club’s football board, yesterday admitted Rangers were “at a crossroads”. The businessman urged supporters to keep buying season tickets. The most recent set of interim accounts published by the Ibrox club saw accountants Deloitte note that “the company has made key assumptions in relation to the timing of season ticket monies”, adding that uncertainty over the receipt of season ticket income indicated “the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern”. Compromising the club’s plans is a strategy of some fans, backed by former Ibrox director and potential investor Dave King, to withhold season ticket money in a fund. The sum will only be released when certain conditions are met by the board. Season-ticket sales to date were described as “slow” by Easdale. Also concerning for McCoist was the major shareholder’s sopinion Rangers could not survive another administration. “In 140 years, the club’s gone into administration once,” said Easdale. “I don’t think it would survive a second one. So I would ask every loyal Rangers fan – and I pick my words correctly in saying ‘loyal Rangers fan’ – supports the club at this time and gives it a chance.” It was this kind of rhetoric McCoist admitted was troubling, although he had not yet been fully briefed on Easdale’s comments. “He told the BBC that?” asked McCoist. “That’s news to me. I wouldn’t react to it until I had time to digest it to be honest. But if that’s what he’s said then that would be a little bit concerning.” The manager, who had a series of meetings yesterday with club hierarchy, was cautious when asked to comment on what he expected would be the contents of the review. “I would be hopeful of non-negative news,” he said. “We will react accordingly to the news we get. I don’t want to pre-empt this. There is no point in guessing what might or might not happen.” Earlier in the day Easdale had admitted he was uncertain what the future held for Rangers. “At the end of the day, the club is at a crossroads at the moment and a fragile position,” he said. “It can either go forward with a strategic view, with a long-term view, steady as she goes, or be pulled apart in other directions.” The bus tycoon also outlined his concern over season ticket renewals. He said: “I don’t actually know the figures but I think there are a couple of situations there; we’re a couple of weeks early. People are waiting for a report. At this moment in time, ticket sales are slow.” McCoist, meanwhile, is braced for being told there are limited funds with which to strengthen his current squad, who have gone through the current league season unbeaten. He said that being challenged to win the Championship title next season with an equal or even lesser budget would “go with the territory” of being Rangers manager in the current times. “It’s not a concern because I accept it,” he shrugged. “Whether I like it or think it’s right or wrong is immaterial – I accept it. It goes with the territory and I’ll have to handle that. “The budget has dropped in the region of 70 per cent of two or three years ago and it’s dropped again this year from last year. But what everyone needs to realise is that I don’t set the budget. I didn’t give the new players their wages, I had nothing to do with that, that was the previous regime, so you’d have to ask any questions relating to that to them. I was only working within the parameters that were given to me. I wasn’t the one who offered them x amount of thousand pounds a week. That wasn’t my gig. I just wanted to play them and thankfully I got the players.” McCoist is relieved that at least his options, if he has any, will become clearer by the end of today when it comes to the matter of signing players. The club have been linked with moves for Motherwell defender Shaun Hutchinson and St Mirren midfielder Kenny McLean, as well as Gavin Gunning and Kris Boyd, of Dundee United and Kilmarnock respectively. More crucial, McCoist pointed out, is the need to sort out the futures of players nearing the end of their contracts. “I’ve still only spoken to two players but in the crazy situation we are in, I haven’t been able to offer them anything,” he revealed. “If I get the go-ahead we would be interested in talking to them. “That’s all I can say to them,” he added. “It’s anything but ideal. My priority is to speak to the guys here at the club first. That’s the very least they deserve.” The Union of Fans, a coalition of Rangers supporters, issued a statement last night hitting back at Easdale’s comments. It said: “The financial position of the club is not down to lack of support or loyalty from any of our fans, it is down to two years of mismanagement and the squandering of huge sums of money. “We would like to know why Mr Easdale is being pushed out to speak on behalf of a PLC board he is not part of. Mr *Easdale’s comments about the financial position of the club are share-price sensitive, as are his comments about possible *administration. “These comments directly contradict those of the CEO, Graham Wallace, who is on record as saying that a second administration is not a possibility. “Once again huge question marks are raised over corporate governance at Rangers by Mr Easdale’s role at the club, which has never been clarified.” http://www.scotsman.com/sport/football/spfl-lower-divisions/mccoist-frets-over-fragile-rangers-1-3388199

Rangers are also understood to be on the verge of appointing Paul Tyrrell, the former director of communications at Manchester City, Liverpool and Everton, in a consultancy role. This from Richard Wilson BBC. http://www.bbc.co.uk/sport/0/scotland/27134948 During his time at Anfield, Tyrrell was alleged to have written a report comparing some Liverpool supporter groups to Cambodia's Khmer Rouge.

RECORD SPORT can reveal the league’s top brass have ordered an urgent investigation into an alleged rule breach in Killie's 3-0 defeat to Celtic at Rugby Park last month. KILMARNOCK could be plunged into crisis with the SPFL set to probe a claim that a staff member forged a player’s signature in order to play him against Celtic. Record Sport can reveal the league’s top brass have ordered an urgent investigation into the alleged rule breach which relates to the champions’ 3-0 win at Rugby Park last month. And, if 
found guilty, Killie could be hammered with a range of sanctions including a possible points deduction which could condemn Allan Johnston’s team to a nerve shredding relegation play-off. It could also provide a Premiership lifeline to 
St Mirren, Ross County, Hibs and Partick Thistle and save them from going down. SPFL chief executive Neil Doncaster refused to comment last night when Record Sport contacted him about the dramatic developments. But we can confirm Doncaster has been briefed about the accusations of 
foul play and has personally ordered a 
full-scale inquiry. The SPFL have not yet established which player is at the centre of the allegations. It’s understood 
the SPFL probe will 
consider a claim that a Kilmarnock office worker witnessed another staff member forging the player’s signature in the lead up to a game against Celtic last month that the champions won 3-0. It is alleged that 
the SPFL contacted Kilmarnock to alert them to the fact that a player’s signature was missing from a page of paperwork and that, unless it was submitted, the player could not be registered in time for the game in question. It’s then claimed 
the missing signature was added but not by the player. And – if this accusation is proven to be correct – then Kilmarnock could face the prospect of a points penalty which would almost certainly tip Johnston’s team into the dreaded play-offs. The SPFL’s rule book demands that member clubs act in the utmost good faith at all times. But Doncaster’s team will also investigate whether a more specific rule break, relating to registration of player’s regulation 72 which states: “Any Club which, in the opinion of the Board, unfairly traffics or deals in the Registration of any Player or otherwise abuses in any way the Registration, transfer, or Compensation systems shall be dealt with as the Board may determine.” A source told us: “A wide range of sanctions, ranging from a slap on the wrist to expulsion, would be open to the SPFL board if these allegations are found to be true. But in this instance a points deduction would be 
one of the more likely outcomes. “Points deductions would normally be considered if a club played an ineligible player – even if it was simply down to an honest mistake with paperwork. “But in this case, it could be argued that the club not only fielded an ineligible player but also that a deliberate attempt was made to deceive the SPFL office bearers. If that were to be the case then it would be treated as a very serious matter.” It’s understood the complaint was also made to club chairman Michael Johnston who pledged to carry out an internal investigation. Record Sport attempted to contact a spokesperson for Kilmarnock but no-one from the club was available to comment. http://www.dailyrecord.co.uk/sport/football/football-news/kilmarnock-scottish-professional-football-league-3449000

Rangers chief executive Graham Wallace is expected to reveal some of the contents of his 120-day business review on Friday. Having announced that he was embarking on the process at the annual meeting of shareholders in December, it has become the focus of attention, a symbol of the intentions of the current board but also of Wallace's ability or willingness to win over the Rangers support by being open and transparent. So what are the main issues and why is the completion of the review considered so significant? Here are the main questions ahead of its publication. Is it not just normal practice for a new chief executive to examine the business? Yes, but having made the pledge at the AGM - which had been built up into a momentous occasion by the attempts of four nominees, Paul Murray, Alex Wilson, Scott Murdoch and Malcolm Murray, to be appointed to the board - Wallace tied himself into his outcome. Even the timescale was scrutinised, since football clubs are essentially simple businesses to understand, with fixed costs and cash flows. It could have conceivably been completed in a quarter of the time, yet the 120-day deadline passed on Thursday 17 April with only notification from the club that an update would be published eight days later. Wallace has acknowledged that cuts are required, since costs are higher than revenues, so the review is expected to reveal how he intends to rebalance the business but also how fresh investment will be sought. It has attracted such attention, much to Wallace's exasperation, that it has become the defining moment of his regime so far. How specific will the update be? That is the key point. Having asked for 120 days and then taken longer to produce it, the expectation is that the review will provide significant detail and clarity about the way the board intends to rebuild Rangers. Wallace was only appointed late last year so cannot be held accountable for the spending of money raised when Rangers International Football Club was launched on the alternative investment market and the two tranches of season-ticket income. That is in the past and supporters and investors also want to know how future funding requirements will be met. Rebalancing the business by cutting costs will buy time but will not address the need for new investment. The playing squad needs refreshed - with departures as much as arrivals - the football infrastructure needs modernised and improved, and there are maintenance requirements at Ibrox and Murray Park, all of which needs to be paid for. What options does Wallace have? He is a chief executive restricted by circumstance. To meet costs, Rangers needed to seek a £1.5m loan in February from shareholders - Sandy Easdale and George Letham, although the latter's loan was the replacement for one provided by the majority shareholders, Laxey Partners, who were being paid a higher fee. Rangers have no financial slack, with cash reserves having run out and no access to credit. Season-ticket sales are crucial, since the interim results released in March revealed that going concern status was only granted on the basis that there would be a rise in uptake and an increase in prices. How much money comes in from renewals will determine how long Rangers can operate without seeking external funding. If the renewals fall, and there is material doubt about the business's ability to trade for the next 12 months, any season-ticket income ought to be ring-fenced to protect it. Is a fresh share issue likely, then? Wallace has said in the past that the business will need to return to the market to raise finance. His intention has been to complete the review, identify the funding requirements and then take a business plan to shareholders and potential investors. Dave King, the former Rangers director, has spoken of his intention to invest again, despite losing £20m that he put into the club under Sir David Murray's ownership. King has been critical of the board and has supported the Union of Fans' plans for a season-ticket trust fund, which would pool supporters' renewal money but only give it to the club in return for security over Ibrox and Murray Park, although the current directors are on record as saying they have no intention of seeking borrowing against the two main property assets. If King was to underwrite a new share issue, though, current shareholders would need to reinvest to maintain the size of their stakes and King could end up fundamentally changing the shareholder dynamic and effectively taking control of the business. If season-ticket sales do fall, is there a threat of administration? Without enough season-ticket revenue, Rangers will be unable to trade for the next 12 months without drastic cost cutting. A second administration can be avoided if the board seek external funding, with the only likely source being a rights issue. This requires shareholder approval, although it is questionable if it would raise enough funds with the share price currently being so low. This is where King wants to enter the fray, but those currently in control of the club would likely lose their grip on power. It is this impasse that Wallace needs to find a way round. His own credibility is on the line, as well as his professional judgement. Can Wallace win the fans over? Anybody taking the role of chief executive after Charles Green and Craig Mather would have faced an onerous task; supporters were weary and cynical. Wallace has made significant decisions - such as removing the finance director, Brian Stockbridge, and the PR consultant, Jack Irvine - but the Union of Fans has asked if he has removed the bonus culture at Ibrox and sought clarity on his own remuneration package. King also posed pointed questions about whether or not the board were seeking finance in December, at a time when Wallace was insisting that there was enough cash in the bank to see them through to the end of the season. He has been a chief executive under scrutiny and that will become more focused when some of the contents of the review are released. It has a lot of expectation to meet. http://www.bbc.co.uk/sport/0/football/27134373

Help required tonight. Meet at Ibrox underground at 6.45pm.

Due to a mass leaflet drop prior to Saturdays game we require volunteers to hand out 30,000 leaflets. We require lots of help due to numbers and this is the last chance to get info to fans at ibrox this season If your willing and able please put your name below or PM PLEASE MEET 11.15 at COPLAND RD STAIRS on Harrison Dr Thanks Craig.