Jump to content



Search the Community

Showing results for tags 'finances'.

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type


  • Main Forums
    • Rangers Chat
    • General Football Chat
    • Bluenose Lounge
    • Forum Support and Feedback

Find results in...

Find results that contain...

Date Created

  • Start


Last Updated

  • Start


Filter by number of...


  • Start



About Me




Favourite Rangers Player




  1. I don't always agree with the UoF but this statement is well worth sharing.
  2. ...after bust-up with Rangers boss. GORDON claimed he wasn’t offered a contract by Gers in the summer – only for McCoist to insist he was given the option of signing. CELTIC keeper Craig Gordon has told Ally McCoist there will be no clear-the-air talks after his bust-up with the Rangers boss. Gordon claimed he wasn’t offered a contract by Gers in the summer – only for McCoist to insist he was given the option of signing. He also claimed Gordon hadn’t bothered calling him back but the Hoops No.1 said: “There’s plenty of things that could come out but won’t. “If he wants to say anything more it’s up to him. But I’m done with it.” Spending two years on the sidelines fearing for his career has given Gordon a great sense of perspective. So it’s not too surprising that a spat with McCoist has left the Celtic keeper unruffled. The 31-year-old spent a long time in the wilderness following his release by Sunderland in 2012, fighting for fitness as a knee injury continued to plague him. Celtic eventually handed Gordon a route back into the game this summer and he has rediscovered the kind of form that made him Scotland’s undisputed No.1. But he trained with Old Firm rivals Rangers before pitching up at Parkhead, although Gordon claims he wasn’t offered a contract by the Ibrox club. That was disputed last week by Gers gaffer McCoist. The fact Celtic then landed Rangers in the draw for the League Cup semi-final added even more spice to the row. But Gordon has already drawn a line under the matter and won’t give McCoist a call to clear the air before that cup clash early next year. He said: “I don’t want to get into a war of words. It’s his prerogative to say what he wants. “Those things should have stayed between us. If he wants to make those make comments that’s entirely up to him. “I know exactly what happened and I’m comfortable with everything that has gone on. “It’s up to him, it makes no difference to me. “I haven’t spoken to him. I don’t know if he wants a phone call or not but now we’ve been paired together in the League Cup, it’s probably unlikely. If he wants to say anything more, it’s up to him. “But it won’t be coming from me. I’m done with it.” Gordon has more important things to worry about and hopes his injury problems are now over after becoming a Hoops regular. http://www.dailyrecord.co.uk/sport/football/football-news/celtic-keeper-craig-gordon-says-4596752?
  3. By Chris McLaughlin & Richard Wilson BBC Scotland Rangers were 48 hours from going into administration until a £2m loan was agreed with Mike Ashley, according to one senior Ibrox source. Prospective administrators had been contacted by the Ibrox club. Newcastle owner Ashley put forward a financial package, which includes the option of a new share issue, on Friday and it was agreed on Saturday morning. And, as part of the agreement, chief executive Graham Wallace will follow director Philip Nash in stepping down. The arrangement could be finalised early next week. English businessman Ashley, who owns 8.29% of the Glasgow club's shares, had called for the removal of Nash and Wallace as part of his offer. Under Scottish FA agreement Ashley is not allowed boardroom influence or a shareholding of more than 10%. But his possible underwriting of a share issue could take his stake above that threshold if there is not enough buy-in from other investors. An alternative option could be further loans. The SFA plan to write Rangers next week seeking clarification on the loan agreement with Ashley. Rangers need a financial injection to cover wages beyond November and Sale Sharks owner Brian Kennedy became a surprise latecomer in the battle for control with a funding package offer of his own. In response to the news that Ashley's offer had been accepted by the board, Kennedy said he was "disappointed for Rangers" but would not be commenting further. Former director Dave King had also offered fresh funding to Rangers but could not agree a deal following talks with key shareholder Sandy Easdale and the board. Before returning to his South African business base on Thursday, King issued a statement saying that his group's offer remained on the table and that he was hopeful it would be accepted. Ashley, who already has control of Rangers' shirt sales and retail division and owns the naming rights for Ibrox Stadium, refused to back King's proposal. Sandy Easdale, who controls a 26% block of shares, also declined to agree to King's proposals. While Ashley is demanding two representatives on the board, King also wanted to choose its chairman. Nash, the former Arsenal and Liverpool executive, had been employed as a financial consultant by Rangers before joining the board in July. Wallace, currently on a family holiday in Greece, and Nash had been supportive of the bid by King's group, which includes fellow Scottish businessmen George Letham and Paul Murray. http://www.bbc.co.uk/sport/0/football/29761396
  4. With the next 24 hours likely to be important in terms of this issue, this article from Richard Wilson is a good appraisal ahead of a new thread on boardroom events. http://www.bbc.co.uk/sport/0/football/29717979
  5. http://www.rangers.co.uk/news/headlines/item/7812-notice-under-section-303-of-the-companies-act-2006
  6. Wednesday 1 October 2014 IS ALLY McCOIST'S POSITION UNTENABLE? No, not yet, but we appear to be trundling progressively closer to that state of affairs. Six points behind in the SPFL Championship is a surprising position for him to be in after seven fixtures and the situation is worsened by the fact his side have already lost at home to both Hearts and Hibernian, generally regarded as their two main rivals for promotion. The question is: how far behind must they fall before something dramatic has to happen? Eight points? Nine points? What will tip things over the edge? Will it be defeat at Tynecastle on November 22, or the latest in a long line of losses in knockout competition when St Johnstone pay a visit to Ibrox in the League Cup? So far, McCoist's players have done just enough to keep him away from the noose. They scraped an ill-deserved win at Falkirk thanks to a late, deflected mis-hit from Lewis Macleod in their second league match of the campaign and beating Inverness Caledonian Thistle to maintain interest in the League Cup was a big result. The team showed promise when winning 4-0 at Raith Rovers, but that has been shown to be a one-off and belief that McCoist can turn them into a side capable of providing entertaining football every week is dwindling. Supporters are not yet calling in significant numbers for McCoist's resignation or removal, but performances are nowhere near the standards expected. A number of bookmakers have already installed Hearts as favourites for the Championship and that is only sensible on current form. McCoist did agree a pay-cut, understood to amount to 50%, on the £825,000-a-year wage he enjoyed until January 2014, but his earnings are going to continue to prompt questions when his team plays as it did in the process of losing 3-1 at home to Hibernian. Open revolt in the stands, if it happens, would force the issue. SHOULD HE CONSIDER WALKING AWAY IF THINGS DO NOT IMPROVE? Tough one. Would you walk away for less than to what you are entitled when you had witnessed a number of others from the boardroom - all accountable, in part, for almost £70m being squandered in two years - receive pay-offs? HOW MUCH OF THIS CAN BE BLAMED ON THE ONGOING UNCERTAINTY CREATED BY THOSE ABOVE HIM AT BOARDROOM LEVEL? None of it. The players state ad infinitum, after all, that they do not focus on financial concerns. McCoist knows the pressures at Ibrox. Whatever is going on in the background, asking Rangers to set the pace in the Championship with a budget that dwarves anything available to other clubs in the division is not unreasonable. The money being spent on Rangers' football department means they should beat everyone in the game other than Celtic. IS SPECULATION OVER McCOIST'S FUTURE NOT A KNEE-JERK REACTION AT AN EARLY STAGE IN THE SEASON? Not really. Rangers fans have, generally, been scathing over the standard of football they have watched for the last 2½ seasons. The team did win the Third Division and then SPFL League 1 by a street, but they regularly struggled to dispatch teams of part-timers. McCoist's record in cup competitions cannot be allowed to pass either. Rangers did not, whatever he may say, spend the money they did purely to win Scotland's bottom two divisions. If they did, they spent way over the odds. Losses to top-flight sides such as Inverness Caledonian Thistle and Dundee United were dressed up as understandable and acceptable; questions over Rangers having a Premiership wage bill were glossed over. Defeats in the Ramsdens Cup to Queen of the South and Raith Rovers, who humiliated them in the final at Easter Road, were shameful in the extreme. WHAT WILL HAPPEN, THEN, SHOULD RANGERS FAIL TO WIN AT LIVINGSTON ON SATURDAY? McCoist will have to answer questions on whether or not he believes his time is up. ARE THE GROWING QUESTIONS OVER HIS TACTICAL APPROACH FAIR? Yes. Too many games have resulted in an over-reliance on long balls and there is a distinct lack of variation about the play. His team selections continue to raise eyebrows as well with players continually being played out of position. The side has been letting in goals too easily, but Darren McGregor, a centre-half, continues to be fielded at right-back while Bilel Mohsni remains a starter. McGregor admitted in the match programme for the Hibernian game that he had only played on the right "a couple of times with St Mirren". Wouldn't Richard Foster be a better bet there with McGregor in the middle? Lewis Macleod is a central midfielder who was being used on the left before injury. Rather than use attacking players with pace in the wide midfield positions against Hibernian, McCoist used Steven Smith, a full-back, and Arnold Peralta, a central midfielder. So much emphasis seems to be placed on sending Lee Wallace powering down the left flank, but Rangers are not getting behind opposition defences often enough and that is contributing to Kris Boyd's clear problems. He is a natural predator, but has failed to score in the league and has only hit the net in two of 12 appearances. There have to be greater signs of an established style of playing at Rangers. Regular supporters also note the absence of a Plan B. BOYD SCORED 22 TIMES FOR A POOR KILMARNOCK TEAM IN THE PREMIERSHIP LAST SEASON. WHY HAVE THE GOALS DRIED UP? He missed a number of chances at Raith Rovers and Alloa and looks a shadow of his former self, but he is not receiving adequate service. Rangers have lacked invention, variation and creativity. Boyd admits that he has been forced to feed off scraps at times. WHY HAVE SO MANY ESTABLISHED TOP-FLIGHT PLAYERS STRUGGLED AT RANGERS? Great question. Dean Shiels, Ian Black and Nicky Law all arrived in great form. David Templeton had just scored for Hearts against Liverpool at Anfield in the Europa League qualifiers. Marius Zaliukas, signed this summer, is not even deemed worthy of a start in a defence leaking goals left, right and centre. All these players are going backwards. Are they simply incapable of handling life in the goldfish bowl or are their collective troubles a reflection of wider failings within the team as a whole? Probably a bit of both. WILL THINGS CHANGE WHEN KENNY MILLER IS FIT AGAIN? Will Kenny Miller be fully fit again? He is three months from his 35th birthday. His career has been built on relentless workrate and selfless running. That catches up with you eventually. We are a month into the season and he has already been laid up with hamstring and calf problems. A NUMBER OF OLDER PLAYERS HAVE BEEN BROUGHT IN AND REMAIN. SHOULDN'T RANGERS HAVE USED THEIR TIME IN THE LOWER LEAGUES TO CONSTRUCT A STRATEGY BASED ON YOUTH? Of course they should. Jon Daly, for example, admitted earlier this week that he can no longer train two days in a row because of knee trouble. McCoist is not entirely to blame for the way Rangers have frittered away their millions, but they missed a trick. Two years in the bottom divisions could have been used to build a young, fit squad that could grow together. If those in the existing youth set-up were not good enough, a more structured, long-term and cost-effective transfer policy could have been employed. Instead, Charles Green was struggling to sell season tickets following his takeover and permitted McCoist to lure established top-flight players to the club. He needed quick results and could be understood in having gone for a quick fix. In the meantime, Rangers' footballing department was allowed to continue without a recognised scouting network. Rangers' development squad, for the record, currently sits close to the bottom of the SPFL Development League with three points from four games. EVEN IF HEARTS DO WIN THE LEAGUE, WON'T RANGERS STILL ACHIEVE THE ULTIMATE GOAL OF GETTING BACK TO THE SPFL PREMIERSHIP THROUGH THE PLAY-OFFS? Let's just say that anyone who has watched Rangers' two meetings with Hibernian so far would be reluctant to place money on that. http://www.heraldscotland.com/sport/...=email%2Balert
  7. THE financials to the end of June were expected to be published by the end of this month with an agm to follow within 28 days but with no date yet fixed there are concerns a delay could have a knock-on effect on fundraising plans. The auditors signed off on the half-year results in March with the caveat the business remained a going concern as long as season- ticket sales remained at the levels of previous years. FEARS are rising of a delay in announcing the annual results of Rangers and of possible financial consequences for the club. It had been reported the club’s financials to the end of June 2014 would be published before the end of this month, with an agm to follow within 28 days. However, Record Sport can reveal a date has yet to be fixed for the release of the annual results, with sources suggesting it has been delayed by the board. It had been anticipated Rangers would use their agm to put forward a motion seeking support for a new, significant share issue to guarantee the long-term financial future of the club. Any delay would have a knock-on effect on the timetable for fundraising, with the £3.13m brought in from the recent share issue only expected to see the club through until Christmas. Insiders suggest the board are either confident of raising funds from other sources or struggling to have their financial results okayed by auditors Deloitte. But a boycott by fans over the summer has seen season- ticket sales slump and left a black hole in the finances. Rangers would not need to go to the market for fresh finance in the short term if they secured loans from investors such as Mike Ashley or the Malaysian group who recently visited Ibrox. Their involvement would almost guarantee, at a stroke, that potential saviour Dave King would be destined to remain on the outside looking in. Rangers yesterday confirmed director Sandy Easdale had increased his stake in the club Asked to confirm a date for the release of their financial results a Rangers spokesman said: “No date has been fixed. We have a regulatory requirement to hold the agm by December 31 and will do so.”
  8. I didn’t think it was possible for the Rangers support to be more fractured and lacking consensus than we were in the first half of this year but rather depressingly we’ve managed it. In the maelstrom of a referendum on Scottish Independence the boardroom turmoil that has dominated the forums, social media and old fashioned conversations took a back seat to Loyalism, Unionism and the bogey man topic of Nationalism. Such is the ineptitude of our board, they missed the opportunity to bury some negative news in amongst the fog of the ideological war that raged throughout the month of September but I digress. Being a pro-Independence Rangers supporter these last few months has been a real challenge. I’ve been confronted by many fellow fans on social media and called everything from a “timpathiser”, (whatever that is) to a Nazi and Quisling. One particularly poorly adjusted and misinformed fellow told me I was a “traitor to Rangers Loyalist Unionist roots…” The idea that a Rangers supporter could support Independence just would not compute for many and my follower count on Twitter tumbled dramatically, I won’t lose any sleep over that however I must admit to now facing somewhat of a crossroads. Do I plod on attending matches listening to chants about where people like me can “stick your Independence” and the Loyalist songbook which was given an airing in George Square on Friday night amidst scenes of thuggery and hatred? Do I carry on turning a blind eye to the continual linking of Rangers Football Club to Loyalism and The Orange Order just as I have done for many years? The thought of turning my back on the club I’ve supported since I was five years old and which has provided myself and my (now deceased) Father so many happy memories makes me physically ill. The thought of a future devoid of one of the precious few constants in my life so far is unthinkable and so that is not a road I’m willing to go down just yet. So what are my options? I could become the archetypal armchair fan and refrain from discussing football matters on social media but we are in an age where it’s almost impossible to avoid. I could fool myself into thinking that it’s not so bad and the majority of my fellow fans are reasonable, open minded individuals but I’m not capable of cognitive dissonance on that scale. It seems that the core of our support are labouring under the misconceptions that being a “real” Rangers man means that you must also be many other things. I’ll use this juncture to clarify what I mean by “core of our support”. There are probably thousands of Rangers supporters (I don’t like term “fan”) who are feeling similarly disillusioned at the moment and those are probably a large percentage of the several thousand fans who’ve been missing for the last few home games joined by those who are boycotting, suffering from boardroom related malaise or simply disillusioned with how we are playing. What’s left are a core (match attending group) and of those I’d estimate that 75% fall into the category as described previously in this article. There’s also a large group of fans who, for one reason or another don’t regularly attend matches and again I’d estimate that a large percentage of those are politically and ideologically aligned with their brethren sitting in the stands. I’m conscious that I’m in danger of pigeon holing large swathes of people here and would only offer the fact that this is how I see things in basic terms. I’m sure there are reasonable folks in amongst the core who do not fall into any of my hastily preconceived notions and that I do not think the situation has reached the point of no return just yet and this leads me to the only other option I feel I have left. I’d urge everyone who considers themselves to be a Rangers supporter to distance the club from toxic and divisive affiliations. To seriously consider for a moment that we are in real danger of losing thousands of people like me who feel marginalised by their fellow bears and more importantly that we are in danger of losing the next generation of season ticket holder who have shown throughout the referendum run up and beyond, that they are increasingly well informed and turned off by Northern Irish politics, by far right-wing rhetoric and the kind of vulgar displays of aggression that we’ve seen both online and in the streets of Glasgow from both Unionists and Nationalist factions. Next time you’re attending an Orange parade maybe leave the Rangers merchandise at home, remove the Loyalist symbolism from Rangers flags and banners, try not to marginalise your fellow supporters who don’t care about that kind of stuff really, that’s all. Is that too much to ask? For some, what I’ve asked is probably tantamount to singing rebel songs in a tri-colour but to me it’s just common decency, something that has been eroding away for many years and something that the gallant pioneers probably had in abundance. Try to be a bit more like a Moses McNeil or a Tom Vallance and live the values which built the very thing that we all hold so dear. If we want a positive future for our club we all have to sow the seeds of that starting from now after all, we share much more in common than we do which divides us. I’ll remain a supporter and will try to live by my own code, respecting others right to support the club any way they choose but speaking out against intolerance, negative affiliations and polarizing attitudes. Let’s see if we can build a stronger and more together support from the rubble. The alternative I’m afraid would be a very dark period in Rangers history. It’s only a matter of time before we will be back attempting to compete with Celtic. It may be only a matter of time before we see major boardroom change. Do we really want to be facing these challenges with a support that can’t agree on what colour the sky is? The answer is obvious to me.
  9. RANGERS have denied reports suggesting they have been contacted by the Indonesian Government over the club's involvement with convicted criminal Rafat Rizvi, who is wanted by Interpol. Newspaper reports in Indonesia suggested that the country's deputy attorney general had contacted bosses at Ibrox about the issue, but a spokeswoman for club vehemently rejected this. Government officials are understood to have been astonished to read media reports of Rizvi's meeting with Rangers' chairman of the football board, Sandy Easdale, two weeks ago. Following that meeting, the club claimed that Rizvi was acting as an adviser for a third party, Datuk Faizoull Bin Ahmad. However, Mr Bin Ahmad later denied this. It has prompted action from Indonesia's attorney general, his deputy and their minister of justice and human rights. Deputy attorney general, Andhi Nirwanto, is reported as saying: "We have already approached this club to tell them our views." The country's attorney general, Basrief Arief, also revealed: "We have filed a new request to Interpol in Lyon, France to hunt down the fugitive Rafat Rizvi after reports he was involved in buying a Scottish football club, Rangers FC. "We beg Interpol to look for him and to bring him back to our homeland in order to accept his sentence." However, a spokeswoman for Rangers said: "No approach has been made to the club by the Indonesian Government." UK-born Rizviwas sentenced in Indonesia to a 15-year jail term in absentia and a £775,000 fine for 'stealing assets' following the collapse of the country's Century Bank in 2009. http://www.heraldscotland.com/news/home-news/rangers-dispute-receiving-warning-over-rizvi.25386413?
  10. For all you guys who refuse to support your club,shame on you all. Watching the game over here with a few of my Canadian friends, So this is the mighty Rangers you're always braging about asks one buddy. I'm lost for words,and I am truely embarrassed.(okay we won tonight) but the stadium is practically empty,with no atmosphere. On our recent north American tour,we had sell out crowds,and way more atmosphere(noise buzzing for 90 mins.) I'm not sure what's holding you guys back from picking up your season tickets, but I am sure that you are killing our club.as I said before,SHAME ON YOU ALL.
  11. RANGERS still need to secure substantial additional investment to get them through to the end of the season - despite raising over £3million last week. And further off-field unrest at the Ibrox club, where disgruntled fans are considering a mass boycott, could impact greatly on dwindling resources. That was the stark message from financial expert Neil Patey today as he assessed the situation at the troubled Glasgow institution. The SPFL Championship club announced last Friday that £3.13m worth of shares had been purchased at a share offering. But Patey, a partner with accountancy firm Ernst and Young, believes Rangers will only be left with around £1m of that to use for running costs. And he stressed that Gers directors will have to bring in fresh funding to stave off the threat of a second administration in three years. Speculation is rife that Sports Direct magnate Mike Ashley will increase his involvement - or club assets like Murray Park will be sold off. Patey said: "The club themselves stated that if 15 million shares were taken up it would take them through to the end of the current year. "What they raised was just marginally over the minimum so it will probably see them up to just past Christmas. "Of the £3million they have raised, around £500,000 of it will go on expenses leaving them with £2.5million. "If they repay the loans to Sandy Easdale and George Letham in full, they will be left with about £1million. "If they are saying that £1million will get them to the end of the year, that suggests they have succeeded in getting the monthly cash burn down to a fairly low figure. "Broadly speaking, going on the figures the club has given, they will then need to bring in at least £2million to get them through to the end of the season. "Towards the end of the season, the club are going to start selling season tickets once again and money will be coming in." Patey added: "But, again, that is dependent on the fans coming out and buying season tickets. The big thing for the club is fan support. "The club may only have sold 23,000 season tickets, but they are still taking in money from ticket sales on match days. "But if the supporters stop turning up for matches then it will make the situation worse. Fans have a big say in how things go at Rangers." Patey stressed the financial situation at Rangers would improve significantly when they rejoin Old Firm rivals Celtic in the top flight. He said: "Getting back into the Premiership does two things. In the first instance, they get more money from games. "Secondly, it helps them to attract investors if they are a Premiership club." http://www.eveningtimes.co.uk/rangers/financial-experts-rangers-warning-180534n.25322293
  12. "The Union of Fans is extremely concerned at the recent public statements of Sandy Easdale, the Chairman of the so-called ‘football board’ at Rangers. Mr Easdale has a history of making ill advised, damaging and amateurish comments in the press about Rangers and last week he was engaged in more of the same. In April 2014, around a week before Imran Ahmad’s second failed attempt to have club funds arrested, Mr Easdale decided to take part in a BBC interview in which he raised considerable questions over the financial position of the club. These comments could clearly be seen to weaken the club’s case against Mr Ahmad despite victory in that instance. Last week, days ahead of Mr Ahmad’s third attempt to arrest funds, Mr Easdale did the same in a press Q&A. We would question the timing of both of these statements. Making this type of error once might be seen as naivety or stupidity. Making it twice starts to raise other questions. Mr Easdale was brought into Rangers to represent the wishes of the block of shareholders previously represented by Mr Ahmad and Mr Charles Green. Mr Easdale has, in our opinion, always represented their interests ahead of those of the club and it appears he is continuing to do so. Mr Easdale has hitched his wagon to Green, Ahmad, Blue Pitch and Margarita and, now that their influence over the board has started to diminish slightly, he appears to be seeking to retain his position at the club via an alliance with Mike Ashley. Indeed it appears that Mr Easdale will support anyone who will allow him to retain his director privileges and the borrowed respectability of being referred to as a Rangers director, regardless of their actions towards the club. Mr Easdale told the Rangers fans that Jack Irvine no longer worked for him. However, we have been told by a number of people that Mr Irvine has been in regular touch with them in a way which represents Mr Easdale’s interests. Mr Easdale told the Rangers fans in December 2013 that he had investors lined up for Rangers. This did not prove to be the case. Mr Easdale now wants the Rangers fans to believe that Mike Ashley, who has been handed “onerous” merchandise deals, virtually free stadium naming rights and now the Rangers club shops by Mr Easdale’s associates, is the man to take Rangers forward. Mr Easdale actively opposes any attempt to bring huge investment into the club from people who care about it but chooses to back someone who has clear issues with dual club ownership and is only interested in Rangers as a means to make himself money. We would ask the PLC board, the Nomad, Daniel Stewart and the LSE to investigate Mr Easdale’s comments and their effect on a court case which could have put the club’s immediate future in doubt. We would also ask them to clarify whether Mr Charles Green or Mr Imran Ahmad hold any shares for which Mr Easdale has a proxy through Beaufort Nominees. Mr Easdale is not, in our opinion, fit to be a director of Rangers Football Club and given his failure to be appointed to the PLC board we feel he has far too much negative influence on club affairs."
  13. I'm not clear on what is classed as repetition so perhaps we can have 1 topic where we can say what we like (within reason) and let off steam. Also, certain people can just stay away from this thread and then they won't be offended.
  14. ...........after Rangers share issue raises £3.1million THE under-fire Rangers board have been warned to expect another stormy AGM showdown with shareholders after a day of drama at Ibrox. An announcement to the Stock Exchange last night confirmed just £3.13million had been raised through the share offering as around four million shares went unsold. Earlier Rangers confirmed an out-of-court agreement had been reached with former Commercial Director Imran Ahmad, who will receive an undisclosed sum after a series of legal wrangles in his bid to claim £620,000 from the Light Blues. Once fan George Letham has been repaid the £1m he is due, the share offer money is likely to see Rangers through to their next AGM, which could be held within a matter of weeks. Union of Fans spokesman Chris Graham told SportTimes: "The money raised through the share offering would appear to buy the board time until the AGM. "If they are expecting an easy ride at the AGM then I can tell you they'll be sorely disappointed. The fans are not convinced. If you look at the season ticket numbers and attendances, they are down from last year and there is a huge amount of mistrust towards the board. "Every time they make a decision it gets worse. You look at Mike Ashley being handed the shops, the news of the £1 naming rights deal that the board kept quiet and then the issue with Ahmad being paid off. "The only way the board can try to remedy it is to approach someone with money whom the fans' trust and hope their credibility rubs off on the guys that are there just now. It is a big ask given everything that has happened." Rangere were adamant that they were delighted with the shares take-up. In a statement, the club declared: "The successful completion of the Open Share Offer strengthens our financial position and provides funds which allow the company to start implementing the strategy to re-build and re-establish Rangers as a stable, sustainable and successful business to deliver both shareholder value and footballing success. "The purchase of £3.13m of shares demonstrates the continuing commitment from our shareholders and we thank them for their ongoing support." Current RIFC plc board members David Somers, Norman Crighton, Philip Nash and James Easdale all participated in the share offer, but there was no cash forthcoming from Newcastle United chief Ashley. Last night, though, rumours were growing that the Sports Direct tycoon was preparing to support the crumbling Ibrox empire with a multi-million loan. Only 78% of the shares available were snapped up before the deadline yesterday and Graham is not surprised to see some shareholders refuse to plough more money into Rangers. He said: "We will find out next week if some of the shareholders have taken up more than their allocation, which I suspect is probably the case. "So probably more than a quarter of shareholders have decided not to maintain their shareholding and I don't blame them. "If you look at the way the board have run the club, it is short-term thinking. "People who put money into Rangers at the moment have no idea what that money is going to be used for. "The statement said that they were 'delighted' to raise £3.1m, which is bizarre when they were trying to raise £4m. "How can they be delighted to raise £1m less than they wanted to when the finances are so bad? It is ridiculous." The news of the share option came just hours after it was confirmed that an agreement had been reached with Ahmad that will see him receive 'significantly less' than the £620,000 he was suing for. But fans are dismayed that the controversial former director and close ally of Charles Green has received a penny of Rangers' cash. Graham said: "It was our view at the time of his dismissal that Mr Ahmad should not only have been sacked for gross misconduct, he should also have been reported to the Stock Exchange for posting price sensitive information on the Rangers Media message board under an assumed name. Our position has not changed. "Fans who do their best for Rangers by supporting the club financially, consistently see the money they put in squandered in payouts to discredited individuals linked to the plunder of the club over the past few years." http://www.eveningtimes.co.uk/rangers/union-of-fans-threaten-ibrox-board-agm-mayhem-after-rangers-share-180353n.25313795?
  15. Chris Graham ‏@ChrisGraham76 17m .@RFC_Union call on Rangers PLC board to remove Sandy Easdale as a club director immediately. #RFC pic.twitter.com/wIlX0SWgVu
  16. Former Rangers defender Arthur Numan doesn't know who to believe as concerns continue to mount over the club's future. On Friday, former commercial director Imran Ahmad had £620,000 of the Ibrox outfit's assets frozen and there is major uncertainty over finances. "It's time the supporters knew what was happening, who is in control and where the money is going to," said Numan. The Dutchman, who played at Ibrox between 1998 and 2003 under Sir David Murray's tenure, says fans regularly raise the issue of Rangers' money troubles with him. "There is so much going on in the last couple of years and sometimes you think it's one big mess," he said. "I get a lot of supporters texting me and calling me, they ask me what's going on - and I can't give them an answer, because even I don't know. "I don't even know who is in charge - I don't know who to believe any more. " He went on: "I hope that someone comes in and says, okay, I want to put a lot of money into the club and try to take all the insecurity away by the supporters - because that's most important. "Then you try to get Rangers back into the Premier League and get a team on the park that's strong enough to compete with Celtic. "And hopefully they can qualify for Europe with someone who is in charge who makes it clear to the supporters and the Press what his intentions are, because nobody knows." http://www.eveningtimes.co.uk/rangers/numan-who-are-fans-to-believe-179657n.25273594
  17. THE displays of the Rangers team on the park last week were cause for optimism down Ibrox way. Ally McCoist's side netted 12 goals in their two competitive outings and put their shaky early-season form well and truly behind them. The size of the crowds in the home games against both Clyde and Dumbarton, however, were reasons to look towards the future with trepidation. And the attendance at the SPFL Championship fixture with Dumbarton on Saturday afternoon was particularly alarming. For the league meeting with the Sons was perhaps the best chance so far to gauge what the turnout will be like at Rangers home games in the 2014/15 campaign. The Petrofac Training Cup matches with Hibs and then Clyde were always going to attract smaller crowds due to the stature of the competition and the size of the opposition. Much was made of the fact that only 11,190 supporters filed through the turnstiles in the 8-1 victory in the latter game last Monday. It was the lowest Ibrox attendance at a competitive fixture for 29 years. Yet that encounter with part-time opponents from the bottom tier of Scottish football was - despite Gers great Barry Ferguson being in charge of the opposition - expected to draw that sort of response. There were 43,683 in the Championship opener against Hearts a fortnight ago. But there were special circumstances surrounding that fixture. The League One flag was unfurled and the Govan Stand was renamed in honour of Sandy Jardine before kick-off. Plus, the first game against age-old adversaries Hearts after two long seasons of often uninspiring outings against our national game's lesser lights was guaranteed to put a fair few bums on seats. No, the Dumbarton game at the weekend was a far better barometer of what size the attendances - and, in turn, the gate receipts -will be for Rangers in the weeks and months which lie ahead. And the fact that only 31,175 turned up on a perfect afternoon for football must be worrying for both those who follow the fortunes and those who control the purse-strings at the troubled Glasgow institution. It was the lowest turnout at a league game at Ibrox since 24,177 fans watched Rangers defeat Falkirk 4-0 thanks to a Robert Fleck double and goals from Davie Cooper and Terry Butcher on December 13, 1986. A home game against Methil minnows East Fife around this time last year drew 42,870. No company can have nearly a quarter of their customers disappear in the space of 12 months without drastic consequences. Even if all of the 34,000 fans who bought season tickets to see Rangers in League One last season had renewed this summer, the club would still not have had enough money to see them to the end of this term. So for just how long will the Light Blues be able to limp along with just over 20,000 season book holders and fewer than 10,000 turning up and paying at the gate on match days? There are ambitious plans for Rangers to hold another share offering in the very near future and the hope is to raise in the region of £4million of much-needed capital from that. But with shareholder Sandy Easdale and wealthy fan George Letham due to have loans totalling £1.5m repaid, financial experts have predicted that will only sustain the club until the end of the year. The ongoing lack of clarity over Rangers future off the field is overshadowing the fact that on it they appear to be getting their act together after some poor performances. They brushed aside Dumbarton with ease at the weekend thanks to strikes from Lee McCulloch, Darren McGregor and Nicky Clark. An own goal from Chris Turner aided their cause considerably. Bilel Mohsni, who was highly fortunate not to be red carded by referee Brian Colvin for his trip on Scott Agnew, also turned the ball into his net late on to give the sizeable travelling support a reason to cheer. That lapse of judgment by the Tunisian, though, could not wipe the smile from McCoist's face after a highly satisfactory performance by his charges from front to back. He said: "The skipper played in central midfield and chipped in with a goal, Nicky got a good goal and our right-back played well and scored a great goal. "To be scoring goals is always good. But to be scoring goals from different areas is an added bonus for us. "I was annoyed we didn't keep a clean sheet, but I thought the football was of a high standard. We created a lot of chances, scored four good goals, hit the post and had a goal disallowed. "It is consistency that is going to win us the league this year. That is what we have to work hard to get. "There are going to be a lot of difficult games for us in the months ahead and we have to be at our best every week." http://www.eveningtimes.co.uk/rangers/deserted-seats-show-reality-of-angry-rangers-fans-voting-with-their-177533n.25139848
  18. When we went into administration I almost instantly (within the first month) had some major concerns because I quickly came to thinking that I didn't trust the administrators, didn't think they would get us out of it via a CVA and didn't think they seemed to be doing their jobs properly because if they had been, then they would have tried to rescue the company as a going concern. To do that, they would have needed to quickly address the cost base and stop the monthly loss-making, but they just went for a short-term fix/bandage to see out the season instead of properly cutting costs to address the going concern like administrators do in most football club administrations. After the shambles of their bidding process and finally bringing in Green & co (like they seem to have planned well in advance!), when D&P did their first presser with Green a feeling of dread & despair came over me because I could tell immediately that he was a bullshitting patter merchant and didn't trust him right from that point. It was a case of 'who the f**k is this clown?' and a distinct feeling of disappointment. Then we had to endure the failed CVA, being wrongfully stripped of our SPL share and kicked out of our league, left with no league at all for a period and questions hanging over our SFA license as well. When we finally got it sorted out and started the season in the 4th tier there was a sort of positive buzz that I never really understood, because I never felt as if it was right that we should be down there in the 3rd Division. I could obviously understand the positive buzz in the sense that we were still here with our history and titles despite the best efforts of our enemies and those who wanted (and tried) to kill us off, but didn't understand the positivity from numerous other perspectives, like the unprecedented treatment of our Club and the worries from footballing and financial/business perspectives. Not only did many of our fans think that it was just a simple case of 3 seasons of a journey back up through the lower leagues to the top flight, but many actually believed that it was an 'opportunity' to rebuild not only the business, but some kind of fabled & mystical footballing 'philosophy'. There was talk amongst fans of not only winning every single game in the 4th & 3rd tiers, but battering the opposition 8-0, 9-0 or 10-0 every week. I didn't buy into any of that because I thought it was always going to be more difficult than many of our fans thought it would be. Yes, we would dish out some hammerings along the way, but it was always going to be a battle too, both on and off the park no matter how many SPL-standard players we signed and no matter how many crazy moonbeams Green & co served us up. What we need to do now though, is completely forget about any mythical 'opportunities' or lost chances to create new 'footballing philosophies' and face the stark reality of where we currently are. I'm not saying forgive or forget (far from it!), but we urgently need to get up to speed and deal in the here & now. Depending on how things go off the park this month, we might be heading for another insolvency/administration event, but we don't know for sure either way because nothing is certain on that front, just as nothing is certain on the pitch either. We might drop points or lose a match, but no matter what happens, I think we all know that the 'journey' is getting tougher and tougher and that's something which was always on the cards both on & off the pitch, so it certainly shouldn't come as a surprise. The idea of an easy journey back up over 3 or 4 years while creating golden seeds for the future amidst new philosophies for the Club was a total and utter pipe dream. Even if we had been taken over by good guys instead of chancers and liars like Green & co, we were still realistically facing trouble along the way and potentially a period of 5 years or more before getting properly back on our feet and challenging in the top flight again. We might not be in a good position right now, but essentially, nothing has changed and we're still on the same path albeit a slightly more windy & rocky one than many of our fans seemed to think it would be. Our progress back to where we belong might still be set back even further by current and/or future financial issues, but we don't know for sure yet. What we do know for sure is that the people running the show need to collectively get their acts together, steer the Club in the right direction and ease the worries of the supporters, not through more moonbeams and lies like were served up in the past, but by addressing the immediate future as openly and honestly as they can without damaging the value of their precious shares.
  19. http://www.bbc.co.uk/news/uk-scotland-29050877 Former Rangers commercial director Imran Ahmad has returned to court for a third time in a bid to have £620,000 of club assets frozen. Lawyers acting for Mr Ahmad claim he is owed a £500,000 bonus for the time he spent working at the Ibrox club. The Court of Session in Edinburgh heard Mr Ahmad is worried about the potential prospect of Rangers becoming insolvent. Lord Stewart continued the case to Friday when lawyers for Rangers will address the court. Mr Ahmad, who has twice lost court bids to have Rangers' assets ring-fenced, claims he is owed £500,000 for negotiating deals and wants another £120,000 to cover legal expenses. Advocate Kenny McBrearty QC told Lord Stewart that Mr Ahmad is concerned about the current state of the club's finances and fears Rangers would not be in a position to pay up if the court eventually rules in his favour. He told the court Rangers have sold 23,000 season tickets this season, down 15,000 on last season. Mr McBrearty said the Rangers board's latest plans for a share issue may only raise £3.6m and cover part of the club's obligations. He added: "There is a significant hole in the club's finances for the forthcoming season."
  20. you really cant make the fiasco that were in up. 70 million pissed up a wall in 18 months. Money being shipped out the club at all angles. Inflated salaries on and off the park with gross mismanagement being being the order of the day. We now find ourselves living on the edge of oblivion once again. Our current board are way out of their depth. Backed by shareholders who bought into the charles green revolution, only to find out that in the grand scheme of things that hes taken everyone for a ride. We are being run by a board who are guilty of stupidity, niavety and downright arrogance. These guys get to see the books. They knew about mike ashley and the incredible deals he struck with Green. The ones with no benefit to the club whatsoever. They lie to the the fans promising things that they cant produce when the chips are down but still expect the fans to come through the gates to finance their incompetence. Now we are living on a week to week basis with the club being run by the seat of its pants. There is only one way the club can go from now on and that is down. No amount of share buying from supporters groups or anyone else is going to save the club. it will only prolong the agony. Administration looms again and its not if, its when. and it will be back to the drawing board again.
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.