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I'd have thought that a joint purchase with the SFA of a new long lease at Hampden, (which expires 2020) with a view to eventual redevelopment will have been mulled over by DK. If Rangers are liquidated again, this option would fit DK's 'not a penny' mantra, and deprive 'the ****s' of a more bountiful return on the assets. At the very least, tactically, DK could bring Hampden into the arena as a piece of leverage against the board, as unpalatable as the prospect may appear to the support.
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The board of Rangers (the “Board”) can confirm that approximately 17,000 season tickets have been renewed to date for the Club's forthcoming SPFL Championship season. This level of renewals reduces the potential requirement for short term financing as highlighted in the Business Review Summary published on 25 April 2014 particularly given the updated season ticket pricing structure for the 2014/15 campaign. Applications for new season ticket purchases opened on Monday and sales of season tickets are continuing. The Club very much looks forward to welcoming more supporters back to Ibrox for what promises to be an exciting league competition. The Board believes that whilst this level of support reduces the potential requirement for short-term financing the Board also notes the strategic objectives that it identified in the Business Review Summary published on 25 April 2014 and the related funding requirements. The Board continues to evaluate its plans in this regard and will update the market in due course. http://www.rangers.co.uk/news/headlines/item/7059-season-ticket-sales
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http://www.dailymail.co.uk/sport/football/article-2655711/Neil-Lennon-offered-30-000-week-tax-free-manage-Al-Shabab-Dubai.html -
Hoofin.....up and running. Brazil to beat Croatia in the opener.
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Hearts: Club exit administration, signing ban lifted
ian1964 posted a topic in General Football Chat
Hearts have exited administration after documents were lodged with the Court of Session in Edinburgh. The Edinburgh club had been in administration since last June with debts close to £30m. They started the season with a 15-point penalty and will play in the Championship next term after being relegated from the Premiership. Hearts owner Ann Budge “When we do hand the club over to the fans in a few years' time, it will be in the best possible shape” Ann Budge Hearts owner "We kept going and it's wonderful that we're here, eventually," said the club's new owner Ann Budge. "There have been many days when I thought there were just too many challenges facing us but we didn't lose hope. "We want to get a really strong management team in place - I don't just mean on the field, off the field as well - and basically ensure that this club never has to go through this again. "When we do hand the club over to the fans in a few years' time, it will be in the best possible shape." Budge agreed a deal with creditors to buy Hearts and quickly set about restructuring the club with Craig Levein brought in as director of football and Robbie Neilson joining as head coach. Gary Locke, who had been manager during the administration process, left the club at the end of his contract. The move out of administration means the ban on the registration of players imposed by the league last year will be lifted and Hearts will now be allowed to make signings. http://www.bbc.co.uk/sport/0/football/27794267 The Tynecastle club entered administration in June 2013 with debts close to £30m, with most of the money owed to businesses in Lithuania who themselves would undergo insolvency procedures. Hearts' new director of football Craig Levein and head coach Robbie Neilson Levein and Neilson will lead Hearts' football operation "It certainly has been a long year but, with hindsight, it's been a great outcome," said administrator Bryan Jackson. "For that I'm very grateful, happy and very relieved." Jackson has successfully taken seven clubs, including several in Scotland, out of administration. And, asked if saving Hearts had been his toughest task, he replied: "Of course it has because I say that about all of them. "I think genuinely this one has been. It was always going to be a tough one when you saw what we inherited from day one. "With some of the external factors, some of the third parties that were involved as well, it made it very difficult for us. New obstacles kept popping up all over the place. As we solved one, there was another one. "So, I would say in the end it was the most difficult one and there were certainly times when I really didn't think we were going to make it this time. "We were close to running out of money on a couple of occasions. We managed to sell a couple of players to keep us going. "Just about everything that came in was crucial. The fans' donations were crucial as well. It was fantastic the donations we received and the support we received from them "The income in the last few games was very important to us and I'm very grateful to the fans for the numbers that turned up to those games." -
This will be more readable for those having problems with the image. "We are extremely concerned that there are now two distinctly different messages being sent out from Ibrox, which appear to be completely at odds with each other regarding our club’s finances. They show the split in the boardroom and raise the question as to who is running Rangers. On the one hand, Graham Wallace has clearly stated that there is no financial crisis, while on the other hand a former PR man for Rangers and Sandy Easdale is briefing that there is a cash crisis which can only be resolved by an urgent share issue. We are aware that the press and certain bloggers are being briefed by Jack Irvine of Mediahouse regarding the reason for, and content of, Rangers board and investor meetings. We would ask two questions. On whose behalf is he making these briefings and how he is privy to the highly confidential and price sensitive information being discussed in these meetings? Mr Irvine was previously employed by both Rangers and the Easdale brothers. We were informed by Mr Wallace in our meeting with him that Irvine no longer works for the club. In the same meeting, Mr Easdale denied that Mr Irvine has ever worked for him during the Easdale’s time at Rangers. Events would appear to prove this to be untrue for, unless he has taken up charity work, someone appears to be paying Mr Irvine to leak stories about Rangers board meetings. We would ask that Graham Wallace fulfils his legal and corporate responsibility to identify the source of the leak and remove them from either the PLC or club board, as necessary, as a matter of urgency. Mr Wallace has stated twice, both in our meeting with him and more recently at the NARSA convention, that the club is on a secure footing. He stated that there is “absolutely no prospect of administration” and that the club “is in its healthiest state financially” since he arrived. Why then are board meetings taking place for an emergency share issue? Why has the club had to take loans just to finish the season? Why have these loans not been repaid despite season ticket sales which we believe to be around 16k and which would surely have raised the £1.5m required to immediately repay the loans? The message sent out by Mr Wallace appears to be at odds with that of Sandy Easdale, who has claimed that club finances were “fragile”, and Mr Irvine, who is briefing on behalf of someone that emergency cash must be raised. Who are the Rangers fans to believe? Who wields the real power in the boardroom? If it is Mr Easdale then who is he taking his instructions from given his refusal to name the people behind Blue Pitch and Margarita, whom he represents? If the board are indeed considering such a move, then will the shares be offered to all shareholders or just those represented by the current board? Also why are they so reluctant, if finance is required, to speak to investors who actually care about the long term future of the club? We have asked for Graham Wallace to come clean about the cash situation at Rangers and we repeat that request. Mr Wallace must make a statement to clarify his position and to explain the leaks of the last few days. The appearance is that Mr Wallace’s authority is being undermined from within. His long term, professional reputation for corporate responsibility is being eroded and the corporate governance of the club’s various boards is once again a shambles. The bottom line is very simply the question of who is running Rangers. Is it extremely well paid chief executive, Graham Wallace, or Sandy Easdale, a man who, for whatever reason, is not even a member of the plc board?"
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http://www.bbc.co.uk/sport/0/football/27804525 By Richard Wilson BBC Scotland Finance remains the fundamental issue at Rangers. One contingency plan has always been to seek additional funding from current shareholders, and a substantial drop in season-ticket sales merely exacerbates the problem. When chief executive Graham Wallace published his business review last April, he indicated that if the uptake of season tickets was "materially less than anticipated" then the board would consider a pre-emptive offering of 43 million unissued Rangers International Football Club shares to existing shareholders. That remains, for now, the only viable way for the business to raise additional funding. With a new share issue proposed later this year, the price would be at a discount to the current market value of 27p and the intention is believed to be to generate in the region of £7m. This would go some way to covering any shortfall from a significant drop in season-ticket sales, and so allow the business to continue trading for the next 12 months. Unanswered questions abound, though. Which shareholders, for instance, would participate? Some individuals are suggesting that Laxey Partners would invest more money, along with Sandy Easdale, the chairman of the Rangers Football Club board. Others believe that the institutional shareholders, such as Hargreave Hale and Artemis, would not participate, given the sharp fall in the share price from its launch of 70p. In the first instance, existing shareholders are normally offered enough additional shares to maintain the size of their overall stake. Any shares that are not taken up could then be offered to existing shareholders to allow them to increase their ownership stake. It is also theoretically possible, though, for the board to place shares with specific existing shareholders, which could strengthen the power base of the group of aligned shareholders who currently effectively run the club. That would, though, be likely to agitate those left out and potentially cause further upheaval. However, Easdale and his proxies could then be considered as acting as a concert party if their combined shareholding goes above the 29% threshold, and so expose them to takeover panel rules and regulations. While a pre-emptive offering is restricted to current shareholders, their rights to participate can be acquired by non-shareholders. So while finance remains the fundamental issue at Ibrox, in that it underpins every substantial development, how the need for funding is addressed is also critical. Control is at stake also. Laxey Partners are currently the largest single shareholder, while Sandy Easdale held the proxies for around 25% of shareholders at last December's annual meeting. Institutional shareholders supported the current board at the AGM, but the need for additional funding may alter their point of view. Wallace is attempting to steer a course through the demands of financial issues and specific shareholder interests. There is no simple solution, beyond a radical change to the shareholder dynamic. That would only occur, though, if shareholders were prepared to sell their stakes or if a fresh rights issue was launched to the public. In the meantime, the Rangers board need to ensure that the business can trade as a going concern for the next 12 months. When the interim results were released last March, they contained a note outlining that a fall in season-ticket renewals from last year's figure of 38,000 would affect the business's ability to trade as going concern. Right now, Rangers are thought to still be considerably short of that. Short-term financial issues are at the forefront, but other intrigues also exist. It has been possible to detect, within the noise around the club, a growing tension between Wallace and Sandy Easdale, who is not a member of the plc board. Wallace has the executive role, but Easdale, through his proxies, carries the strongest shareholder authority. Rangers' April review: Key points Business needs to raise up to £30m over three years New share issue planned for autumn 2014 Cuts of £2m have already been made with other savings likely Plan to make the business sustainable by season 2015/16 Aim to make team Scottish Premiership winners by 2017 The flow of information is also a source of consternation to some within Ibrox, not least because talk of a share option is price-sensitive information and ought to be published first to the stock exchange. Jostling for position is evident, although finance remains the key point, not individuals. Dave King, the former Rangers director, wants to invest directly in the club. The South African-based businessman and Wallace in his business review both estimated that it will require £20-30m of additional investment to provide Rangers with the means to challenge Celtic for the Premiership title and compete again in Europe. The only way to raise that kind of money would be a fresh public offering of shares, which is what King wants to participate in since his money would go directly to the club, which needs money spent on the football infrastructure - there is still no scouting network - and maintenance work at Ibrox. King's intervention would likely lead to the dilution of the current shareholders, though, which is why an alternative route is being sought. The current squad, with one or two additions, ought to be good enough to gain promotion from the Championship, but to compete again with Celtic, Rangers need to be properly rebuilt. There is a current shortfall to address, but that is only a short-term fix. For Rangers to compete at the highest level, a change in approach is required.
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Colin Stewart @RFC_Colin 3h Every time I look out of my window another digger or portacabin has appeared Colin Stewart @RFC_Colin 2h Broomloan car park being turned into a portacabin village. That's 7 and rising
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http://www.bbc.co.uk/sport/0/football/27793911 Rangers are to launch a new share issue in a bid to raise in the region of £8m. The Ibrox board met institutional investors in London on Tuesday, with the new issue to take place before the end of August. Rangers chairman Graham Wallace recently told fans that the Ibrox club was "in a good place" financially. The BBC understands that a minimum of £7m is needed to cover a cash shortfall at the newly-promoted Scottish Championship outfit. Major shareholders Laxey Partners and Sandy Easdale, chairman of the football board, have both indicated they will buy more shares. The Union of Fans - a collective of Rangers supporters groups - has urged people to withhold season-ticket money in protest against the board's running of the club. It led to question marks over the ability of the club to meet the sales figures required for next season. However, Wallace insisted Rangers are "in a good place" despite concerns over the club's finances. The chairman's 120-day business review set out the club's intention to raise fresh equity in the autumn, win promotion from the Championship at the first attempt next season, before adding a Scottish title and being competitive in Europe by 2017. The club's interim accounts revealed losses of £3.5m for the six months to 31 December and "going concern" status was only granted on the basis of predicted rises in season-ticket prices and sales. The board have had to seek emergency funding in recent months. -
As big Tel is moved on from Hibs he has been mentioned for us many a time. Would you prefer him to Ally now? TBH Im not a Ally fan as a manager but I don't want Butcher. He'd bring Mo Malpas and I don't see them as a big enough step up at all for me. Id have Calderwood and Nicholl ahead of them all day long.
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Information from a few journalists now suggesting he will undergo a medical for us today after turning down a move to Hearts...
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Hibernian sack manager Terry Butcher following club's relegation Hibernian have announced that they have "relieved Terry Butcher of his duties as manager of the club with immediate effect". Butcher had met the club's chief executive Leeann Dempster on Monday to discuss his plans for next season. The former England captain replaced Pat Fenlon as manager last November after a successful period at Inverness CT. But he and his assistant Maurice Malpas were unable to prevent the team's relegation to the Championship. The Easter Road club will hold a media conference at 16.30 BST. A statement on the club website read: "Hibernian FC today announced it had relieved Terry Butcher of his duties as manager of the club with immediate effect, following the club's relegation to the Championship. "Chairman Rod Petrie and chief executive Leeann Dempster met with Terry yesterday. The board met this morning and after a full discussion unanimously agreed the course of action. "The chairman said that Leeann will now lead the process to find a new manager to take the club forward in what promises to be a challenging season." In the statement Dempster speaks of her "regret that this decision had to be made" but adds that "during conversation it became clear that a different approach was needed". "Sadly, for a variety of reasons and perhaps including unfortunate timing, it hasn't worked out for Terry here," she said. "That is disappointing for all concerned. I am genuinely saddened that we have had to take this tough decision. "It may have taken longer than we all would have liked but I felt it was appropriate that we met properly and had a full discussion before any decision was made. "Now we need to move forward and act to bring in a new manager with the aim of getting us promoted back to where Hibernian belongs, in the top league of Scottish football, from a uniquely competitive Championship. "Our first aim must be to try to win the league and gain promotion automatically. "The search now begins to find and appoint the next Manager, and while we will try to keep supporters updated regarding the process as much as we can, I know they will understand that we need to be professional in all that we do. "Unfortunately assistant manager Maurice Malpas is abroad on holiday at present and I want to meet him on his return to explain the situation at the club." http://www.bbc.co.uk/sport/0/football/27783337
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World Cup 2014: Argentina to face Fifa probe over controversial Falklands banner displayed ahead of tournament warm-up match. Argentina’s national football team is to be investigated by Fifa after players posed with a banner declaring that “Las Malvinas son Argentinas” (“The Falklands are Argentinian”). http://www.independent.co.uk/sport/football/worldcup/world-cup-2014-argentina-to-face-fifa-probe-over-controversial-falklands-banner-displayed-ahead-of-tournament-warmup-match-9521189.html
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THE Rangers family have taken Calum Gallagher to their hearts. But the Ibrox kid has revealed his biggest fans are Celtic supporters. Gallagher emerged from the Murray Park ranks to impress for Ally McCoist's side in the closing weeks of the League One campaign and will be part of the squad that will bid for Championship glory next term. The forward was snapped up by Rangers after being spotted while playing for local side Giffnock after leaving Dundee United early in his teens. After forging his way into the first team, scoring on his debut against Dunfermline and helping seal a third tier title, Gallagher is living the dream in Light Blue. And the 19-year-old is delighted to be able to repay his nearest and dearest for their backing as he continues on the road to glory with Rangers. "I come from a really supportive family and now that I am where I am I think they are more Rangers fans than Celtic fans," he told SportTimes. "I get teased from a lot of them but a lot of them are at every game and they are really supportive. "I have got to live my dream and play football. Now that I am where I am, I love the club and everything it stands for. "I am so lucky to be where I am and long may that continue." It may have taken until the closing weeks of the campaign for Gallagher to get his big break but it was to prove well worth waiting for as he impressed in League One and the Scottish Cup triumph over Albion Rovers. He has quickly settled into a first team filled with SPFL Premiership-quality stars and, in the cases of stalwarts Lee McCulloch and Lee Wallace and keeper Cammy Bell, players who have turned out for Scotland. The transition from Murray Park kid to Ibrox star could have been a daunting one but Gallagher admits the warm welcome he received made the first team dressing room feel like home sweet home. "When I first came in, Lee McCulloch was amazing with me," he said. "I felt that he put a lot of attention towards me and really helped me settle in. "He is still a great influence and he is amazing around the dressing room. "He is deserving of the club captaincy, there is no doubt about that. "Guys like Jon Daly have been great for me, as a striker. He has been able to impart his wisdom in a positional sense and talked me through a few things. "It has been great to work with the gaffer as well and it can only help me working with someone who was as good a player as him. "It would be unfair of me to single out anyone, everyone really pulls their weight and helps integrate the younger players into the squad. You couldn't ask for a better staff and group of team-mates." Gallagher may have had to quickly make new acquaintances on his maiden venture into the Gers first team arena but there were a couple of familiar faces for the forward to chew the fat with. His Murray Park peers Fraser Aird and Lewis Macleod have shone since given their chance by boss McCoist, with the pair once again impressing in League One as Rangers eased to the title this term. It was to prove a frustrating end to the campaign for Macleod as a virus saw him forced to hang up his boots with several weeks of action still to be played. The champions will return to pre-season training in a couple of weeks and Gallagher is confident his fellow Light Blue protege can shine once again next term. He said: "Lewis is one of the most gifted players I have ever played with. He has got everything you need in a footballer. "Fingers crossed everything works out for him. If he is able to keep himself fit and healthy then there is no knowing where he could end up in the game. "It must have been really frustrating for him not being able to play in the second half of the season. "It is something all players go through, everyone gets injuries. It is horrible coming in and feeling the energy about the place but not being able to exert yourself and play your part. "I am sure it was torture for him but here's hoping he comes back better than ever next season." It is less than a month before McCoist will start putting his players through their paces ahead of the big Championship kick-off but there has only been one arrival at Ibrox thus far, Kenny Miller clinching his third Gers switch last week. Having allowed Andy Little to leave after his contract came to an end, another striker is one of McCoist's top priorities as he looks to bolster his squad, with former Ibrox forward Kris Boyd linked with a return to the club. And Gallagher, who has spent most of his first team career in a role on the right of the Rangers midfield, is eager to show what he can do in front of goal. He said: "That is where I have always played, through the middle. "But I know that I have the traits that let me play wider as well. I am happy to play anywhere in a Rangers top.As long as I am on the pitch and doing my bit for the team I am delighted. "I would love to get a run out in what I see as my natural position. But you never know where you will end up. Lee McCulloch has played in just about every position during his career. "If you can make an impact in multiple positions then that is great. Doing that gives you more of a chance of getting on the pitch than if you were restricted to one position. "It is not something I grudge or anything like that. I am delighted to play wherever the manager wants and I will go out and give my all for Rangers." http://www.eveningtimes.co.uk/rangers/calum-ive-got-bunch-of-celtic-fans-proud-of-my-role-in-rangers-family-166655n.24435761
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RANGERS directors were locked in showdown talks in London yesterday as they attempt to stave off more financial chaos. Record Sport can reveal brothers Sandy and James Easdale travelled to meet with representatives of shareholders groups Blue Pitch Holdings and Margarita Holdings before staging further discussions with the rest of the Ibrox regime yesterday afternoon. Talks will continue at 10.30am today at an official board meeting to be held in the offices of the club’s financial advisers, Daniel Stewart. The Easdales flew out of Glasgow yesterday on a morning flight to the docklands’ City Airport. Coincidentally on the same flight were the club’s shamed former finance director Brian Stockbridge and axed PR guru Jack Irvine. Rangers sources insisted last night that Stockbridge’s presence was ‘purely coincidental’ although all four were spotted chatting together in the departure lounge before boarding. On arrival in London, Stockbridge was seen heading for a train while the Easdales left in a taxi cab. But it’s understood the brothers were then involved in talks with the same mysterious investors who helped fund the £5.5million takeover which saw Charles Green, Stockbridge and Imran Ahmad seize control of the club’s assets two years ago. Blue Pitch and Margarita are now supporting the Easdales and sources claimed last night they will be willing to plough more money into a fresh share issue if, as widely expected, the club requires an urgent injection of cash after a dramatic slump in season-ticket sales. It’s understood chief executive Graham Wallace later met with the Easdales after flying back to Britain from a supporters convention in Canada. Wallace declined to answer fans’ questions when asked how many season tickets have been sold. Sources close to the board insisted last month 20,000 fans had renewed. Meanwhile, generous fan George Letham, who stumped up £1m in emergency cash to keep the club out of trouble in February, has still not had his loan repaid. Under the terms of his loan the money was supposed to be returned as soon as sufficient funds had dropped into the club’s account from season-ticket sales. And with June’s wage bill still to be covered at the end of this month, the regime’s need to secure fresh funds seems increasingly urgent. But before jetting back across the Atlantic for yesterday’s London talks, Wallace insisted on the club’s website that Rangers finances are not a cause for alarm. And he insisted fans can expect to see more new signings soon. Meanwhile, it has been revealed accountants and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar. The figures have been detailed in the latest six-month report from insolvency experts BDO who were appointed liquidators of the Rangers Football Club PLC after it failed to emerge from administration following Craig Whyte’s ruinous 10-month reign. And the unfathomable strategy adopted by Whyte is further highlighted by the fact almost half of this latest bill has been covered by the final instalment of the £4.5m deal which saw Nikica Jelavic sold off to Everton just two weeks before the club was plunged into financial chaos in February 2012. The BDO report, which was completed at the end of last month, reveals a cheque for £975k is expected to arrive from the Goodison Park club ‘shortly after 31 May 2014’. But that won’t come close to covering the spiralling costs – as BDO gear up for a potential multi-million pound courtroom battle with Collyer Bristow, the law firm who advised Whyte during his takeover in 2011. In total, more than £1m has been spent on legal fees and outlays with more than £650k of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says a trial date is ‘currently set for the beginning of 2015’ but it is anticipated a deal could be negotiated and an out of court settlement agreed. BDO are also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Green for a knockdown £5.5m. http://www.dailyrecord.co.uk/sport/football/football-news/rangers-directors-hold-showdown-talks-3668192
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By Alasdair Lamont and Martin Conaghan BBC Scotland The Scottish FA is to look into moving away from Hampden Park. It is one of a number of proposals put forward following the hiring of a consultancy firm by SFA chief executive Stewart Regan. The SFA's lease on Hampden expires in 2020 and that could signal an end to international matches and cup finals at the national stadium. Its board will look at the practicalities of taking such games to other stadiums round the country. The proposals, which are at an early stage, also include exercising an option to renew the lease for a further 20 years or acquiring the freehold from current owners Queen's Park Football Club. BBC Scotland has seen documents circulated to key SFA figures last week. Celtic Park, Pittodrie Stadium, Ibrox Stadium, Easter Road and Murrayfield Stadium are all under consideration as venues for Scotland's home matches and Scottish Cup games. It would also mean the SFA finding offices elsewhere as well as moving the Scottish Football Museum and sports medicine facilities. The SFA has lodged a bid with Uefa to host group matches for Uefa's Euro 2020 competition, which will be staged across multiple European cities. It recently extended the lease to incorporate the Euro 2020 bid. The proposal document assumes there is no desire in the SFA to build an entirely new stadium or refurbish an existing ground. James Watson Consultancy has been engaged to assess the various options ahead of any announcement regarding Euro 2020. BBC Scotland contacted the SFA, who did not wish to comment at this stage. Hampden, which also houses the headquarters of the Scottish Professional Football League, has been temporarily converted to an athletics stadium for the 2014 Commonwealth Games. Queen's Park, who play in Scotland's League Two, have been playing their home games at Excelsior Stadium in Airdrie during the conversion work and until the stadium reverts back to a football venue after the summer event. http://www.bbc.co.uk/sport/0/football/27774208
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ALLY MCCOIST was disappointed that 18-year-old Charlie Telfer decided to move to Dundee United after Rangers had offered him a new deal to stay at the club. Telfer was a key player for Gordon Durie’s Youth Cup winning under-20 team in 2013/14 but at the start of this month it was confirmed he would join the Tangerines which came as a surprise to many Rangers supporters. The midfielder, who made his Gers first-team debut in a 4-0 win over Stenhousemuir at Ochilview Park in April, was seen as being one of the brightest prospects at Murray Park but McCoist reluctantly had to accept his decision to move on. He said: “We wish Charlie all the best but we were obviously very sad to see him go. “He trained with the squad and came on against Stenhousemuir last season and we feel he is a great prospect. He still is a great prospect but sadly for Dundee United now. “We offered Charlie terms which he was well within his rights to decline and turn down and he did so. He has moved to Dundee United with our best wishes. “The first thing people have to realise is it was Charlie’s decision. We wanted to keep Charlie but he obviously decided to turn down the offer that was put to him by the club. “I can understand people questioning why would Charlie want to go to Dundee United rather than stay at Rangers. He can answer that, he has been quoted in the newspapers recently. “But we have been delighted with some of the younger boys that have come through. “Last year alone we had 13 academy graduates who played for the first team. Some of them will develop quicker than others. Look at boys like Macleod, Gallagher, McKay, Aird and numerous more have come through the academy.” In total 21 Murray Park graduates have made more than 450 appearances for the Rangers first-team post-administration which goes against any suggestions that young players have not had an opportunity at senior level in recent years. McCoist added: “We are delighted with the academy, we want to get as many coming through as possible but 13 last year is good and we will never rest on it. “Jimmy (Sinclair) and the lads in the youth department are very pleased that myself, Kenny and Ian have told them, and we stand by it, if we feel the kids are due an opportunity and deserve an opportunity then they will certainly get one. “They will always get the opportunity. Even further back Allan McGregor, Barry Ferguson, Charlie Adam, Chris Burke, Stevie Smith – international footballers a lot of them - have come through the academy at Murray Park. “Perhaps the whole thing has been blown up a little bit because Charlie has exercised his right to move on but we will continue to work hand in hand with the academy. “The boys that warrant and deserve their chance, I can reassure everybody, will get it.” http://www.rangers.co.uk/news/headlines/item/7046-ally-sad-to-see-charlie-go
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Date: 9 June 2014 Serbian football club Red Star Belgrade has been banned from participating in the Uefa Champions League next season, while two Turkish clubs have also been barred from competing in the Europa League. Uefa, football’s European governing body, confirmed that Red Star would be blocked from playing in the Champions League after breaching several licensing and Financial Fair Play rules. The club won the 1991 European Cup – the precursor to the Champions League – but lost its best players in the wake of the break-up of Yugoslavia in the same year and has struggled for consistency on and off the pitch since then. “My first reaction is that Uefa has shown no understanding for our situation because this is an accumulated debt for which the club's present leadership is not responsible,” Red Star’s vice-president, Ivica Toncev, said. “It was always going to be an uphill battle but we will exercise our right to appeal to the Court of Arbitration for Sport.” The club had been due to enter the 2014-15 Champions League in the second qualifying round. According to the Reuters news agency, last week several Red Star players complained that their wages were late. The club has reported debts totalling more than €50m ($68m). Uefa will also investigate the FSS, the sport’s governing body in Serbia, for giving Red Star a licence to play in the Champions League despite being aware that the club had violated financial rules. “Red Star's position was barely acceptable, but we also assessed that playing in Europe's top-tier competition was the fast track to the club's recovery,” the FSS said. “We are surprised by Uefa's course of action against the FSS and we maintain that kicking Red Star out of Europe is a bitter blow to Serbian football as a whole.” Uefa also announced that Turkish clubs Sivasspor and Eskisehirspor have been banned from participating in the 2014-15 Europa League due to their involvement in a domestic match-fixing scandal relating to the conclusion of the 2010-11 season. Sivasspor would have entered the Europa League at the third qualifying round. Turkish Cup runner-up Eskisehirspor would have entered at the second qualifying round. http://www.sportbusiness.com/sport-news/uefa-bans-red-star-turkish-clubs-europe
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Revealed: Lawyers and accountants rake in £2m in one year....
ian1964 posted a topic in Rangers Chat
.....as bill for winding up oldco Rangers continues to soar. Jun 09, 2014 12:26 By Keith Jackson THE staggering figures are revealed in the latest six month report from insolvency experts BDO - which shows more than £1m has been spent on legal fees and outlays ACCOUNTANTS and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar. The mind blowing figures have been detailed in the latest six month report from insolvency experts BDO who were appointed as liquidators of the Rangers Football Club PLC after it failed to emerge from administration following Craig Whyte’s ruinous 10 month reign. And the unfathomable strategy adopted by Whyte is further highlighted by the fact that almost half of this latest £2m bill has been covered by the final instalment of the £4.5m deal which saw Nikica Jelavic sold off to Everton just two weeks before the club was plunged into financial chaos in February 2012. The BDO report, which was completed at the end of last month, reveals that a cheque for £975k is expected to arrive from the Goodison Park club ‘shortly after 31 May 2014’. But that windfall won’t come close to covering th.e spiraling costs of the on-going liquidation process - as BDO gear up for a potential multi-million pound courtroom battle with Collyer Bristow, the law firm who advised Whyte during his takeover in 2011. In total, more than £1m has been spent on legal fees and outlays with more than £650,000 of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says that a trial date is ‘currently set for the beginning of 2015’ but it is anticipated that a deal could be negotiated and an out of court settlement agreed. BDO are also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Charles Green for a knock-down £5.5m. But the report stresses: “Due to the highly sensitive nature of certain aspects of these investigations, we consider that it is not appropriate to provide full details in respect of our investigations to date,”. BDO reveal that the creditors pot has been boosted by a payment of £75k ‘in relation to the transfer of Charlie Adam’. But, while they are attempting to claw together as much cash as possible for those who suffered from the Rangers collapse, their own running total for remuneration stands at more than £1m which, the report says, has already been drawn down. BDO expect more money to trickle into the account through from a sell-on clause triggered by Jelavic’s January move from Everton to Hull City, possibly as much £187,500 so long as the Croat helps keep his new club in the Premiership next season. But one creditor who has received this latest update from BDO told Record Sport last night: “The fact that Everton still owe almost £1m from the initial Jalvic deal defies belief. It’s good new for the creditors but it makes you wonder what on earth Whyte was thinking about when he did that deal, just a fortnight before placing the club in administration. “He sold the club’s best player for a snip and yet he didn’t even demand that the money was paid up front. It’s incredible as, for that matter, are the sums of money involved in this on-going process. The collapse of Rangers has made an awful lot of money for an awful lot of people.” But another source said: "BDO are doing a highly professional job in going after as much money as possible for the creditors. The fact they are ploughing so much into the legal cases is an indication of where this thing is headed. "There should be a lot of very worried people out there because BDO are going after them like a dog at a bone." BDO admit, two years into the process, there is no sign of it coming to a conclusion any time soon. Not only is the court action against Collyer Bristow still to be settled but an ongoing dispute with HMRC over the club’s use of the controversial EBT scheme also continues to rumble on. The report says: “If HMRC are successful in the appeal their potential claim in the liquidation could be significant and have a material impact upon any dividend that may ultimately be payable to unsecured creditors,”. And it ends: “Due to the significant issues to be resolved in the liquidation, the joint liquidators do not expect to be in a position to bring this case to a conclusion for some considerable time. Further reports will be circulated to creditors within six weeks of each six month anniversary of the date of liquidation.” http://www.dailyrecord.co.uk/sport/football/football-news/revealed-accountants-lawyers-rake-2m-3665381 -
as it say in the Herald
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Written by Andy Steel As the globe gears up for the festival of football that is The World Cup, it's good to know that here in Scotland there are people who haven't taken their eye off what's really important. While the Coupe Mondiale deserves the capitalised definitive article, given its planet-bestriding presence, Scottish football's lower case lackeys show no sign of drying up. For once, though, it isn't Rangers we have to thank for a distraction from minor events such as the biggest sporting event on earth; it's the breath-of-fresh-air that is dynastic scion and Corner Shop King, Dundee United's Steven Thompson. For Bluenoses who feared that their club had cornered the market in dimwitted Chairmen and chief executives who pander to their support and are only marginally chastised by being exposed as liars or incompetents, Thompson's scenery chewing performances of late have been a blessed relief. Exposed as fibbing about the SFA over Scottish Cup ticket allocations, he now insists said sad Glasgow club have only two years of history and so aren't due much compensation over the transfer of Charlie Telfer. Since his club's fans tend to tediously complain about Rangers and others economic lack of soul, such fairly blatant posturing to sell season tickets is interesting coming from this source: but then, bullshit has never been in short supply in Scotland. Be that as it may, I would think most Rangers fans are 99.9% concerned at seeing decent youth players leave and, shall we say, 'experienced' names like Kenny Miller come in, added to the rather obvious panting of the Rangers board to get Dundee United (or anyone's) money to keep them going: feeble attempts at closed season advertising on Rangers back are likely some way down their list of worries. Thompson was wrong about tickets, he's wrong about Rangers, and that's about it. I, however, am grateful that Mr Thompson has taken up the slack left by Charles Green as the game's go-to guy for guff. The horror of the unrelenting stream of cobblers coming out of Ibrox has been hard to take, and, the egregious balloon of pomposity that is Turnbull Hutton aside, few others in the game seemed willing to try to match it. Then again, we should be careful. Who knows? While the world settles down to see if Brazil can win on home soil, perhaps Mr Thompson already has his application for Graham Wallace's job in the post...he seems 'Ready' to make the step up. http://www.gersnet.co.uk/index.php/latest-news/249-a-heartfelt-thanks-to-steven-thompson
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GRAHAM WALLACE says Rangers fans can be a massive asset for the club in its quest for promotion to Scottish football’s top tier and urged them to unite to drive the team forward. The Ibrox chief executive has been hugely impressed by the passion and loyalty shown by more than 1,000 Light Blues supporters at this weekend’s NARSA convention. He’s eager to embrace that commitment and work with them to take Gers through the forthcoming Championship campaign up into the Premiership. The public sale of season tickets begins tomorrow and Wallace knows it is an important moment as the final push to get back to the elite division is underway. Now, with little more than a fortnight until pre-season begins, he wants people to focus on what’s best for the club and be a force for good at Ibrox. Season tickets can be purchased in person at the Rangers Ticket Centre, online at rangers.co.uk or by phone on 0871 702 1972. Calls cost 10p per minute plus network extras. Wallace, pictured with some of his fellow top table guests including NARSA executives at last night’s Grand Banquet, said: “The fans have been tremendous. “The manager has been on record numerous times in terms of praising the support they’ve given in recent years. “Let me add my view on that as well. They have been terrific and we’re on the cusp now ahead of a season in the second tier. “We’re at a point where we are very close to getting ourselves back into the top division and we’re looking for the fans to continue supporting their club in the way they have. “They’ve done that magnificently and if we can come together and work together, the club and the fans, there’s no reason why we can’t drive Rangers to great things. “For the club to thrive, it needs the support of its fans in order to have the financial base required to build and grow the club. “There are many non-Rangers fans who support other clubs and who are genuinely concerned about the progress we are making and the momentum we are building. “They know where we’re headed and they would just love for us to falter. We’re not going to allow that to happen. “We have a tremendous opportunity now to come together as a club and a fanbase and unite to take us back to the top. Let’s not waste it. “This is our time to put the in-fighting and the turmoil to one side, to unite across the club and back the club, back the team and show Rangers Football Club is well and truly back. “Our future is really in our own hands and I ask fans to continue their magnificent support and drive us back to the top division in style.” Wallace was understandably the main recipient of questions from supporters at yesterday’s Q&A session which followed the NARSA annual general meeting. Along with his address at last night’s Grand Banquet, he hopes his participation helped provide some assurance on certain aspects of life at Rangers which have concerned fans. Wallace added: “It was a good session and a great opportunity to put a little more emphasis on some of the things we are doing. “There were a number of pointed questions asked regarding the state of the business and we fully expected that. “It was a chance to respond personally to some things and hopefully the attendees found it a useful exercise.” http://www.rangers.co.uk/news/headlines/item/7033-lets-work-together-as-one
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LEE McCULLOCH would love Rangers fans to carry on their journey back to the top of Scottish football next season with the team in a league he thinks will be the best in Scotland. The Light Blues will contest the Championship with a host of clubs including Hearts and Hibernian, both of whom will drop down from the Premiership. An intriguing campaign is shaping up and while Gers will be favourites to claim the title, it’s clear they will be pushed far more than they have in the last two year if that’s to happen. The public sale of season tickets starts tomorrow and McCulloch hopes supporters snap them up to ensure Ally McCoist’s men are given every chance possible of winning the crown. McCulloch was speaking in Toronto at the 2014 NARSA convention, where more than 1,000 fans came together over the weekend. He was joined in Canada by his team-mates Stevie Smith, Lewis Macleod, Luca Gasparotto, Nicky Clark and Fraser Aird as well as chief executive Graham Wallace. Season tickets can be purchased in person at the Rangers Ticket Centre, online at rangers.co.uk or by phone on 0871 702 1972. Calls cost 10p per minute plus network extras. Club captain McCulloch said: “The fans have been brilliant. They’ve kept us going and whether it’s the home support or the away support, they’ve filled stadiums to cheer us on. “The way they get behind the team is fantastic and for us as players, it can give us such a push forward. “We’ve got some young kids in our team and it’s great for them as much as it is for the likes of myself. “We need the fans and everybody knows that. Without them there won’t be a Rangers so hopefully they can keep coming to support us. “They’ve been great so far with us but now things are getting harder and we’ll really need them there by our side. “If they do that, we’ll do everything we can to do the business on the pitch and it’ll make it a bit easier for us in what looks like being a very interesting season. “It’s going to be a great league and with Hibs and Hearts in there as well as the pull of Rangers, it’s a division a lot of people will see as being the most exciting in Scotland.” http://www.rangers.co.uk/news/headlines/item/7032-join-us-on-the-journey
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With the World Cup just 4 days away, L'Equipe have broken the story that the Cameroon squad have refused to fly to Brazil for the World Cup on their flight scheduled on Sunday morning due to a bonuses row. Cameroon are set to start their World Cup campaign against Mexico on Friday in Natal, as well as taking on Brazil and Croatia in Group A. The squad has been battling with their federation over bonuses for some time, and the players suspended a scheduled strike on May 23 in an effort to find an agreement on the thorny issue but nothing has happened. It is unclear as to when Cameroon are set to arrive in Brazil now. http://www.thesportbible.com/articles/squad-boycott-their-flight-to-the-world-cup
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GRAHAM WALLACE says Rangers now has a solid base from which it can move forward with confidence as it looks to grow, prosper and thrive more as time goes on. Wallace has spent the weekend in Toronto at the 2014 NARSA convention, where over 1,000 Light Blues fans have been in attendance. The chief executive took questions in an open forum yesterday afternoon following the association’s annual general meeting. A number of issues were raised with him and Wallace is keen to reassure Gers followers a path to a brighter future lies ahead. He said: “It has been interesting talking to a different cross-section of fans in Toronto as it was an opportunity to hear at a really detailed level about some of the issues they have. “Almost since the day I came to Rangers, we’ve been operating in an environment where there have been consistent questions about the financial stability of the club. “I’ve repeatedly come out and said there’s no threat of administration and we’ve built a very solid base now which we’re moving forward from. “The fans should take reassurance and comfort from that. We are moving in a way that allows us to grow and develop the business. “The long-term financial stability of the business is well in hand and we are in a good place now. Fans should be confident and comfortable with the club’s long-term stability. “The club needs them to survive like any business does and we are absolutely hoping they will stand behind and support the club the way they have in recent seasons. “In the vast majority of areas, I think we are moving in the right direction and it is business as usual at the football club. “The fans are looking for a degree of confidence that their club is stable, it’s being properly run and we are in a good position financially. “We are now in our best position financially in my time at the club so that’s positive and we are placed very well for the start of the forthcoming Championship campaign.” Wallace admits there is still considerable work to be done as Rangers bid to make up for what he feels has been a missed opportunity to rebuild in a better way since administration in 2012. But he is sure a lot key moves have now been made which will allow the League One title winners to make more notable strides from now on. He added: “I’ve been in position now for a little over six months and in that time it has been extremely challenging. “There have been so many legacy issues we have had to deal with and we spent a considerable period of time looking at the condition and the state of the business. “We had to map out what we think the club and the business is capable of doing over the next several years. “We have done a tremendous amount of groundwork and we’ve addressed a significant number of issues. “In April, we published our business review. That gave fans a sense of what we inherited but more importantly, a sense of the vision of where we think we can take the business. “We have made significant strides but it’s not an overnight journey and what we are looking for now is to move forward again. “We want to go through our pre-season routine into the new season and really push on, starting to make a huge difference in the areas we’ve identified.” http://www.rangers.co.uk/news/headlines/item/7029-a-base-to-grow-from
