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Rangers has been many things to many people for nearly a century and a half and over much of this time, excellence and aspiration have ranked high in the club's priorities. To be a Rangers supporter was to be a part of a family that had high expectations, an intolerance of mediocrity, an insistence on elite standards and an undying ambition to be the best. The last few years, though, have been a uniquely testing time. Experiencing the team in the lower reaches of Scottish football has been a ghastly experience. After 120 years of winning or coming close to winning the Scottish League, being dumped in the wasteland of the national sport has been more than just humbling: it has been surreal. Finishing top of the third and fourth tiers may have secured promotion, but it went against the grain that these achievements were deemed worthy of celebration. They might be for small clubs, but for a club like Rangers, promotion was a minimum expectation. There's something unsettling about seeing Rangers celebrating the acquisition of minor trophies. Some will argue that every success should be lauded, especially after flirting with finality, but it feels inappropriate: it feels wrong. The nature of the way the team has performed is a sorry tale. Watching Rangers is about as aesthetically pleasing as a long and lingering gaze at the urban monstrosity that is Celtic Park. An uncultured approach to football is now endemic within the club's football department: it knows no other way. Somehow, and it started before Ally McCoist settled in the manager's chair, Rangers has become the epitome of ugly. The vital matter of club ownership is impossible to ignore. Fans have lost trust in the current regime; its plans are vague and unconvincing, it is out of touch with those who fund it and it can't even convince supporters that it genuinely cares. It is in a hole, a very large hole, and it keeps on digging. Rangers is a shadow of what it used to be. In every single area, there are failings, but most worryingly of all, there appears to be no light at the end of the tunnel. The club's financial predicament could mean a slow and painful demise, or perhaps a sudden and quick one. The spectre of doom hovers over Rangers like dark clouds over Arran, and even if the club survives, it may never recover to become a domestic powerhouse again. Fans debate the corporate side endlessly, but expertise in this argument rarely offers hope, a way out or a workable solution. Learned fans offer little more than those who know as much about bean-counting as they do about rocket science. A glaring absence of the means, imagination and knowhow to lead Rangers out of this mess has been the most notable aspect of this entire debacle. The vast Rangers family has been found to be badly wanting. It is staggering that a pillar of the Scottish sporting community could be so easily shaken and undermined, but the collective naivete of the Rangers support never dared to entertain the possibility that the club's existence could one day be threatened. From the fanatical element within the Celtic support to provincial club detestation of Rangers and an ever-open door on Edmiston Drive to rogue ownership, the inevitable consequence was hard times ahead for Rangers, but few saw it coming. In this hostile new era, winning a title or two was only going to be half the battle. There are no heroes in this debacle. From millionaires to ex-players and from ex-directors to ordinary fans, the combined wisdom of the lot of them has amounted to failure after failure and blunder after blunder. The air of immortality that once enveloped Rangers has evaporated. The club has been outed as a zone of incompetence and its cheap talk and soft underbelly have made it an easy target for detractors. There are times, when the mood is dark, when one wonders if Rangers has reached the end of the road. Society has changed, but maybe Rangers has never really changed at all. It gives the appearance of being an anachronism, clinging to a past that it can't let go instead of embracing a future that it never foresaw. Regrettably, there is a hateful and sinister element within the Rangers support. For many years, our press and media told us it was there, but we denied the accusations outright. Now, with many contentious issues to deal with, the vitriol that spews forth from one fan to another is beyond the pale. Anyone trying to lead us out of this mess automatically becomes a hate figure for fundamentalists who believe that they and only they are the true carriers of the Rangers torch. Maybe they are, and maybe that's why the torch is in danger of being extinguished - permanently. Two words have sold a million Scottish newspapers over the years: 'Rangers' and 'crisis'. Finally, we have a crisis worthy of such a dramatic description and we have reacted exactly as our enemies would have wanted. There is too much hate in our hearts to provide constructive solutions to the problems that beset us. Until this is successfully addressed, we will get the club we deserve - if we have a club at all.
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The members of the Scottish FA today agreed that any clubs seeking full membership are required to satisfy at least entry level Club Licensing criteria. In addition, from the start of season 2016/17, all existing members are required to maintain their Club License in order to retain their full membership of the Scottish FA. This reflects the work that the Scottish FA has undertaken in recent years through the Club Licensing system to improve standards across the game. National Club Licensing operates a Gold, Silver, Bronze and Entry level system. Clubs are granted an overall award reflecting the lowest level that the club achieves in the four sections of criteria (Ground, First Team Football, Youth Team Football, Legal, Admin, Finance and Codes of Practice). Among the other significant resolutions at today's 2014 Scottish FA General Meetings, the Professional Game Board will be offered a second seat on the Scottish FA Executive Board, reflecting the impact which the professional game has in generating revenues for Scottish football. A resolution designed to reduce the length of service required in official Scottish FA positions for potential candidates as office bearers was not approved. A resolution to require all participants in the Scottish Cup to have a full license was not approved. Members spoke of the fairy tale nature of the cup competition, and the importance of participation in th Cup for both fans and the sustainability of clubs across the country. A further 35 resolutions were passed by the 87 members present at the General Meetings at Heriot Watt University, which will be the site of the new National Performance Centre for Sport, due to open in summer 2016. Scottish FA Chief Executive, Stewart Regan, said: "It's significant that Scottish FA members have recognised the importance of Club Licensing criteria, and the need to grow and subsequently maintain standards, which will benefit all stakeholders in the game, including supporters, broadcasters and sponsors. "We recognise the role that the professional game plays in generating revenue for Scottish football and it is understandable that more influence is sought on the Scottish FA Executive Board. We look forward to welcoming a new board director at the start of next season. "We were delighted to host this year’s meetings at Heriot Watt University, which will be the site of the new National Performance Centre for Sport, and give members an update on the progress of the Centre." The National Performance Centre for Sport, which will host all Scotland National Teams, the Scottish FA Performance Department and incorporate multi-sport involvement including rugby, volleyball, athletics, badminton, basketball, cricket, fencing, handball, hockey, netball, shinty and squash. It will feature a replica of the Hampden pitch, a 500-seater indoor football stadium, two rugby pitches, three tennis courts and a nine-court sports hall on top of sports science and medical facilities. The £30 million NPC will be jointly funded by the Scottish Government, Edinburgh City Council and Heriot Watt University, and is is due to open in summer 2016. http://www.scottishfa.co.uk/scottish_fa_news.cfm?page=2986&newsID=13442&newsCategoryID=1 -
Yesterday, BBC Radio Scotland sport was broadcasting whilst thinking aloud. Throughout the morning and early afternoon, the struggle for comfort was obvious and ease of mind did not arrive until Newsdrive, after 4 O'clock. The sport headline on the hour, every hour was the release of next season's fixture list, the strap line being, 'the most attractive opening day fixture'. The morning was all about ra Sellik; well, they are Scottish champions and they deserve their due. The green'n'grey hooped horrors were opening at Perth on a Wednesday night. At lunchtime, we received an explanation that Sellik should open against the Harry Wraggs, but remedial Commonwealth Games work has postponed the match. One O'clock bulletin continued the refrain and informed the listenership that Rangers were opening against Hearts. Afternoon saw Aberdeen's opener against Dundee United as the most attractive opening fixture, 3 O'clock announced Rangers/Hearts was "ARGUABLY" the most attractive opening day fixture, and Newsdrive delivered the unequivocally verdict, no mention of us at all and Aberdeen/Dundee United was THE most attractive opening day fixture. I know news is a dynamic, but it seemed to me the politics between BBC Scotland and our club became the overriding factor. Ra Sellik were out of the equation and the commentary team must go somewhere, the hill of dung is that venue. You see, they cannot talk up Rangers/Hearts because they would then have to explain why they won't cover it by commentary. What a pickle? Other than the usual last two season's two minute match report by one of BBC Radio Scotland's usual suspects, do you think BBC Scotland want to cover Rangers matches? Cosgrove banged on for a decade that the Scottish First Division(now the championship) was the most attractive, most difficult, and most competitive league in the country, do you think he will continue this line between oral consumption of Anusol? I suspect they might wait to see how we start the season. Yesterday was a microcosm of the season long problem BBC Radio Scotland will have dealing with the football matters of our club.
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MADJID BOUGHERRA, the former Rangers defender, is targeting a move to the Barclays Premier League after this summer's World Cup. The Algeria captain, whose side kicked off their tournament with a 2-1 defeat to Belgium last night, is reportedly attracting interest from a host of English top-flight sides including Newcastle United, Queens Park Rangers and Leicester City. http://www.heraldscotland.com/sport/football/bougherra-i-want-to-play-in-england.24519947
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Vince Lunny, who was the first compliance officer to be appointed by the Scottish Football Association - to ensure greater focus and legal enforceability of the disciplinary rules, has quit his position. Lunny has been in the job for less than three years but the former war crimes prosecutor plans to return to regular legal work. It is not the first time a high-profile employee has quit the governing body - commercial chief Kenny McLeod, head of finance Jim Hynes and fans’ liaison Alison Jack also recently resigned. (The Sun) http://www.scotsman.com/sport/football/latest/rumour-mill-hibs-ross-county-vince-lunny-1-3446338
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HULL City supporters Mark Gretton and Kate Ogram urged Rangers fans not to give up their crusade to gain security over prized assets Ibrox and Murray Park. HULL CITY fans took on their club’s hierarchy and won. Now the people who successfully challenged Tigers owner Assem Allam have backed Rangers supporters to prevail in their battle against the Ibrox board. With just 17,000 season tickets snapped up for the new season Gers’ Union of Fans are continuing their fight with the powerbrokers. The majority of Ibrox punters are fed up with chairman David Somers, chief executive Graham Wallace and directors who they believe have made poor decisions at the club. But despite significant protests against the regime Wallace and Co refuse to give Gers supporters what they want – security over prized assets Ibrox and Murray Park. Hull City supporters Mark Gretton and Kate Ogram – who were in Scotland this week at the annual Supporters Direct Conference – have urged Rangers fans not to give up their crusade. Last August they took on the might of Allam after he changed the club’s name to Hull Tigers against their wishes. Gretton, Ogram and thousands of fellow Hull fans were treated with disdain by Allam who said: “I can’t afford to run the club by fans’ feelings. Hull City is irrelevant, my dislike of the word City is because it’s common. City is a lousy identity.” That sparked fury among the Hull faithful and after a peaceful yet powerful “No To Hull Tigers” campaign the supporters emerged victorious in April as the English FA kicked out the owner’s bid to tamper with their history. They didn’t just get clubs around the UK behind them, Gretton and Co mustered support from all over Europe as Allam quickly realised fan power shouldn’t be underestimated. The Hull City diehards now hope to see Rangers supporters stick to their guns and eventually oust the under-fire Ibrox board. Gretton told Record Sport: “The key thing for Rangers fans is knowing exactly what they want to achieve. We had some simple aims that we stuck to until the end. You have to believe in your strategy. “If the supporters feel they’re fighting a losing battle at times with the board my advice would be to keep at it. “If it means enough to them, don’t give up. Just make sure you have a plan on how to get there and you’ll achieve it. At the start it was quite intimidating for us. Allam is a powerful man, a very successful business figure. We were being told all the time – not just by the club but other fans too – it was men against boys. “We looked on him as a James Bond villain, he’d cleverly manipulate all the situations. It was tricky for us because, whatever happens at Hull City, we’ll always be grateful to Allam for putting money into the club when it was on its uppers. “We didn’t know if we’d make headway but eventually you realise you’re not fighting a super-villain. It’s just a person or people. “And people make mistakes. They didn’t take us seriously and that’s why it was vital we were organised from the start. “As a fans’ group we had to be professional. That was the only way we’d be successful. It was crucial that, apart from the official supporters club, we had every other fans’ group on board with us so people could see we were legit. “We had a unified face and that’s what the Rangers fans need.” Gretton’s sidekick Ogram co-ordinated the campaign against Allam and she sees similarities between their predicament and the one Rangers fans face now. She said: “We can completely sympathise with the Rangers fans right now. We’ve heard the board have refused to engage with the supporters group and they’re making decisions against fans’ wishes. “It’s staggering a club of Rangers’ size, with their importance and history, appear to be brushing fans away. “We’re a relatively small club compared to Rangers but it’s a similar situation. They’ve shown a lot of spirit and their campaign to make their voices heard should be easier because they’ll have more power than us, as long as they have the organisation and unity behind it.” Gretton has revealed that the “City Till We Die” group were discouraged from taking on Allam, who was completely dismissive of them from the outset. And he’s adamant Rangers fans will need the same resilience if they want to dislodge the likes of Somers, Wallace and James and Sandy Easdale from the boardroom. He said: “Some of our group were certain we’d beat them. But I’m a natural pessimist and always felt we’d lose. I was part of the campaign because I just felt it was the right thing to do. “You always think the machine wins, don’t you? The rich and powerful normally get their way. We were kicking against that and Allam had a reputation of not losing. “He kept telling us, ‘Look at my CV, I’m the businessman and I’ll do what I want.’ “The support we received from around the UK and abroad was incredible. We did media interviews with 12 European countries, we had a TV crew from Norway over in Hull covering the campaign. “When football fans anywhere appreciate that you’re doing the right thing for the game and your club they back you. I’m sure Rangers supporters would be the same.” Ogram hopes the Yorkshire club’s supporters have proved it’s worth standing up for what you believe in when decisions are made without fans’ approval. She said: “It feels we’ve led the way for clubs like Rangers to overcome the people in charge. “We’ve had terrific feedback and loads of messages from club supporters saying, ‘Thanks, this will make it easier for us now.’ We’re really proud of that.” http://www.dailyrecord.co.uk/sport/football/football-news/hull-city-fans-who-successfully-3713453
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http://www.dailyrecord.co.uk/sport/football/football-news/rangers-investor-sandy-easdale-reported-3705160#.U58hYzngjDE.twitter[/A LEADING Rangers fan has reported Ibrox investor Sandy Easdale to the financial authorities over alleged insider dealing. Mark Dingwall, former spokesperson of the Rangers Supporters Trust, claims Easdale made a paper profit from buying shares on the back of knowledge in a statement to the BBC to which he should not have been privy. Dingwall, moderator of the followfollow fan website, has written to the Stock Exchange, Financial Conduct Authority and Rangers NOMAD Daniel Stewart asking them to investigate. In his correspondence, which has been seen by Record Sport. Dingwall also claims Easdale, who has a conviction for a £1.5 million VAT fraud, is effectively acting as a shadow director of Rangers International FC plc, the parent company of the football club. His brother James Easdale is a director of Rangers International, but Sandy is chairman only of the Rangers football board. Dingwall was prompted to act after Sandy described the club’s finances in a BBC interview on April 24 as “fragile” ahead of the release of the club’s eagerly-awaited 120 day business review. Dingwall has written: “I wish you to investigate the possibility that Mr Alexander James Easdale is acting as a shadow director of Rangers International Football Club Plc and has used knowledge derived from such a position to enrich himself via the buying of shares in the company. “Mr Easdale is a director of the wholly-owned subsidiary company, The Rangers Football Club Ltd, but with apparent access to RIFC Plc financial information. “He made a public statement on April 24 this year - prior to the 120-day business review issued the next day by RIFC - stating the financial position of the club was ‘fragile’. “Mr Easdale appears to have attended an RIFC Board meeting (and his brother is a member of the RIFC Plc Board) that day and certainly appears to have knowledge of the content of the commercially sensitive 120 Day Review prepared by the company. “On April 24 the share price was 26p. That day after he made his statement it fell to 22p. “Mr Easdale bought 57,043 shares at 23p on May 1. By May the 8 the price had recovered to 27p. “It is also noteworthy that Mr Easdale holds the voting rights to, but does not own, shares representing a further 22.10% of RIFC Plc. “I believe that, if he does have privileged financial information, those shareholders he holds proxies for may also have access to it or otherwise benefit from that knowledge.” At 23p, Easdale’s share purchase cost him £13,119.89 - £1,700 less than it would have on April 24. Had he chosen to sell the shares on May 1, when the price reached 27p, he would have made a profit of almost £2,300. Rangers and Sandy Easdale declined to comment.
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The BBC has learned former Rangers chief executive Charles Green is seeking financial support to launch a new bid for control of the Ibrox club. Green led a consortium which bought Rangers' assets in May 2012 and then raised £22m from a share issue, but resigned from his post last year. He returned for a short-lived spell as a consultant before selling his shareholding in the club. However, he has spent the last week in talks with potential investors. Rangers plan to launch a new share issue in a bid to raise in the region of £8m and if Green is to be successful he would need to convince existing shareholders to sell to a new consortium. Green, who held the same position at Sheffield United, stood down from the chief executive's position citing the "negative publicity" surrounding an independent investigation, commissioned by the club's board, into allegations of undeclared dealings with former owner Craig Whyte. That investigation consequently found no evidence of Whyte's claims that he was involved in the Green-led acquisition of Rangers two years ago. On selling his shares to Sandy Easdale, chairman of Rangers' football board, Green said: "I want to make it clear that this means I will have no ongoing influence or financial interest at the club but I remain a fan and fervently hope that Rangers will soon be back at the top where they belong."
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With Graham Wallace due to meet with a range of fans at NARSA this weekend In Toronto, Gersnet wanted to introduce a bit of fun ahead of proceedings with a business speak bingo card for fans to check off phrases which always appear popular amongst Rangers board members - past and present (though not often actually ever implemented). You can view the bingo card below. First to tweet us with the four corners or a completed line wins a bottle of Château Routas wine which we 'duped' Sir David Murray into sending to us.* Good luck to all! * - The prize will be available on receipt from Castle Grant, near Grantown-on-Spey c/o the Bank of Scotland.
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Rangers' beleaguered directors face the possibility that the club auditor, Deloitte, could sever its connection with the club over the next few weeks, following a collapse in the number of season tickets sold. The Daily Telegraph understands that the international corporate finance and accountancy specialists are unhappy about the latest figures emerging from Ibrox, which show that season ticket sales for Rangers’ Scottish Championship campaign are running at half the level of last year’s take-up for their SPFL League One schedule. In a statement on the Rangers website on Friday, the board confirmed that only 17,000 season tickets have been sold. On March 27, when Deloitte signed off the half year accounts up to the end of 2013 – which showed a £3.5 million loss – the auditors added that “key assumptions” made by the directors included a reckoning of future season ticket sales. Deloitte noted that this indicated the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern. Despite assurances at the annual general meeting in December from the chief executive, Graham Wallace, that the club could meet its costs until the end of the season, the board subsequently borrowed £1.5 million from shareholder George Letham on the assurance that the sum would be repaid when season ticket sales had yielded the equivalent amount. *However, there has been no notification to the Stock Exchange of any repayment. Instead, leaked reports from a spin doctor formerly employed by the club, confirmed that the board would attempt to raise £8 million through a rights issue later this year. In a statement on the club website on Friday, the Rangers directors said of the latest season ticket sales total – and the likelihood of a share issue – that “The Board believes that whilst this level of support reduces the potential requirement for short-term financing the Board also notes the strategic objectives that it identified in the Business Review Summary published on 25 April 2014 and the related funding requirements. “The Board continues to evaluate its plans in this regard and will update the market in due course.” However, should Deloitte dissociate themselves from Rangers, investor confidence is likely to diminish. Deloitte last night would not comment on any speculation, citing client confidentiality. In response to the club statement, the supporters’ umbrella group, the Union of Fans, condemned the directors’ stewardship. The UoF statement read: “We note the announcement of the Rangers board regarding the season ticket renewal levels for the club this year. It is now obvious that a clear majority of fans have rejected Graham Wallace, Norman Crighton, David Somers, James and Sandy Easdale and their running of the club. “In any normal business, a board which had been rejected by over 50 per cent of its customers in the space of a few months would be removed. Whilst we do not expect this to happen due to the continued support of anonymous shareholders, who could not care less about Rangers, we would highlight that they have utterly failed to gain crucial trust from fans. “We do not believe this trust will ever be built without fundamental change at the club. The problem for this board is very simple. The vast majority of fans, even many of those who have renewed, simply do not trust them and likely never will. “The corporate governance at the club also continues to be a cause for grave concern. We would repeat that it is unacceptable for Jack Irvine of Mediahouse to have access to confidential, price sensitive board information through the Easdales and to then leak that information to the press as he did this week.” J
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So long as it keeps him from re-signing for us....
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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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http://www.bbc.co.uk/sport/0/football/27793911 Rangers are to launch a new share issue in a bid to raise in the region of £8m. The Ibrox board met institutional investors in London on Tuesday, with the new issue to take place before the end of August. Rangers chairman Graham Wallace recently told fans that the Ibrox club was "in a good place" financially. The BBC understands that a minimum of £7m is needed to cover a cash shortfall at the newly-promoted Scottish Championship outfit. Major shareholders Laxey Partners and Sandy Easdale, chairman of the football board, have both indicated they will buy more shares. The Union of Fans - a collective of Rangers supporters groups - has urged people to withhold season-ticket money in protest against the board's running of the club. It led to question marks over the ability of the club to meet the sales figures required for next season. However, Wallace insisted Rangers are "in a good place" despite concerns over the club's finances. The chairman's 120-day business review set out the club's intention to raise fresh equity in the autumn, win promotion from the Championship at the first attempt next season, before adding a Scottish title and being competitive in Europe by 2017. The club's interim accounts revealed losses of £3.5m for the six months to 31 December and "going concern" status was only granted on the basis of predicted rises in season-ticket prices and sales. The board have had to seek emergency funding in recent months. -
The board of Rangers (the “Board”) can confirm that approximately 17,000 season tickets have been renewed to date for the Club's forthcoming SPFL Championship season. This level of renewals reduces the potential requirement for short term financing as highlighted in the Business Review Summary published on 25 April 2014 particularly given the updated season ticket pricing structure for the 2014/15 campaign. Applications for new season ticket purchases opened on Monday and sales of season tickets are continuing. The Club very much looks forward to welcoming more supporters back to Ibrox for what promises to be an exciting league competition. The Board believes that whilst this level of support reduces the potential requirement for short-term financing the Board also notes the strategic objectives that it identified in the Business Review Summary published on 25 April 2014 and the related funding requirements. The Board continues to evaluate its plans in this regard and will update the market in due course. http://www.rangers.co.uk/news/headlines/item/7059-season-ticket-sales
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Friday, 13 June 2014 15:00 Hutton Extends Ibrox Stay Written by Rangers Football Club http://www.rangers.co.uk/news/headlines/item/7061-hutton-extends-ibrox-stay RANGERS midfielder Kyle Hutton has agreed a one-year deal with the club. The 23-year-old was out of contract in the summer but has now extended his stay at Ibrox having signed a new deal this afternoon. Hutton, a product of the Murray Park youth academy, has fully recovered from the injuries that reduced his playing time last term and will return to the training ground with the rest of the squad later this month to prepare for the 2014/15 Championship campaign. He said: “I am absolutely delighted to sign a new deal with Rangers. You never want to leave a club like this so I am over the moon to agree a new contract. “There are a lot of good midfield players at Rangers but I am confident in my ability and I will work hard to try and get a place in the team. “It was frustrating to miss so much of last season through injury but I am fully fit and ready to play a part in our rise back to the top. “I had a great pre-season in German last year and was feeling sharp but then I picked up an injury in training and that set me back. I have worked hard during the summer on my fitness though and I feel great so I can’t wait to get started again. “Next season is going to be an exciting one with Hearts and Hibs in the same division and they will be good games for the fans to look forward to. “I have played in some great games for Rangers in my career, the highlight was against Manchester Utd in the Champions League, and I want to help the club get back to the highest levels of the game once again.” http://www.rangers.co.uk/news/headlines/item/7061-hutton-extends-ibrox-stay
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August 2nd - 1 pm ko http://www.rangers.co.uk/news/headlines/item/7060-rangers-confirm-derby-friendly
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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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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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Just wondering if anyone's heard anything about Steve Simonsen staying or leaving? I get the impression that he wants to stay, but that he didn't know whether he would be staying or leaving a few weeks ago. Then he was sent out to play for us in the Hong Kong Soccer Sevens.....
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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." -
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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http://www.dailymail.co.uk/sport/football/article-2655711/Neil-Lennon-offered-30-000-week-tax-free-manage-Al-Shabab-Dubai.html
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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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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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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?"
