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More from my good self on TRS today: http://www.therangersstandard.co.uk/index.php/articles/current-affairs/316-making-your-mind-up

Seems the board have summoned king to a showdown meeting with the board to explain his statements in the media. http://www.bbc.co.uk/sport/0/football/26420403 Hope he tells them to bolt!

Retweeted by Frankie Andy Newport ‏@Andythemod9 5m Brief interview with Dave King to hit @PressAssocSport wires soon https://twitter.com/GersnetOnline

https://twitter.com/TheSundayLife/status/439897127913656321/photo/1

Some of my latest musings on the King/RFC debate on TRS for your persual: http://www.therangersstandard.co.uk/index.php/articles/current-affairs/313-the-battle-for-rangers-the-120-day-war

taken from FF King offered interest free loan but was snubbed By ANDY DEVLIN Published: 34 minutes ago DAVE KING offered Rangers an interest-free loan and was SNUBBED. The South African-based tycoon was bewildered when Ibrox chief executive Graham Wallace assured supporters there had been board contact with him and he would only invest in Gers if there was a new share issue. King said: “I can’t believe Mr Wallace would have said that. “Mr Wallace has never spoken to me or even attempted to communicate with me in any form whatsoever.” SunSport can reveal King is ready to blow the lid off his dealings with the under-fire Ibrox hierarchy. A planned statement will include the revelation he offered the crisis-hit club a loan of around £1million WITHOUT looking for the £150,000 interest that hedge fund firm Laxey Partners will pocket. The only person King has spoken to is Sandy Easdale and he is NOT a member of the board. The refusal to take King’s interest-free loan will trouble Gers fans. Fans’ favourite King approached Easdale last month and set a deadline of February 7. But he has never heard back from anyone at Ibrox. The suggestion he was in talks over a return was made by Wallace on Monday in a series of interviews designed to allay supporters’ fears over the recent £1.5m short-term loan. Chief executive Wallace claimed the board had been in contact with would-be investor King in recent weeks. Wallace is adamant he can win the trust of the Gers fans. But with continued chaos and confusion behind the scenes, he’s facing an uphill struggle. And the news King’s cash has been snubbed will send shockwaves through the Ibrox support. A joint statement from fans this week condemned the terms of the deals with investors Easdale and Laxey Partners. Easdale has handed over £500,000 in the form of an interest-free loan, whiles Laxey are believed to be demanding 15 per cent APR. Both loans are also secured against Edmiston House and Albion car park facilities adjacent to Ibrox. The cash is repayable by September 1, but Laxey can opt to take repayment in the form of fresh shares at a knockdown price, as long as the club receives the approval of the shareholders. However Castlemilk-born King’s loan would have been interest free and would not have been secured against any of the club’s properties.

Hi All,: As many of you may have heard, SDMC Productions is producing a Feature Length Documentary charting the Extraordinary story of Rangers Football Club - Still the most Successful Domestic Club in the World ! This was originally to be a SDMC & BBC project; however, due to the relationship between Rangers/The Fans and the BBC we have decided to fund this ourselves. We are now opening a project to include the Fans and Supporters in this feature and will then screen in Cinemas around Scotland. Please check out the link below to our project page and support if possible - Please also pass to Friends, Family and fellow supporters and help us get this project completed! Link: Thanks guys! Niraj. -- Niraj Dave |Researcher SDMC Productions Limited Email: niraj.dave@sdmcproductions.com Office: http://www.sdmcproductions.com [​IMG] Disclaimer: The contents of this e-mail are confidential to the recipient to which addressed. It may not be disclosed or used by anyone other than addressee, nor may it be copied in any way. If received in error, please contact SDMC Productions Ltd @ mail@sdmcproductions.com quoting name of sender and addressee. PLEASE DELETE FROM SYSTEM Please note that neither SDMC Productions nor any Employees or associates accept any responsibility for viruses and it is your responsibility to scan the e-mail and attachments (if any). No contracts may be concluded on behalf of SDMC Productions Ltd by means of e-mail communication.

Rangers chief answers the big questions over controversial £1.5m loan IN an exclusive Q&A session with the Ibrox chief executive, Record Sport’s chief sports writer Keith Jackson asks Wallace to explain what is really going on. RANGERS chief Graham Wallace was back in the firing line yesterday after confirming he has agreed £1.5million of loans to keep the club out of short-term financial distress. Fans reacted angrily as details emerged – with hedge fund outfit Laxey Partners set to rake in £150k for lending just £1m for less than six months. Here Record Sport’s chief sports writer Keith Jackson asks the Ibrox CEO to explain what is really going on. KJ: You do appreciate the fans will be hugely concerned you need to raise this £1.5million in the first place? They are repeatedly told there is no need for alarm but you must see why they would be so jittery. The need for this new money – just a year after raising £22m in IPO cash – doesn’t suggest the healthiest of financial positions, does it? GW: The money raised through the IPO has been spent in a variety of ways. But that’s in the past. I can’t respond in detail as to how those monies were used. What I can do is look at the business as we see it now and how we are going to move it forward. The need for a financial facility is no different for Rangers than for any normal business. We need time for people to see how the business is being operated and for people’s trust in Rangers as an organisation and trust in the credibility of those who are running it. KJ: But you are getting a hard time about this loan from elements of your own support. Many of them ask why Laxey and why the Easdales? Why were other shareholders not invited to loan the club their money? GW: The board looked at a long list of alternative sources of short-term funding. The club, through its adviser, thought this opportunity made the most sense. A third of the money is coming totally interest free. No costs, no interest and no cost to the club to service the facility. That’s the cheapest money you will ever get and if there is a long list of people wishing to support the club to that level then I’d like to talk to them. KJ: Haven’t you created a potential problem with other shareholders or would-be investors who might ask why they weren’t invited to make a similar loan? And I’m talking here specifically about Dave King. GW: The board has had a dialogue in recent weeks with Dave King. He has not been rebuffed by the board. He is not currently a shareholder. He has indicated he’d be an interested participant in a future equity raising at the appropriate point in time. Our shareholder base has also expressed willingness to invest in fresh equity. Dave King has not come to the club with an offer, other than an interest in participating in a future equity. KJ: Just to be clear, are you saying Dave King has not offered the club short-term funding? GW: He has not done that, no. Dave is not a shareholder and he has not made the club any offer of financial assistance. That’s not a criticism of Dave King. I have not met him but as a board we have had some dialogue to try to understand his intentions because there has been a lot of talk about his interest in investing. There has been no other proposal made by him at all. KJ: At the time of the agm, the board said there were a bunch of investors lining up to plough money into the club. So were they there at all if ultimately this money has had to come from the Easdales and Laxey? GW: The board did consider a range of alternatives from a mix of shareholders and other sources. It was an extensive process and the facility received the support and sign-off of the company’s NOMAD as an appropriate facility and one which was arrived at in the right way. KJ: How difficult would the financial situation have become without this investment? GW: Football is a very cyclical business, with big incomes generated early in the summer which progressively run down. So this is not a crisis move. It’s not a last-gasp policy. We have some fairly significant income streams that will arise in the summer. So this is just a short-term facility. We have no bank debt, no overdraft and a balance sheet which is probably the envy of a lot of football clubs but yet consistently everybody talks about us being in a crisis. KJ: If there’s no crisis then the financial situation will not impact on Ally McCoist’s budget then? GW: People laugh when we talk about putting in place a medium-term strategy but when you are signing a player on a long-term contract it’s a significant financial obligation. So we need a clear idea of what the financial outlook looks like. We are looking at this summer’s window and beyond, over the next 24 months. But it’s too premature to say right now what the outcome of that will be. KJ: Will his budget have to come down this summer or not? GW: Player costs are not surprisingly the biggest aspect of the business. We’ll look at what we need on the football side and what ongoing costs are. We’ll do it in a very considered way. There will be no knee-jerk reactions. Fans will expect us to take a medium to long-term view. KJ: The trust of these supporters is crucial to the club’s financial position. Do they trust you? GW: I have said the club needs to engage to a greater extent with the supporters and I mean it. But people require a period of time to form a view on what is being done. I don’t expect them to instantly accept what we say. All I ask is for a reasonable period of time to get the business refocused and to demonstrate that we are listening to them. We have to show that we are doing things for the right reasons – for the greater good of this club. KJ: You’re bang on there, given the behaviour of some individuals around this club in the last few years. You have to be seen to be acting in Rangers’ best interests. GW: That’s right and I can say from the time I have been here people are 100 per cent focused on doing the right thing for Rangers. It does take time to demonstrate that. We’ll be judged on our success and on our ability to do things in the right way. When you hear external comment about the club teetering on the verge of administration or whatever, some of it is quite irresponsible. There is no way this business was ever going to go into administration again because the fundamentals are too strong. Some of these stories will quite naturally have alarmed supporters given what they have come through. But hopefully, in time, the supporters will recognise that the board and myself are doing the right things for their club. KJ: But then they see Laxey picking up £150k for giving you a secured loan, doesn’t that smack of the previous regime and people with their noses in the trough? GW: I can understand why people might look at it this way. The other way to look at it is it’s no different from any other commercial organisation which would make loan capital available to a business. There is a level of return that they would expect for their money. The cost we’ve agreed with Laxey is deemed appropriate in the market. I don’t think there should be any concerns about the level of commerciality on that. http://www.dailyrecord.co.uk/sport/football/football-news/graham-wallace-qa-rangers-chief-3181015

Douglas Fraser ‏@BBCDouglasF 14m #Rangers announces it's secured £1.5m working capital from director Sandy Easdale and Laxey Partners. Repayable by 1 Sept.

Can anyone confirm or not the differences that exist between these two schemes. 1. BuyRangers you can get your money back after 3 years if you decide to leave the scheme, with RangersFirst you lose the money? 2. BuyRangers all monies raised go to buy shares, in RangersFirst money could be used for other things? 3. BuyRangers and RangersFirst seen it posted elsewhere that more will be used on expenses/costs etc. with RF than BR. Is this correct?

Update on poll result Is this email not displaying correctly? View it in your browser. Rangers Supporters Association, Assembly & Trust Statement The Rangers Supporters Association, Assembly and Trust have contacted the CEO Graham Wallace to ask for clarification on the proposed loan by directors and/or selected shareholders. It is of great concern that at the club's AGM in December 2013 Graham advised there was sufficient cash in the business for the club to be able to continue to trade in the short to medium term yet two months later we require a loan for working capital. We would also like assurances that the club have explored all options for attracting fresh investment and this is the best deal available to the club. On the day that the club launched a survey on listening to fans they have ignored shareholding fans overwhelming opposition to resolutions 9 & 10 at the club AGM. Resolution 9 seems to be being used to increase the influence of certain shareholders without affording the same option to others, which is an affront to shareholder democracy and rights. Friend on Facebook Follow on Twitter Forward to a Friend follow on Twitter | friend on Facebook | forward to a friend Copyright © 2014 The Rangers Supporters Trust, All rights reserved. You are receiving this email because you opted in at our website and you are currently a Rangers Supporters Trust Member or Follower Our mailing address is: The Rangers Supporters Trust RST / BuyRangers Administration Clydebank Glasgow, Scotland g80 United Kingdom Add us to your address book unsubscribe from this list | update subscription preferences

Being reported that Laxey have bailed us out in the short term. Wonder what the interest rates are?

Don't have much to go on, but apparently King is predicting our financial meltdown again in another Keith Jackson article....

https://twitter.com/TheLoudenTavern

I don't have the article but suspect you can get all the info you need from this page shown on facebook:

WITH the cash crisis at Ibrox heading towards a critical point Keith wonders what the South African-based businessman is waiting for before making his move. ANOTHER week, another load of twists in the great Rangers Rubik’s Cube. Yet more puzzles created by this conundrum of a football club. On Friday night it was announced that Brian Stockbridge had finally left the building, a development which itself posed more questions – some obvious, others not so much. First, why on earth did it take so long for the penny to drop that the accountant in chief – and part-time home video enthusiast – had such apparent difficulty with numbers? And then, more intriguingly, what was the real story behind the repayment of Stockbridge’s £200k bonus? And did he, as was reported on Saturday morning, walk away with a year’s salary paid up in full? On the one hand, Stockbridge stood up at the club’s agm in December and stated bonus money had been handed back. It’s widely understood this was done at the insistence of the club’s largest shareholder, Laxey Partners, in return for their backing at the vote. Last week Graham Wallace, the recently appointed CEO who is battling to tidy up the mess, also went on record to confirm this money had been returned to the Rangers account. And that it was done so in advance of that December 19 agm. All of this would doubtless have come as some comfort to the club’s supporters who ran out of patience and trust in Stockbridge many moons ago. So let’s ask again then. What exactly was it that Stockbridge did to deserve leaving Ibrox with a full year’s salary in his tail? And while we’re at it, here’s another question: What do the players in Ally McCoist’s dressing room – who were being asked to consider cutting their own wages just the other week – make of this? The big question now is where Rangers go from here because what I’m hearing from inside Ibrox is that Stockbridge may have got his numbers wrong when he predicted the business would be down to its last million pounds by April. The true extent of the club’s short-term funding gap may be much deeper than that, according to certain sources. In fact, they made need a huge injection of money just to get to the end of next month. Which is why Dave King’s re-emergence at the start of last week was both timely and intriguing. Timely because his cash could help avoid any imminent crisis. But also intriguing as the Rangers board seem reluctant to ask him for any of it. Now this really is a riddle. Is King really the man to mend this basket case? And if he is, will the current regime allow him to? Or are they determined to keep him out? King appeared to leave logic at the door when he called for Rangers to carry on spending last week, despite previously warning of the possibility of Administration II. But, on closer inspection, his mixed messages were perhaps not as absurd as they seemed. When he says McCoist’s playing budget is not what is sinking the current regime, he is absolutely correct. Yes the wages he and his players have received to conquer the fourth and third tiers of Scottish football have been ridiculously over the top. But – at less than 30 per cent of the club’s turnover – they should not be endangering the club’s financial health. Far from it. In fact, this spend falls well within the ideal model of good housekeeping. So while it may have been unnecessary and even foolish to spend so much to win these leagues, what’s done is done. And now, at a time when Rangers are finally nearing the top end of the divisions, it seems almost every bit as ludicrous to start taking money away from McCoist who must wonder if his world will ever make sense again. One week he has accountants walking through his dressing room carrying clip boards and brandishing big red pens. The next he’s taking his players to Carnoustie for lunch and afternoon naps ahead of an away game at Forfar in a league that is already won. When this column revealed details of that road trip, it was taken by some as an attack on McCoist. Not so. Rather, it was an attempt to highlight the topsy-turvy, incoherent decision making going on above his head. So let me state again, the real culprits behind this club’s overspending have been based in the boardroom, not the dressing room. And now Stockbridge has gone but King remains on the outside looking in. Why exactly is that? There are some Rangers fans who understandably struggle to comprehend why he has not stepped up to the plate long before now. If King really has the collateral and the cajones to go with it, then what is he waiting for? Because the very last thing this club needs now is another flirtatious time-waster. He’s either serious about saving Rangers or he isn’t. However, there are others very close to King who are adamant that this man is not only the real deal but the club’s only viable chance of salvation. Their hope is that new shares are released and that King is then able to buy up control – with his money going straight into the club’s coffers. But there is concern too that King’s road might be blocked by those who seek to cling on to positions of power. Will the Easdales, Blue Pitch and Margarita, for example, be prepared to have their own holdings diluted in order to let King get his foot in the Ibrox front door? Meanwhile, Rangers are running out of money fast. Some short-term funding may have to be secured just to keep the floodlights on through February, March and April while the longer-term issues are being debated and resolved internally. But Wallace had better act swiftly to pull this thing together because all the while Rangers supporters are in danger of becoming disenfranchised from their own club. If enough of them should chose to keep their hands in their pockets this summer then another huge hole will appear in the club’s future funding. And then this endless puzzle of the Rangers finances might become impossible to solve.

With all the talk this year on youth and whether we are utilizing and funding our scouting and youth academy correctly, thought it might be interesting to see what other teams are doing. http://www.ecaeurope.com/Research/ECA%20Report%20on%20Youth%20Academies/ECA%20Report%20on%20Youth%20Academies.pdf if link doesn't work cut and paste into browser.

There is seldom an isolated event at Rangers. Brian Stockbridge's departure as finance director is being interpreted as the first example of Graham Wallace, the chief executive, asserting his authority. Yet it also changes the dynamic in the boardroom, reducing the club to four directors and potentially altering how certain decisions are made in the coming months. There is, still, a sense of uncertainty about what the future holds for the club. Rangers' route back to the top flight is still being determined. Essentially, the club either cut back their spending in line with revenue from season ticket sales and, while in the lower leagues, limited commercial revenue. Alternatively, some investment in the coming 18 months would allow the team to be strong enough to compete on its return to the top division, and so quicken the recovery of Rangers' old status. An element of restructuring is required in either case, which is why Wallace has embarked on a root and branch review of the club's business. Philip Nash, the former Arsenal and Liverpool finance director who was recently brought in as a consultant, is expected to take the finance director role in the short-term. How it impacts on the boardroom will also be interesting, though. Dave King wants to lead the fundraising in a fresh share issue. His vision is to generate money from himself and other high net-worth Rangers fans that can be used to strengthen the squad and the football resources so that the team are immediately competitive, in return for influence on how the club is run. The alternative is a longer period spent trying to regain ground. There are complications, though, since a new share issue requires existing shareholders to reinvest to maintain the size of their stake, at a time when the vast majority of them have suffered considerable losses. The shares were launched in December 2012 at 70p, but closed last Friday with a value of 27.25p. This is the ideological struggle at the club, and the decision on the way forward lies with the Rangers International Football Club plc board members - Wallace, Norman Crighton, James Easdale and the chairman, David Somers - and the shareholders. Before either short-term funding, to tide over until season ticket sales kick in, or fresh funding is sought, though, Wallace has to restore the business to an even keel. It is thought to be losing between £500,000 and £1m a month, and costs will need to be cut. The first-team wages are around 30% of turnover, but with one week of the transfer window remaining, Rangers may yet find themselves having to react to offers for some of their players, or seek to incentivise some to leave, although payments would further reduce the cash flow. This is at a time when the team have lost only once in 22 league games. Some fans grumble at occasionally muted performances, but Ally McCoist deserves credit for managing through a series of crises, and for maintaining the standards the club was built on. "There have been times when I've said, 'What am I doing here?'," McCoist said. "But how could you regret becoming the manager of Rangers? I've got my dream job. It's not the dream situation [but] as long as I can look myself in the mirror, I'll be happy. I've made mistakes and I'll make more mistakes. As long as they're done in an attempt to do the right thing then I can live with that." A recent lunch with Graeme Souness and Walter Smith, his friends and former Rangers managers, will have brought plenty of reminders of different, more accommodating times. McCoist is resilient, though. While the club's future direction is being debated, his assessment is that his team needs reinforcements if it is to eventually challenge Celtic again. "If we're talking about winning the top league then we're miles away," he said. "I would hate that to be taken as a criticism of the team because it's not. But it would be very unfair for people to expect these free transfers who have come together to win [the] top flight. Some, if we got help with players coming in, could probably do it. But we would need investment." Herald

Former Rangers director Dave King fears a savage programme of cuts will leave the Ibrox club unable to halt Celtic’s title-winning momentum. Reacting to news of Rangers players being asked to consider wage cuts of up to 15 per cent King remains committed to investing heavily in the club via a new issue of shares. As Chief Executive Graham Wallace tries to slash the club’s losses before seeking fresh investment, however, South Africa based King tells Sportsmail in a wide-ranging interview of his fears that could hand Celtic a free run at 10-in-a-row. +4 Fears: Rangers director Dave King believes a programme of cuts could hinder Rangers' chances of halting Celtic's title-winning momentum in the future What is your view on the proposed Rangers cut-backs by Chief Executive Graham Wallace? 'My view has been very clear from the start and it hasn’t changed. I think the club require a level of investment in the playing squad that allows it to hit the ground running when it gets back into the SPFL Premiership. 'My view has always been that the funders should be like-minded people who are willing to come in and fund ahead of what’s required to win the leagues they are currently in. 'If we cut the club back to a level that’s just enough to win the League One or the Championship then that’s fine. But the gap between ourselves and Celtic when we get to the Premiership will be obvious. 'And it will render Rangers a small club in SPL terms for a longer period of time than need be. 'I’m concerned that because the shareholders there at the moment don’t have the appetite or willingness to invest ahead of getting back to the top league we will be really short in terms of the financial and on-field strength. 'No one wants to see Rangers finishing sixth or something like that. 'That would be absolutely horrendous. And certainly contrary to what I would want to do with the club.' +4 Widening gap: Rangers Chief Executive Graham Wallace (pictured with manager Ally McCoist) is proposing more cut-backs at the club The counter argument is that they are losing £1million a month. Even Rangers can surely only spend what they earn? 'They shouldn’t be losing £1million a month. There is no question that you must run the business at an appropriate level – that is clear. 'But I have seen comments that they could run it with the Dundee United wagebill and make a profit. 'They could even run it with the Dundee or Stranraer wagebill and make a profit because of the revenue a club like Rangers has. 'But if you run a club like Rangers on the budget of an East Fife it makes Rangers an equally small club.' But wouldn’t the cuts allow the club to stockpile cash for the Premiership as you suggest? 'Look, we have a situation where they had a fund-raising exercise where they raised tens of millions of pounds. 'One would have thought that that amount of money for a club operating in the third division with the revenue Rangers get for home games compared to the competition would have meant Rangers comfortably winning the third division and running up a surplus which would allow them to slowly move up the leagues and upgrade the quality of player as they go. 'In the latter half of the final season in the Championship they could significantly improve the squad. 'But they have not maintained a strong financial platform. 'We know now the money has been wasted on legal fees, wasted on so many different areas. 'But I don’t feel the club should respond by cutting the costs to the point of saying ‘we only have to do what is necessary to beat East Fife or whoever.’ 'Because if you do that Celtic will build up to 10-in-a-row and we could be so far behind them that even when we are back in the Premiership we are not in a position to catch up.' So there has to be a middle ground between the cuts proposed by Graham Wallace and lavishing cash on the team? +4 Finding middle ground: King believes the club need to spend appropriate sums of money 'Yes. It’s about finding the middle ground and the balance between losing money and doing what it takes to win. 'You certainly don’t want a Premiership wage structure to win the third division or even the second division. 'Your costs have to be appropriate. But just cost cutting per se and doing just enough to get by in the lower leagues is not what the fans pay for. 'The fans are not paying East Fife prices for season tickets. So they should get more on the pitch than the level they are at. 'We have not used the opportunity created by being forced down to the lower leagues to start blooding youngsters and getting them mentally attuned to the demands of winning titles with Rangers. 'Young players allied to a kitty to bring in the level of players needed to compete with Celtic was the way to go. 'Celtic are getting stronger financially. They have sold the McGeadys, the Hoopers, the Wanyamas and they are building up a reserve. 'They have cut their cloth and they are going to be in such a strong position with the revenue coming in that the gap may just be too large for us to bridge. 'That is my concern. Cost-cutting is not going to help us when we get to the Premier League. 'Because we could go into the SPFL top tier and finish fifth. 'The only alternative is someone having to open the taps up - and you can’t just buy a whole new team in a season. You can’t do that.' Do you fear that the cuts might even endanger the smooth path back to the Premier League for Rangers? 'Absolutely. Rangers ambition should not be to be slightly better than the teams in the first division. 'We really have to have a team, next year in particular, which is strong enough to prevail. 'We have to get through at the first time of asking next year. 'We have to be in a position to go up to the Premiership and we have to be in the position to launch a challenge to Celtic. 'There is no guarantee we are going to beat Celtic in the first season – infact it’s unlikely. 'It would be a miracle if Rangers were to go on and win the league the first season back. 'But, similarly, we cannot risk going to Celtic Park and being battered 6-0. 'We can’t start losing 3-1 to Hibs and Aberdeen and accepting it. 'Saying, "we are in a period of adjustment, it’s not too bad a season," is not an option. It’s totally unacceptable.' Should boardroom executives be shouldering more of the burden for cut-backs? 'If the CEO of the company has no money he has no choice but to cut wages and costs any way he can. 'But then Rangers are going to be a small club. 'They need an investment profile and what I was expecting post AGM was for the board to say, "we understand we have a funding gap, we understand we have to go and raise funds to start preparing Rangers for the inevitable return to the Premiership. We need to start bringing a youth squad through, we have to start scouting and having a proper preparation for challenging Celtic." +4 Winning mentality: David Templeton (centre) celebrates scoring in the 2-0 victory over Forfar on Monday 'And that would require the raising of funds in the marketplace. 'But it seems to me they are either unwilling or unable to do that. 'So what they are saying is, "we will cut the costs to make sure we do not need money."' 'Which effectively means living on the fans season ticket sales.' Graham Wallace says he could speak to you about investment once the cuts are made. Should he be doing it now? 'I think that’s a decision they must make. 'For me there is no problem with any CEO making cuts to right-size the business if that’s what they want. 'But the fans deserve more than the downsizing of Rangers to compete in the Scottish first division. 'They deserve a team which is superior to the competition in the lower leagues because they are paying for that. 'They deserve to see a progression in the quality of the finances and the players on the pitch as they move up the leagues so that we enter the Premiership in a competitive frame of mind. 'My concern is that we are making the club smaller. And that we are creating a gap. 'That’s not the fault of Graham Wallace because he is the CEO and has to deal with what he has got. 'It’s an issue relating to the board who should be having a rights issue – and that could mean the existing guys putting the money in if they want. 'The club needs a level of funding that allows it to go forward above the level they are competing in and make sure they have a fighting chance in the Premiership. 'I would never have expected us to go into the Premier League and come worse than second 'I’m mentally not attuned to the possibility of going up there and coming fourth of fifth. 'As a fan I would find that quite unacceptable and I don’t think Rangers should be run as a club which finds it fine to finish fourth or fifth while saying, "that wasn’t bad for a first season back." The worst we must do is finish second.' Have you had any communication at all from the Rangers board since your offer to invest after the AGM? 'None at all.' Read more: http://www.dailymail.co.uk/sport/football/article-2545041/Rangers-director-Dave-King-Listen-simply-risk-6-0-battering-Celtic-Park.html#ixzz2rIRgYNDJ Follow us: @MailOnline on Twitter | DailyMail on Facebook

The former Ibrox director has expressed his concerns that decisions made in the coming weeks will affect the team's ability to compete with Celtic when they eventually return to the top flight. The Rangers chief executive Graham Wallace is conducting a review of every aspect of Rangers' business. Last week he raised the possibility with the squad of a 15% wage reduction, although the players responded by asking if a similar sacrifice would be made by the club's executives. By Wallace's own admission, though, cuts will need to be made to bring the business back on to an even keel, although he has insisted that administration is not a threat. King, though, believes that cutting costs now will undermine Rangers' attempts to restore the club to its previous status. The first-team wage budget is 30% of turnover - significantly less than UEFA's recommendations - and there is no scouting set-up, following Neil Murray being removed as head scout last year. "The CEO has a lot of personal credibility but he is constrained by the funding realities," said King, a South Africa-based businessman. "I believe the club has to have funders who will invest to ensure that we can compete with Celtic when we get back to the SPFL. Unfortunately, our existing shareholders either don't have the money or the willingness to support Ally [McCoist, the manager]. With the right shareholder profile we should be investing in the squad not reducing it. We should be supporting Ally 100%." King has previously said he would like to lead a new round of fundraising through a fresh share issue. The shareholders would have to reinvest to maintain the relative size of their stake in Rangers International Football Club, so such an initiative would likely change the ownership dynamic. Wallace has said he will address the need for new funding once the business has been streamlined. King held meetings with Sandy Easdale, the shareholder and member of the Rangers Football Club board, last year in an attempt to broker an agreement that would have allowed him to invest in the club and take up the chairmanship of RIFC plc. He could not reach a compromise deal with the different factions within the shareholder base. He was also keen that Paul Murray should return as a director. Murray was among the four nominees who did not receive enough votes at last December's annual meeting to be elected on to the board. King believes that as well as supporting McCoist, shareholders ought to have been open to working with Murray. "He is a man that all Rangers' fans can completely trust," said King. http://www.heraldscotland.com/sport/football/keep-spending-on-squad-urges-king.23251877?