Search the Community

Chaps, I'm not looking to troll or create tension here, but for the life of me I can't work out why any bear can trust or support the current board. I've seen nothing from the board that can help balance up my own feelings and each passing week sees more shit rolled at supporters. So, in the spirit of good debate, what are the good points of the board which gets them support, albeit a small minority, but support all the same from fellow Bears. What are the positives from board.

IN ROBERT Bolt’s play and film, A Man For All Seasons, Sir Thomas More assembles his numerous domestic staff to break the bad news that he has fallen on irredeemably hard times. “I am no longer a great man,” he begins. “And since I am no more a great man, I no longer need a great household. Nor can I afford one. You will have to go.” Here was a practical demonstration of the kind of acute insight and quick wits that gave rise to the former Lord Chancellor’s reputation as one of 16th-century England’s most formidable intellects. Of course, More would also have been quick to acknowledge that even the humblest peasant farmer, faced with financial catastrophe – a failed crop, say – would have been similarly aware instantly of the necessity of a protracted period of austerity, or even abandonment of his smallholding and relocation as an employee on a steady, if modest, income. It is a grasp of elementary economics that seems somehow to have eluded anyone charged with executive duties at Rangers throughout the years since the instigator of the old club’s decline, David Murray, began the large-scale, reckless extravagance that led to calamity. Since then, despite the onset of administration and liquidation and passing through the hands of a succession of regimes to the present board of directors, the Glasgow institution has existed in a constant state of financial vulnerability, with no-one among the numerous sets of “saviours” apparently willing to identify certain damaging truths and take appropriate remedial action. This speaks of a culture problem at Ibrox, one that became entrenched during the 140 years that preceded liquidation in 2012 and has generally not even been acknowledged, far less addressed, despite the overwhelming evidence of the need to abandon principles that have been rendered wasteful by monetary imperatives. Chief among these actions is to emulate Thomas More and concede that Rangers are no longer a great club. That is, “great” in the sense of magnitude, as opposed to their historic high achievement and the resultant command of the affections and allegiances of many thousands of followers. An organisation whose annual turnover once was close to £60 million has now, according to the latest returns, shrunk to £19m – and even that amount is likely to be reduced again at the end of the current financial year. Yet, in the wake of liquidation of the old club and the birth of the new, the directors saw fit to sanction a yearly wage bill of around £7m for players charged with winning the fourth- and third-division championships. Salaries of non-playing personnel make the total around £9m, while the general costs of running the operation drain the kitty of £1.4m per month. These ludicrously high outgoings having to be met entirely from the club’s working capital, since their history of leaving behind creditors owed millions when entering administration means they no longer have access to credit lines at the banks. Despite the obviously perilous condition of their finances (a recent emergency loan of £1.5m from private individuals required simply to remain solvent until the end of the season), numerous supporters are immovable in their conviction that Rangers remain a “massive” club whose rightful place is at the head of Scottish football’s Premiership and competing creditably in the Champions League. There is, of course, nothing intrinsically flawed about aiming for the stars, but the problem with too many Rangers followers is that they want it to happen yesterday. Their ideal is the instant cure of a wealthy benefactor taking control and providing an unconditional minimum £50m of funding with which the team could be transformed from lower-league capabilities to national champions in the blink of an eye. And yet, curiously, there appears to be a substantial number of fans willing to rally to the banner of Dave King, the South Africa-based entrepreneur who, astonishingly, has publicly declared his unwillingness to invest in the club. So far, he has offered only words, primarily to blacken the names of the current directors. King has also shown himself to be as inconsistent as many who have become involved in the propaganda war at Ibrox, at first encouraging supporters not to renew their season tickets, then changing tack by saying that the chief executive, Graham Wallace, should be allowed to complete his 120-day review of the business, before returning this week with another fusillade in the direction of the board. King, convicted on more than 40 counts of tax evasion in South Africa, accused the opposition of a lack of integrity and honesty. But, among the array of head-turning schemes associated with disenchanted fans and the directors, the most preposterous is surely the demand by the former to be handed security over Ibrox Stadium and Murray Park as part of their renewing season tickets. This is like insisting that M&S give customers security over their flagship Oxford Street store in exchange for a pledge to buy more merchandise. The entire season-ticket phenomenon, in fact, has been warped into a grotesque caricature of its traditional place in the game and led to the utterly meaningless and misleading question: “What happened to the fans’ money?” This clearly ignores the fact that, when a ticket is bought, the money becomes the seller’s while the buyer gets the ticket. It’s not complicated. At the core of the Ibrox morass, however, there ought to be a warning that the fans should be careful what they wish for. Institutional investors collectively make up a large majority of shareholders, but each has actually spent a comparatively tiny amount on acquiring their equity. If they continue to be harassed, they could consider the venture not to be worth the bother, sell off the assets and close down the business. http://www.scotsman.com/sport/football/spfl-lower-divisions/glenn-gibbons-rangers-fans-playing-dangerous-game-1-3381635

Graham Wallace will be finding little time for respite. A draft version of his 120-day business review is thought to be ready for senior figures within Ibrox, the rate of season ticket renewal uptake will be evident to the ticket office staff and supporters have raised questions about executive bonuses. He understood that he would not face conventional challenges when he took on the chief executive role at Rangers in November, but he will never have felt under greater scrutiny than now. Wallace brought with him an impressive CV and a strong reputation. Within English football circles, particularly at the highest level, Wallace remains an admired figure. Former colleagues at Manchester City, where he was chief finance officer then chief operating officer, still talk enthusiastically about his personal and professional qualities. Often, staff in other departments would turn to Wallace for advice on how to deal with difficult situations, even though they were not specifically his remit. Those qualities, and the experience gained during three years at IMG and five at MTV Networks, do not suddenly dissipate. Wallace understood the situation he was walking into when he accepted the job offer and believed that he could - as an independent figure - find a solution to the state of conflict around the club. The result of December's annual meeting of Rangers International Football Club shareholders was an endorsement of his credentials and he might not have anticipated such a protracted state of upheaval. Rangers fans have made vocal and visual protests about the way the club has been run It is questions that he has been assailed with. Former director Dave King, pointedly, asked if the board was seeking financing last December while Wallace was publicly declaring that there was enough cash to sustain the business to April. The Union of Fans asked about his bonus arrangements and specifically if he is entitled to 100% of his salary, the same contractual arrangement as one of his predecessors, Charles Green, and the former finance director, Brian Stockbridge. It was Wallace who removed Stockbridge from his post in January before bringing in the former Liverpool financial director Philip Nash in an advisory role. Both men have solid reputations, but neither is likely to have encountered such a difficult situation as the business of rebuilding Rangers. Wallace inherited a mess, with the money raised by the launch of RIFC on the alternative investment market having been spent and the revenue being smaller than the club's outgoings. Rangers were also tied into most of the commercial contracts agreed by Green, although Wallace has struck a sponsorship deal with the online casino, 32Red, which is for three years. There is, though, a fundamental challenge. Rangers need recapitalisation - something Wallace has always acknowledged - as well as the rebalancing of costs that the chief executive has been pursuing. At the AGM, he announced a 120-day review of every aspect of the business. This was a required initiative - the interim results to 31 December 2013 showed a £3.5m loss - but the timescale was ill-judged. Football clubs are simple businesses, with mostly fixed costs and income, but very difficult to run because of the impact of sporting performance on the finances. It seemed to supporters as though Wallace was buying time. There was also a credibility issue when it was announced in February that £1.5m was being borrowed from two shareholders, Sandy Easdale and George Letham, with the money secured against Edmiston House and the Albion Car Park, given Wallace's previous assertion about the cash in the bank. The 120-day deadline passed on Thursday 17 April and an update on the review will be released on Friday 25 April. It will need to declare how Rangers will raise the funds to match the investment requirements. Manager Ally McCoist's football department needs an overhaul The football department needs an overhaul, with a scouting network required, but also more strategic decision-making when it comes to the first-team budget. Costs are imbalanced and manager Ally McCoist agreed to accept a pay cut, but a long-term, sustainable approach needs to be implemented to return Rangers to the top flight in a competitive state. Ibrox Stadium and Murray Park also need maintenance work, but bringing the business back to an even keel by cutting costs and increasing revenue streams will not provide the level of additional funding that Rangers need in the short to medium-term. With the board having ruled out borrowing against their major property assets, the options are limited. A fresh share issue, which King is keen to underwrite, would dilute the holdings of any current shareholders who do not reinvest. This would alter the shareholder dynamic and the power base that supported the current directors at the AGM. It is this problem that Wallace has to solve. If he presents a review to the board that steers the business towards recapitalisation, will all of the directors agree? There is also the more pressing issue of season ticket sales. The renewal process is underway and the deadline is the week following the business review update. Many supporters have grown weary and cynical of the machinations, on all sides, of the saga. Yet renewals are critical, since the interim accounts published in March revealed that going-concern status for the next 12 months was only granted on the basis of an increase in season ticket prices and sales. If the renewal numbers are in decline, there is a legitimate question about how Rangers will be funded until the end of next season. Wallace is experienced and capable but also at the mercy of the situation he took on - although earning the trust of the entire Rangers fan base was always unlikely given the tensions that exist between different groups. There are some decisions he might, on reflection, have made differently, but it is the ones he makes now that will be critical, to his future and the club's. http://www.bbc.co.uk/sport/0/scotland/27081026?utm_source=twitterfeed&utm_medium=twitter

GRAHAM WALLACE insists Rangers are making 'substantial progress off the field' as they gear up for next season's SPFL Championship campaign. The Light Blues this week clinched a shirt sponsorship deal with online casino giants 32Red, who will replace Blackthorn in the summer and become the Gers' partners for the next three seasons. Ally McCoist's side are just one season away from their return to the Scottish top flight and chief executive Wallace said: "We are delighted to announce this deal. It shows we are making substantial progress off the field. "This is a good long-term partnership for Rangers. "We can leverage the strength of the 32Red brand and this deal can help reinvigorate the Rangers brand domestically and internationally. "We are working very hard to re-energise and reposition the club on the international stage. That goes hand in hand with our progression up the leagues and we are planning for next season in the Championship with one eye very firmly on the seasons beyond that. "Having a strong commercial partnership portfolio is very important to the club. "Attracting blue chip brands to be partners allows us to grow our commercial revenue which in turn allows us to reinvest right across the business. We are very pleased with this deal and it is the first, tangible step in our new commercial strategy. "The Championship will be a very competitive division and we are doing all our preparation to make sure that, in the true traditions of Rangers Football Club, we expect to be competitive and we expect to be successful." Wallace is due to complete his 120-day overview of the books at Ibrox on Friday but the club confirmed this week that they will only publish an 'update' on April 25. Wallace said: "We will shortly be publishing the results of the club's business review, as we committed to do, following an in-depth review of all areas of club operations. "This will give fans an insight into understanding the current status of club operations and how we are working to put in place what is needed to build for future success." http://www.eveningtimes.co.uk/rangers/wallace-happy-with-off-field-progress-at-rangers-159803n.23978036

This should be interesting, renewals before the 120 days. Rangers will launch their season ticket renewal campaign at Ibrox tomorrow. As reported in the Herald today, prices expected to rise by 18%.

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11905464 Full results and report here: http://rangers.g3dhosting.com/regulatory_news_article/375

http://www.bbc.co.uk/sport/0/football/26959101 Every football club launches a season ticket renewal campaign. No club other than Rangers is likely to find it such a fraught process. Price rises, ranging from between 15% to 25%, were inevitable and had been indicated at the annual general meeting of shareholders last December. For fans, though, the decision on whether or not to renew is complicated by the club's state of affairs. Dave King King believes Rangers need significant investment if they are to challenge for Scotland's major honours Even the timeframe has drawn attention, since the renewal deadline is 6 May, less than four weeks away. In the context of the discontent that has gathered around Ibrox, the sense is of supporters being given little time to make their choice. There is always an emotional element to the commitment, but Rangers fans have generally become more wary, even before the prospect of the Union of Fans - a coalition of supporters groups - opening a trust fund as an alternative for supporters who don't want to renew under the current circumstances. In meetings last month with the former director Dave King, who wants to invest in the club, the Ibrox board had agreed to complete the business review being undertaken by chief executive Graham Wallace before the season ticket renewal process. King will consider the launch as a breach of that agreement and is likely to respond firmly. The results of Wallace's review, and subsequent funding plan, will determine how Rangers approach the attempt to gain promotion from the Championship next season. They will also go some way to determining King's approach. He wants to provide funds to invest in the team and the football infrastructure now, to enable Rangers to return and then immediately compete in the top flight. In his view, this should be done through the issuing of new shares, which could grant him overall control. The board agreed to similar sporting aims, but do not have the money to finance it since the cash reserves have run out. Wallace needs to cut around £3m from the current running costs, and increase the revenue streams, just to bring the business to an even keel, but the season ticket money is also required just to keep the business going. This is the backdrop to the renewal campaign, which is symbolic of the lack of unity that abounds. Wallace announced at the AGM that his business review would take 120 days, which ends on Thursday 17 April, yet in the notes accompanying the interim results last month he indicated that it might be the end of April before the review and report to the board are completed. The business's going concern status was also only signed off on the basis of the price rise and a modest uplift in renewals. Despite Rangers embarking on their bid for promotion back to the Premiership, in a second tier that will contain Hearts but also possibly other leading clubs, it seems a stretch to believe that more than 37,000 will sign up for season tickets. As well as uncertainty about what funding will be available, or if only cuts will be imposed on the squad, supporters have grown weary of the quality of football this season. The defeat by Raith Rovers in the Ramsdens Cup final drew a disdainful response, and there is still a Scottish Cup semi-final against a talented Dundee United side to address. Either through concern about the quality of the football, frustration with the board and the direction of the club, or just a doubt about the club's financial stability when £1.5m in loans had to be sought from two shareholders last February and both Ibrox and Murray Park require maintenance work, the willingness to renew is being eroded. It has previously been a matter of faith, an indication of the supporters' ongoing commitment to their team. It is now a matter of judgement, of trust or otherwise. There is no incentive to renew immediately, and even missing the 6 May deadline would not be critical since there is no waiting list and supporters who hold off could still retain their seats. The alarm for the directors is a significant drop off in numbers, since this would drastically undermine their means to continue, and make it more difficult, perhaps even impossible, to hold off King. Rangers will receive the season ticket income up front, since a finance company will underwrite the options that allow fans to pay in instalments, a common arrangement in football. The first £1.5m raised, though, will be used to pay back the shareholder loans - from George Letham and Sandy Easdale, who is also a director on the football club board. The directors will watch the initial renewal numbers with concern, while some supporters will await the review, and others will wait to see what the general uptake is like. With the money raised from the initial public offering of shares in December 2012, and two tranches of season ticket money, having been spent, wariness is widespread. It is also political, since the future of Rangers - as it stands - would seem to either involve cost-cutting under the current powerbase of directors and a group of aligned shareholders, or King becoming the significant influence. Fans can buy tickets on a game-by-game basis. The season ticket uptake will reflect the mood for change or otherwise, but also go some way to determining Rangers' short-term future.

We all remember the summer of 2012 only too well. Just two short years ago it was that the bandwagon of hate rolled round Scottish Football inviting all Rangers haters onboard. Rangers must be punished for what they have done was their general consensus of opinion. One of those aboard was undoubtedly Mr Hutton and also his fellow Raith director Mr Drysdale who was involved in the year long registration embargo. I often wonder now if they ever look back and wonder what it was they were so eager for Rangers to be punished for ? There was, of course, the nonsense of debts of £134m was it at one point? Most of this debt was the assumption that the tax avoidance EBT's operated by SDM were illegally operated and were liable to eye-watering levels of taxation. That fell apart on the 20th of November 2012 when the FTTT went in favour of Rangers. The UTTT will do likewise I expect and its judgement will be any day now I'd expect. Then there was the dual contracts investigation by the then SPL in which LNS decided Rangers had gained no sporting advantage using EBT's.Another lie nailed. The truth was Rangers problems were caused by Craig Whyte and Craig Whyte alone by deliberately not paying over PAYE & NI to HMRC who wouldn't do CVA which led to the oldco being put into a liquidation process. Ive always been deeply suspicious of how he got Rangers in the first place and the role played by those at LBG, something AJ has alluded to from time to time.There is, of course more than one ongoing police investigation to Whytes time at Rangers as well as an investigation by the Insolvency Services too. Ive also wondered at what point Regan's SFA knew what Whyte was up to and did nothing. So Mr Hutton you may wish to consider if Rangers were indeed the victim of a crime rather than the perpetrator of a crime.A bit like getting your house broken into and the police charge the homeowner maybe? A wee apology would go a long way methinks on Sunday.You might even want to encourage the likes of Mr Petrie to do the same if he's around on Sunday which he probably wont be

Robert Marshall and his son, Greg, have been heavily involved in the formation of Rangers First. Rangers First is a fan-led membership vehicle that aims to buy shares and achieve greater supporter involvement in the running of the Ibrox club. Matthew Lindsay of SportTimes met the lifelong Rangers fans and season ticket holders to speak about the ambitious project and their hopes for the future. How did you get involved in Rangers First? RM: I was invited up to the Supporters' Direct Scotland offices in Stirling. So I went and listened to two lads speak and I liked what they had to say. I thought: "If it can help Rangers I will give it a go." It was just about helping the club. As a fan, I was in. Then we had a meeting here (The Louden Tavern, Ibrox Stadium) to see if the body of the kirk, if you like, wanted to take the idea further. Richard Atkinson, a volunteer with Supporters' Direct who has been involved at quite a few clubs over the years, spoke to us. We had around 50 people here. And not one voice was dissenting. I think it is important to state that this is not anti-board or pro-board. It is pro-Rangers and pro- Rangers fans. At the first meeting we said: "Leave your egos at the door. Leave the politics at the door. Let's just see if we can do this." GM: We have people who attend our meetings who are at opposite ends of the spectrum when it comes to their attitude to the club board. If it is about individuals then it will fail. It is a vehicle that should be analysed on its own merits. What are the objectives of Rangers First? RM: The first target that Rangers First has is to obtain 5% of shares in the club. GM: That gives you powers in terms of calling a general meeting and getting answers to questions. It is all about getting what is called ACT - authoritative consultative transparency. That basically means the fans having a voice and the club having to listen to and engage with us. This is about the board engaging with the fans so that we know what the situation at the club is and we can all move forward together. It is not about getting a fan on the board. Our members would have to vote on having a representative on the board down the line. It has still to be decided. But, personally speaking, I think we would want a professional representing us. GM: The money the Community Interest Company spends must be to the benefit of the Rangers community. We can't just spend money willy-nilly. Initially, we just want to get shares until we can get the ACT. Once we get that then it will be up to the members to decide what we do with the money after that. We can fund specific projects that are and are to the benefit of the club. BuyRangers already exists. Why is Rangers First necessary? RM: By law we (BuyRangers and Rangers First) have to work together publicly because the schemes have the same principles and the same goals. We want to work together. But I think this vehicle could unite fans. GM: The key point about Rangers First is that it is not partisan. It is trying to unite the small groups into a bigger group. We are saying to them: "You are still allowed to have your differences. This is beyond that." There have been lads at the meetings we have had so far whose personal opinions I do not agree with. But their ethos is right. They genuinely want to put Rangers first. We need to engage with a wider fan base - and especially with fans abroad in countries like Australia and the United States. That is one of the advantages of Rangers First - we can accept payments from abroad. A CIC is to the benefit of the Rangers community and the Rangers community isn't defined by geography. It is what we decide the Rangers community is. And the Rangers community is global. It is basically anybody who considers themselves to be a supporter. They can contribute to it from abroad. The main strength of the CIC is its flexibility. For example, my father and I are going to donate our shares to it. We bought £1,000-worth of shares at the IPO. As well as money you can put shares in. A few of us are going to do that. RM: One of our representatives is going to Hong Kong this week to do a presentation to the Rangers Supporters' Club out there. Richard (Atkinson) also did a presentation with Orsa (Oceania Rangers Supporters Association) recently. We are really trying to engage with the ex-pat fans because it must be really hard for them looking in and not being able to do anything. What has the response to the scheme from Rangers fans been? GM: It is still in the process of being put together. But we have 1,000 members already. That is not bad after two weeks. We are due an update on that any day now. We were at a pub in Lanarkshire a couple of weeks ago at which 10 Rangers Supporters' Clubs were represented. Three of them joined up on the spot and seven took it back to their members. Nobody was against it. When people engage with it they say: "This is a good idea." It genuinely is a good idea. But we do need the support of the fans to make it work. At a small level, we could build up a small shareholding. But if we get larger numbers we will get the transparency the fans want. Has the ongoing financial uncertainty at Ibrox increased the interest in Rangers First? RM: I think it does increase enthusiasm for what we are doing. But I am keen for this not to be seen as a criticism of the board. I am not against them. I know they should not have spent the £22million that was raised at the IPO. But, as far as Rangers First is concerned, we are simply for the club. We are there to help the Rangers support. How many members do you hope to attract? RM: We would like to get to 20,000 to start with. Personally speaking, I think we can get 50,000. Now, I know people may laugh at that. But you had 200,000 at the Uefa Cup final in Manchester in 2008. You also have however many thousand abroad who are all desperate to help the club. I think we can have a worldwide membership of 50,000 within two years. How much does it cost fans to join Rangers First? RM: There are three boxes on the website - http://www.rangersfirst.org - you can join for £5 a month, £10 a month or £18.72 a month. There is also a life membership, Club 1872. That entails a £500 one-off payment. You get nothing out of it other than the satisfaction you have helped Rangers. Plus, as a member you get a vote. GM: If we can get 1,872 signing up for a life membership it will give us enough money to buy circa 5% of the club. Dave King has stated he is prepared to put money into Rangers "along with the fans". Could that funding come from Rangers First? GM: It could. Buying shares as individuals has not given us any dividend so far. Individual fans have roughly 12% of the shares. But we don't have anything to show for that. Buying as a collective, through Rangers First, would. RM: There is also a vehicle you can use. Say, for example, Laxey Partners were prepared to sell their 12% stake in the club, but Rangers First did not, at that time, have the money to buy it. We could say to them: "We will pay you for 4% a year." GM: We could provide them with a dividend and take the proxy for their shares and subsequently buy them a few years down the line. That is not something that necessarily is going to happen. But the CIC is flexible and you can do that. The other thing is we can approach the Rangers fans who currently own 12% of the club and ask them to proxy their votes to us. We would need to collect the signatures of the 4,500 fans who have shares before a general meeting. One of our committees is looking at shareholder engagement. Community ownership failed at St Mirren. How can it work at Rangers? GM: Amongst the clubs where this has been tried it has never been exactly the same. There are technical elements which are similar. St Mirren was a wholly-owned club. They had, for some reason, to buy 52% to make it work. They put in a legitimate bid and Stewart Gilmour, as was his perogative, decided not to accept it. There are successes. Dunfermline got over 1,000 members after they had already been saved. Hearts got over 8,000 fans paying in £15.50 a month. We want to achieve ACT at Rangers. The members will decide where we go from there. How optimistic are you about the future? GM: If this kind of vehicle had been about prior to administration I think it could have had a significant influence on the club. Maybe we wouldn't be in the position we are in now. Having said that, I think it will take off now. It may be a slow burner, but I think it will take off. Whoever puts money in can be assured that it will go towards the betterment of Rangers. I think we are getting there as a result of the meetings. We are starting to unite. Very few people want actual fan ownership. They want fan participation. What we are saying to the club is: "Be accountable to us." That is all we want, accountability. RM: We get nothing other than the satisfaction of helping Rangers and the Rangers community. I am not negative at all. I think Rangers are a sleeping giant. A good analogy would be they are a bear in hibernation. It is time the bear woke up. Get Rangers News Alerts by Email http://www.eveningtimes.co.uk/rangers/it-is-time-to-unite-the-small-groups-and-waken-the-sleeping-giant-157872n.23841953

.......and it's fast-fading for Graham Wallace and the Rangers board. KEITH looks at how Rangers' CEO Wallace's reputation has been damaged in recent months and says that his business review, published in a fortnight's time, will give him an opportunity to salvage it. RIDDLE me this. It’s a priceless commodity and yet it costs nothing at all. It cannot be bought but its every ounce must be thoroughly earned. If Graham Wallace could solve this puzzle then his task as Rangers chief executive would be made a great deal more easy. The answer, of course, is trust. And it’s been his biggest issue ever since he agreed to wade into the quagmire that is the Ibrox boardroom. Simply by willingly associating himself with the board which appointed him, Wallace was up to his knees in inherent suspicion from the start. But his long-standing professional reputation bought him a bit of time. To many, he was the acceptable face of an otherwise intolerable regime. Five months on, however, Wallace’s mask might be starting to slip. Because on Thursday of last week, just hours after putting his name to the Ibrox club’s latest declaration of multi-million pound losses, Wallace found his integrity being called into question by the very supporters he has been struggling so hard to convince. The Union of Fans – an umbrella group made up by various factions – accused Wallace of “misleading” season-ticket holders and shareholders alike over the true state of Rangers’ finances. And all at once the CEO became a busted flush because if he really has lost the trust of his own customers then it’s hard to see any way for him to claw it back. His silence, as well as that of chairman David Somers in the five days since, has been of the deafening variety. Then again how exactly is Wallace supposed to talk his way out of this one? How on earth can he explain why he stood up at the club’s agm on December 18 and insisted robustly that all was well when, with the benefit of hindsight, the whole world can now see that plainly it was not. For the record here’s a taste of what Wallace told the assembled shareholders: “There is sufficient cash in the business to fund the ongoing needs of the club in the near term. There has been speculation in the Press that we are teetering on the brink of administration. That is categorically not the case. There is sufficient funding to continue to trade as we normally would.” Now Wallace may not have been attempting to mislead about any of the above. If, by the near term, what he meant was really the next three or four weeks. And if, by categorically pooh-poohing the risk of another administration, he already knew how he was going to raise the money needed to plug a £4m black hole for the rest of the season. It could also be argued in Wallace’s defence that he himself had been misled, perhaps by the then financial director Brian Stockbridge who lost his job very soon after. And none of that can be discounted. But, if you believe it then you must also ask how it could be that a man with Wallace’s credentials as a financial big hitter, would allow himself to be placed in such a position. If, when he stood up to speak at the agm, he really wasn’t armed with the full extent of the club’s dwindling cash reserves, then what does that say about his own competence as a CEO? And here’s the really tricky bit. What if, less than a fortnight after the agm, frantic discussions were taking place behind the scenes, not just about how to keep the floodlights switched on through February but also how best to keep everyone else (particularly those in the market place) in the dark about this need to raise emergency funding? In fact, what if the board had been preparing for precisely this penniless scenario since as long back as last September, when they first opened negotiations aimed at raising £2m against assets such as the jumbo screens at either end of the stadium? The truth is, it was only after this potential deal collapsed, at around the time of the agm, that the Rangers board was forced to look at alternatives and ended up agreeing controversial loan deals for £1.5m with two shareholders, Laxey Partners and Sandy Easdale. And yet on February 25 in an exclusive Q&A with Record Sport after this arrangement had been announced, Wallace said: “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.” Wallace added: “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 to rebuild people’s trust in Rangers as an organisation and trust in the credibility of those who are running it.” There’s that word again. Trust. In little more than two weeks’ time Wallace will have another chance to start earning it, or at least winning some of it back, when he delivers his 120-day business review. It will be interesting to note if he will put his name to one particular plan which has already been floated at boardroom level. It involves not just a huge hike in season-ticket prices but also asking fans for additional cash payments which would be ringfenced and used for spending on their team. Now that really would be one test too many for the patience of this support which is already hankering for Dave King’s millions to give the club an easy fix. Given the hand-to-mouth existence of Wallace’s club, it is becoming increasingly difficult to understand why the man in charge is not shifting heaven and earth to bring King’s money inhouse. Immediately. The longer King is kept at arm’s length the less trust these fans will have for Wallace and his regime. It really is that simple. And you don’t need a badge in riddle solving to work out where that leaves Wallace and Somers with these supporters.

RIDDLE me this. It’s a priceless commodity and yet it costs nothing at all. It cannot be bought but its every ounce must be thoroughly earned. If Graham Wallace could solve this puzzle then his task as Rangers chief executive would be made a great deal more easy. The answer, of course, is trust. And it’s been his biggest issue ever since he agreed to wade into the quagmire that is the Ibrox boardroom. Simply by willingly associating himself with the board which appointed him, Wallace was up to his knees in inherent suspicion from the start. But his long-standing professional reputation bought him a bit of time. To many, he was the acceptable face of an otherwise intolerable regime. Five months on, however, Wallace’s mask might be starting to slip. Because on Thursday of last week, just hours after putting his name to the Ibrox club’s latest declaration of multi-million pound losses, Wallace found his integrity being called into question by the very supporters he has been struggling so hard to convince. The Union of Fans – an umbrella group made up by various factions – accused Wallace of “misleading” season-ticket holders and shareholders alike over the true state of Rangers’ finances. And all at once the CEO became a busted flush because if he really has lost the trust of his own customers then it’s hard to see any way for him to claw it back. His silence, as well as that of chairman David Somers in the five days since, has been of the deafening variety. Then again how exactly is Wallace supposed to talk his way out of this one? How on earth can he explain why he stood up at the club’s agm on December 18 and insisted robustly that all was well when, with the benefit of hindsight, the whole world can now see that plainly it was not. For the record here’s a taste of what Wallace told the assembled shareholders: “There is sufficient cash in the business to fund the ongoing needs of the club in the near term. There has been speculation in the Press that we are teetering on the brink of administration. That is categorically not the case. There is sufficient funding to continue to trade as we normally would.” Now Wallace may not have been attempting to mislead about any of the above. If, by the near term, what he meant was really the next three or four weeks. And if, by categorically pooh-poohing the risk of another administration, he already knew how he was going to raise the money needed to plug a £4m black hole for the rest of the season. It could also be argued in Wallace’s defence that he himself had been misled, perhaps by the then financial director Brian Stockbridge who lost his job very soon after. And none of that can be discounted. But, if you believe it then you must also ask how it could be that a man with Wallace’s credentials as a financial big hitter, would allow himself to be placed in such a position. If, when he stood up to speak at the agm, he really wasn’t armed with the full extent of the club’s dwindling cash reserves, then what does that say about his own competence as a CEO? And here’s the really tricky bit. What if, less than a fortnight after the agm, frantic discussions were taking place behind the scenes, not just about how to keep the floodlights switched on through February but also how best to keep everyone else (particularly those in the market place) in the dark about this need to raise emergency funding? In fact, what if the board had been preparing for precisely this penniless scenario since as long back as last September, when they first opened negotiations aimed at raising £2m against assets such as the jumbo screens at either end of the stadium? The truth is, it was only after this potential deal collapsed, at around the time of the agm, that the Rangers board was forced to look at alternatives and ended up agreeing controversial loan deals for £1.5m with two shareholders, Laxey Partners and Sandy Easdale. And yet on February 25 in an exclusive Q&A with Record Sport after this arrangement had been announced, Wallace said: “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.” Wallace added: “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 to rebuild people’s trust in Rangers as an organisation and trust in the credibility of those who are running it.” There’s that word again. Trust. In little more than two weeks’ time Wallace will have another chance to start earning it, or at least winning some of it back, when he delivers his 120-day business review. It will be interesting to note if he will put his name to one particular plan which has already been floated at boardroom level. It involves not just a huge hike in season-ticket prices but also asking fans for additional cash payments which would be ringfenced and used for spending on their team. Now that really would be one test too many for the patience of this support which is already hankering for Dave King’s millions to give the club an easy fix. Given the hand-to-mouth existence of Wallace’s club, it is becoming increasingly difficult to understand why the man in charge is not shifting heaven and earth to bring King’s money in house. Immediately. The longer King is kept at arm’s length the less trust these fans will have for Wallace and his regime. It really is that simple. And you don’t need a badge in riddle solving to work out where that leaves Wallace and Somers with these supporters. http://www.dailyrecord.co.uk/sport/football/football-news/keith-jackson-its-matter-trust-3303691

There are real doubts about Rangers' ability to continue as a going concern THE chairman issued the dire warning, which he claims is a direct result of fan proposals to drip-feed season-ticket money to the club via a trust fund. RANGERS chairman David Somers has admitted that "material uncertainty" over season ticket income may cast doubt about the club's ability to continue as a going concern, as the Ibrox outfit announced its cash reserves fell by more than £17.5million last year. Rangers announced a loss of £3.7million in the seven months up to the end of 2013, an improvement of 50 per cent on the same period 12 months earlier. But they had just £3.5million cash on December 31, despite bringing in £22million in an initial public offering (IPO) share issue just over a year earlier. The main Rangers supporters' groups recently raised the possibility of drip-feeding season-ticket money to the club via a trust fund amid continuing distrust over the board's ability and intentions. And the club, who recently arranged loans totalling £1.5million from two shareholders, admits that casts a shadow over the club's immediate future. In the interim report, Somers said: "This possibility results in the existence of a material uncertainty which may cast doubt about Rangers' ability to continue as a going concern and therefore that the company may be unable to realise its assets and discharge its liabilities in the normal course of business. "Nevertheless, after making the appropriate enquiries and considering the uncertainties referred to above, the directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the interim results." Earlier this month, the Union of Fans, which incorporates all of the main Rangers supporters' groups, urged fans to put season ticket money into a trust, from which it would only be released to the club when assurances were met, including security over Ibrox and the Murray Park training ground. The club's independent auditor, Deloitte, stated the uncertainty might cast "significant" doubt over the club's ability to continue as a going concern. The club have made assumptions including that they "modestly" increase their season-ticket numbers, which stood at 36,000 in League One, next season and beyond. The improvement in financial performance is in large part down to increased retail sales with the club reporting its partnership with Sports Direct was worth £4.8million in the seven months, up from £900,000. Revenue was up 38 per cent to £13.2million, however operating expenses also increased slightly to £16.8million. Staff costs were down £800,000 to £7.5million but the club pointed out that £500,000 was spent on severance payments. Somers and chief executive Graham Wallace came in towards the end of the period and the latter is conducting a 120-day review of the business, and they explained some of the spending that meant cash reserves fell from £21.2million in a year. Somers said: "The majority of the money raised from the IPO in December 2012 had been spent by June 2013 on IPO related fees and commissions, severance payments, the purchases of the Albion car park and Edmiston House and to fund ongoing operating losses. "The club incurred a further £7.7m of cash expenditure in the six months to 31 December 2013, funding additional fixed asset purchases and operating losses. In total the club has spent over £4m on fixed assets since the IPO that are not yet generating incremental revenue." Somers admitted operating costs had been unsustainable. http://www.dailyrecord.co.uk/sport/football/football-news/fears-future-ibrox-chairman-david-3290753

Alasdair Lamont ‏@BBCAlLamont 1m Rangers transfer Laxey £1m loan to fan and shareholder George Letham at a reduced interest rate.

Exclusive Dave King interview in @TheEveningTimes and @TheHeraldPaper tomorrow. A must read for #Rangers fans Can't give too much away mate sorry. £m are mentioned for the first time and good stuff on his motivation for getting involved. From Chris Jack on twitter. For those interested.

http://t.co/YEh6Ay09Wi The noise around Rangers has abated. A series of statements were released after former director Dave King flew to the United Kingdom last week to meet Rangers International Football Club shareholders, directors and supporters. All parties have now entered a 30-day period in which the board has to produce a business plan that adheres to their public commitments about restoring the club to its former status of title challengers in the top flight and regular European competitors. So what is the state of play in and around Ibrox? Here are five key questions on the latest chapter of the Rangers saga. Has peace broken out? King has the backing of fans groups as he puts pressure on the board It's more a hiatus. Following their meeting with South Africa-based businessman King on Friday, the Rangers directors issued a statement in which they pledged to reveal a business plan that would allow the team "to compete at the highest levels of Scottish and European football". This requires significant investment in the football department, which is currently operating without any scouting staff, and in new players. Yet the board also pledged not to use Ibrox Stadium and the Murray Park training ground as security against any borrowing, which leaves investment from existing or new shareholders as the only likely way to raise finance. King wants to lead that round of fundraising and pointed out that the board of a publicly limited company is bound by its stated commitments. He urged fans to give the board 30 days to comply, which the Union of Fans (UoF) - a coalition of supporters groups - "reluctantly" agreed to. It certainly represents a less adversarial approach. What options are there for the board? Wallace is examining Rangers' finances but has ruled out a second period in administration It is difficult to see them having any choice but to commit to a fresh share issue. This has always been mooted by the chief executive, Graham Wallace, but without setting any timescale. Existing shareholders would need to reinvest to maintain the size of their stake, though. If the club is to invest ahead of challenging for promotion from the Scottish Championship and then mounting a title challenge in the Premiership, the question of a share issue would need to be put to a shareholder vote as soon as possible to allow a two-year football strategy to be put in place. The board has agreed to borrow £1.5m from the shareholders, Sandy Easdale and Laxey Partners, with the loans secured against Edmiston House and the Albion car park, with Laxey also receiving a £150,000 premium in cash or shares. King revealed in his statement last Monday that the directors told him they had agreed to these terms because they "considered that a combination of legal risk and the current financial position justified the loan terms". In effect, the financial state of the club meant that the loans ought to be considered high risk. It is clear that Rangers need investment and that the £1.5m is a temporary sticking plaster. Wallace, though, has consistently stated that administration will not occur. Why 30 days? McCoist is awaiting word on what budget he will have for next season At the annual meeting in December, Wallace told shareholders that he would conduct a 120-day review into the business, with outgoings exceeding revenues while the club is in the lower divisions. This ends in mid-April, but the interim accounts are also due out before the end of March. So, within the next 30 days, shareholders and fans will have a clearer understanding of the current financial state of the club - it is expected that the interims will show a reduction in the £14m losses suffered in the last financial year - and the board's plan to improve its position on and off the field. This will then allow fans to make an objective decision about season ticket renewals, which will follow. What if the business plan does not meet expectations, or the board does not fulfil its pledges? The UoF is pressing ahead with plans to set up a season-ticket trust fund, with lawyers likely to be engaged on the project and trustees appointed thereafter. Before asking fans to wait for 30 days, King had advised them to pool their renewal money, which is the club's single largest income stream, and only give it to the club in return for securing Ibrox and Murray Park to protect them. Existing shareholders will surely also be monitoring events. Is a resolution likely? The current board and the shareholders they represent want to stay in place. King wants to invest directly in the club in return for an influence on how the money is spent. A majority of fans at the last home game against Dunfermline Athletic held up blue cards in support of King. From these three positions, a workable solution needs to be delivered. Conflict is unlikely to resolve anything and ultimately it is finances that will dictate what happens. Rangers either seek new funding, or cut costs, with the latter likely to make life more testing for the manager, Ally McCoist, and Wallace to deliver a team that can eventually challenge Celtic again, at least in the short-term.

by Union of Fans First of all we would like to thank Dave King for his time and patience over the past few days. Having met with him on Friday, and then again yesterday morning, prior to the release of his statement, we appreciate him keeping us fully appraised of his progress. It has been extremely refreshing to deal with someone who shares our own love of Rangers and also has the means, commitment and passion to significantly improve the club’s fortunes over the coming years. We are pleased that Dave has acknowledged the fans’ role in bringing the current board to the negotiating table and we are heartened by his ability to very swiftly secure some important, binding, public commitments from them. Clearly the board’s position has changed over the weekend, from one where we had no clear sight of their strategy with regard to moving the club forward, to one where they have now committed to fans and shareholders to implement the funding plan we believed was required. This plan, if properly executed, should allow the club to compete both domestically and in Europe in the medium term. We are pleased that they are no longer considering the massive scaling back of club operations that would have been required, both on and off the park, under their previously assumed but never communicated strategy. We also note that they have confirmed that they do require further investment as a matter of some urgency. We expect significant amounts of that investment to come from a united fan investment vehicle, including Dave King. Although pleased that they have made a commitment not to raise finance, or take out any type of security, on Ibrox or Auchenhowie, we are disappointed that they have refused to make this as unequivocal as we would have expected. “We have no plans” does not engender the same confidence as “we will not”. Having secured these binding, public commitments from the board, through Dave King, we are now prepared to wait for the publication of the business review from Graham Wallace within the next 30 days. We expect it to fully reflect the promises made by the board in their last statement and we are, reluctantly given previous experience, relying on them to fulfil those promises. We expect them to produce a coherent vision and detailed plan of how they will fund it. In the meantime, whilst the board complete this process, we will be continuing with plans to set up a Season Ticket Trust. We are determined to be in a position to provide it as an option, if required, and will continue to update the supporters on our progress on a regular basis. We expect to engage with legal advisers and trustees as early as next week. We would like to thank all the fans who sent such a clear message to the board at the weekend. Without fan pressure we would not have made the significant progress we have and we are fully aware that following the completion of the business review, depending on its outcome, the fans may once again be required to act. We remain fully committed to continuing our work with Dave King as part of a fan led initiative to invest in the club and will be in close contact with him over the coming weeks. We fully support his vision for Rangers and his methods of achieving that vision and will hold the board fully to account, within the timescales they have indicated, for the binding, public commitments they have made. http://www.unionoffans.org/statements/2014/3/18/follow-up-statement-re-dave-king

Lifted from FF From Sun Journo Andy Devlin on Twitter

RANGERS BOARD REJECT KING PROPOSAL The Rangers board have rejected Dave King's plan to ring-fence season-ticket cash, the former director claims. King met with the ruling Ibrox regime on Friday for showdown talks about the club's worrying financial state. The club responded 24 hours later with a statement describing the meetings as a "helpful, open and honest discussion". But the South Africa-based businessman's proposed scheme - that would have protected season-ticket cash from being used to repay a controversial £1.5million loan handed to the new League One champions by investors Sandy Easdale and Laxey partners - was knocked-back by the board. The loan agreement is secured against the Albion car park and Edmiston House facility and will earn Laxey a £150,000 profit in either cash or shares when it is repaid next year. King says the board have addressed many of his concerns about the fallen Glasgow giants' future but revealed the two sides could not find common ground on the topic of season-ticket revenue. In a statement, the Castlemilk-born multi-millionaire said: "The only significant issue that I discussed with the board that is not contained in the board statement is the Laxey loan facility. "Mr [Norman] Crighton, on behalf of the board, made a forcible argument as to why the board considered and approved the terms of the Laxey loan. "The board considered that a combination of legal risk and the current financial position justified the loan terms. "I replied that a consequence of the board's view of the high risk to anyone advancing funds to the club is the board's fiduciary responsibility to ring fence any season-ticket money that is received (even if fans don't request this) unless sufficient committed financing is in place at that time. "The board did not agree with me on this logical consequence but I believe that my observation is correct." King looked set to go to war with the board when he advised fans to withhold season-ticket cash and instead pay it into a trust fund which would then drip feed the money to the club. He made his original call after complaining about a lack of transparency about the club's financial state following last year's £14.4million loss and rumours of downsizing to boss Ally McCoist's squad, which King feared would allow Celtic to rack up "10 in a row". On top of his concerns about season-ticket cash, the former director - who lost a £20million investment when the club was liquidated in 2012 - also expressed fears that the board would mortgage off Ibrox and Murray Park to secure fresh finance. But he added: "The board has now publicly dealt with each of the above. The board has affirmed that it regards competition with Celtic and in Europe as being its continued aim and that this outlook will be reflected in the business review that will be published within the next month. "Crucially, that will allow fans sufficient time to consider the review prior to investing in season tickets but it is also important that the board has now confirmed categorically that they will not use Ibrox or Murray Park as security for any form of fund raising. "No one should be in any doubt that this public statement and commitment is significant and should be appreciated as such. "Statements from a public company board are intended to be relied upon so in a couple of weeks we can expect a business review that will reflect the board's ambition and a funding plan to achieve this. "We can also rely on the fact that if circumstances change the board would be bound to advise the public in advance of this." He added: "The board has now communicated with the fans and has committed to do so in more detail within a month. "Let us give the board time to comply with its commitment. "I advised the board that I would wish to be a part of the required fund-raising as a component of a united fan group investment vehicle. This will require further discussion after release of the review in the next month."

From BBC website: Kilmarnock close to major debt reduction deal By Richard Wilson and Jim Spence BBC Scotland Kilmarnock are set to announce a deal that will see the majority of the club's £9.4m debt written off by Lloyds Bank. The agreement would involve the chairman Michael Johnston retaining a reduced shareholding in the club. A company headed by local businessman Billy Bowie would take ownership of the hotel, which has been valued at around £2.5m. Johnston and Bowie would also be joined on the board by three new directors. Kilmarnock would be left essentially debt free, while the company that takes ownership of the hotel adjacent to the stadium would take on the remainder of the bank debt, thought to be between £2.5m and £3m. Negotiations have been ongoing for weeks, and became more pressing after the Kilmarnock Futures Consortium - a group of local businessmen - pulled out of takeover talks. It is understood that Bowie will provide an injection of working capital to sustain the club until season tickets are sold later in the year. The three new directors are also likely to provide additional funding, once they have been voted onto the board. Clauses are thought to be included in the agreement that would prevent individuals benefitting from the sale of assets in the future, which would effectively secure the long-term future of the likes of Rugby Park for the Kilmarnock community. Some of the forthcoming investment in the club would, though, be required for stadium maintenance work. The deal would free Kilmarnock from the burden of meeting the repayments on a large debt, but the club would also lose the revenue stream from the hotel, which is a profit-making business. Johnston has stressed at previous annual general meetings the importance of that revenue stream to the club. However the debt, which was accrued in the building of the hotel, was holding Kilmarnock back. Some supporters will remain opposed to Johnston's continuing involvement, and will remain committed to the Not A Penny More campaign that was launched in a bid to oust the chairman. Other fans, though, will accept that a deal had to be struck and one of the consequences is that Johnston is no longer the sole authority at the club and that the board has been opened up to new directors. The Kilmarnock sponsors, QTS, will also continue to back the club in a kit sponsorship deal worth around £250,000. Alan McLeish, the owner of QTS, was a member of the Kilmarnock Futures Consortium that withdrew from takeover talks with Johnston, but he remains committed to financially backing the club.

Meanwhile, Arab Trust board member Mike Barile says that, if Rangers do make the last four, the game should not be played on the Glasgow side's ground. The former chairman of the fans' group said: "I was active in the supporters movement when United and Dundee met in the Scottish Cup semi-final in 1987. "Both clubs were prepared to play the game at Tannadice or Dens Park on the toss of a coin, but the SFA insisted that the game had to be played at a neutral stadium. "Now there is the possibility of playing Rangers and it is okay for the game to be played at Ibrox. "Can you imagine the outcry if the SFA were to say the game was to be played at Tannadice? It is a ridiculous decision. "If it is to be Rangers we are to play then the game should be played at a neutral ground." When Celtic Park was chosen as the venue for the final in October, it was announced that both semi-finals would be played at Ibrox. Hampden Park is unavailable because of redevelopment work taking place to lay track for the Commonwealth Games.

Hi everyone, Hope you are all well! Thank you for your continued support of the Rangers project so far. We're pleased to say that a new funding campaign is now being started on our Indigogo page to raise funds for the Rangers documentary! It's only open for 2 weeks though, so make sure you get your contributions early to support our project! Link to our Indiegogo page: http://igg.me/p/695323/x/6506085 We've got a short teaser trailer of the documentary now up on Youtube - check out our interviews with David Fisher, Clive Anderson and other Rangers fans and supporters. Filming is going well so far, lots of great footage and interviews with fans and people all passionately involved with Rangers FC to bring you the story of Rangers from the fans' view! https://www.youtube.com/watch?v=ph0UAvTrTaU Thanks again everyone, looking forward to having you onboard with us! Best wishes, Niraj Dave ------------------------------------------------------------------------------------------------ Niraj Dave | Researcher SDMC Productions Limited Email: niraj.dave@sdmcproductions.com Office: 0044 (0)161 2362112 Mob: 0044 (0) 7905942209 Web: http://www.sdmcproductions.com 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

Lifted from FF: By Grandmaster Suck Updated Friday, 7th March 2014 Official documents reveal Easdale and Laxey have joint security over both the Edmiston House and Albion car par properties. They will be paid back in the first instance from money generated by season ticket sales. The season tickets are effectively mortgaged to the debt. Laxey are charging a higher interest rate than Ticketus did. The details from the Registers of Scotland (land registry) - Security over Edmiston House granted to Sandy Easdale http://freepdfhosting.com/3474a90828.pdf Security over the Albion car park granted to Laxey Partners http://freepdfhosting.com/cef985a572.pdf Ranking agreement between Sandy Easdale and Laxey Partners http://freepdfhosting.com/1bfcbe0abb.pdf The Ranking Agreement basically establishes that both have claims over both the car park and Edmiston House. Have a look at the page hand-numbered 19 (its 3 pages down) in the Ranking Agreement - this mentions that the money to Sandy Easdale and Laxey will be repaid in the first instance from season ticket money. Peculiarly, the announcement to the Stock Exchange said the loan would be repaid by 1st September 2014 - http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11872699 - but the Ranking Agreement says 1st September 2015. http://www.followfollow.com/news/tmnw/season_ticket_sales_will_pay_for_easdale_and_laxey_loans_826877/index.shtml

Martin Williams ‏@Martin1Williams 31s #Rangers Dave King "Message to fans is..if we don't hold board to account then we will have a couple of unnecessarily difficult years ahead" Martin Williams ‏@Martin1Williams 1m Dave King "I am absolutely confident that Craig Whyte won't have a future at #Rangers going forward" Martin Williams ‏@Martin1Williams 1m Dave King "There are powers behind the throne at #Rangers not represented on board" would prefer him an other likeminded people involved Martin Williams ‏@Martin1Williams 2m Dave King believes there is a "guiding hand behind" #Rangers that is not currently sitting on the board. But doesn't name names. Martin Williams ‏@Martin1Williams 3m Dave King says "what is very important" is transparency must come first, before any future investment. Martin Williams ‏@Martin1Williams 4m Dave King says trying to avert "another financial crisis" at #Rangers & that board is relying on fans' "fierce loyalty" to come up with cash Martin Williams ‏@Martin1Williams 5m DaveKing says "it is obvious" #Rangers is "running out of money" & was happy go be a significant investor but board has since "done nothing" Martin Williams ‏@Martin1Williams 9m Dave King says real aim to get "proper transparency from #Rangers & would like not to have to set up fund for season tickets. Martin Williams ‏@Martin1Williams 11m Dave King says will meet the #Rangers board and insists his statements about "financial crisis" of club was "nothing controversial"

http://www.therangersstandard.co.uk/index.php/articles/rfc-politics/310-dr-waiton-on-rangers-free-speech-and-sectarianism It's an excellent read (the Spiers part especially), very well done to John.

Somers wrote an open letter to the former director on Monday, summoning him to a meeting as he demanded King explain his recent statements attacking the board. King says he would be "delighted" to meet with the Ibrox boardroom chief but criticised the way the invitation was made, claiming it felt like he was being sent to the headmaster for "a caning". The South Africa-based businessman is expected to fly to Scotland next week for a meeting with fans after he urged supporters to withhold season-ticket cash amid growing concerns about the club's finances. In Monday's letter, Somers said King's "statements and innuendos are very damaging to the club", but the Castlemilk-born multi-millionaire has now responded in kind. He has released his own open letter to the Light Blues chairman in which he said: "Thank you for your email that I had sight of this morning. I also received a copy of your press release stating that I have been "summoned" to a meeting with the board to explain myself. I feel rather like the headmaster is looking to give me a caning. "It is most unfortunate that you have sought wide media coverage of what should really be a private invitation. I feel compelled to respond in similar vein. "I reviewed my two statements in light of your email and don't find anything astonishing in them whatsoever. They neatly and uncontroversially depict the present state of affairs at the club and the ongoing attitude of the board. "Similarly, I can't detect any innuendos. It seems to me that my thoughts are stated pretty clearly and directly. "Additionally, there seems nothing potentially damaging to the club. In fact, the opposite seems to be the case. I accept however that my comments could be perceived as damaging to certain interests that are represented on the board. I don't equate that with damaging the club. The club is much bigger than the present board. "I am delighted to meet with the board to discuss the present funding crisis and can do this on my forthcoming visit. I am not clear what "allegations" you wish me to explain as I can't find any in my statement. It will assist in my preparation if you provide me with a list of specific "allegations" that you want me to address. "Incidentally, the irony of a board that has steadfastly refused to enlighten fans now demanding clarity from others has not been lost on me." Meanwhile, Rangers have appointed Philip Nash as their new company secretary, Companies House has announced. It comes just two months after the troubled Ibrox outfit confirmed they would use the former Liverpool and Arsenal financial consultant's services "from time to time'' as they looked to bring spending under control. In documents lodged with Companies House on Monday, however, it was confirmed Nash was the new secretary, replacing Brian Stockbridge - who also served as the club's finance director - after he resigned his post on January 24. He will now set about helping Rangers solve their money worries on a full-time basis. The Light Blues are losing about £1million per month and the club's share price has fallen to 30.5p per share. Chief executive Graham Wallace is just over halfway through a 120-day review of the club's operations. But after posting a £14.4milllion loss last year, he was forced to accept a controversial £1.5million loan from investors Sandy Easdale and Laxey Partners just to ensure the League One champions-elect could continue to pay their bills until the end of the season. http://t.co/Ra0KkKCj8o