Search the Community
Showing results for tags 'future'.
-
When we went into administration I almost instantly (within the first month) had some major concerns because I quickly came to thinking that I didn't trust the administrators, didn't think they would get us out of it via a CVA and didn't think they seemed to be doing their jobs properly because if they had been, then they would have tried to rescue the company as a going concern. To do that, they would have needed to quickly address the cost base and stop the monthly loss-making, but they just went for a short-term fix/bandage to see out the season instead of properly cutting costs to address the going concern like administrators do in most football club administrations. After the shambles of their bidding process and finally bringing in Green & co (like they seem to have planned well in advance!), when D&P did their first presser with Green a feeling of dread & despair came over me because I could tell immediately that he was a bullshitting patter merchant and didn't trust him right from that point. It was a case of 'who the f**k is this clown?' and a distinct feeling of disappointment. Then we had to endure the failed CVA, being wrongfully stripped of our SPL share and kicked out of our league, left with no league at all for a period and questions hanging over our SFA license as well. When we finally got it sorted out and started the season in the 4th tier there was a sort of positive buzz that I never really understood, because I never felt as if it was right that we should be down there in the 3rd Division. I could obviously understand the positive buzz in the sense that we were still here with our history and titles despite the best efforts of our enemies and those who wanted (and tried) to kill us off, but didn't understand the positivity from numerous other perspectives, like the unprecedented treatment of our Club and the worries from footballing and financial/business perspectives. Not only did many of our fans think that it was just a simple case of 3 seasons of a journey back up through the lower leagues to the top flight, but many actually believed that it was an 'opportunity' to rebuild not only the business, but some kind of fabled & mystical footballing 'philosophy'. There was talk amongst fans of not only winning every single game in the 4th & 3rd tiers, but battering the opposition 8-0, 9-0 or 10-0 every week. I didn't buy into any of that because I thought it was always going to be more difficult than many of our fans thought it would be. Yes, we would dish out some hammerings along the way, but it was always going to be a battle too, both on and off the park no matter how many SPL-standard players we signed and no matter how many crazy moonbeams Green & co served us up. What we need to do now though, is completely forget about any mythical 'opportunities' or lost chances to create new 'footballing philosophies' and face the stark reality of where we currently are. I'm not saying forgive or forget (far from it!), but we urgently need to get up to speed and deal in the here & now. Depending on how things go off the park this month, we might be heading for another insolvency/administration event, but we don't know for sure either way because nothing is certain on that front, just as nothing is certain on the pitch either. We might drop points or lose a match, but no matter what happens, I think we all know that the 'journey' is getting tougher and tougher and that's something which was always on the cards both on & off the pitch, so it certainly shouldn't come as a surprise. The idea of an easy journey back up over 3 or 4 years while creating golden seeds for the future amidst new philosophies for the Club was a total and utter pipe dream. Even if we had been taken over by good guys instead of chancers and liars like Green & co, we were still realistically facing trouble along the way and potentially a period of 5 years or more before getting properly back on our feet and challenging in the top flight again. We might not be in a good position right now, but essentially, nothing has changed and we're still on the same path albeit a slightly more windy & rocky one than many of our fans seemed to think it would be. Our progress back to where we belong might still be set back even further by current and/or future financial issues, but we don't know for sure yet. What we do know for sure is that the people running the show need to collectively get their acts together, steer the Club in the right direction and ease the worries of the supporters, not through more moonbeams and lies like were served up in the past, but by addressing the immediate future as openly and honestly as they can without damaging the value of their precious shares.
-
Latest blog from McMurdo.........
-
http://www.bbc.co.uk/news/uk-scotland-29050877 Former Rangers commercial director Imran Ahmad has returned to court for a third time in a bid to have £620,000 of club assets frozen. Lawyers acting for Mr Ahmad claim he is owed a £500,000 bonus for the time he spent working at the Ibrox club. The Court of Session in Edinburgh heard Mr Ahmad is worried about the potential prospect of Rangers becoming insolvent. Lord Stewart continued the case to Friday when lawyers for Rangers will address the court. Mr Ahmad, who has twice lost court bids to have Rangers' assets ring-fenced, claims he is owed £500,000 for negotiating deals and wants another £120,000 to cover legal expenses. Advocate Kenny McBrearty QC told Lord Stewart that Mr Ahmad is concerned about the current state of the club's finances and fears Rangers would not be in a position to pay up if the court eventually rules in his favour. He told the court Rangers have sold 23,000 season tickets this season, down 15,000 on last season. Mr McBrearty said the Rangers board's latest plans for a share issue may only raise £3.6m and cover part of the club's obligations. He added: "There is a significant hole in the club's finances for the forthcoming season."
-
I had a very good meeting today with Arnold Black, who wrote the article that was published recently about a membership scheme. I proposed this some years ago at the Club’s AGM and it was also discussed but not pursued (because we were promoting the share scheme) when I was Secretary of RST. Arnold is of the opinion that fans should put their support behind any current or new director who promotes a membership scheme. In order to get a scheme off to the best possible start we are of the opinion that all season ticket holders (next season) should be automatically enrolled as club members.* This would guarantee more or less 35,000 club members with little or no effort on the part of the club. Arnold’s thought is that there should be no membership fee for those enrolling this way at least in the first season; my own feeling is that at least a nominal amount (to be deducted from season ticket monies) or an additional £10 fee (to be added to the season ticket price) should apply; otherwise everyone would have to be granted free membership. Whilst free membership is sometimes attractive (as with the FC United of Manchester model) it artificially inflates the true membership numbers. Realistically, however, going forward the fee would need to be at least £5 per month or say £50 - £60 pa. We take the view that an initial worldwide target of 100,000 members and £1,000,000 - £5,000,000 a year is not unreasonable. This could be ring fenced for special projects within the club. Possible benefits of membership might be: • Discounts from Rangers’ sponsors and suppliers • Offers from the Club e.g. discount on Rangers TV • Membership Certificate, badge etc. • Priority/Discounted Ticket purchase (Note that in some countries e.g. Boca Juniors in Argentina, only members can buy tickets or certain categories of tickets). • Meet players and other exclusive events • Monthly prize draw • Discounts in restaurants etc. • *In future you might have to be a member to buy a season ticket. The proposal would be that the members would elect a Supporters Board (as in the Hamburg model) and that that Board would elect one or two members to the Club Board.
-
RANGERS chief executive Graham Wallace was today slammed for keeping supporters in the dark about the situation at the crisis-hit club. And Wallace was warned that he risks more fans turning their backs on the Gers unless he tells them what the future holds. Fears for the Glasgow giants are growing after former commercial director Imran Ahmad succeeded in his bid to have £620,000 of club assets frozen last week. There are concerns the Light Blues - who have not repaid £1.5million worth of loans to Sandy Easdale and George Letham - will be unable to pay their wages this month. The financially stricken SPFL League One champions hope to raise nearly £4m from another share offering in the coming weeks. However, a statement to the Stock Exchange last month confirmed Rangers will be unable to pay their creditors if the share offering fails. That has raised the prospect of the Ibrox club going back into administration - a turn of events Wallace dismissed as recently as April. Drew Roberton of the Rangers Supporters' Association has called on him to speak to fans and spell out what the short-term future holds. He said: "Graham Wallace has spoken of fan engagement from more or less day one since being appointed. "He met with us once, but it seems that he doesn't want anything to do with us now. He doesn't seem to want to have any dialogue with any supporters' group. But I think he has to come come out and tell us what the situation is. He could get the fans on board by speaking to us. "There are all sorts of reports about him and Sandy Easdale not singing from the same hymn sheet. "It's all very well the fans throwing mud at the board at the drop of a hat. Some of my fellow-supporters may not agree with me, but I have a certain amount of sympathy for him. "He has always tried to be positive since being appointed. He saw a future for the club and a way forward. He thought the club would not continue like it had previously. It was a new dawn. "From the minute he joined the club, he was adamant there would not be another administration event." Roberton added: "Rangers are asking people to part with their hard-earned cash and buy tickets and merchandise. "But recent reports in the media aren't going to entice anybody to buy shares, season tickets, match day tickets or merchandise." Only 23,000 Rangers fans have renewed their season tickets for the 2014/15 campaign - around 15,000 less than snapped them up last season. And even with spectators paying on a game-by-game basis the last two home games have only attracted attendances of just over 30,000. That is a huge drop on last season when games at Ibrox against part-time club pulled in gates of well over 40,000. Roberton said: "I hate to say this, but there is a real danger of more fans turning their backs on the club if this continues." http://www.eveningtimes.co.uk/rangers/rangers-fans-want-answers-from-graham-wallace-179512n.25261148?
-
http://www.dailyrecord.co.uk/opinion/sport/keith-jackson-six-men-six-4181483
-
"A turbulent week at Ibrox has put the club's future once again at risk. RANGERS face an instant SPFL disciplinary investigation if they fail to pay their players and coaching staff at the end of the month, it was revealed last night. Former director Imran Ahmad’s court victory on Friday, freezing £620,000 of the club’s dwindling £1.2million cash reserves, leaves the beleaguered Gers board struggling to make payroll. Now, if they default, rules introduced two years ago on the back of Hearts’ problems leave them no wriggle room. The potential punishments only apply to the club defaulting on its football wages, not an administrative salaries they have. However with their staff due their cash in the bank on September 25, the last Thursday of the month, sources believe they could be cutting it neat with a monthly burden of around £700,000 to meet. Regulations E17 and E19, introduced by the old SPL and carried into the new SPFL rulebook, cover any breaches of remuneration to players, coaches and management. Any default will be hit by an instant registration embargo. They will also then be subject to disciplinary procedures, which allow the governing body sanctions ranging from a slap on the wrist to docked points to exclusion from the league. The Ibrox club’s hopes of avoiding that scenario now rest with the success of their forthcoming £4m share offer, although from that figure, they’ll have to deduct a six-figure sum for costs plus £1m to cover the loan given to them by businessman George Letham. Director Sandy Easdale claimed in our sister paper the Daily Record in midweek that he wouldn’t be calling in the £500,000 he had lent. However Mailsport understands Letham, who has already given the club one extension on the terms he agreed, which saw his loan fall due from season ticket money, is adamant he’ll now take what he is due because he would rather have his cash back than be left with the car park his money is secured against. Rangers also no longer have any regular retail income following their decision to outsource that branch of their business to Mike Ashley’s Sports Direct, a move revealed earlier this week when 51 staff from their stores were TUPE’d acros to the the billionaire’s company payroll. It’s believed that although SFA rules prevent the Newcastle United owner extending his shareholding in the club, he could yet bail them out with loan payments to tide them through the coming months. The potential cost of those, both financially and to the club’s powerbase, is still unclear." http://www.dailyrecord.co.uk/sport/football/football-news/revealed-rangers-face-immediate-spfl-4177789? Comment: I realize it may be scaremongering and "the Mailsport understands" sounds almost like "We hope...". It is all so familiar, sadly, this kind of communique
-
September 6, 2014 / billmcmurdo The Ibrox boardroom wars are still rumbling on, with the board doing more damage to themselves than the rebels can inflict. I am dubious of the so-called latest revelations – that Sports Direct magnate Mike Ashley was sold the naming tights to Ibrox for the price of 8 AAA Sony batteries. My feeling is this is an attempt to get the directors to release the real figure but if it turns out to be true, it is a massive hit against the beleaguered board. If the deal was made based on projections of Sports Direct selling boatloads of RFC merchandise, then it was still a poor one. The ball is now in the board’s court to reveal the true price of re-branding Ibrox. I have always backed the present regime but it is increasingly hard to muster confidence in their ability to steer the club through this difficult year. It doesn’t help that the board is hopelessly split, with CEO Graham Wallace having been “Matherised” i.e. converted to the rebel cause. Truth be told, Wallace has failed to provide the leadership and bring stability to matters behind the red brick facade on Edmiston Drive. The grand plan of the Fans Board has not galvanised the fan base but has been a monumental waste of time, effort, money and energy. Wallace’s alignment with those who have choked the sale of season tickets so necessary for the club to progress is a cave-in of epic scale. That said, the board’s feeble response to this has not helped engender confidence. I championed another contender for the post of CEO but was more than happy to support Graham Wallace when he took the reins. Now it is all a cod and the vultures are circling, ready to swoop in for the kill. It looks like the next phase of the Ibrox Civil War will be a head-to-head between Mike Ashley and Dave King. Question marks arise over the ability of either to invest substantially – both may be curtailed by football rules and in King’s case, he could be blocked by regulation here and in South Africa. Ashley will no doubt be turned into the antichrist by a Rangers-hating media here in Scotland. There is a consortium of people who are desperate to get hold of Rangers and if they cannot get control of the club on their terms, then they would rather see the club go under. King is their champion and this means he is their weakness. You get the feeling that when and if he is ever asked to actually pony up the money, he will not produce. Should the consortium prevail, with or without Daddy King’s involvement, Rangers will probably never be as dominant as they were at the peak of the SDM years but they will challenge Celtic for the Premiership. Success in Europe will be a pipe dream. Ashley and others are Rangers’ best bet of going to a higher level. Their vision and collective financial clout exceeds by far the grasp of the consortium. It is all about a clash of ideologies and visions. The problem for this board and investors like Mike Ashley is that they are trying to fight a battle based on AIM regulations against people who are not bound by these. The battle for Rangers is a street fight, a rammy, not a game of bridge in a gentlemens’ club. It’s time the board at Ibrox realised this. “Ground on which we can only be saved from destruction by fighting without delay, is deadly ground.” SUN TZU
-
you really cant make the fiasco that were in up. 70 million pissed up a wall in 18 months. Money being shipped out the club at all angles. Inflated salaries on and off the park with gross mismanagement being being the order of the day. We now find ourselves living on the edge of oblivion once again. Our current board are way out of their depth. Backed by shareholders who bought into the charles green revolution, only to find out that in the grand scheme of things that hes taken everyone for a ride. We are being run by a board who are guilty of stupidity, niavety and downright arrogance. These guys get to see the books. They knew about mike ashley and the incredible deals he struck with Green. The ones with no benefit to the club whatsoever. They lie to the the fans promising things that they cant produce when the chips are down but still expect the fans to come through the gates to finance their incompetence. Now we are living on a week to week basis with the club being run by the seat of its pants. There is only one way the club can go from now on and that is down. No amount of share buying from supporters groups or anyone else is going to save the club. it will only prolong the agony. Administration looms again and its not if, its when. and it will be back to the drawing board again.
-
Do you remember when we knew what Celtic players looked like? Do you remember how we would listen in nervously when they played, hoping that they'd falter? The football landscape has changed so much in Glasgow that the city is no longer an Old Firm goldfish bowl. Instead, the two sides function in separate atmospheres. With no Old Firm interaction, each has become a stranger to the other. The current Celtic team could walk past me in the street and I probably wouldn't know who they were. For Celtic fans, due to Rangers being run as a retirement home for elderly footballers, they have no difficulty in recognising Rangers' established guys, but many of our players are unfamiliar faces to them too. There was a time when fans of each side knew the other lot almost as well. They didn't need to learn the enemy team, they just knew it. Not so long ago, a Rangers-supporting friend of mine used to chat fairly regularly to a fellow dog walker. It turned out that he was talking to a leading Celtic player, and yet he had no idea. This surely couldn't have happened in the past. We knew them and they knew us. Now, Celtic's profile has dipped as a consequence of Rangers being in the football wilderness. Ours has dipped too, of course, although Rangers is such a dysfunctional entity that it retains a profile of sorts by providing a daily source of amusement to the nation. Apart from the obsessed element in the Celtic support though, which keeps Rangers under intense scrutiny at all times, there is a realisation within the Celtic fraternity that the game is up for Rangers. The laughter has abated and they even feel a degree of sympathy for us. They are looking at a future now that might not be seriously challenged by Rangers, and as they come to terms with it, there is a grudging realisation that they are poorer for it. Now that the big two has been reduced to the big one, the intensity has disappeared, the temperature has cooled and the colour has faded. Celtic fans are living in a monochrome world where the competition is either walkover material or too good for them. It is a bore. It's not boring being a Rangers fan, though. The football may be rotten but when was clinging to a life raft ever boring? Rangers fans are living out an outrageous soap opera where each twist is more absurd than the last one. This Rangers saga could not have been made up or engineered even by a bitter and hateful enemy. It is a tale of woe beyond imagination and comprehension, and with every day that passes, the realisation dawns that bouncing back is hard to do when the ball is burst. The leading figures at Rangers have become cartoon characters. There is nothing that they do which shocks or surprises. Talk of the stadium being sponsored for the grand total of £1 is eminently believable. This is the calibre of people Rangers FC is run by in the 21st century. Every statement, announcement or comment from the club is greeted with ridicule and dismissed as being symptomatic of a failed and toxic regime. Rangers has ceased to be a credible entity. It is crumbling and falling apart. We are often reminded when we complain about politicians that we get the governments we deserve. If the same can be said of the governance of football clubs, the Rangers support must have been guilty of something dreadful, or maybe we're just not that bright. Either way, Rangers fans have an allegiance to a club that is an asylum for the clueless, the calamitous, the absurd and the avaricious, and it is conspicuously rotten from the front gates of Auchenhowie to the top of the Ibrox Stadium flagpole. I have long believed that Rangers had a sell-by date. I always suspected that it was going to become an unwelcome institution in a changing world. I was concerned too that it would fail under 'private' ownership. The only solution was to become a fan-owned club that embraced a new enlightenment, but our failure in this area has been as embarrassing as it is shameful. As we remind ourselves, almost hourly, what a mess it is at the top of the house, we really have to take account of our own inability to properly attempt some kind of rescue. We may have been turned over, but we have been passive, mostly inactive and even apathetic during this crisis. As per usual, we wait on a saviour, and if there isn't one, we just keep waiting anyway. When the lights go out at Ibrox, or when they become so dim that they can barely be observed, ask yourself - how will Scotland remember Rangers? Fifty years after Rangers' passing, how will our children and grandchildren remember the football club that is so much part of our lives? I suggest that Rangers will be remembered with the same kind of affection that BBC Radio Scotland and Radio Clyde currently have for our club. We will not be fondly remembered or missed. The country will be glad to see the back of Rangers and it will speak of us in a highly derogatory tone when enough time has elapsed to make us a distant memory. Bearing in mind our current predicament - and we are all aware that another collapse could be close - not only would we lose a club that is dear to us, as people, we would be marked down by history for having an association with a club that will almost certainly be remembered as a monument to bigotry. And with this double whammy in mind, what do we do? We wait, and wait, and then wait some more. History won't be kind to us for this either.
-
Mike Ashley to up his stake in Rangers to 9.9% through the current share issue. Source SSN” Sources close to Mike Ashley say there are no immediate plans to invoke the naming rights at Ibrox stadium #Rangers @charlesp_sky: It's understood Ashley views his interests in Rangers as purely strong commercial ones which he intends to protect
-
Incompetence or deliberate intent?
-
I see a 'well known' poster on FF has brought MVL into the equation, Can someone explain what it means and is it likely?
-
ST JOHNSTONE are reeling after being handed a €18,000 (£14,230) fine after a fan waved a Palestinian flag, while Legia Warsaw have been hit by a UEFA charge over a banner attacking the governing body and Celtic The Polish side fielded an ineligible player in the final minutes of their 2-0 win over the Glasgow side at Murrayfield. Uefa awarded Celtic a 3-0 win, allowing them to progress on away goals to the play-off round, where they lost to NK Maribor. Fans of the Polish champions displayed a large image of a pig imposed on a Uefa badge and the slogan “Because Football Doesn’t Matter, Money Does.” The banner, surrounded by lit flares, was shown before Legia’s Europa League play-off victory against Aktobe of Kazakhstan last Thursday. Uefa rules prohibit messages of a political and ideological nature being displayed in any football stadium. Uefa said its disciplinary panel will judge the case on Thursday and potential sanctions could be applied when Legia open their Europa League group campaign at home to Belgian side Lokeren on 18 September. After Uefa’s ruling on the Celtic game, the Court of Arbitration for Sport denied Legia’s urgent appeal to be reinstated. It has still to consider the club’s request for compensation from Uefa for lost earnings. St Johnstone were charged after a fan displayed a Palestinian flag at one of their Europa League games. The Uefa match delegate spotted the banner being waved in the east stand during the 2-1 defeat by Spartak Trnava at McDiarmid Park. A St Johnstone spokesman said: “We have been told by Uefa that we’ve been fined €18,000 for the display of a Palestinian flag and pro-Palestine chanting at our game with Spartak Trnava. “We’ve asked them for a written judgement on this and are waiting for it to arrive. “Obviously it’s disappointing that this has happened but we need to see what the actual case is before commenting further.” The fine was handed out by the same Control, Ethics and Disciplinary Committee which will hear Legia’s case this week. Irish side Dundalk have already indicated they intend to challenge an identical €18,000 fine after Palestinian flags were shown at their Europa League tie against Croatians Hajduk Split. Reports in Ireland claimed Dundalk were stunned by the severity of the fine and have sought advice from the Football Association of Ireland over an appeal. Celtic have previously been fined €50,000 (£42,000) for a huge fans’ banner depicting IRA hunger striker Bobby Sands and Scots warrior William Wallace, which was shown at a home Champions League match against AC Milan last year. It is the third time in four seasons that Legia have faced Uefa punishment. The governing body responded to fans’ racist behaviour by closing a section of Legia’s stadium at a Champions League play-off last season. At a home Europa League match against Hapoel Tel Aviv three years ago, fans displayed a “Jihad Legia” banner in Arabic-style script across one end of the stadium. http://www.scotsman.com/sport/football/spfl/st-johnstone-and-legia-warsaw-fined-by-uefa-1-3527044
-
DR publishing interview with Sandy Easdale tomorrow.....and also running a headline that the naming rights of Ibrox being sold for £1!! Rumours are that the naming rights are given for £1 plus underwriting the share issue. Not 100% sure though. Looks like more grim news on the way bears....buckle up!! -
http://www.gersnet.co.uk/index.php/latest-news/272-rangers-being-held-hostage-stockholm-syndrome It’s been a stressful week for those interested in the well-being of Rangers Football Club. Not only does the club admit to the Stock Exchange that if the latest share offer is under-subscribed it will be unable to pay its creditors; we have key board members who represent the interests of the vast bulk of existing shareholders conceding that his and our CEO’s intentions are different, confirming a split at board level. Meanwhile the negative detail of each onerous contract placed upon the club are drip-fed to concerned fans on a week-to-week basis: from retail deals where the money is yet to be released to our struggling accounts to stadium naming rights which appear to be the result of self-interest rather than good value. Never has it been more obvious that our club is being held hostage to the whim of chancers. Yet, bizarrely, almost in a comedic fashion, we have some fans absolving these people of blame. Wikipedia describes Stockholm syndrome, or capture-bonding, as ‘a psychological phenomenon in which hostages express empathy and sympathy and have positive feelings toward their captors, sometimes to the point of defending and identifying with them.’ The syndrome itself is named after the Norrmalmstorg robbery of Kreditbanken in Stockholm, Sweden, in which several bank employees were held hostage in a bank vault from August 23 to 28, 1973, while their captors negotiated with police. During this standoff, the victims became emotionally attached to their captors, rejected assistance from government officials at one point, and even defended their captors after they were freed from their six-day ordeal. Ok, I’ll admit at the outset the analogy is a bit strong but if we examine the last few years – from the excesses of Sir David Murray to the actions of Craig Whyte right through to the present day incumbents, there are examples of the above. These include the eyes-wide-shut worship of Murray onto the lauding of Whyte’s supposed net-worth despite all the evidence to the contrary at the very outset to some fans insisting the ‘current’ board are not to blame for the club’s position now. Indeed, not only do we have bloggers continue to suggest Charles Green remains interested in the well-being of the club but we have various fans eager to hold their own as culpable in Rangers’ problems. Apparently it’s Dave King, the Union of Fans or Sons of Struth’s fault that the club cannot pay its bills. Similarly, possible investors such as Dave King who has proven his good intentions to the tune of £20million previously are mocked and pushed away. Conversely, some supporters are eager to extoll the virtue of Mike Ashley’s ongoing involvement despite many Newcastle fans being desperate to rid their club of him. He’s a billionaire they cry – without acknowledging the reason for his success is the kind of questionable retail and naming deals he strikes with clubs such as ours. Let’s be clear: the future of the football club is again in serious question and the danger should not be under-estimated. There has been a shortfall of at least 12,000 season tickets and it’s this lack of working capital that is directly impacting upon the club’s ability to trade. Thus, those that suggest the fans are to ‘blame’ for the financial problems are at least partly correct but the reasons are worth examining as well as the club’s inability to address this serious problem. Never has it been clearer that our money runs the club year on year – not Sir David Murray’s, not Craig Whyte’s and certainly not the anonymous investors currently in control of it. Therefore, engaging with the support should be a priority for any regime looking to make a success of the club. For all his faults, Murray realised this and while he was by the dominant partner in that relationship, we did have a nominal seat at the table and aside from a few small issues (comparatively speaking anyway!) crowds were always high and only his cowardice led to the Whyte debacle. Yet even in the dark days of that era attendances didn’t drop and after administration we had capacity crowd after capacity crowd. The same can be said after we fell to Division Three – our support did not dissipate and our loyalty should never be questioned. Not by anyone – least of all our own. Unfortunately the last year or so has seen attitudes change: not due to fans becoming lazy or greedy but because of a combination of factors. Firstly it become clear that much of the substantial monies raised in backing the Charles Green ownership were wasted and his associates less than ideal custodians of the club. In the face of this criticism, board changes were made and supposedly extensive reviews into the business carried out but the paucity of these contributions didn’t provide much solace. A poor quality (or at best inconsistent) product on the park wasn’t helping but promised changes highlighted in the review to address this have not been forthcoming. Thus, reluctantly, and by way of protest, many fans chose to withhold their investment and, if we’re brutally honest, that’s understandable. Generally, the last year has seen fans become ever more frustrated with their club and increasingly obvious evidence that the incumbent board – or more accurately the decision-making investment groups – cannot turn things around. Not just in terms of the £30million investment talked of in their empirical reviews but the kind of credible and transparent leadership required to rebuild trust in the boardroom and entice fans back to Ibrox. With almost 250 staff members and overheads of aging stadiums, training grounds and dilapidated white elephant buildings, is it any wonder a new administration event looms large on the horizon? Consequently, where does that leave us? Well, I’d suggest we have two distinct pathways ahead. One: if as seems likely, the share offer is subscribed enough to defer our problems to another day; we’ll have the fait accompli of 75% share-holding levels for approval of AGM/EGM resolutions related to the sale and/or leaseback of club assets ¬– such as the Auchenhowie training ground which has consistently been ignored by club representatives when talking about such revenue sources. Or, two: investment groups are able by way of this issue to consolidate their holdings enough to enable a sale to other interested parties. Now, I won’t try to predict the outcome but I’m certain both the existing ownership and the likes of Dave King and/or Mike Ashley will have planned for these eventualities over the last year. The events of the last week won’t be a surprise to them. What is easier to predict is that without one of these outcomes an insolvency event is inevitable as things stand. However, misguided suggestions that this may be an agreeable solution make me uneasy. For example, will onerous contracts be removed by this process, would ownership be guaranteed to change after it and what of the club’s league position after the fact? We don’t know so, simply put, no-one should look at administration with anything other than horror. On the other hand, neither should fans be emotionally blackmailed into providing what appears to be an ever-more toxic board and ownership with a mandate to stumble on in charge. The time for making excuses for these people has long gone. There is no defence of Charles Green and, whether he’s still involved now or not, his associates on the ‘current’ board are equally tainted by their deficiencies. With that in mind, what options are available to fans? Not many is the desperate answer. Yes we have worthy share initiatives like Buy Rangers and Rangers First but with further financial uncertainty abound, can we really expect fans to invest in shares after the events of 2012? Even so, we absolutely must consider such projects with an open mind but with the greatest will in the world, they’re arguably not a short term solution. Nevertheless, possibly buyers engaging with these groups going forward would go a long way to cementing the fans’ contribution in a better future. Indeed, it’s only through that kind of undertaking that we may finally achieve the kind of bond between supporters and ownership that has been missing for so long. Unfortunately, such a positive conclusion seems difficult to attain. The coming weeks and months will define the future and it may well be beyond the fans abilities to impact upon this. Nevertheless, neither should we be held to ransom by people who will never understand the love we have for our football club. We have a choice and while I’d never begin to tell my fellow fans what to do, at some point we have to stop identifying with people who don’t share our love for our club. In that sense Stockholm syndrome is not a workable survival strategy – it just prolongs our inability to escape from the status quo and it’s that kind of clarity every fan needs for our battles ahead. Either that or be held prisoner forever.
-
RANGERS fan George Letham has reluctantly agreed to give the Ibrox board a short extension to repay the £1million loan that was due last week. The wealthy supporter stepped in to lend his boyhood heroes the seven-figure sum earlier this year as chief executive Graham Wallace was forced to seek a quick fix to the Gers' cash crisis. As part of the agreement, Rangers were scheduled to give Letham his money back by the close of business on Friday, but after the Light Blues announced plans to raise around £4m in a share option last week, the prospect of him receiving his money appeared bleak. SportTimes understands Letham held full and frank discussions with Wallace on Saturday and agreed to a short extension to allow the under-fire board more time to come up with the money. With cash reserves running low at Ibrox, a refusal from Letham would have left Wallace and his fellow-directors with a huge financial headache. But after stepping up to the plate to help Rangers in their hour of need in March, the lifelong Light Blue was not prepared to pull the rug from under the board's feet at this time. The full extent of the Gers' financial plight was laid bare in a statement to the Stock Exchange last week when the board admitted that the future of Rangers International Football Club plc would be 'uncertain' if all 19 million of the new shares were not snapped up by existing investors in the coming weeks. Any funds that are raised will be used to pay off Letham's £1m loan and the £500,000 deal that was agreed with Sandy Easdale, both of which were secured against the Albion car park and Edmiston House. The Ibrox board originally clinched a deal with major shareholders Laxey Partners but that move came under huge criticism from supporters after it was revealed the Hedge Fund would collect £150,000 in interest payments for the short-term loan. Rangers had a cash balance of just £4.2m at June 30 this year, but with £2.7m of that unavailable as use for working capital, the board have been forced to issue more shares in a bid to repay Letham and Easdale and provide much-needed money for the coming weeks. With the financial picture once again bleak at Ibrox, boss Ally McCoist was unable to make any last-minute moves to bolster his squad before the transfer window closed last night. The Gers' two most valuable assets, Lee Wallace and Lewis Macleod, remain at the club, but seven players have gone out on loan - Barrie McKay (Raith Rovers), Calum Gallacher (Cowdenbeath), Danny Stoney (Stranraer), Luca Gasparotto (Airdrie), Robbie Crawford (Morton), Tom Walsh (Stenhousemuir) and Craig Halkett (Clyde). http://www.eveningtimes.co.uk/rangers/letham-gives-rangers-extra-time-to-repay-1million-loan-178673n.25212709
-
After some of the news coming from Ibrox today in some of the newspapers would you the fans like to see the club owned outright by the sports direct owner Mike Ashley or would you rather we bumbled along with the present set up .
-
What can this board do to pacify the fans? Is there anyway the directors can turn both the finances and the trust of the supporters around? With the club unable to repay George Lethams loan and the stark warnings from London that the investors may not support the short sighted share issue to the level required (75% uptake or the issue will not proceed). The fact that the club couldn't convince or provide 2 potential investors to underwrite the share issue let alone see any of the controlling investors (BPH Marg and Laxey) put their hand up to do so, then what is next should the share offer fail? Mr Letham has gracefully given the club a short time to re pay his loan and I can't see this being done if as it looks, the share issue doesn't provide enough capital. Does the immediate future of our club rely on this short sighted offering? If it fails will the directors be in the unenviable position of declaring insolvency? It certainly looks like it. One thing has been missed by many board apologists since Fridays announcement, why with the finances in such a state did it take so long for the board to even attempt to seek this small investment via share sales? With the amount of accountants at our club surely one of them must have been able to see this coming sooner and not left it till the last possible minute to panic. Did they maybe want the season ticket sales to finish before setting the alarm bells as I see no reason that fans have been able to predict even with 100% st renewals that the club would not get through this calendar year without investment. I spoke to Mr Wallace as far back as February and asked him what the club would do should the season ticket sales not reach the required level and I also asked him at the same meeting why not do a share issue now if one was available. Mr Wallace at this time suggested waiting as the price would be higher later in the year. I raised an eyebrow at this claim as I would have thought the less cash in the bank would surely not increase the share price but Mr Wallace has vastly more experience than me and I wrongly took his word on this. Maybe he didn't gauge the reaction to ST renewal notices that were working their way to postboxes at this time I have no doubt that the board apologists will say " aye it's because of the low season ticket sales they need the money and it's the fans fault they can't raise the dough" REALLY? The season ticket deadline was back in April and the board have had almost four months to react to the results, my goodness that's around 120 days which seems to be the normal reaction time round our boardroom to do anything these days. My prediction and that shared by many others is, if the share option fails to reach the 75% buy in, the fans will be blamed for not buying enough ST and putting the directors in this position, then the shareholders will be blamed for not bailing them out and the outcome will be "we needed to do a deal on the training ground/ cheap deal on naming rights to get us out of trouble, we are a good shiny new board" I actually feel sympathy for a director or two at this time because not only are they struggling to keep the lights on, they have to contend with in fighting and power struggles in the boardroom which will no doubt be also hampering their efforts to do the right thing I haven't even touched the "where's the promised investment?" question which has been promised now by both sides of the boardroom split. All this drama going on while a potential investor has declared the willingness to invest £30m but can't even be giving financial information when he's been asked to underwrite a share issue. The mind boggles. Sort out your boardroom differences, cut the crap and spin and pick up the phone. It's good to talk and you did claim you're "ready to listen". Craig https://www.facebook.com/SonsOfStruth
-
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=12066370
-
Bill Leckie; Fool me once, shame on you. Fool me twice, shame on me. If they don’t heed those words as the vultures circle Ibrox once again, then hell mend them. First time their club went to the wall, they manned the barricades to protect it from a big, nasty outside world. For that, no matter what other thoughts you have on the matter, their loyalty surely deserves to be applauded. But now? Two-and-a-half years on? If, despite being given a second chance to repair the horrendous mistakes of the past, a club with this level of support goes into administration AGAIN? Sorry, but if it was me I wouldn’t give them another penny. On Saturday, once more, thousands turned up brandishing red cards to express their unhappiness at the way the love of their lives is being mismanaged. And, once more, those responsible for the mismanagement laughed up their sleeves at the pointlessness of the protest. Because to brandish those red cards, you have to pay your money to get inside the stadium. Which hands yet more cash to the people you’re protesting at so they can go ahead and waste it. Listen, what do I know? They’re not my club and the one I do follow has never been to the heights Rangers have reached to suffer such a humiliating, disorientating fall. I’m just someone looking in and wondering how the hell, in all good conscience, Bluenoses can carry on regardless if and when the accountants take over the asylum once more. Actually, don’t answer that. It’s not a can of worms that’s worth opening, this We-Are-The-People, Rangers-Till-I-Die, stick-your-fingers-in-your-ears-and-sing-Follow-Follow mindset. So, for what it’s worth, let me instead pass on my suggestion for what they should do if their club re-enters the abyss. Sod it. Turn their backs on it. Give it, as a man on the other side of Glasgow once said, not one more thin dime. And instead, invest in the future of Scottish clubs who DO run their affairs honestly and who DO have respect for those who click the turnstiles. Go and back your old skipper Barry Ferguson as he tries to make things happen at Clyde. Go and see what another ex-player in Gary Bollan’s doing with Airdrie. If you’re from Fife, go and watch East Fife or Cowdenbeath. If you’re in Angus, hand your tenner to Arbroath or Brechin, Forfar or Montrose. If you donÂ’t want to give up your wee jaunt over from Northern Ireland, get off the ferry and stroll up to Stair Park. There’s been a school of thought among some these last couple of years that Rangers being forced to do the grand tour of the colonies meant the lower divisions should have been grateful for the gate receipts and the TV handouts. For me, this always got it the wrong way round. It was those inside Ibrox should have been thankful that they were in still in business and ABLE to head for Elgin and Berwick and Stranraer. Now, as fresh financial catastrophe looms, I’d put it to Rangers fans that they could do far more good for far more people if they stopped pouring money into what has long since ceased to be “their” club and started drip-feeding it to those who genuinely are the game’s lifeblood. Why? I’ll give you three good reasons. One, those halfwits in your directors’ box shouldn’t be trusted with the remote for the telly, never mind your wages. Two, that 30,000-odd of you spread among the country’s 20-odd part-time clubs would not only create better atmospheres but also help to cement football in communities for the long term. And three? You might just get to relax and enjoy the game, rather than always being angry and stressed about it. Watching Ayr United play Stenhousemuir might just extend your life. The alternative to this is a simple one. Stand your ground and, by your very presence, condone the halfwits in the directors’ box. Two-and-a-half years on from that first administration and the liquidation that followed, these halfwits need to scramble together £4million in a matter of days to keep their heads above water. To achieve this, they may need to flog their saleable players before the transfer window closes, which will hamper your hopes of promotion back to the top flight. If they don’t raise the money, they stand to suffer a 25-point deduction as punishment for a second spell in administration, all but ending those promotion hopes. How, with the wages they pay and the crowds they attract and the sheer intimidatory force of their name that is a two-goal start against far smaller opposition, can this possibly be? How the lumping hell can the people running a club the size of Rangers be handed the chance they were to start again, to build sensibly, to tool up for their return to where they want to be, and yet fail so utterly miserably? How? The clue is in the word halfwits. So maybe I’ve got this all the wrong way round. And it’s those Ibrox directors who should be sent to the outposts of the footballing empire instead. Maybe Graham Wallace and the Easdales and whoever else is a player in this embarrassing saga are the ones who need to go out into the real world and see how real football people operate. Trust me, if a month shadowing the treasurer at Albion Rovers didn’t shame them into living within their means, liquidation’s too good for them. -
I wouldn't disagree with much of this to be fair. BY GORDON WADDELL Gordon Waddell: Like Thelma and Louise, Rangers have arrived at their destination.. the edge of a cliff 31 August 2014 08:37 AM By Gordon Waddell GORDON reckons Rangers are at the edge of a precipice but the cash crisis hasn't stopped the club signing back-up keeper Lee Robinson in a move typical of the way the club has been run for the past few years. THEY sold their road back to the top of the game as ‘The Journey’. It would appear Rangers have arrived at a destination many financial experts predicted for them long ago. The edge of a cliff. As the directors sit there like Thelma and Louise, with the engine revving, you wonder if the question was not whether the club would end up being driven over the edge but more a matter of when the crash would occur. How else do you explain it? No sane person would surely run a business the way they’ve run theirs. It’s as if they have committed commercial suicide. An example? It didn’t make a headline. Barely registered a mention. But if you want even a tiny indication of exactly how dysfunctional Rangers are, then look no further than the signing of Lee Robinson last week. A 28-year-old back-up keeper to a 35-year-old back-up. When they already have the Scotland Under-19 No.1 AND the Scotland Under-17 No.1 on their books? Another wage? Aye, why not, eh? We’ve been splashing money needlessly for two and a half years on players we don’t need and can’t afford – another won’t kill us. Their share offering on Friday was like taking a tube of Savlon to a cremation. They’ve admitted to the stock exchange that if they don’t get at least £3m, they’re knackered. And even if they do, they’ve openly shifted the problem a couple of months further down the line. Yet still they sign players like autograph hunters? They act as if they don’t give a monkey’s. Other clubs coming back from the brink, the first thing they attacked was their cost base. Trimmed all the fat and started from the ground up. Live within your means. New club motto? Numquam Iterum. Never Again. Yet here we are, back at square one. Ally on the back pages, pleading: ‘Don’t sell my stars’. Why not? Truth is you should never have been allowed to sign most of them in the first place. This whole ‘We’re Rangers and until someone tells me otherwise, we’ll continue to behave like Rangers’ schtick? McCoist is a bright, articulate, likeable guy. I refuse to believe he’s so gullible. That he never sat there and thought ‘This can’t be right’. Who would you prefer to be in charge at Rangers? I’m not saying anything I haven’t said to him in a dozen different press conferences. I’ve asked him why they weren’t hunkering down, signing players for their level, saving cash. He always replied: “The fans deserve better.” Damn right they do. But they also deserve their club to survive after what they’ve put in over the years. In a football sense, I haven’t yet met a Rangers fan who didn’t think the club would have been better bleeding half a dozen youngsters into their line-up back on day one and developing them properly than going down the road they did. I haven’t yet met a fan who wouldn’t have put up with the odd defeat to see some genuine progress and fiscal responsibility rather than watching the likes of Richard Foster, Stevie Smith, Ian Black, Dean Shiels or Jon Daly. Or Lee Robinson. Nice lad, decent gloves – but what about Liam Kelly and Robby McCrorie, two of the highest-rated teenagers in their position in Scotland? Every other club in the country is giving youth a chance and reaping the rewards. Not The Rangers. Sorry lads. Can’t trust you, even on the bench. No time to have faith in you. Other diddy clubs might get away with playing teenagers. They may even excel. Hell, look at Conor McGrandles – 82 senior games by the age of 18 and a £1million move from Falkirk to Norwich. Rangers are too good for that, though. Listen, the dysfunctional management of the club’s affairs runs a million miles deeper than the team. These are just examples of how a total breakdown in management manifests itself in public. What goes on behind closed doors or up marble staircases? We may never know. But the fact they’re putting out the begging bowl in such a humiliating manner suggests none of it is good. And then we have the ever-hovering presence of Dave King . King has been criticised for his silence but don’t let anyone kid you that he hasn’t been waiting for this exact moment. The lowest ebb. The final wheezing breaths of a regime someone as long in the tooth as he is always thought would arrive. Sure, he’s a Rangers fan. Sure, his intentions for the club will be more honourable than the current incumbents. But spare me the idea his timing suggests anything other than his own benefit being served too. In the meantime, the Rangers fans are once again left with what they call Morton’s Fork – two choices, both undesirable. Take up the share option, keep a shambolic regime functioning a little longer. Or not a penny more. Flush them out and suffer the consequences. I don’t envy them their decision.
-
Sunday Mail story It would be standard practice for the sp.ivs. X arrives and is pushed as the NEW and HONEST broker who wants transparency, fan engagement and an end to what has gone before (including undeserved bonus culture). Prior to making such an introductory statement, he has already signed a contract with a 100% bonus clause with unclear specification regards trigger(s). He then misleads, lies and achieves 120 days of 'not a lot', x3. He then leaves (very probably) with 100% bonus not wanting to engage with fans or be transparent on the subject. It shows up in 2015 accounts when long gone. (if there is accounts in 2015). Appoint another CEO, this one is the real deal, honest Guv !! This story has other angles regards sp.iv divisions but best for another thread or indeed for later in this one. -
I would encourage anyone not already a member to join now The below will be being emailed to all members shortly. We encourage all Rangers Fans world wide to now participate in at http://www.rangersfirst.org'>http://www.rangersfirst.org We are the People and this is our time. Dear members > > As you will have gathered the Club issued an Open Offer today regarding the issue of 19,864,918 new Ordinary Shares in Rangers International Football Club PLC. > > The full details of that issue can be found here: > > http://www.londonstockexchange.com/exch ... d=12066370 > > We would ask that you have a read of it all. > > Rangers First was set up to collectively buy as many shares in the PLC as it could, with the hope of at least reaching 5% ownership which in a PLC is significant as it would allow Rangers First to hold any PLC board to account via the calling of a General meeting. > > Rangers First can confirm that it has already written to both Graham Wallace and the NOMAD (Daniel Stewart & Company PLC, who has confirmed reciept) that it is in a position to “invest beyond our pro-rated pre-emption rights” and that Rangers First would “wish to be added to any Excess Application Facility for the purchase of additional shares” > > Upon reflection on todays statement the Rangers First steering group has concluded that it is most appropriate to continue on our policy of buying shares and will as we indicated in our letter seek to take up as many as possible. > > However as is made clear in the Clubs own statement there are severe risks if this share issue is not taken up and this will not be the last share issue and so we presume these same risks will also attach as concerns to the further share offers to follow. Rangers First is set up as a democratic organisation and so the Steering Group wish to put the democratic process into action and have our members confirm by vote that they are happy for Rangers First Steering Group to continue its share purchase policy and take up as many shares as it can in this share issue. > > All members will be sent a vote in the next few hours which will be open over the weekend. > > This is another chance for Rangers Fans to take a significant stake and have significantly more influence at our Club. From the statement this will be the first of a number of equity raises so now is the time to sign up, get you family, home and abroad signed up, get those you go to and watch the game with signed…..get every Bear you have ever known to sign up to Rangers First > > http://www.rangersfirst.org Please consider taking out a Life membership of Rangers First for £500 (this can be passed to your children one day) or joining for a monthly fee of as little as £5 per month (U16 free) Selling all the 1872 life membership would raise enough for Rangers First to buy over 5% of the Club and reach our Stage 1 > > > We are the People and this is our Time!
-
