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  1. Former Rangers chief executive Charles Green is launching a bid to return to Ibrox as a director by fronting a £10 million investment in the club from an American billionaire. New York based George Soros has told Green to make his move within the next 7 days by offering existing Rangers shareholders 20p per share to become the company’s biggest shareholder. If that move fails, Soros and Green will offer the current board a £10 million loan at 5% interest, with the Murray Park training ground taken as security on the deal. Clyde Sport understands Green would then return to the club as a director with a new chief executive to be appointed to replace the current man in charge, Graham Wallace. The move would also throw into question the future of Rangers manager Ally McCoist with both men known to be fans of club legend Brian Laudrup. Green still has close contacts with the current Rangers board through Sandy Easdale. Mr Soros has been involved in Major League Baseball in the United States and currently has a 1.9% stakeholding in Manchester United. He played a significant role in the transition from communism to capitalism in his native Hungary in the 1980s and is a well known currency speculator who gained the title, “The man who broke the Bank of England” in the 1992 Black Wednesday currency crisis. Forbes magazine has listed 83 year-old Soros as the 27th richest person in the world as recently as 2 weeks ago and he’s the 7th richest man in America with a net worth of £23billion. http://www.clyde1.com/superscoreboard/green-eyeing-ibrox-return/
  2. I sometimes wonder if the news HMRC intend to appeal the latest dismissal of their vendetta against Rangers causes any ripples in the Ibrox boardroom. After all it was another time, another regime with legal culpability squarely on the shoulders of Sir David Murray and his legal advisers. But not for us who are the Rangers support. For us it is part of a journey from hell, a journey which is not yet complete, with the scars and wounds endured on that journey show little sign of healing. Why is it that those who aspire to power within our club don't seem to feel the pain of such scars ? For years under the tenure of Sir David Murray many of us warned about the dangers of the “dignified silence” strategy. As lies were written and broadcast about both club and support Sir David Murray responded to our concerns with “If a newspaper offends you – don’t buy it” Our club and support have become the easy picking for hate filled individuals who appear to think that carrying an NUJ card offers them considerable immunity from lies, deceit and hate filled articles, many written without research or based in fact, or more concern, deliberately omitting facts in order to damage to our club. Why is it the defence of our club has been left to individual bloggers or groups such as Vanguard Bears, The RST or The Rangers Standard who appear to have the energy and passion to respond to unfair articles or decisions against our club ? Why is that same energy and passion not emanating from inside our club ? Have we honestly learned nothing in the last few years ? Its time those inside Ibrox, whoever that might be, became pro-active rather than occasionally reactive. If you are privileged enough to wear a Rangers blazer and tie – then that should be akin to a suit of armour - stand prepared to champion this club against all attacks. Jim McColl's alternative board missed a considerable trick at their question and session at the Hilton when asked about defending the club. Their fudged answer showed little desire or forethought, and was as bereft of ideas as those they sought to depose. Why cant these people get it ?? This issue is of vast importance to the Rangers support. We live, eat and breathe this club and every attack on her is borne personally by every single one of us. It's hard to understand why our club pays for PR, when we appear to be getting trodden on day in day out by the same individuals and organisations, operating with apparent impunity. Jim Traynor's “Gentlemen be very careful” is a dark and distant memory full of empty threats. In fact words without action appear to have exacerbated the problem. For all the criticism I have penned over the years about Charles Green, I will concede one point – at least he “got it”. He realised that defending this club, albeit his reasons were part of bigger plan and not altruistic, was a sure fire of winning over the support. How can it be a stranger can walk into our midst and grasp such a crucial point which our own seem to continually miss ? The well meaning articles by Rangers bloggers, Rangers Supporters Groups and Rangers websites however well intentioned and passionate, do not carry the same authority as statements or action coming from within the club itself. Furthermore it's not our job – its your job, those of you who are privileged enough to wear a club blazer and tie, or aspire to do so in the future. This support has proven itself time and time again in the face of considerable adversity, with its willingness to protect and safeguard this club. We have done as much as we can. For those with both responsibility and authority – its time for you to step up and play.
  3. I've seen it at Ibrox for a couple of seasons now. I don't think it's appropriate. Please desist.
  4. Guest

    Board Changes

    Market News alert Rangers Int. Football Club PLC Read the London Stock Exchange announcement...
  5. From @SonsofTruth twitter (not sure who administrates/runs/owns that account):
  6. From club website today. THE Board of Rangers Football Club ('the Club') has been asked in the past several weeks to confirm once again that the Club will not grant security over Ibrox to any organisation during the upcoming football season. The Board is happy to reaffirm its position, which has never been a matter of debate, by confirming once again that it will not enter into any form of sale, securitisation or leaseback of Ibrox Stadium. This has been and still remains the Board’s clear and consistent position on this subject as it continues to protect and enhance the assets of the Club. The Board of Rangers Football Club is committed to protecting the assets of the Club for the benefit of all Rangers fans, and to adhering to the highest standards of corporate governance. Season Ticket sales are continuing throughout the next few weeks ahead of the start of the season and we are grateful to the thousands of supporters who have already bought for the 2014/15 campaign. Events over the past few weeks have reminded everybody of the remarkably testing period our incredible supporters have been through in recent years and now is the time for us all to look forwards, together.
  7. THE IMPORTANCE OF SAFEGUARDING IBROX 23rd July 2014 Some have asked why we have such a desire to safeguard Ibrox and claim it's ok for a club to borrow money against it's stadium and to be fair in normal operating conditions this may be the case. Unfortunately our club does not operate within normal operating conditions. To understand the full importance of our position it is important to be aware of the full financial position our club currently operates. Our club does not have enough cash flow to see out the full season that is soon to start. Some predict a shortfall of circa £8m just to allow the club to stay afloat. Due to many issues, last years season ticket holders numbered approx 34,000 and by the end of the renewal date only 50% of these had renewed their seats. It is fair to assume that some new ST will be sold to new ST holders and some old ones may still renew but regardless, the season ticket sales will be significantly lower than last year and after a promotion, one would have expected to see a rise in sales. ​The much touted share issue that the board would have us believe would be fully supported by institutional investors simply will not be as successful as they publicly admit and sources close to us claim that even the board now feel the money raised will be much lower than they first presumed. The reason for this is simple, they are asking investors to invest more money but this money will not be used to make the club better and worth more it will simply be used to shore up shortfalls in cash flow (remember we were advised by Mr Wallace at the AGM that we had no short to medium term cash shortfalls) If this share issue was to raise funds for assets or player purchases etc then there is a good case for investors to invest more as the business would normally rise in value and they would see an increase in their investment. Our directors expect to go cap in hand and ask investors to give them more money just to stay afloat and this is only 7 months after telling these very same investors that we had no short to medium term cash worries. Would you give it if you had no emotional attachment to the club? I didn't think so. ST sales are well below target and the promised windfall from a share issue looks like just a pipe dream so where does that leave us as a club? Simple, fresh investment is required and is available and not only from Dave King. So why won't the board accept outside investment? I believe this is the reason or at least one of the reasons that our board room is starting to split. Anyone willing to invest at the levels required would rightly ask for a say in the boardroom and here lies the problem. Our faceless investors and hedge fund simply don't want this and although between them they own less then a third of the business, they want to control the full boardroom and don't want to dilute their power. The faceless and the hedge fund are therefore starving our club. We find ourselves a club in a catch 22. We need cash but those willing to give it won't be allowed as the faceless and hedge fund won't agree to them. That takes us back to the main point, Ibrox. If the club were to use Ibrox to raise money then two options are available 1) Sell stadium then lease back or 2) use Ibrox as security in a loan. ​If we do a sale and lease back agreement then our club will be paying out money over a long period of time just because this current board are way out on their own cash assessments and if we borrow against Ibrox and our club was to once again lurch in to admin then we would lose our stadium to the lender. Neither is acceptable to me as a fan. So what's the alternatives? 1) Mr Easdale can magic the investment he promised on national TV prior to the AGM (has there ever been a public excuse of what happened to this promised investment?) 2) Mr Wallace can find the £5m he told the UoF at a meeting six weeks ago was available "at the click of a button" 3) Mr Crighton can do something he's been paid to do since pre AGM and that is attract investment as when he was introduced to us he was to chair an investment committee with that very aim (what investment have we attracted since he came?) 4) Talk to those willing to invest in the club and compromise with them. It's not a bad word. 5) Stop mucking about with the fans and show a bit of humility. Tell the fans you are listening to them, tell the fans their actions have been noted and tell them you WILL NOT sell or borrow against our stadium instead of hiding behind cute statements with obtuse phrases. But for the sake of the future of our club DO SOMETHING. ​If you are incapable of finding an alternative then move aside and let others on board that aren't selected by the 30% of investors who are holding our club back or welcome some on board who can bring the faith of the fans and investment with them. Why are Blue pitch, Margareta and Laxey so against others being represented on our board? This will be discussed in the near future Why does this statement not ask about Auchenhowie? Simple, there's no point in asking for something you can't get and our belief for sometime has been that our training ground will go soon as negotiations have been ongoing for some time. It's time for change, either change how our board conduct themselves or change who selects and drives our board members. ​The alternative isn't worth considering. http://www.sonsofstruth.co.uk/blog.html
  8. The Europa League seems to have slipped by almost unnoticed up to now but an excellent away win for Aberdeen at Gronigen (after an 8-0 agg drubbing of Daugava Rīga) and a penalty shoot out win for St Johnstone at home to Lucern gives Scotland two teams in the 3rd QR. Both Scottish victories came against seeded teams but a disappointing extra-time loss by Motherwell to the unseeded Icelanders, Stjarnan, admittedly second in the Icelandic Premier League in mid season, put a stain on an otherwise good night. Aberdeen and St Johnstone now take the place of their seeded opponents but whilst Gronigen were not seed in the 3rd QR leaving Aberdeen with a difficult hurdle against the 7th seeds Real Sociedad (7th in La Liga last season); St Johnstone theoretically have an "easier" game against Spartak Trnava (3rd in the 12 team Slovak league last season). Adam Rooney is the top scorer in the competition with 6 goals so far. Quality teams like Lyon, Inter Milan, Spurs and Eindhoven await in the 4thQL so a long way to go but it would be nice to have a Scottish team in the group stages. I'll say nothing about the touchy subject of coefficients no doubt I've done enough already!
  9. According to the Sun website: Club bow to fan pressure over stadium RANGERS fans are set to record a victory in the battle to safeguard Ibrox. Sunsport understands that the under-fire club board are set to give fans’ groups assurances that the club’s home won’t be sold off. The agreement will only be a short-term fix — but the board are hopeful it will spur fans on to buying season tickets for the Championship. Only 17,000 have been sold as fans attempt to put cash pressure on the club. Around 3000 fans marched to Ibrox yesterday to voice their concerns about the running of the club. Ex-stars John Brown and Nacho Novo lent their support and Novo told the crowd: “This club means everything to me and you mean everything to me. “Thank you all for coming out and staying united as we try to safeguard the club we all love. “I’m from Spain but this is where my heart is and we have to stay together to make sure this place we love stays part of Rangers. “This is about every supporter who wants to see the club prosper. This is a special club and Ibrox is a special place.”
  10. All That Glitters... Written by: D'Artagnan Saturday, 19th of July 2014 After penning my recent articles for WATP magazine, I didn't expect to be writing about HMRC again so soon. But of course as Rangers fans, if the last few years has taught us anything, is to always expect the unexpected. Except of course where BBC Scotland is concerned. Their decision to feature Angela Haggerty in a programme discussing Rangers and the big tax case was, disappointingly, completely in character for an organisation which appears to be unable to exercise any of the standards of journalistic integrity, it was once renowned for. Ms Haggerty's apparent inability to understand the anger of Rangers fans towards HMRC is an illuminating reflection of a wider journalistic community in Scotland who have comprehensively failed to grasp some of the golden nuggets the Rangers Tax Case has unearthed, and instead, for a variety of reasons, their attention has been drawn to that which may very well glitter, but alas, is not gold. Firstly though allow me to separate some of the wheat from the chaff, and attempt to qualify the anger of the Rangers support towards HMRC. It does not stem from their investigation and attempts to close the tax loophole which are EBT's, I think most Bears realise the blame for our club finding itself on the wrong side of an HMRC investigation lies with Sir David Murray and his willingness to involve our club in a scheme which had all the hallmarks of risqué, written all over it. Perhaps many, myself included, would be interested in the decision making process which caused HMRC to single out Rangers as the "test case" for EBT's, but that in itself is more about curiosity than anger. Furthermore HMRC's action over Whyte's failure with regards PAYE is perfectly understandable, the only caveat to that being why it took them so long to take action? The anger of the Rangers support stems from conduct by HMRC which suggests they have been negligent during the course of this enquiry, that they have deliberately prevaricated in their responses to concerns about breaches of confidentiality and have failed on a number of professional levels to both safeguard and implement the standards they set for themselves during the course of an investigation. Section 98 of Lord Nimmo Smith's SPL Commission Report makes reference to the confidential information obtained by BBC Scotland. The phraseology used in the report "which we understand were the productions before the tax tribunal" suggests that evidence from the tax tribunal has somehow been removed from its safe storage and passed onto a media organisation. Responsibility for the safe storage and handling of productions normally lies with the prosecuting authority. We therefore have the possible scenario of a professional investigative body seizing evidence in the course of their investigation, failing to secure that evidence properly thus allowing it to be removed and subsequently used by others to infer a presumption of guilt against the accused party whilst meanwhile, that same investigative body dismiss concerns reported to them about such leaks with the phrase "HMRC don't respond to speculation about alleged breaches of confidentiality". Perhaps the question needs to be asked of HMRC – "What exactly do you respond to?" But of course, none of the above offer any insight as to the source of the leaks which allowed another award winner, The Rangers Tax Case Blog, to captivate readers and the wider journalistic community with its regular exposures of sensitive and confidential information. Was the security of the tax tribunal evidence, for which HMRC were responsible, breached on a number of occasions or in one "grand heist" which subsequently fed this web blog with the information it so regularly shared? Or did the material come from another, as yet unknown source? Like many Rangers supporters I am struggling to understand why award winning documentaries broadcast on national television by national media organisations and award winning web blogs, both featuring appropriated confidential information concerning the Rangers Tax was met with the following response when concerned Rangers fans and shareholders highlighted them to HMRC: "HMRC don't respond to speculation about alleged breaches of confidentiality". Speculation and allegation? Quite simply this is totally unacceptable and it is incumbent on our politicians to seek an explanation from HMRC on what is increasingly looking like gross negligence by them concerning this episode. Furthermore it is not only those of us within the Rangers community who are struggling with this concept. At some point in the future, probably at the conclusion of the Police investigation into this matter, HMRC are going to have to provide answers to people who they cannot dismiss in the manner and with the contempt they showed for the Rangers support. This is where we must channel our anger - towards ensuring that a full and thorough investigation is undertaken and that answers are provided which explain the apparent failings of HMRC and makes those responsible accountable for their actions; or lack of action as the case may be. Do not let the Ms Haggerty's of this world tell you that your anger and moral indignation towards HMRC is somehow "unjustified" let us instead use that anger to press for a full government investigation into this matter. When the unknown becomes known, then and only then will we decide if our anger is justified or not.
  11. Folks, I'm announcing this in the Rangers Chat section here so that we can get as many people playing as possible. If you'd like to take part in the GPL (Gersnet Prediction League) for the World Cup in Brazil this summer then I've just set up our mini league on a site called Predict the World Cup. To join this Gersnet Prediction League follow these simple instructions: 1. Go to http://www.predicttheworldcup.com 2. Register as a new player using your Gersnet username (so that we know who's who!), but choose a unique password (and take a note of it!) 3. Click the "Join league" button and then in the required box enter the code If you've done that correctly, then you've joined the league and should see your username there alongside myself and anyone else from here who joins! There will be a wee prize (TBA) for the winner, so get signed up before June 12 and take part! I'll list (and update) the league players here: Annan Bear BEARGER Bluebear54 blueflag compo craig globespanscott Gribz Juan Little General onevision PapaBear Pete Rangersitis rbr Ser Barristan Selmy shorerdbear steve1872 Super Cooper Tannochsidebear TheTinMan99 Thinker Time4_Change Zappa The competition [b]RULES[/b] are explained here - [color=#0000FF]http://www.predicttheworldcup.com/site/help[/color]
  12. Last evening, watching BBC Scotland's piece on Rangers trials with HMRC, I wondered why Angela Haggerty was chosen to counter Craig Houston. The current on going gripe is with HMRC, where is their representative? How about one of any number of the usual suspects(a lot of them regular contributors to BBC Scotland) who rushed to put the boot into the club? Even a Mark Daly who won a prestigious award for his BBC Scotland documentary, 'the man who sold the jerseys'? BBC Scotland utilise considerable energy in maintaining their policy of, 'careful hate'. Cosgrove keeps up the ridicule, Spence pushes the envelope regularly, and the News Department never misses an opportunity to demonise and marginalise(who can forget the bouncing ball on perceived sectarian lyrics)? Careful Hate just wouldn't cut it, the momentum had been building among the Rangers support, harbouring a legitimate sense of injustice. Quelling such fires requires venomous hate. Angela has a long history of being supportive of Irish republicanism, including providing necessary mitigation on the awkward area of armed struggle. Angela has been all over the Rangers situation, like a rash. Lucrative too for Angela, as Editor of Phil McFournames collection of essays, entitled 'Downfall'. Angela would have been paid a fee for lat evening's appearance too. Now, Angela is a well practised contributor to social media and she is 'Friends' with lots, if not all the regular detractors of Rangers. I suspect a few BBC Scotland Producers liked the cut of Angela's jib yesterday : "the revenge frenzy being whipped up by the Scottish tabloids is shameful. They know what the Rangers culture is capable of" and, "Rangers are a social club for people still clinging on to a white British protestant identity that revolves around fancy dress". You can see the attractiveness of misrepresentation, the HMRC thing has become inconvenient; get Angela on to spit a bit of venom on to the frenzy. Remember, the tabloids are shameful, BBC Scotland is unfailingly moral.
  13. http://metro.co.uk/2014/07/12/north-korea-media-tells-country-that-its-team-has-reached-world-cup-final-4796033/
  14. Did I hear the orange bloused presenter say Rangers were relegated and stripped of titles ? Could have misheard the last bit. Otherwise what a waste of time. Pity it hadn't been Forlanss or Bluedell or BH or some other articuLate bloke with a bit of expertise to argue the case. According to Haggerty Rangers didnaemwin the tax case, so they didn't . Fair enough. The HMRC appeal was for the most part refused. Slight difference but largely the same outcome. But, she says, there will still be money due to,the taxman so we'll all have to putmthatnin our pipes and smoke it. I reckon this dame has a future on Radio Bahgdad.
  15. RANGERS have experienced a flurry of late season ticket sales since striker Kris Boyd made his emotional return to Ibrox last week. Boyd ended weeks of speculation when he signed a one-year deal with the SPFL League One champions - and is set to team up again with Kenny Miller. And his capture has since led to a surge in Light Blue supporters signing up to watch Ally McCoist's side in the 2014/15 season. The ticket office at Ibrox at the weekend was queued out of the door for long spells as fans snapped up season books for the new campaign. Lifelong fan Alan Anderson, from Cambuslang, was taken aback at the level of interest when he renewed his ticket at Ibrox on Saturday. He told SportTimes: "I was told the season ticket office was going to be open until after two o'clock and popped down half an hour before it shut. "But when I got there there were a lot of cars in the car park and people were queueing out of the door. "There was a great atmosphere among the supporters who were waiting to buy tickets. "I think most of them were, like me, buying season tickets because Kris Boyd has signed. "But people were genuinely excited about the season ahead and the prospect of playing teams like Hearts and Hibs. "I wasn't going to renew my season ticket, but I decided to do so when I saw that Boyd had signed. "I think a lot of people were the same as me. "I don't necessarily like who is in charge at Rangers at the moment, but I am, as the slogan goes, prepared to support the team and not the regime." Rangers announced to the Stock Exchange a fortnight ago that "approximately 17,000" season tickets had been bought by fans this summer. That is in stark contrast to the 34,000 supporters who made the Gers one of the best backed clubs in Britain for the second stage of "The Journey". The Union of Fans - an umbrella group comprising six supporters organisations - has been urging fans not to renew their season tickets. The UoF and former director Dave King set up Ibrox 1972 Ltd in the close season and urged supporters to pledge their money to it instead. They want Rangers to give them security over the stadium and the training ground at Auchenhowie in return for the cash. http://www.eveningtimes.co.uk/rangers/rangers-revel-in-boyd-ticket-bounty-169185n.24618366
  16. well a few weeks with no rangers games and old compo is lost and to make things worse the world cup has wetted my appetite for footie I just hope we at ibrox play a passing and free flowing type of game something that will have the fans begging for more , lets hope .
  17. Don't think we've had a discussion on Boyd before. Certainly haven't had on whether I have been pro-Boyd. Long time posters on here will know I was his biggest critic. However this season I think we've seen a different player and I cant believe I would ever say that if we are being linked with him Id like him to return - mainly due to the position we are in. I still think he is a poor 'footballer' as such but he is a good poacher / scorer. 18 goals this season has kept Kilmarnock in the league until the final day and I wouldn't bet against him scoring today against Hibs. Looking at some of his goals from highlights and pictures I think we have got a guy who has matured late and realised what being a professional is all about. Ive no doubt his ventures in England, Turkey and USA (all of which were poor) has developed the 'person' Kris Boyd. I thought we wouldn't see him play again but to be edging towards a Scotland call up shows the hard work he has put in and he also looks far more fitter and stronger. Perhaps he thought he had made it when he came to Ibrox first time around and being part of Fergusons gang made him feel untouchable. If we was still a top flight team challenging for titles this wouldn't even be a thread but if we ever needed someone WANTING to prove his worth and banging the goals in the championship it might be Boyd now. If Ally could only find some tactical knowledge then playing Templeton, Macleod, Shiels and Law in creative positions then Boyd would score 20+ goals in the championship. But then again if Ally had tactical knowledge we maybe wouldn't need Boyd as Clark, Little and Daly may have got high tallys this season also and we'd be happy with them going into next season. I reserve the rights to retract this statement.
  18. With Graham Wallace due to meet with a range of fans at NARSA this weekend In Toronto, Gersnet wanted to introduce a bit of fun ahead of proceedings with a business speak bingo card for fans to check off phrases which always appear popular amongst Rangers board members - past and present (though not often actually ever implemented). You can view the bingo card below. First to tweet us with the four corners or a completed line wins a bottle of Château Routas wine which we 'duped' Sir David Murray into sending to us.* Good luck to all! * - The prize will be available on receipt from Castle Grant, near Grantown-on-Spey c/o the Bank of Scotland.
  19. http://www.bbc.co.uk/sport/0/football/27793911 Rangers are to launch a new share issue in a bid to raise in the region of £8m. The Ibrox board met institutional investors in London on Tuesday, with the new issue to take place before the end of August. Rangers chairman Graham Wallace recently told fans that the Ibrox club was "in a good place" financially. The BBC understands that a minimum of £7m is needed to cover a cash shortfall at the newly-promoted Scottish Championship outfit. Major shareholders Laxey Partners and Sandy Easdale, chairman of the football board, have both indicated they will buy more shares. The Union of Fans - a collective of Rangers supporters groups - has urged people to withhold season-ticket money in protest against the board's running of the club. It led to question marks over the ability of the club to meet the sales figures required for next season. However, Wallace insisted Rangers are "in a good place" despite concerns over the club's finances. The chairman's 120-day business review set out the club's intention to raise fresh equity in the autumn, win promotion from the Championship at the first attempt next season, before adding a Scottish title and being competitive in Europe by 2017. The club's interim accounts revealed losses of £3.5m for the six months to 31 December and "going concern" status was only granted on the basis of predicted rises in season-ticket prices and sales. The board have had to seek emergency funding in recent months.
  20. http://www.bbc.co.uk/sport/0/football/27804525 By Richard Wilson BBC Scotland Finance remains the fundamental issue at Rangers. One contingency plan has always been to seek additional funding from current shareholders, and a substantial drop in season-ticket sales merely exacerbates the problem. When chief executive Graham Wallace published his business review last April, he indicated that if the uptake of season tickets was "materially less than anticipated" then the board would consider a pre-emptive offering of 43 million unissued Rangers International Football Club shares to existing shareholders. That remains, for now, the only viable way for the business to raise additional funding. With a new share issue proposed later this year, the price would be at a discount to the current market value of 27p and the intention is believed to be to generate in the region of £7m. This would go some way to covering any shortfall from a significant drop in season-ticket sales, and so allow the business to continue trading for the next 12 months. Unanswered questions abound, though. Which shareholders, for instance, would participate? Some individuals are suggesting that Laxey Partners would invest more money, along with Sandy Easdale, the chairman of the Rangers Football Club board. Others believe that the institutional shareholders, such as Hargreave Hale and Artemis, would not participate, given the sharp fall in the share price from its launch of 70p. In the first instance, existing shareholders are normally offered enough additional shares to maintain the size of their overall stake. Any shares that are not taken up could then be offered to existing shareholders to allow them to increase their ownership stake. It is also theoretically possible, though, for the board to place shares with specific existing shareholders, which could strengthen the power base of the group of aligned shareholders who currently effectively run the club. That would, though, be likely to agitate those left out and potentially cause further upheaval. However, Easdale and his proxies could then be considered as acting as a concert party if their combined shareholding goes above the 29% threshold, and so expose them to takeover panel rules and regulations. While a pre-emptive offering is restricted to current shareholders, their rights to participate can be acquired by non-shareholders. So while finance remains the fundamental issue at Ibrox, in that it underpins every substantial development, how the need for funding is addressed is also critical. Control is at stake also. Laxey Partners are currently the largest single shareholder, while Sandy Easdale held the proxies for around 25% of shareholders at last December's annual meeting. Institutional shareholders supported the current board at the AGM, but the need for additional funding may alter their point of view. Wallace is attempting to steer a course through the demands of financial issues and specific shareholder interests. There is no simple solution, beyond a radical change to the shareholder dynamic. That would only occur, though, if shareholders were prepared to sell their stakes or if a fresh rights issue was launched to the public. In the meantime, the Rangers board need to ensure that the business can trade as a going concern for the next 12 months. When the interim results were released last March, they contained a note outlining that a fall in season-ticket renewals from last year's figure of 38,000 would affect the business's ability to trade as going concern. Right now, Rangers are thought to still be considerably short of that. Short-term financial issues are at the forefront, but other intrigues also exist. It has been possible to detect, within the noise around the club, a growing tension between Wallace and Sandy Easdale, who is not a member of the plc board. Wallace has the executive role, but Easdale, through his proxies, carries the strongest shareholder authority. Rangers' April review: Key points Business needs to raise up to £30m over three years New share issue planned for autumn 2014 Cuts of £2m have already been made with other savings likely Plan to make the business sustainable by season 2015/16 Aim to make team Scottish Premiership winners by 2017 The flow of information is also a source of consternation to some within Ibrox, not least because talk of a share option is price-sensitive information and ought to be published first to the stock exchange. Jostling for position is evident, although finance remains the key point, not individuals. Dave King, the former Rangers director, wants to invest directly in the club. The South African-based businessman and Wallace in his business review both estimated that it will require £20-30m of additional investment to provide Rangers with the means to challenge Celtic for the Premiership title and compete again in Europe. The only way to raise that kind of money would be a fresh public offering of shares, which is what King wants to participate in since his money would go directly to the club, which needs money spent on the football infrastructure - there is still no scouting network - and maintenance work at Ibrox. King's intervention would likely lead to the dilution of the current shareholders, though, which is why an alternative route is being sought. The current squad, with one or two additions, ought to be good enough to gain promotion from the Championship, but to compete again with Celtic, Rangers need to be properly rebuilt. There is a current shortfall to address, but that is only a short-term fix. For Rangers to compete at the highest level, a change in approach is required.
  21. This will be more readable for those having problems with the image. "We are extremely concerned that there are now two distinctly different messages being sent out from Ibrox, which appear to be completely at odds with each other regarding our club’s finances. They show the split in the boardroom and raise the question as to who is running Rangers. On the one hand, Graham Wallace has clearly stated that there is no financial crisis, while on the other hand a former PR man for Rangers and Sandy Easdale is briefing that there is a cash crisis which can only be resolved by an urgent share issue. We are aware that the press and certain bloggers are being briefed by Jack Irvine of Mediahouse regarding the reason for, and content of, Rangers board and investor meetings. We would ask two questions. On whose behalf is he making these briefings and how he is privy to the highly confidential and price sensitive information being discussed in these meetings? Mr Irvine was previously employed by both Rangers and the Easdale brothers. We were informed by Mr Wallace in our meeting with him that Irvine no longer works for the club. In the same meeting, Mr Easdale denied that Mr Irvine has ever worked for him during the Easdale’s time at Rangers. Events would appear to prove this to be untrue for, unless he has taken up charity work, someone appears to be paying Mr Irvine to leak stories about Rangers board meetings. We would ask that Graham Wallace fulfils his legal and corporate responsibility to identify the source of the leak and remove them from either the PLC or club board, as necessary, as a matter of urgency. Mr Wallace has stated twice, both in our meeting with him and more recently at the NARSA convention, that the club is on a secure footing. He stated that there is “absolutely no prospect of administration” and that the club “is in its healthiest state financially” since he arrived. Why then are board meetings taking place for an emergency share issue? Why has the club had to take loans just to finish the season? Why have these loans not been repaid despite season ticket sales which we believe to be around 16k and which would surely have raised the £1.5m required to immediately repay the loans? The message sent out by Mr Wallace appears to be at odds with that of Sandy Easdale, who has claimed that club finances were “fragile”, and Mr Irvine, who is briefing on behalf of someone that emergency cash must be raised. Who are the Rangers fans to believe? Who wields the real power in the boardroom? If it is Mr Easdale then who is he taking his instructions from given his refusal to name the people behind Blue Pitch and Margarita, whom he represents? If the board are indeed considering such a move, then will the shares be offered to all shareholders or just those represented by the current board? Also why are they so reluctant, if finance is required, to speak to investors who actually care about the long term future of the club? We have asked for Graham Wallace to come clean about the cash situation at Rangers and we repeat that request. Mr Wallace must make a statement to clarify his position and to explain the leaks of the last few days. The appearance is that Mr Wallace’s authority is being undermined from within. His long term, professional reputation for corporate responsibility is being eroded and the corporate governance of the club’s various boards is once again a shambles. The bottom line is very simply the question of who is running Rangers. Is it extremely well paid chief executive, Graham Wallace, or Sandy Easdale, a man who, for whatever reason, is not even a member of the plc board?"
  22. keith jackson ‏@tedermeatballs Why would BDO spend over 600k in legal fees liquidating RFC? I suspect they're speculating to accumulate. Bad news for craig whyte.
  23. .....as bill for winding up oldco Rangers continues to soar. Jun 09, 2014 12:26 By Keith Jackson THE staggering figures are revealed in the latest six month report from insolvency experts BDO - which shows more than £1m has been spent on legal fees and outlays ACCOUNTANTS and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar. The mind blowing figures have been detailed in the latest six month report from insolvency experts BDO who were appointed as liquidators of the Rangers Football Club PLC after it failed to emerge from administration following Craig Whyte’s ruinous 10 month reign. And the unfathomable strategy adopted by Whyte is further highlighted by the fact that almost half of this latest £2m bill has been covered by the final instalment of the £4.5m deal which saw Nikica Jelavic sold off to Everton just two weeks before the club was plunged into financial chaos in February 2012. The BDO report, which was completed at the end of last month, reveals that a cheque for £975k is expected to arrive from the Goodison Park club ‘shortly after 31 May 2014’. But that windfall won’t come close to covering th.e spiraling costs of the on-going liquidation process - as BDO gear up for a potential multi-million pound courtroom battle with Collyer Bristow, the law firm who advised Whyte during his takeover in 2011. In total, more than £1m has been spent on legal fees and outlays with more than £650,000 of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says that a trial date is ‘currently set for the beginning of 2015’ but it is anticipated that a deal could be negotiated and an out of court settlement agreed. BDO are also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Charles Green for a knock-down £5.5m. But the report stresses: “Due to the highly sensitive nature of certain aspects of these investigations, we consider that it is not appropriate to provide full details in respect of our investigations to date,”. BDO reveal that the creditors pot has been boosted by a payment of £75k ‘in relation to the transfer of Charlie Adam’. But, while they are attempting to claw together as much cash as possible for those who suffered from the Rangers collapse, their own running total for remuneration stands at more than £1m which, the report says, has already been drawn down. BDO expect more money to trickle into the account through from a sell-on clause triggered by Jelavic’s January move from Everton to Hull City, possibly as much £187,500 so long as the Croat helps keep his new club in the Premiership next season. But one creditor who has received this latest update from BDO told Record Sport last night: “The fact that Everton still owe almost £1m from the initial Jalvic deal defies belief. It’s good new for the creditors but it makes you wonder what on earth Whyte was thinking about when he did that deal, just a fortnight before placing the club in administration. “He sold the club’s best player for a snip and yet he didn’t even demand that the money was paid up front. It’s incredible as, for that matter, are the sums of money involved in this on-going process. The collapse of Rangers has made an awful lot of money for an awful lot of people.” But another source said: "BDO are doing a highly professional job in going after as much money as possible for the creditors. The fact they are ploughing so much into the legal cases is an indication of where this thing is headed. "There should be a lot of very worried people out there because BDO are going after them like a dog at a bone." BDO admit, two years into the process, there is no sign of it coming to a conclusion any time soon. Not only is the court action against Collyer Bristow still to be settled but an ongoing dispute with HMRC over the club’s use of the controversial EBT scheme also continues to rumble on. The report says: “If HMRC are successful in the appeal their potential claim in the liquidation could be significant and have a material impact upon any dividend that may ultimately be payable to unsecured creditors,”. And it ends: “Due to the significant issues to be resolved in the liquidation, the joint liquidators do not expect to be in a position to bring this case to a conclusion for some considerable time. Further reports will be circulated to creditors within six weeks of each six month anniversary of the date of liquidation.” http://www.dailyrecord.co.uk/sport/football/football-news/revealed-accountants-lawyers-rake-2m-3665381
  24. GRAHAM WALLACE says Rangers now has a solid base from which it can move forward with confidence as it looks to grow, prosper and thrive more as time goes on. Wallace has spent the weekend in Toronto at the 2014 NARSA convention, where over 1,000 Light Blues fans have been in attendance. The chief executive took questions in an open forum yesterday afternoon following the association’s annual general meeting. A number of issues were raised with him and Wallace is keen to reassure Gers followers a path to a brighter future lies ahead. He said: “It has been interesting talking to a different cross-section of fans in Toronto as it was an opportunity to hear at a really detailed level about some of the issues they have. “Almost since the day I came to Rangers, we’ve been operating in an environment where there have been consistent questions about the financial stability of the club. “I’ve repeatedly come out and said there’s no threat of administration and we’ve built a very solid base now which we’re moving forward from. “The fans should take reassurance and comfort from that. We are moving in a way that allows us to grow and develop the business. “The long-term financial stability of the business is well in hand and we are in a good place now. Fans should be confident and comfortable with the club’s long-term stability. “The club needs them to survive like any business does and we are absolutely hoping they will stand behind and support the club the way they have in recent seasons. “In the vast majority of areas, I think we are moving in the right direction and it is business as usual at the football club. “The fans are looking for a degree of confidence that their club is stable, it’s being properly run and we are in a good position financially. “We are now in our best position financially in my time at the club so that’s positive and we are placed very well for the start of the forthcoming Championship campaign.” Wallace admits there is still considerable work to be done as Rangers bid to make up for what he feels has been a missed opportunity to rebuild in a better way since administration in 2012. But he is sure a lot key moves have now been made which will allow the League One title winners to make more notable strides from now on. He added: “I’ve been in position now for a little over six months and in that time it has been extremely challenging. “There have been so many legacy issues we have had to deal with and we spent a considerable period of time looking at the condition and the state of the business. “We had to map out what we think the club and the business is capable of doing over the next several years. “We have done a tremendous amount of groundwork and we’ve addressed a significant number of issues. “In April, we published our business review. That gave fans a sense of what we inherited but more importantly, a sense of the vision of where we think we can take the business. “We have made significant strides but it’s not an overnight journey and what we are looking for now is to move forward again. “We want to go through our pre-season routine into the new season and really push on, starting to make a huge difference in the areas we’ve identified.” http://www.rangers.co.uk/news/headlines/item/7029-a-base-to-grow-from
  25. GRAHAM WALLACE believes Rangers are now moving closer to the successful establishment of their first fan board as the club activates in its biggest supporter engagement initiative. The Ibrox chief executive will tonight return to the UK from Toronto, where he has spent a couple of days talking to Light Blues followers at the 2014 NARSA convention. More than 1,000 of them have been in attendance and Wallace feels it has been important to reach out to them as he seeks to build bridges and create a better, sustainable future at Gers. He addressed around 900 attendees at the gathering’s Grand Banquet yesterday and hopes his visit there can help develop a stronger relationship going forward. Wallace said: “We have recognised right from day one we had a big job to do in terms of trying to improve engagement with the club’s fans. “Several months ago we launched our Ready To Listen fan engagement survey and that was really just the first step. “We’ve now gone through another two subsequent steps in terms of narrowing down areas of interest to the fans so we can fully understand what matters to them. “We are currently moving into the third phase which is a set of detailed focus groups that involve people sitting round the table and looking at specific issues. “It’s all designed to move us forward to the creation of our first Rangers fan board, which will be an official board that will act as the body to represent the fans with the club. “We’re looking at the constitution and composition of that because we want to get a wide spread of Rangers fans engaged in talking to the club. “Like anything else, these things take time to work their way through and particularly at a level where what we’re dealing with is not just a simple scenario. “There are many issues dear to Rangers fans’ hearts. We’re trying to engage with them in a way they’ll say they can see progress and I think we have made a number of steps forward.” http://www.rangers.co.uk/news/headli...edging-closer? There must be fans who actually swallow this bullshit.
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