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http://www.bbc.co.uk/sport/0/football/27793911 Rangers are to launch a new share issue in a bid to raise in the region of £8m. The Ibrox board met institutional investors in London on Tuesday, with the new issue to take place before the end of August. Rangers chairman Graham Wallace recently told fans that the Ibrox club was "in a good place" financially. The BBC understands that a minimum of £7m is needed to cover a cash shortfall at the newly-promoted Scottish Championship outfit. Major shareholders Laxey Partners and Sandy Easdale, chairman of the football board, have both indicated they will buy more shares. The Union of Fans - a collective of Rangers supporters groups - has urged people to withhold season-ticket money in protest against the board's running of the club. It led to question marks over the ability of the club to meet the sales figures required for next season. However, Wallace insisted Rangers are "in a good place" despite concerns over the club's finances. The chairman's 120-day business review set out the club's intention to raise fresh equity in the autumn, win promotion from the Championship at the first attempt next season, before adding a Scottish title and being competitive in Europe by 2017. The club's interim accounts revealed losses of £3.5m for the six months to 31 December and "going concern" status was only granted on the basis of predicted rises in season-ticket prices and sales. The board have had to seek emergency funding in recent months. -
Information from a few journalists now suggesting he will undergo a medical for us today after turning down a move to Hearts...
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THE Rangers family have taken Calum Gallagher to their hearts. But the Ibrox kid has revealed his biggest fans are Celtic supporters. Gallagher emerged from the Murray Park ranks to impress for Ally McCoist's side in the closing weeks of the League One campaign and will be part of the squad that will bid for Championship glory next term. The forward was snapped up by Rangers after being spotted while playing for local side Giffnock after leaving Dundee United early in his teens. After forging his way into the first team, scoring on his debut against Dunfermline and helping seal a third tier title, Gallagher is living the dream in Light Blue. And the 19-year-old is delighted to be able to repay his nearest and dearest for their backing as he continues on the road to glory with Rangers. "I come from a really supportive family and now that I am where I am I think they are more Rangers fans than Celtic fans," he told SportTimes. "I get teased from a lot of them but a lot of them are at every game and they are really supportive. "I have got to live my dream and play football. Now that I am where I am, I love the club and everything it stands for. "I am so lucky to be where I am and long may that continue." It may have taken until the closing weeks of the campaign for Gallagher to get his big break but it was to prove well worth waiting for as he impressed in League One and the Scottish Cup triumph over Albion Rovers. He has quickly settled into a first team filled with SPFL Premiership-quality stars and, in the cases of stalwarts Lee McCulloch and Lee Wallace and keeper Cammy Bell, players who have turned out for Scotland. The transition from Murray Park kid to Ibrox star could have been a daunting one but Gallagher admits the warm welcome he received made the first team dressing room feel like home sweet home. "When I first came in, Lee McCulloch was amazing with me," he said. "I felt that he put a lot of attention towards me and really helped me settle in. "He is still a great influence and he is amazing around the dressing room. "He is deserving of the club captaincy, there is no doubt about that. "Guys like Jon Daly have been great for me, as a striker. He has been able to impart his wisdom in a positional sense and talked me through a few things. "It has been great to work with the gaffer as well and it can only help me working with someone who was as good a player as him. "It would be unfair of me to single out anyone, everyone really pulls their weight and helps integrate the younger players into the squad. You couldn't ask for a better staff and group of team-mates." Gallagher may have had to quickly make new acquaintances on his maiden venture into the Gers first team arena but there were a couple of familiar faces for the forward to chew the fat with. His Murray Park peers Fraser Aird and Lewis Macleod have shone since given their chance by boss McCoist, with the pair once again impressing in League One as Rangers eased to the title this term. It was to prove a frustrating end to the campaign for Macleod as a virus saw him forced to hang up his boots with several weeks of action still to be played. The champions will return to pre-season training in a couple of weeks and Gallagher is confident his fellow Light Blue protege can shine once again next term. He said: "Lewis is one of the most gifted players I have ever played with. He has got everything you need in a footballer. "Fingers crossed everything works out for him. If he is able to keep himself fit and healthy then there is no knowing where he could end up in the game. "It must have been really frustrating for him not being able to play in the second half of the season. "It is something all players go through, everyone gets injuries. It is horrible coming in and feeling the energy about the place but not being able to exert yourself and play your part. "I am sure it was torture for him but here's hoping he comes back better than ever next season." It is less than a month before McCoist will start putting his players through their paces ahead of the big Championship kick-off but there has only been one arrival at Ibrox thus far, Kenny Miller clinching his third Gers switch last week. Having allowed Andy Little to leave after his contract came to an end, another striker is one of McCoist's top priorities as he looks to bolster his squad, with former Ibrox forward Kris Boyd linked with a return to the club. And Gallagher, who has spent most of his first team career in a role on the right of the Rangers midfield, is eager to show what he can do in front of goal. He said: "That is where I have always played, through the middle. "But I know that I have the traits that let me play wider as well. I am happy to play anywhere in a Rangers top.As long as I am on the pitch and doing my bit for the team I am delighted. "I would love to get a run out in what I see as my natural position. But you never know where you will end up. Lee McCulloch has played in just about every position during his career. "If you can make an impact in multiple positions then that is great. Doing that gives you more of a chance of getting on the pitch than if you were restricted to one position. "It is not something I grudge or anything like that. I am delighted to play wherever the manager wants and I will go out and give my all for Rangers." http://www.eveningtimes.co.uk/rangers/calum-ive-got-bunch-of-celtic-fans-proud-of-my-role-in-rangers-family-166655n.24435761 -
RANGERS directors were locked in showdown talks in London yesterday as they attempt to stave off more financial chaos. Record Sport can reveal brothers Sandy and James Easdale travelled to meet with representatives of shareholders groups Blue Pitch Holdings and Margarita Holdings before staging further discussions with the rest of the Ibrox regime yesterday afternoon. Talks will continue at 10.30am today at an official board meeting to be held in the offices of the club’s financial advisers, Daniel Stewart. The Easdales flew out of Glasgow yesterday on a morning flight to the docklands’ City Airport. Coincidentally on the same flight were the club’s shamed former finance director Brian Stockbridge and axed PR guru Jack Irvine. Rangers sources insisted last night that Stockbridge’s presence was ‘purely coincidental’ although all four were spotted chatting together in the departure lounge before boarding. On arrival in London, Stockbridge was seen heading for a train while the Easdales left in a taxi cab. But it’s understood the brothers were then involved in talks with the same mysterious investors who helped fund the £5.5million takeover which saw Charles Green, Stockbridge and Imran Ahmad seize control of the club’s assets two years ago. Blue Pitch and Margarita are now supporting the Easdales and sources claimed last night they will be willing to plough more money into a fresh share issue if, as widely expected, the club requires an urgent injection of cash after a dramatic slump in season-ticket sales. It’s understood chief executive Graham Wallace later met with the Easdales after flying back to Britain from a supporters convention in Canada. Wallace declined to answer fans’ questions when asked how many season tickets have been sold. Sources close to the board insisted last month 20,000 fans had renewed. Meanwhile, generous fan George Letham, who stumped up £1m in emergency cash to keep the club out of trouble in February, has still not had his loan repaid. Under the terms of his loan the money was supposed to be returned as soon as sufficient funds had dropped into the club’s account from season-ticket sales. And with June’s wage bill still to be covered at the end of this month, the regime’s need to secure fresh funds seems increasingly urgent. But before jetting back across the Atlantic for yesterday’s London talks, Wallace insisted on the club’s website that Rangers finances are not a cause for alarm. And he insisted fans can expect to see more new signings soon. Meanwhile, it has been revealed accountants and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar. The figures have been detailed in the latest six-month report from insolvency experts BDO who were appointed 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 almost half of this latest 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 a cheque for £975k is expected to arrive from the Goodison Park club ‘shortly after 31 May 2014’. But that won’t come close to covering the spiralling costs – 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 £650k of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says a trial date is ‘currently set for the beginning of 2015’ but it is anticipated 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 Green for a knockdown £5.5m. http://www.dailyrecord.co.uk/sport/football/football-news/rangers-directors-hold-showdown-talks-3668192
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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
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http://www.rangers.co.uk/news/headlines/item/7016-ally-continue-your-magnificent-support
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With Graham Wallace due to meet with a range of fans at NARSA this weekend In Toronto, Gersnet wanted to introduce a bit of fun ahead of proceedings with a business speak bingo card for fans to check off phrases which always appear popular amongst Rangers board members - past and present (though not often actually ever implemented). You can view the bingo card below. First to tweet us with the four corners or a completed line wins a bottle of Château Routas wine which we 'duped' Sir David Murray into sending to us.* Good luck to all! * - The prize will be available on receipt from Castle Grant, near Grantown-on-Spey c/o the Bank of Scotland.
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Short snippet at the bottom of the article on Scottish Football however it is the part where each televised league game generates £6.5m in revenue for clubs. We bemoan the standards set by Ally, the lack of youth and no scouts, but competiting with EPL relegation fodder for players is our best hope outside of unearthing gems and eventually setting up an effective scouting network. The club needs to seriously up its game. http://www.bbc.co.uk/news/business-27667472 Staggering figures for a nation that has only won one major tournament nearly 50 years ago.
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Wednesday, 04 June 2014 18:45 Miller Completes Rangers Hat-trick Written by Rangers Football Club RANGERS Football Club has today confirmed the signing of Kenny Miller on a one-year deal, with the option for a further year. The 34-year-old striker is now in his third spell with the Light Blues having joined initially from Hibs for the 2000-01 campaign and returning for a hugely successful period between 2008 and 2011. Miller won three top-flight league titles, the Scottish Cup and the League Cup during Walter Smith’s reign before leaving for Bursaspor in January 2011. Following spells at Cardiff and Vancouver Whitecaps in America he has returned to Rangers, where he scored 67 goals in 147 appearances. Miller commented: “I am thrilled to return to Rangers for a third time. I have enjoyed so much success at this great football club and I am determined to repeat it again next season and beyond. “Rangers is a special football club and we are on the rise again and I want to play my part as we look to get back to the top of Scottish football. I had a number of offers once I left Vancouver but I had my heart set on returning to Ibrox and I can’t wait to get started again.” Rangers Manager Ally McCoist: “We are delighted to welcome Kenny back to Ibrox. He was a terrific player for us in the past, especially his second spell at Rangers, and we have won many trophies together. “Kenny brings experience and pace to our forward line and will be a great influence on our younger players at Murray Park. He is a top class footballer and we look forward to seeing him in a Rangers jersey once again as we look to secure promotion to the top flight next season.” http://www.rangers.co.uk/news/headlines/item/7005-miller-completes-rangers-hat-trick
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I bought the third kit on the 1st of September. Very quickly the sponsor started peeling off, as it did for many others. I reported this to them in October, they said to return the item. However, I wasn't in any rush to do so, I didn't want another top, so I forgot about it for a while. In May I emailed them again asking them to confirm I can still send the top back. I was quite stunned to be told: I have argued back and force regarding this because I am protected by the Sale of Goods Act and a 12 month manufacturer warranty but they are not budging. The warranty does not expire on some arbitrary date of their choosing. They are ignoring me now. I've sent 4 separate emails citing the law, they sent 3 emails back repeating themselves and didn't reply to my last email. I don't care about the money but I do care about the principle, who should I report this to? I don't see much point in contacting the club. I know I should have dealt with this at the time and just put it back, but as long as the item is within the warranty period, they have no right to just flat out refuse to even inspect it. Here is the shirt in question, worn only a few times and costing £48.98 including delivery:
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Lifted from their page: I am still of the opinion that we will NOT go in to admin and that Laxey will give us another loan but this time against Auchenhowie training centre. I have, since Friday, been hearing the same rumours that others have been no doubt hearing and I will be investigating them this week. Some reliable sources say we will be in admin before season starts in a way to get high earners off wage bill and others claim the training ground will be getting sold outright before this happens. Both of these rumours are a concern due to the quality of sources and I shall seek to prove them right or wrong. Anyone with info regarding these rumours please feel free to contact me confidentially via personal message
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I had a sneaky he would move upstairs in the summer with De Boer and Bergkamp coming in to replace him. Maybe not then! It will be interesting to see what he does in the transfer window, Arsenal fans wont accept unknown or no signings. Arsenal do have a quality squad but they get far too many injuries. Had Walcott and Ramsay not got injured Id say they would have wont the league but Wenger didn't address it in January. If he signs top quality then they will go all the way next season. if he doesn't then he can expect a fight for top 4. He needs a few from: Benzema, Remy, Draxler, Di Maria plus a new right back and a centre half plus a back up keeper. Also needs Walcott, Diaby, Ramsay, Ozil and Wilshire to be fit for a full season...throw in Cazorla, Ox-Cham and Podolski then they can win the league. But Arsenal have to improve next season against Man City, Man Utd and Chelsea home and away plus go to Liverpool and Everton and win games.
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Talksport programme with big Eck is now available to download. References to Rangers are probably through-out, certainly some at the start (best moment type thing) but the main segment on us kicks in some 62 minutes in https://itunes.apple.com/gb/podcast/my-sporting-life/id777692680 You need to install/have installed itunes as far as I can see
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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]
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Would like to hear what fellow Bears expect next season. Obviously the journey back up the leagues was supposed to be a gimmie and we didn't foresee hearts and Hibs standing in the way. Hearts are on the rebuilding and Hibs are about to make changes.....An article on here a few weeks ago had Ally saying he fears Hibs, sorry but we should never be fearing them. We had a good Scottish cup run this year but id not worry about that this year and put all efforts into the league. Still cant believe we didt pick up the Ramsden's and I cant see there being big interest in that this year. I don't think Ally is the right manager, he should be at the club in some capacity but not on the training field and If im honest I don't think it will be easy next season.
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after refusing to hand over contract details for Charles Green and Imran Ahmad SHAREHOLDER Billy Paterson reported the club to police under Section 229 of the Companies Act 2006 after they refused his legal right to inspect contracts. RANGERS are facing a police probe into alleged failures of corporate governance. Shareholder Billy Paterson has reported the club to police for the second time after they refused to hand over contract details for Charles Green and Imran Ahmad. Rangers’ board were forced into a u-turn last month when they failed to show Paterson details of the service contracts of current directors, claiming they had no legal obligation. However, Paterson, from Fraserburgh, stuck to his guns and reported the club to police under Section 229 of the Companies Act 2006. Rangers admitted within 24 hours they had got it wrong – and released details confirming chief executive Graham Wallace is on a salary of £315,000 with a potential 100 per cent bonus. Paterson is now embroiled in another legal battle after Rangers rejected his request for contract details for former chief executive Green and commercial boss Ahmad. Ibrox legal advisers say his appeal is time-barred, they need only show service contracts for the previous 12 months. A Rangers spokesperson said: “Both service contracts were terminated in April 2013 and were outside the one-year inspection period stipulated by the legislation.” But Paterson is refusing to take their latest snub lying down and insists Green and Ahmad were still officially recognised as directors of the parent company and the subsidiary football board until the end of last May. He said: “Notices filed to Companies House by Rangers show Ahmad stepped down on May 29 and Green on May 31. “Rangers even released a statement last April stating Green was stepping down as chief executive with immediate effect but that he would leave the company by the end of May. “The failure of Rangers to acknowledge they were still both directors within the past 12 months and provide me with my legal right to see details of their service contracts has left me with no other option but to contact police. “I don’t know what, if anything, they are trying to hide but they are reluctant to be open and transparent.” A police spokeswoman said: “We have received a complaint and the matter is being looked into.” Rangers are already the subject of a police probe after fan Phil Maher reported Wallace for allegedly misleading shareholders over the company’s finances at the agm in December. Good on you Mr Paterson, whoever you are. Makes you wonder, why are they so reluctant to let the details out?
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Given the current situation and arithmetic within,......the easiest way of tackling 'division' within the support is to stop talking about it. The vast majority (look at ST renewals/ or lack of) and we see that the large 'apolitical middle rump' of the support are unhappy. I don't think there is any doubt that the majority would cite general unhappiness of how the club is being run alongside a distrust of the current board. The numbers involved with groups that may be considered loosely as pro-board are such that they become unimportant. That isn't to disrespect anyone or to say they can't have their opinion(s) but it is to say that the arithmetic points to any 'division' currently being insignificant. The biggest noise is coming from those who don't belong to any group and the board would do well to listen. -
Give written legally binding assurances to fans that Ibrox stadium will not be sold or used as security for any loans Ibrox stadium has been the home of our club for over 100 years and due to mistrust of the board of directors, many fans are unhappy that no legally binding assurances have been forthcoming from the board and a recent club statement declared that the board are unwilling to provide such assurances. The board agree that the stadium is sacrosanct and state they will not sell or use as security. The word of the board can not and will not be accepted by many fans due to a number of recent statements that have since proven innacurate and untrue. Fans also wish to be protected if the current board should be replaced in the future. They have also declared they wish to build trust with the fan base and this action would go some way in improving any relationship https://www.change.org/en-GB/petitions/graham-wallace-give-written-legally-binding-assurances-to-fans-that-ibrox-stadium-will-not-be-sold-or-used-as-security-for-any-loans?recruiter=97305010&utm_campaign=mailto_link&utm_medium=email&utm_source=share_petition
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Officially appoint Van Gaal, with Giggs as assistant, and the latter retiring from playing. Ryan Giggs has to go down as one of the best players of all time in the English league and probably goes ahead of Charlton and Best as Utds best ever player. Van Gaal should improve Man Utd from last season but I think he'd have done a better job bringing his own team in and think having Giggs as No.2 has been pushed onto him. But they have to make some real signings in the transfer market as that squad is very average.
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http://www.yorkshirepost.co.uk/sport/football/leeds-utd/new-leeds-owners-will-buy-back-elland-road-for-15m-1-6322034 BUYING back Elland Road for around £15m tops the list of priorities for Leeds United’s prospective new owners, the Yorkshire Post has been told. A consortium led by United managing director David Haigh is bidding to buy a 75 per cent stake in the Championship club. The group - which is believed to include Andrew Flowers, the managing director of current shirt sponsors Enterprise Insurance - have signed a share acquisition agreement with GFH Capital, the Dubai-based firm that purchased United from Ken Bates a year ago. Football League approval is now being sought as this buyout would be the second of the club in as many seasons. Providing there are no late hiccups, the Haigh-led consortium is expected to take charge early in the New Year. As revealed in this newspaper yesterday, re-signing former Player of the Year, Max Gradel, in the January transfer window is high on the list of targets for the prospective new owners. However, sources close to Haigh’s group have also made it clear to the Yorkshire Post that buying back Elland Road will be their top priority once at the helm. United’s home was sold to Manchester businessman Jacob Adler for a knockdown £8m price in November, 2004, as mounting debts threatened to drag the club under in its first year outside the Premier League. Ownership passed the following year to Teak Commercial Limited, a firm based in the British Virgin Islands. Included in the initial sale and leaseback deal with Adler - and something retained in the subsequent sale to Teak - was a buyback option that allows the club to purchase the stadium at a set price. That amount rises each October and today stands at £15m. Also subject to a raise of three per cent each October is the rent United pay to Teak, which this year will cost the club £1.4m. Since Elland Road was sold to Adler by the United board that was led by Gerald Krasner, United have paid around £11m in rent. Removing that financial millstone from around United’s neck will, the source close to Haigh’s group insists, be the overriding priority providing the expected takeover goes through early in 2014. Regardless of whether the club’s would-be new owners are successful or not in that quest, United’s tenancy in LS11 is secure thanks to the terms of the 2004 sale and lease-back arrangement - a deal in which the owner of a large asset, such as property, sells it and then immediately buys back from the buyer the right to use the asset under a lease for a fixed term at a pre-arranged rent. In United’s case, that agreement was for a 25-year lease that, once at an end in 2029, can be extended by a further quarter of a century. This means Leeds’ future at Elland Road is safe for at least the next 41 years. Haigh and his fellow would-be investors, however, are well aware that buying back the ground would be the clearest signal yet to supporters that the club is moving in the right direction. If they are successful in that quest, it will be the second time in a generation that United will have bought back their home thanks to improving financial fortunes. The first instance came in 1998 when Peter Ridsdale’s board paid £10m to Leeds City Council for the stadium, which along with the surrounding land had been sold 13 years earlier to the local authority for a quarter of that sum. Crippling debts of around £1.5m had forced the 1985 sale on the club. History then repeated itself in 2004, though by then the sums involved had multiplied dramatically. Krasner’s board had taken over Leeds in March of that year but relegation just a couple of months later hit United very hard. A fire-sale of players such as Alan Smith and Mark Viduka during that summer bought the club respite for a time but by the early months of the 2004-05 campaign it was clear Leeds were still in the financial mire. Debts that had, at one stage, stood north of £100m when the takeover went through had been slashed to around £25m. However, punishing repayments to Jack Petchey, a London-born businessman who had once been chairman of Watford and an Aston Villa shareholder, for a £15m loan taken out by Krasner and his fellow directors when buying the club had started to bite. After negotiations with a number of parties that included Sebastien Sainsbury and local businessman Norman Stubbs floundered, the United board was left with no option but to sell the club’s only two remaining assets of substance - Elland Road and Thorp Arch, the latter’s sale raising £4.2m. Once the two sales were concluded, the remaining debt of £9.2m to Petchey was cleared. United’s financial woes continued, however, and the club was subsequently sold to Bates the following January. At his first press conference, the former Chelsea chairman said: “It is our intention, in the fullness of time, to exercise those options and bring the land and stadium back where they belong.” Scarcity of funds, though, meant those wishes went unfulfilled with a bid to buyback Thorp Arch floundering at the 11th hour in 2009. Similar sentiments about purcahasing Elland Road were expressed by GFH Capital following their December 21 takeover last year but, again, nothing concrete came of the plans.
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http://www.redandblackshirt.com/
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No doubt our pulses are all racing with excitement at the prospect! Nobody v Somebody Else! I repent of my contemptuous words. A great day for Saints and United fans. Rangers had the chance to get there but weren't up to it. Brings back memories, though. Tam's blockbusting 30 incher. Kai's strike from heaven. Ian McColl's swan song master class against Kilmarnock. But best of all, the 1964 epic against Dundee. I enjoyed that one the most partly because Dundee were so damned good. A terrific game of football. Your best 'Gers finals please?
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“If you’re prepared to accept mediocrity because our owners are greedy fair enough. Me, I intend to do everything I can to root them out.” A quote from Gunslinger. So what are we doing as a support to root out the directors? I believe the answer is “Not a lot”. Let’s look at the two lots of people a majority of the fans want rid of – the Shareholders and the Directors. 1. The Shareholders There are 2 main ways that the shareholders can get to go or to lose control: a) Someone buys their shares – there is currently nobody who wants to buy their shares. Dave King has said he won’t do it. There are 2 fans’ vehicles for purchasing shares, both of whom are a long way away from getting enough cash to make a meaningful investment. They also both have the dilemma of raising cash and then deciding whether to use the cash to pay existing shareholders and therefore not a penny goes to the club, as happened recently with BuyRangers, or wait until there’s a share issue at some future point. They also run the risk of their shareholding being diluted. Let’s say they get 1% of the shares and then there’s a rights issue. They could find that their 1% has been reduced to 0.5% or even lower. Perhaps it needs yet another calamity like an administration to change the mindsets of the fans to fan ownership as they have consistently shown that a vast majority are not there yet. b) There’s a share issue of some sort, which dilutes their control in the way mentioned above. However what happens if they are the ones to put in the cash? They could increase their shareholding percentage. Dave King has said that he would be willing to invest, but only under certain circumstances. Are the current shareholders likely to structure an issue that sees them losing control to King? Very unlikely. Is King willing to invest that level of cash and not have a level of control? Very Unlikely. All of King’s actions seem to be aimed towards trying to force the existing shareholders and directors out without him having to spend any cash in doing so. He has built up a degree of animosity between him and the board and as such he has made it less likely that the board will turn round and make it easy for him to get control. The existing shareholders generally want an exit strategy and nobody is offering them one and they aren’t going to effectively have their shareholding become worthless. 2. The Directors Most Rangers fans are not impressed by the current Board, but nobody has offered any alternative since the Paul Murray faction got voted down at the AGM. Nobody has set out any level of vision for the future and King suffers from this criticism more than most. He has not set out detailed plans or any level of alternative. King set up his Ibrox 1972 Ltd company, asking for the club to give it security over its biggest assets. Does anyone seriously expect a quoted PLC to give security of its main assets to a third party company that apparently doesn’t have a season ticket holder or Rangers shareholder on its board or as a shareholder? There is no connection between this company and the club. As it stands, there’s no connection between the ownership and control of Ibrox 1972 Ltd and the support either. It’s almost as if King has come up with a vehicle that makes it impossible for the club to grant security, not that they would do it anyway. Perhaps that’s what King is hoping for? Many fans are not buying season tickets, partly due their opposition to the board and partly due to the fare on the park. For the fans who fall into the former category, is them withholding season ticket cash really going to chase out the directors? I really don’t think so. Why should it? Are the really just going to resign and walk away or are they going to carry on running the company in whatever financial situation it Is in? I would argue that it is the latter and they will continue run the club as best they can, with the lower income and therefore lower quality on the park. Many are there to do a job (presumably to the best of their ability) and less season tickets makes it more challenging but it is not a reason for them to resign from their job. Are the shareholders going to insist on a change of board due to lower season tickets? Unlikely, given that the gave the directors a vote of confidence at the AGM even after the club had spent the £22m from the share issue in 9 months. If they still retain the shareholders’ support after that then season ticket holder revolt isn’t going to make much difference. There is also the situation where Sandy Easdale controls the votes of over 26% of the shares and it means that he only needs 24% of other shares to get his way in most matters. The fans who are not renewing their season tickets have my admiration for the sacrifice that they are making and I understand their frustration as they want to do something and not renewing is something. However it doesn’t mean that what they are doing will result in a change or will make any difference to the positions of the directors. Even if the season ticket boycott did force a change in directors, would it change the overall way that the club is being run? Again, very unlikely. So what is the best hope for a change? We can only hope that Dave King has a change in heart and does decide to buy out the existing shareholders because otherwise I just don’t see a way out of this mess as we fans appear to be powerless against shareholders and directors who have no interest in engaging with the support and taking actions to keep them onside.
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CASH gates will be in operation at tonight's Youth Cup final at St Mirren Park. Gordon Durie's under-20 side will face Hearts with the Youth Cup trophy at stake and you can back the side tonight in Paisley. The youths are aiming for success in the first final appearance for the club in three years. Tickets for the match, which kicks off at 7.30pm, and will go to extra-time and penalties if necessary, will be available at turnstiles this evening. Priced are £5 for adults and £2 for over-65s, under-16s and full-time students. http://rangers.co.uk/news/academy-news/item/6954-cash-gates-at-youth-final
