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http://www.bbc.co.uk/sport/0/football/26959101 Every football club launches a season ticket renewal campaign. No club other than Rangers is likely to find it such a fraught process. Price rises, ranging from between 15% to 25%, were inevitable and had been indicated at the annual general meeting of shareholders last December. For fans, though, the decision on whether or not to renew is complicated by the club's state of affairs. Dave King King believes Rangers need significant investment if they are to challenge for Scotland's major honours Even the timeframe has drawn attention, since the renewal deadline is 6 May, less than four weeks away. In the context of the discontent that has gathered around Ibrox, the sense is of supporters being given little time to make their choice. There is always an emotional element to the commitment, but Rangers fans have generally become more wary, even before the prospect of the Union of Fans - a coalition of supporters groups - opening a trust fund as an alternative for supporters who don't want to renew under the current circumstances. In meetings last month with the former director Dave King, who wants to invest in the club, the Ibrox board had agreed to complete the business review being undertaken by chief executive Graham Wallace before the season ticket renewal process. King will consider the launch as a breach of that agreement and is likely to respond firmly. The results of Wallace's review, and subsequent funding plan, will determine how Rangers approach the attempt to gain promotion from the Championship next season. They will also go some way to determining King's approach. He wants to provide funds to invest in the team and the football infrastructure now, to enable Rangers to return and then immediately compete in the top flight. In his view, this should be done through the issuing of new shares, which could grant him overall control. The board agreed to similar sporting aims, but do not have the money to finance it since the cash reserves have run out. Wallace needs to cut around £3m from the current running costs, and increase the revenue streams, just to bring the business to an even keel, but the season ticket money is also required just to keep the business going. This is the backdrop to the renewal campaign, which is symbolic of the lack of unity that abounds. Wallace announced at the AGM that his business review would take 120 days, which ends on Thursday 17 April, yet in the notes accompanying the interim results last month he indicated that it might be the end of April before the review and report to the board are completed. The business's going concern status was also only signed off on the basis of the price rise and a modest uplift in renewals. Despite Rangers embarking on their bid for promotion back to the Premiership, in a second tier that will contain Hearts but also possibly other leading clubs, it seems a stretch to believe that more than 37,000 will sign up for season tickets. As well as uncertainty about what funding will be available, or if only cuts will be imposed on the squad, supporters have grown weary of the quality of football this season. The defeat by Raith Rovers in the Ramsdens Cup final drew a disdainful response, and there is still a Scottish Cup semi-final against a talented Dundee United side to address. Either through concern about the quality of the football, frustration with the board and the direction of the club, or just a doubt about the club's financial stability when £1.5m in loans had to be sought from two shareholders last February and both Ibrox and Murray Park require maintenance work, the willingness to renew is being eroded. It has previously been a matter of faith, an indication of the supporters' ongoing commitment to their team. It is now a matter of judgement, of trust or otherwise. There is no incentive to renew immediately, and even missing the 6 May deadline would not be critical since there is no waiting list and supporters who hold off could still retain their seats. The alarm for the directors is a significant drop off in numbers, since this would drastically undermine their means to continue, and make it more difficult, perhaps even impossible, to hold off King. Rangers will receive the season ticket income up front, since a finance company will underwrite the options that allow fans to pay in instalments, a common arrangement in football. The first £1.5m raised, though, will be used to pay back the shareholder loans - from George Letham and Sandy Easdale, who is also a director on the football club board. The directors will watch the initial renewal numbers with concern, while some supporters will await the review, and others will wait to see what the general uptake is like. With the money raised from the initial public offering of shares in December 2012, and two tranches of season ticket money, having been spent, wariness is widespread. It is also political, since the future of Rangers - as it stands - would seem to either involve cost-cutting under the current powerbase of directors and a group of aligned shareholders, or King becoming the significant influence. Fans can buy tickets on a game-by-game basis. The season ticket uptake will reflect the mood for change or otherwise, but also go some way to determining Rangers' short-term future.
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SOS - George Angus has been escorted from the building today?
ian1964 posted a topic in Rangers Chat
Sons of Struth about an hour ago Hearing that George Angus, previously Morgans consultant who ended up employed by club after consulting in staff redundancies has been escorted from the building today. apparently at request of Nash. Is this one of the historic contracts come to light? https://www.facebook.com/SonsOfStruth -
When is the 120th day or has it passed? Not sure if we're counting from Wallace's appointment or the AGM. Also, what's the chances of hearing "the review is over and proposals will be out in 4 week" just to keep us hanging on? It's clear the majority of fans don't trust the board so I'm not sure how they can win hearts and minds without making a magnificent gesture which is tangible to us. Even then it'd be viewed with suspicion but our fans are easily led from the Blue Room. Obviously there's talk of a new share issue but is that realistic when they know King might walk in and scoop up the shares, assume control, and go about clearing the decks for his own people? Wallace might welcome this but I highly doubt Easdales and Laxey will. The small matter of BPH and Margerita most likely objecting to their holding and future earnings dwindling is another factor to count in which could scupper any new share issue. Negative loyal!
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Rangers fans want the club to provide a facility by which they can pay extra monies to the club. That is the overwhelming message I am hearing from supporters who want to counter any shortfall from season ticket boycotts next season. Whilst the general perception is that any withholding of season ticket revenue will only actually be carried out by a small hardcore of rebels, loyal supporters are keen to make sure that there is no negative impact on club finances. I already know of bears who intend to buy extra season tickets and many more who might not go that far are still motivated to pay an extra sum on top of their season ticket money. In essence, fans want a fund set up whereby they can donate monies to the club. This would mean that when purchasing season tickets, they could donate an extra £25, £50 or £100 to the club. Another possibility is that when supporters buy merchandise at the Megastore, they are given the facility to pay change towards the fund. Similarly, collection cans could be placed in the food kiosks for bluenoses to stick their change into after buying grub. A donation button could be placed on the club website and events could be held by supporters club with the fund benefitting. I have not spoken to one Rangers fan who is not excited by the prospect of being able to chip in and help the club. This is not a begging bowl mentality by any manner of means – it is fans doing what they can to keep Rangers prosperous. The fund could, of course, be ringfenced for the playing pool or specific projects. It would be easily accounted for in the club accounts and could be monitored by an independent body. Far from it being a stopgap method to help the club through a difficult period, this fund could become an important method of non-equity financing over time. It also gives genuine supporters a chance to contribute to the club’s progress and gives them a say in the club’s destiny. If the money is used for the playing pool, it also helps fans feel good that the players they watch have been brought to the club partly by their own contributions. I think another benefit would be to help unite the divided support and give a focus to bluenoses. It also helps fans become proactive in a positive way. Many fans want to help the club at this moment in time but feel they have no outlet. At this critical point in history, the creation of a fund that fans can pay into purely for the benefit of Rangers Football Club is a great way to keep the wolf from the door and is another buffer against financial disaster. All those people who keep telling us that being the fan of a football team is far more than just being a consumer now have the opportunity to put their money where their mouth is and prove their argument. The principle is simple: If you love your team, step up and pay! Would you happily pay extra money to keep Rangers strong financially? If so, let me know in the Comments below or contact the club direct. http://www.rangers.co.uk
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MICHAEL MOLS has challenged the Rangers board to prove they regard the club as more than just a cash cow to be milked dry and insists a number of former players are waiting in the wings to provide an international scouting network on the cheap. The 43-year-old Dutchman - who played up front for the Ibrox side in a more prosperous era between 1999 and 2004 - travelled to Gayfield to watch the weekend's 2-1 SPFL League 1 victory over Arbroath and revealed that an ex-players' collective is ready to help reconstruct a now nonexistent element of the infrastructure at their former employers. http://www.heraldscotland.com/sport/football/rangers-can-call-on-international-rescue-mols.23828999 I don't have access to the full article.
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Genuine question because I think Dave King could get blamed for something he is not totally responsible for. I honestly believe, after speaking to hundreds of other fans, that they have had enough of the complete and utter dross being served up on the park. Nothing to do with boardroom stuff. -
.......and it's fast-fading for Graham Wallace and the Rangers board. KEITH looks at how Rangers' CEO Wallace's reputation has been damaged in recent months and says that his business review, published in a fortnight's time, will give him an opportunity to salvage it. RIDDLE me this. It’s a priceless commodity and yet it costs nothing at all. It cannot be bought but its every ounce must be thoroughly earned. If Graham Wallace could solve this puzzle then his task as Rangers chief executive would be made a great deal more easy. The answer, of course, is trust. And it’s been his biggest issue ever since he agreed to wade into the quagmire that is the Ibrox boardroom. Simply by willingly associating himself with the board which appointed him, Wallace was up to his knees in inherent suspicion from the start. But his long-standing professional reputation bought him a bit of time. To many, he was the acceptable face of an otherwise intolerable regime. Five months on, however, Wallace’s mask might be starting to slip. Because on Thursday of last week, just hours after putting his name to the Ibrox club’s latest declaration of multi-million pound losses, Wallace found his integrity being called into question by the very supporters he has been struggling so hard to convince. The Union of Fans – an umbrella group made up by various factions – accused Wallace of “misleading” season-ticket holders and shareholders alike over the true state of Rangers’ finances. And all at once the CEO became a busted flush because if he really has lost the trust of his own customers then it’s hard to see any way for him to claw it back. His silence, as well as that of chairman David Somers in the five days since, has been of the deafening variety. Then again how exactly is Wallace supposed to talk his way out of this one? How on earth can he explain why he stood up at the club’s agm on December 18 and insisted robustly that all was well when, with the benefit of hindsight, the whole world can now see that plainly it was not. For the record here’s a taste of what Wallace told the assembled shareholders: “There is sufficient cash in the business to fund the ongoing needs of the club in the near term. There has been speculation in the Press that we are teetering on the brink of administration. That is categorically not the case. There is sufficient funding to continue to trade as we normally would.” Now Wallace may not have been attempting to mislead about any of the above. If, by the near term, what he meant was really the next three or four weeks. And if, by categorically pooh-poohing the risk of another administration, he already knew how he was going to raise the money needed to plug a £4m black hole for the rest of the season. It could also be argued in Wallace’s defence that he himself had been misled, perhaps by the then financial director Brian Stockbridge who lost his job very soon after. And none of that can be discounted. But, if you believe it then you must also ask how it could be that a man with Wallace’s credentials as a financial big hitter, would allow himself to be placed in such a position. If, when he stood up to speak at the agm, he really wasn’t armed with the full extent of the club’s dwindling cash reserves, then what does that say about his own competence as a CEO? And here’s the really tricky bit. What if, less than a fortnight after the agm, frantic discussions were taking place behind the scenes, not just about how to keep the floodlights switched on through February but also how best to keep everyone else (particularly those in the market place) in the dark about this need to raise emergency funding? In fact, what if the board had been preparing for precisely this penniless scenario since as long back as last September, when they first opened negotiations aimed at raising £2m against assets such as the jumbo screens at either end of the stadium? The truth is, it was only after this potential deal collapsed, at around the time of the agm, that the Rangers board was forced to look at alternatives and ended up agreeing controversial loan deals for £1.5m with two shareholders, Laxey Partners and Sandy Easdale. And yet on February 25 in an exclusive Q&A with Record Sport after this arrangement had been announced, Wallace said: “Football is a very cyclical business, with big incomes generated early in the summer which progressively run down. So this is not a crisis move. It’s not a last-gasp policy. “We have some fairly significant income streams that will arise in the summer. So this is just a short-term facility. We have no bank debt, no overdraft and a balance sheet which is probably the envy of a lot of football clubs but yet consistently everybody talks about us being in a crisis.” Wallace added: “The need for a financial facility is no different for Rangers than for any normal business. We need time for people to see how the business is being operated and to rebuild people’s trust in Rangers as an organisation and trust in the credibility of those who are running it.” There’s that word again. Trust. In little more than two weeks’ time Wallace will have another chance to start earning it, or at least winning some of it back, when he delivers his 120-day business review. It will be interesting to note if he will put his name to one particular plan which has already been floated at boardroom level. It involves not just a huge hike in season-ticket prices but also asking fans for additional cash payments which would be ringfenced and used for spending on their team. Now that really would be one test too many for the patience of this support which is already hankering for Dave King’s millions to give the club an easy fix. Given the hand-to-mouth existence of Wallace’s club, it is becoming increasingly difficult to understand why the man in charge is not shifting heaven and earth to bring King’s money inhouse. Immediately. The longer King is kept at arm’s length the less trust these fans will have for Wallace and his regime. It really is that simple. And you don’t need a badge in riddle solving to work out where that leaves Wallace and Somers with these supporters.
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RIDDLE me this. It’s a priceless commodity and yet it costs nothing at all. It cannot be bought but its every ounce must be thoroughly earned. If Graham Wallace could solve this puzzle then his task as Rangers chief executive would be made a great deal more easy. The answer, of course, is trust. And it’s been his biggest issue ever since he agreed to wade into the quagmire that is the Ibrox boardroom. Simply by willingly associating himself with the board which appointed him, Wallace was up to his knees in inherent suspicion from the start. But his long-standing professional reputation bought him a bit of time. To many, he was the acceptable face of an otherwise intolerable regime. Five months on, however, Wallace’s mask might be starting to slip. Because on Thursday of last week, just hours after putting his name to the Ibrox club’s latest declaration of multi-million pound losses, Wallace found his integrity being called into question by the very supporters he has been struggling so hard to convince. The Union of Fans – an umbrella group made up by various factions – accused Wallace of “misleading” season-ticket holders and shareholders alike over the true state of Rangers’ finances. And all at once the CEO became a busted flush because if he really has lost the trust of his own customers then it’s hard to see any way for him to claw it back. His silence, as well as that of chairman David Somers in the five days since, has been of the deafening variety. Then again how exactly is Wallace supposed to talk his way out of this one? How on earth can he explain why he stood up at the club’s agm on December 18 and insisted robustly that all was well when, with the benefit of hindsight, the whole world can now see that plainly it was not. For the record here’s a taste of what Wallace told the assembled shareholders: “There is sufficient cash in the business to fund the ongoing needs of the club in the near term. There has been speculation in the Press that we are teetering on the brink of administration. That is categorically not the case. There is sufficient funding to continue to trade as we normally would.” Now Wallace may not have been attempting to mislead about any of the above. If, by the near term, what he meant was really the next three or four weeks. And if, by categorically pooh-poohing the risk of another administration, he already knew how he was going to raise the money needed to plug a £4m black hole for the rest of the season. It could also be argued in Wallace’s defence that he himself had been misled, perhaps by the then financial director Brian Stockbridge who lost his job very soon after. And none of that can be discounted. But, if you believe it then you must also ask how it could be that a man with Wallace’s credentials as a financial big hitter, would allow himself to be placed in such a position. If, when he stood up to speak at the agm, he really wasn’t armed with the full extent of the club’s dwindling cash reserves, then what does that say about his own competence as a CEO? And here’s the really tricky bit. What if, less than a fortnight after the agm, frantic discussions were taking place behind the scenes, not just about how to keep the floodlights switched on through February but also how best to keep everyone else (particularly those in the market place) in the dark about this need to raise emergency funding? In fact, what if the board had been preparing for precisely this penniless scenario since as long back as last September, when they first opened negotiations aimed at raising £2m against assets such as the jumbo screens at either end of the stadium? The truth is, it was only after this potential deal collapsed, at around the time of the agm, that the Rangers board was forced to look at alternatives and ended up agreeing controversial loan deals for £1.5m with two shareholders, Laxey Partners and Sandy Easdale. And yet on February 25 in an exclusive Q&A with Record Sport after this arrangement had been announced, Wallace said: “Football is a very cyclical business, with big incomes generated early in the summer which progressively run down. So this is not a crisis move. It’s not a last-gasp policy. “We have some fairly significant income streams that will arise in the summer. So this is just a short-term facility. We have no bank debt, no overdraft and a balance sheet which is probably the envy of a lot of football clubs but yet consistently everybody talks about us being in a crisis.” Wallace added: “The need for a financial facility is no different for Rangers than for any normal business. We need time for people to see how the business is being operated and to rebuild people’s trust in Rangers as an organisation and trust in the credibility of those who are running it.” There’s that word again. Trust. In little more than two weeks’ time Wallace will have another chance to start earning it, or at least winning some of it back, when he delivers his 120-day business review. It will be interesting to note if he will put his name to one particular plan which has already been floated at boardroom level. It involves not just a huge hike in season-ticket prices but also asking fans for additional cash payments which would be ringfenced and used for spending on their team. Now that really would be one test too many for the patience of this support which is already hankering for Dave King’s millions to give the club an easy fix. Given the hand-to-mouth existence of Wallace’s club, it is becoming increasingly difficult to understand why the man in charge is not shifting heaven and earth to bring King’s money in house. Immediately. The longer King is kept at arm’s length the less trust these fans will have for Wallace and his regime. It really is that simple. And you don’t need a badge in riddle solving to work out where that leaves Wallace and Somers with these supporters. http://www.dailyrecord.co.uk/sport/football/football-news/keith-jackson-its-matter-trust-3303691
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Given the dire state of the published interim accounts (despite whatever way folk would like to look at them) - I am yet again left with a lot of questions about how the board are running the club and how they foresee us pulling through. However we all know that over the past almost 4 months, the only answer we are constantly given is 'wait until the 120 day business review is completed'. This excuse is often compounded with the 'previous regime costs' and 'previous shortsightedness' that seemed to be the basis for some decisions. Personally speaking, I have lost all faith in the board. I do not see any results from the investment committee, the Easdale's continue to operate within shroud of mystery and their behavior is nothing short of appalling, the debacle with King / Irvine which must have came from instruction from the board, the Laxey loan agreement etc. Therefor I do not hold out much hope on the outcomes of this review other than what was intimated by Somers - the fans will need to provide cash to bail out the club by season tickets, which I have to say is a totally unacceptable stance to take given the lack of performance that can be easily read from the accounts. As stated, that's my personal view - and I would love to be proven wrong with a positive outcome of the review detailing new ventures / revenue streams / investment plans as well as a detailed account of how the business has been operated over the past 18 months or so. However I was keen to see what other folk think the outcomes of the review will be? Do we have any faith in this 120 day exercise? Will Wallace finally prove he has the substance to continue in his position at Rangers? Will the board finally 'let go' of the historic excuse of the Green / Ahmed / Whyte era? The past few weeks news headlines and media articles have almost laid down the gauntlet to the board - and I certainly still feel that the next move must be theirs, which will undoubtedly be the publication of the review findings. I fear that these results will not be enough to appease the support which will lead into another period of uncertainty.
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“We note today’s interim results which show a drop in revenue excluding the Sports Direct deal, a failure to address operating costs during the period to December 2013 and doubts over the cash position of the club going forward. The most important issue, and one which highlights the obvious need for substantial investment, surrounds the cash position of the club both at this present moment and at the AGM last December. The CEO, Graham Wallace, stated at the AGM that there was “sufficient cash in the business to fund the ongoing needs of the club in the near term”. It appears from both these interim results and the recent loan of £1.5m from shareholders that this statement at the AGM may have been somewhat misleading. It is unclear exactly how it could have been stated by the board at that time, with any confidence, that there was sufficient cash even for the short term and we would like Mr Wallace and Mr Somers to explain this as a matter of urgency. We would also like to address Mr Somers comments on the consequences of the possible withholding of season ticket money. We are certain that not a single one of the 6500 fans, and counting, who have so far shown interest in the idea of a season ticket trust, have any wish to withhold any money from the club. However, it would be foolhardy for fans to once again commit their money without any kind of transparency or security. The fans have shown outstanding loyalty and commitment in the past two years, both via the IPO and two sets of unprecedented season ticket sales, but we have seen that loyalty thrown back in our faces as money has been squandered. Mr Somers acknowledges how vital season ticket cash is and the need for the board to build trust with the fans. What better way to do that than to give security over vital club assets - Ibrox and Auchenhowie - to the fans in return for that much needed income? The board have publicly stated that they have no plans to use these assets for any other security, or a sale and leaseback, and so there is no impediment to them agreeing to the terms of release. For the avoidance of doubt, there is no plan to drip feed season ticket money on a game by game basis. The proposal is simply that season ticket money is paid in a lump sum, prior to the start of the season, in return for security over club assets. This will allow fans to be safe in the knowledge that no matter what happens the club’s assets will be in good hands. We also note Mr Somers statement about fan engagement but, since announcing the trust, we have had no contact from the board. Given the obvious and urgent need for investment, we would once again urge the board to accept Dave King’s offer of £30m so that both the fans and the club can move forward in harmony.” http://www.unionoffans.org/statements/ctbbhmeyvnm6jucnohohhbl3jce9ay
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GRAHAM WALLACE, the Rangers chief executive, has revealed that manager Ally McCoist will learn his budget for next season before his review of the business is concluded. Wallace is coming towards the end of his 120-day analysis of all aspects of the club's business, and with Rangers promoted to the SPFL Championship, the manager had revealed a desire to make signings, despite the club's precarious financial position, as highlighted by the release yesterday of their interim results. Now Wallace plans to give McCoist an indication of his likely budget before his review is concluded next month. "In terms of the overall financial number [for the playing budget] we will agree what that is and then work within that on the playing side," said the chief executive. "In terms of determining our football player needs and squad needs that does not wait until the end of the 120 days. "Ally McCoist and myself are in constant dialogue in terms of assessing the current squad. He has his views on areas he would like to strengthen for next season and we are working on looking at the alternatives in terms of meeting that need. Once we finalise the overall financial budget that will give us a clearer indication of what we want to do. It would be wrong for anybody to think that everybody is sitting on their hands waiting on the outcome of the review." http://www.heraldscotland.com/sport/football/wallace-plans-early-budget-for-mccoist.23814048
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http://www.heraldscotland.com/news/home-news/qa-rangers-chief-executive-graham-wallace-on-finances-the-review-and-the-clubs-future.1396009021 Can somebody copy and paste.
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There are real doubts about Rangers' ability to continue as a going concern THE chairman issued the dire warning, which he claims is a direct result of fan proposals to drip-feed season-ticket money to the club via a trust fund. RANGERS chairman David Somers has admitted that "material uncertainty" over season ticket income may cast doubt about the club's ability to continue as a going concern, as the Ibrox outfit announced its cash reserves fell by more than £17.5million last year. Rangers announced a loss of £3.7million in the seven months up to the end of 2013, an improvement of 50 per cent on the same period 12 months earlier. But they had just £3.5million cash on December 31, despite bringing in £22million in an initial public offering (IPO) share issue just over a year earlier. The main Rangers supporters' groups recently raised the possibility of drip-feeding season-ticket money to the club via a trust fund amid continuing distrust over the board's ability and intentions. And the club, who recently arranged loans totalling £1.5million from two shareholders, admits that casts a shadow over the club's immediate future. In the interim report, Somers said: "This possibility results in the existence of a material uncertainty which may cast doubt about Rangers' ability to continue as a going concern and therefore that the company may be unable to realise its assets and discharge its liabilities in the normal course of business. "Nevertheless, after making the appropriate enquiries and considering the uncertainties referred to above, the directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the interim results." Earlier this month, the Union of Fans, which incorporates all of the main Rangers supporters' groups, urged fans to put season ticket money into a trust, from which it would only be released to the club when assurances were met, including security over Ibrox and the Murray Park training ground. The club's independent auditor, Deloitte, stated the uncertainty might cast "significant" doubt over the club's ability to continue as a going concern. The club have made assumptions including that they "modestly" increase their season-ticket numbers, which stood at 36,000 in League One, next season and beyond. The improvement in financial performance is in large part down to increased retail sales with the club reporting its partnership with Sports Direct was worth £4.8million in the seven months, up from £900,000. Revenue was up 38 per cent to £13.2million, however operating expenses also increased slightly to £16.8million. Staff costs were down £800,000 to £7.5million but the club pointed out that £500,000 was spent on severance payments. Somers and chief executive Graham Wallace came in towards the end of the period and the latter is conducting a 120-day review of the business, and they explained some of the spending that meant cash reserves fell from £21.2million in a year. Somers said: "The majority of the money raised from the IPO in December 2012 had been spent by June 2013 on IPO related fees and commissions, severance payments, the purchases of the Albion car park and Edmiston House and to fund ongoing operating losses. "The club incurred a further £7.7m of cash expenditure in the six months to 31 December 2013, funding additional fixed asset purchases and operating losses. In total the club has spent over £4m on fixed assets since the IPO that are not yet generating incremental revenue." Somers admitted operating costs had been unsustainable. http://www.dailyrecord.co.uk/sport/football/football-news/fears-future-ibrox-chairman-david-3290753
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MARCH 25, 2014 UNION OF FANS STATEMENT 25TH MARCH 2014 by Union of Fans The Union of Fans (UoF) is delighted that Dave King has publicly stated his impressive plans for Rangers via a number of newspaper interviews. His vision for the club is extremely welcome as is the personal financial commitment he is willing to make. Like all Rangers fans, Dave King and UoF want to see the club back operating to high standards on and off the pitch and in the boardroom. We firmly believe that the involvement of Dave King is the best chance of those standards being attained in the short, medium and long term. It was clear from our discussions with him last week that the £30m+ Mr King is willing to invest is crucial to take the club back to a competitive level and improve the infrastructure and facilities. The club has been neglected, that cannot continue. Only once this investment has been made will Rangers be able to live within its means, something we all want for the longer term future. Until then Dave King has made it clear he will do what is necessary to get Rangers back to where we belong and where we can be self-sustainable. It is also important that Dave King chose to make his views public to the widest possible range of Rangers supporters by conducting interviews with four different newspapers with a combined readership of over 2M people. There can no longer be any criticism of him only speaking privately to supporters groups, though he has pledged to continue that important dialogue in order that the Union of Fans can keep people updated on events. We would now ask the board to indicate publicly, as a matter of urgency, whether they are prepared to accept Dave King’s offer of massive investment. The ball is firmly with the Rangers PLC board, in particular with Chief Executive Officer, Graham Wallace and Chairman, David Somers. Dave King has put a figure on what Rangers need and has shown his commitment to, and ambition for, the club he has supported all his life. Do Mr Wallace and Mr Somers agree with his figures and if they do, how do they propose to raise this large sum of money without Dave King? These are extremely serious corporate matters, therefore they are matters for the PLC board and not for any small, minority shareholder who is not a member of that board and who has no such high level corporate experience. The corporate reputations of Mr Wallace and Mr Somers now rest on their next move. We also note with dismay that Rangers director Sandy Easdale is continuing to pursue what we consider to be a confrontational and frivolous course of legal action against Sons of Struth. We would ask him to remember what it means to be a Rangers director and act accordingly if he wishes to enjoy the privileges of that position.
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keith jackson @tedermeatballs @kevineasson i hear they will be announced tomorrow keith jackson @tedermeatballs 22m Celtic on the brink of celebrating another title. Rangers on the brink of announcing more enormous losses. Interesting 24 hours ahead.
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http://www.dailyrecord.co.uk/sport/football/football-news/keith-jackson-its-check-mate-3286265#.UzKOhg6Tggg.twitter
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Sunday, 23 March 2014 15:45 48-Hour Wait For Duo Written by Andrew Dickson RANGERS hope to find out the extent of damage done to Nicky Law and Ian Black in today’s win at Brechin inside the next 48 hours. Midfielder Law went off in the first half of the 2-1 success in Angus after hurting his back and he was replaced by Sebastien Faure. Black then had to be carried off on a stretcher after he went to shoot and connected with the sole of an opponent’s boot instead in the second period. The ex-Hearts star left Glebe Park on crutches but Gers are hopeful his foot will just be badly bruised rather than anything more serious. It remains to be seen if he’ll be fit enough for next weekend’s trip to face Arbroath at Gayfield but that will become clearer as the week goes on. At this stage, it appears Ally McCoist is more optimistic of having Law available for the meeting with the Red Lichties. After the final whistle sounded on a success which takes Gers 32 points clear of Dunfermline in League One, he hinted the Englishman’s withdrawal was a precaution more than anything. McCoist – already without key men Andy Little and David Templeton in the coming weeks - said: “At this moment in time they are both toiling. “We won’t really know how they are for another 24 to 48 hours. Blackie’s got a sore one. He went to strike the ball, the lad went to block him and I think everyone in the crowd heard it. “It looked and sounded like a sore one so he’ll ice it just now and we’ll reassess that one tomorrow morning. “Nicky is very much the same. He just felt he twisted his back a bit on a run through in the first half and we weren’t taking any chances so we took him off.” http://www.rangers.co.uk/news/headlines/item/6597-48-hour-wait-for-duo
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Alasdair Lamont @BBCAlLamont 1m Rangers transfer Laxey £1m loan to fan and shareholder George Letham at a reduced interest rate.
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Exclusive Dave King interview in @TheEveningTimes and @TheHeraldPaper tomorrow. A must read for #Rangers fans Can't give too much away mate sorry. £m are mentioned for the first time and good stuff on his motivation for getting involved. From Chris Jack on twitter. For those interested.
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By Richard Wilson BBC Scotland There are still challenges to overcome, not least the continuing lack of a title sponsor for the Scottish Professional Football League, but individual clubs can still thrive. The level of debt being carried by top-flight teams is falling, and that presents an opportunity. Dundee United and Kilmarnock recently secured debt-reduction deals with Lloyds Bank. Two clubs whose financial priority had to be servicing seven-figure debts can now maximise the worth of their incomes. Celtic's interim results for the financial year to 31 December showed a surplus in the bank, while Motherwell, St Mirren, St Johnstone and Inverness Caledonian Thistle are all free of long-term debt. Hearts are due to emerge from administration with the Foundation of Hearts having taken over a debt-free club that will eventually be turned over to full supporter ownership when the purchase price is paid back through fan subscriptions. Ross County's rise up the leagues has been enabled by the largesse of Roy MacGregor. Hibernian and Aberdeen are still carrying debt, around £5m and around £9m respectively, but there is an appetite within Lloyds Bank to seek an outcome that protects the community aspect of football clubs, as seen in the deals struck with Dundee United and Kilmarnock. The effect is to present Scottish football with a chance to redraw its priorities and establish a time of financial stability. "Banks are taking more of a pragmatic view, which says that what we really want is out of this situation, so we will do a deal, if that makes sense, and if the club can sustain itself," says Charles Barnett, the professional sports group partner at BDO, whose annual review of football finances will be published at the beginning of next season. "There's been one or two clubs recently, like Motherwell, who since they got out of their [financial] troubles have regularly reported a break-even type model. That doesn't mean breaking even every year, but over a period of time, so a small profit one year and a small loss the next. John Souttar (left) and Ryan Gauld are two of Dundee United's brightest talents. John Souttar (left) and Ryan Gauld are two of Dundee United's brightest talents. "We have less sponsorship income in general around the country, TV revenues aren't going anywhere at the moment and attendances at some clubs are doing well and falling away a bit at others. It's an incredibly challenging environment. But this is an opportunity." The removal of debt burdens allows clubs to focus on reinvesting in sporting performance. Dundee United offer a prime example, since the club's youth development programme has delivered a regular supply of promising young talent into the first-team squad. Transfer fees were inevitably required for the likes of David Goodwillie - £2m to Blackburn Rovers - and Johnny Russell - £750,000 to Derby County - since United had debt payments to service. The Tannadice club can drive a harder bargain now that a group of fan investors have contributed to the wiping of £4m in debt . Clubs will covet the likes of Stuart Armstrong, Ryan Gauld, John Souttar and Andrew Robertson, but United are under no pressure to sell. This allows Scottish clubs more leeway in attempting to keep young talent in the country for longer before the financial pull of the English game eventually draws them south. Aberdeen are among those who have suffered from losing players before they establish themselves in the first team, with Jack Grimmer leaving for Fulham when he was 17 and Ryan Fraser leaving for Bournemouth at 18. Hibernian and Hearts have established a strong reputation for developing young talent, and Scottish clubs can exploit the worth of that reputation. English teams will always be able to offer higher wages, but many young Scots, like Goodwillie and Grimmer, have travelled south and seen their careers stall. To keep young talent in the country for longer, and to the benefit of Scottish football, players need to be certain that their game will develop further through regular first-team experience. That will enable them to become better and so still attract a future transfer, but clubs needs to be financially stable enough to make decisions based on sporting rather than income merits. "The stronger the club's financial position, the stronger they can be in the transfer market," says Ross Wilson, formerly head of football development at Falkirk and now head of football operations at Huddersfield Town. Continue reading the main story “I'm struggling to think of a club that has made significant investment in its youth academy and not managed to produce players” Ross Wilson Falkirk's former head of football development "But also, the stronger the club's brand becomes in terms of being regularly capable of producing young players, so they can eventually leave at a premium. "For example, Crewe Alexandria are a League One club, but when they sell players it's at a premium compared to clubs around them, because historically they have a reputation for being a strong developer and seller of players. "That could be replicated in Scotland, with clubs consistently producing players for the first team." Most clubs will have no option but to live within their means, so the ideal is to improve those circumstances. The benefactor model has been undermined following the financial collapses of Hearts, Rangers and Motherwell, while supporters are less inclined to welcome investment for the purpose of making a return because sporting performance needs to be the priority. There is also little wealth to be made in the Scottish game when external revenue streams are so modest. "No bank is prepared to lend new money into the sector in Scotland," says Barnett. "Therefore clubs have to learn to live within their means. And what's the purpose of a football club? "In my view, the objective should be to operate a balanced budget over a period of time, not making big or regular small profits." Youth development, smart player trading, all from a stable financial basis, offers Scottish football clubs an opportunity to build a sense of optimism. Supporters also tend to bond with home-grown talent, while the national team will benefit from a growing emphasis not only on academy graduates, but finding a way to keep them in Scottish football for longer so that if they eventually leave for England, they are better able to thrive at a higher level. "I'm struggling to think of a club that has made significant investment in its youth academy and not managed to produce players," says Wilson. "If you're making proper investment in it, in terms of the structure and the people you bring in, then it reaps the rewards of players being produced and being sold."
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So sayest the Scottish Sun Can't say I have seen much of him, FFers rate him as good talent (though the Yahoos were linked with him in January). Like Gavin Gunning (whom we'll see in April) of the Arabs a freebie this summer. Cribari is for the off, as are probably Perry and Hegarty. We have to see how any youth player shapes up in these last few months as well, but competition next season will be more demanding and getting experienced freebies on two-years deals et al is still No. 1 option.
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As the title says - an open Q&A where you can come along and ask anything that you like. Everyone welcome. http://www.rangersfirst.org
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.....in radical shake-up if they win next election DEPUTY Labour leader Anas Sarwar told the Record the party will repeal the Offensive Behaviour at Football act as part of a radical shake-up in the way hatred at matches is tackled. THE SNP’s hated football bigotry laws will be scrapped if Scottish Labour win the next election, we can reveal today. The party’s deputy leader Anas Sarwar has told the Record they will repeal the Offensive Behaviour at Football Act as part of a radical shake-up in the way hatred in the terraces is tackled. The Labour announcement will increase pressure on Scottish ministers as it comes just two weeks after Celtic demanded an urgent review of the 2012 Act, which the club described as “unhelpful and counter-productive”. Significantly, the party’s move to scrap the legislation would not be opposed by Scotland’s leading anti-sectarian charity, Nil by Mouth. The SNP’s laws are meant to target sectarian abuse inside stadiums, on the internet and among supporters travelling to and from matches. But Glasgow Central MP Sarwar said yesterday: “The Offensive Behaviour at Football Act is not fit for purpose. “It has proved to be ineffective and unpopular, not least because sectarianism runs far beyond our touchlines and terraces.” He said if they win power at Holyrood in 2016, Labour would tackle sectarianism with “renewed focus” by “ensuring that the police get the support they need, and the well-meaning majority of football fans are respected”. He said the party would focus on “education and prevention, not politics”. Last night, Nil by Mouth campaign director Dave Scott said: “This law has been highly controversial, with courts, police, clubs and fans themselves seeming unconvinced of its effectiveness. We should remember that there are alternatives to legislation.” Community Safety Minister Roseanna Cunningham has ruled out any review of the Act until a study by Stirling University researchers on its effectiveness is completed by August next year. http://www.dailyrecord.co.uk/news/politics/scottish-labour-pledge-scrap-snps-3262872
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http://www.dailyrecord.co.uk/news/politics/scottish-labour-pledge-scrap-snps-3262872 Not a surprise...
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http://t.co/YEh6Ay09Wi The noise around Rangers has abated. A series of statements were released after former director Dave King flew to the United Kingdom last week to meet Rangers International Football Club shareholders, directors and supporters. All parties have now entered a 30-day period in which the board has to produce a business plan that adheres to their public commitments about restoring the club to its former status of title challengers in the top flight and regular European competitors. So what is the state of play in and around Ibrox? Here are five key questions on the latest chapter of the Rangers saga. Has peace broken out? King has the backing of fans groups as he puts pressure on the board It's more a hiatus. Following their meeting with South Africa-based businessman King on Friday, the Rangers directors issued a statement in which they pledged to reveal a business plan that would allow the team "to compete at the highest levels of Scottish and European football". This requires significant investment in the football department, which is currently operating without any scouting staff, and in new players. Yet the board also pledged not to use Ibrox Stadium and the Murray Park training ground as security against any borrowing, which leaves investment from existing or new shareholders as the only likely way to raise finance. King wants to lead that round of fundraising and pointed out that the board of a publicly limited company is bound by its stated commitments. He urged fans to give the board 30 days to comply, which the Union of Fans (UoF) - a coalition of supporters groups - "reluctantly" agreed to. It certainly represents a less adversarial approach. What options are there for the board? Wallace is examining Rangers' finances but has ruled out a second period in administration It is difficult to see them having any choice but to commit to a fresh share issue. This has always been mooted by the chief executive, Graham Wallace, but without setting any timescale. Existing shareholders would need to reinvest to maintain the size of their stake, though. If the club is to invest ahead of challenging for promotion from the Scottish Championship and then mounting a title challenge in the Premiership, the question of a share issue would need to be put to a shareholder vote as soon as possible to allow a two-year football strategy to be put in place. The board has agreed to borrow £1.5m from the shareholders, Sandy Easdale and Laxey Partners, with the loans secured against Edmiston House and the Albion car park, with Laxey also receiving a £150,000 premium in cash or shares. King revealed in his statement last Monday that the directors told him they had agreed to these terms because they "considered that a combination of legal risk and the current financial position justified the loan terms". In effect, the financial state of the club meant that the loans ought to be considered high risk. It is clear that Rangers need investment and that the £1.5m is a temporary sticking plaster. Wallace, though, has consistently stated that administration will not occur. Why 30 days? McCoist is awaiting word on what budget he will have for next season At the annual meeting in December, Wallace told shareholders that he would conduct a 120-day review into the business, with outgoings exceeding revenues while the club is in the lower divisions. This ends in mid-April, but the interim accounts are also due out before the end of March. So, within the next 30 days, shareholders and fans will have a clearer understanding of the current financial state of the club - it is expected that the interims will show a reduction in the £14m losses suffered in the last financial year - and the board's plan to improve its position on and off the field. This will then allow fans to make an objective decision about season ticket renewals, which will follow. What if the business plan does not meet expectations, or the board does not fulfil its pledges? The UoF is pressing ahead with plans to set up a season-ticket trust fund, with lawyers likely to be engaged on the project and trustees appointed thereafter. Before asking fans to wait for 30 days, King had advised them to pool their renewal money, which is the club's single largest income stream, and only give it to the club in return for securing Ibrox and Murray Park to protect them. Existing shareholders will surely also be monitoring events. Is a resolution likely? The current board and the shareholders they represent want to stay in place. King wants to invest directly in the club in return for an influence on how the money is spent. A majority of fans at the last home game against Dunfermline Athletic held up blue cards in support of King. From these three positions, a workable solution needs to be delivered. Conflict is unlikely to resolve anything and ultimately it is finances that will dictate what happens. Rangers either seek new funding, or cut costs, with the latter likely to make life more testing for the manager, Ally McCoist, and Wallace to deliver a team that can eventually challenge Celtic again, at least in the short-term.
