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"The Union of Fans were approached approximately two weeks ago, on behalf of the PLC board, to once again try to reach agreement on a binding legal guarantee over the club's assets. These discussions continued and various drafts were passed back and forth. The statement that the board released yesterday was rejected by UoF last week due to the fact that it does not give a binding guarantee over Ibrox and that several misleading statements are made within it. Despite us negotiating in good faith, the board has seen fit to release the statement anyway. We were seeking written guarantees over both Ibrox and Murray Park. The board removed all reference to Murray Park. This was not an oversight - they are explicitly refusing to include Murray Park in any undertaking. We believe this is because the board are actively looking to sell this vital club asset due to their failure to so far secure enough funds to see the club through the current season. Their statement is also disingenuous and is a slap in the face for the thousands of fans who have given up long cherished seats attempting to get this board to guarantee the future of our clubÂ’s home. Despite their attempts to claim otherwise, it has never been their position to give any kind of legally binding guarantee over Ibrox and they still have not done so. This most recent statement, on behalf of the so called 'Football Board' - not the PLC board - has crucially not been released to the stock exchange and therefore reduces the chance of shareholder action should they go back on their word. The board claim that they are "committed to protecting the assets of the club". Currently the club has four main assets. Two of those, Edmiston House and the Albion Car Park, have already been used as security for crisis loans due to financial mismanagement. The board continues to refuse to give any legally binding safeguard over Ibrox and we believe they are actively looking at a sale and leaseback of Murray Park - a vital asset if we are ever to properly develop our own talent. They have shown no commitment to protecting the club's assets. This board has committed to raising funds from existing investors through a new share issue in September. We do not believe that they have support from those investors for what is essentially money to keep the lights on and we would ask Graham Wallace to urgently clarify the position on new money coming into the club. The board have lost just under half of the club's season ticket holders due to a complete lack of ability to build trust. Even if those fans were to buy season tickets now, the club still does not have the funds to complete the season and yet the board keeps us in the dark over how they will address this shortfall. We ask them to stop the half-truths, spin and smoke and mirrors and tell fans the truth."
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From club website today. THE Board of Rangers Football Club ('the Club') has been asked in the past several weeks to confirm once again that the Club will not grant security over Ibrox to any organisation during the upcoming football season. The Board is happy to reaffirm its position, which has never been a matter of debate, by confirming once again that it will not enter into any form of sale, securitisation or leaseback of Ibrox Stadium. This has been and still remains the Board’s clear and consistent position on this subject as it continues to protect and enhance the assets of the Club. The Board of Rangers Football Club is committed to protecting the assets of the Club for the benefit of all Rangers fans, and to adhering to the highest standards of corporate governance. Season Ticket sales are continuing throughout the next few weeks ahead of the start of the season and we are grateful to the thousands of supporters who have already bought for the 2014/15 campaign. Events over the past few weeks have reminded everybody of the remarkably testing period our incredible supporters have been through in recent years and now is the time for us all to look forwards, together.
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He lost the vote but I'm surprised that seems to have been the end of it? I don't think much of him but it seems odd he has gone completely quiet. Am I missing something?
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THE IMPORTANCE OF SAFEGUARDING IBROX 23rd July 2014 Some have asked why we have such a desire to safeguard Ibrox and claim it's ok for a club to borrow money against it's stadium and to be fair in normal operating conditions this may be the case. Unfortunately our club does not operate within normal operating conditions. To understand the full importance of our position it is important to be aware of the full financial position our club currently operates. Our club does not have enough cash flow to see out the full season that is soon to start. Some predict a shortfall of circa £8m just to allow the club to stay afloat. Due to many issues, last years season ticket holders numbered approx 34,000 and by the end of the renewal date only 50% of these had renewed their seats. It is fair to assume that some new ST will be sold to new ST holders and some old ones may still renew but regardless, the season ticket sales will be significantly lower than last year and after a promotion, one would have expected to see a rise in sales. The much touted share issue that the board would have us believe would be fully supported by institutional investors simply will not be as successful as they publicly admit and sources close to us claim that even the board now feel the money raised will be much lower than they first presumed. The reason for this is simple, they are asking investors to invest more money but this money will not be used to make the club better and worth more it will simply be used to shore up shortfalls in cash flow (remember we were advised by Mr Wallace at the AGM that we had no short to medium term cash shortfalls) If this share issue was to raise funds for assets or player purchases etc then there is a good case for investors to invest more as the business would normally rise in value and they would see an increase in their investment. Our directors expect to go cap in hand and ask investors to give them more money just to stay afloat and this is only 7 months after telling these very same investors that we had no short to medium term cash worries. Would you give it if you had no emotional attachment to the club? I didn't think so. ST sales are well below target and the promised windfall from a share issue looks like just a pipe dream so where does that leave us as a club? Simple, fresh investment is required and is available and not only from Dave King. So why won't the board accept outside investment? I believe this is the reason or at least one of the reasons that our board room is starting to split. Anyone willing to invest at the levels required would rightly ask for a say in the boardroom and here lies the problem. Our faceless investors and hedge fund simply don't want this and although between them they own less then a third of the business, they want to control the full boardroom and don't want to dilute their power. The faceless and the hedge fund are therefore starving our club. We find ourselves a club in a catch 22. We need cash but those willing to give it won't be allowed as the faceless and hedge fund won't agree to them. That takes us back to the main point, Ibrox. If the club were to use Ibrox to raise money then two options are available 1) Sell stadium then lease back or 2) use Ibrox as security in a loan. If we do a sale and lease back agreement then our club will be paying out money over a long period of time just because this current board are way out on their own cash assessments and if we borrow against Ibrox and our club was to once again lurch in to admin then we would lose our stadium to the lender. Neither is acceptable to me as a fan. So what's the alternatives? 1) Mr Easdale can magic the investment he promised on national TV prior to the AGM (has there ever been a public excuse of what happened to this promised investment?) 2) Mr Wallace can find the £5m he told the UoF at a meeting six weeks ago was available "at the click of a button" 3) Mr Crighton can do something he's been paid to do since pre AGM and that is attract investment as when he was introduced to us he was to chair an investment committee with that very aim (what investment have we attracted since he came?) 4) Talk to those willing to invest in the club and compromise with them. It's not a bad word. 5) Stop mucking about with the fans and show a bit of humility. Tell the fans you are listening to them, tell the fans their actions have been noted and tell them you WILL NOT sell or borrow against our stadium instead of hiding behind cute statements with obtuse phrases. But for the sake of the future of our club DO SOMETHING. If you are incapable of finding an alternative then move aside and let others on board that aren't selected by the 30% of investors who are holding our club back or welcome some on board who can bring the faith of the fans and investment with them. Why are Blue pitch, Margareta and Laxey so against others being represented on our board? This will be discussed in the near future Why does this statement not ask about Auchenhowie? Simple, there's no point in asking for something you can't get and our belief for sometime has been that our training ground will go soon as negotiations have been ongoing for some time. It's time for change, either change how our board conduct themselves or change who selects and drives our board members. The alternative isn't worth considering. http://www.sonsofstruth.co.uk/blog.html
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1300 words on a situation that is becoming more worrying and difficult to justify with every day that passes... http://www.gersnet.co.uk/index.php/latest-news/260-ally-mccoist-and-rangers-time-for-some-home-truths
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RFC Maybe we can talk about this without any unecessary snyde remarks about the board?
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Again, not sure if there is a better place to post this thread. I have a Samsung Galaxy S4. I was going to download the Rangers App but got a warning that it is a large file, so stopped. I already get the updates e.g. US Tour stuff via Google+ and by email linked to Google+ and some of the other stories direct form the Club. I don't feel the need to have holograms which I guess are taking up a lot of space. I get matchday stuff like team news on the Sky Sports App where I have Rangers set up. Am I missing anything by not having the app?
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Friday, 18 July 2014 A total of 18 teams with the best disciplinary records across the Scottish Professional Football League, Scottish Highland Football League and Scottish Lowland Football League will be rewarded with Scottish FA Fair Play Award payments ahead of the new season. Following the compilation of the 2013/14 Review of Player Misconduct, the teams that finished first, second and third in the disciplinary table for each league will receive payments of £5,000, £3,750 and £1,250 respectively. Scottish FA President, Campbell Ogilvie, said: “It’s important to encourage fair play across the game, and we believe that offering incentives to clubs, and recognising their efforts, helps to foster and encourage fair play. “We are delighted to issue Scottish FA Fair Play Award payments to 18 teams across the six senior leagues ahead of the new season.” Scottish FA Fair Play Awards Following compilation of the 2013/14 Review of Player Misconduct (based on first team League and Cup appearances), the following payments will be made to clubs: SPFL Premiership 1. Celtic FC (£5,000) 2. Motherwell FC (£3,750) 3. Aberdeen FC (£1,250) See the full SPFL Premiership Review of Player Misconduct here… SPFL Championship 1. Dumbarton FC (£5,000) 2. Cowdenbeath FC (£3,750) 3. Dundee FC (£1,250) See the full SPFL Championship Review of Player Misconduct here… SPFL League One 1. Rangers FC (£5,000) 2. Stranraer FC (£3,750) 3. Dunfermline Athletic FC (£1,250) See the full SPFL League One Review of Player Misconduct here… SPFL League Two 1. Clyde FC (£5,000) 2. Albion Rovers FC (£3,750) 3. Annan Athletic FC (£1,250) See the full SPFL League Two Review of Player Misconduct here… Scottish Highland Football League 1. Keith FC (£5,000) 2. Brora Rangers FC (£3,750) 3. Inverurie Loco Works FC (£1,250) See the full SHFL Review of Player Misconduct here… Scottish Lowland Football League 1. Gala Fairydean Rovers FC (£5,000) 2. Dalbeattie Star FC (£3,750) 3. Spartans FC (£1,250) See the full SLFL Review of Player Misconduct here… http://www.scottishfa.co.uk/scottish_fa_news.cfm?page=2566&newsCategoryID=1&newsID=13515
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http://www.gersnet.co.uk/index.php/latest-news/258-book-review-born-under-a-union-flag-rangers-the-union-scottish-independence -
Christian Nerlinger has delivered a blow to Rangers chief executive Graham Wallace by rejecting the chance to become the club’s new football operations officer. The German, who played for Rangers between 2001 and 2004, held talks with Wallace about returning to Ibrox and filling a role similar to the one he previously held at Bayern Munich. The pair met twice in recent weeks but Sportsmail understands that, after careful consideration, 41-year-old Nerlinger has decided to decline. The appointment of a new football figurehead was one of the key recommendations of Wallace’s 120-day business review of the club. Had Nerlinger accepted, he would have been responsible for player identification and recruitment. Rangers boss Ally McCoist would have welcomed assistance in that department but any new appointee would essentially have assumed some of the manager’s duties. Ultimately, McCoist is understood to favour the establishment of a new scouting system, an area that has been neglected during the attempts to recover from financial meltdown. http://www.dailymail.co.uk/sport/football/article-2690180/Christian-Nerlinger-turns-chance-Rangers-football-operations-officer.html -
Now that the fixtures have been announced we can review options for the The Second Semi Annual Gersnet Dinner As a reminder - The official result of the official poll for the second Official Gersnet Dinner was a draw: Early Season - August/September 4 votes 40.00% Autumn – October/November 4 votes 40.00% In the posts on the thread some specific dates were highlighted: Frankie (who was unable to attend the first dinner for the same reason) has weddings on the 8th and 9th of August. JC said that he is doing the deed on the 24th August and then off for a European road trip for 10 days so anytime after about the 6th Sept suits him fine. SC said not Aug 20 – 23 or the weekend of September 19th when he’s getting married. There was a suggestion that we should avoid the September weekend as well, which is the following weekend of 27/28 September. Personally I'm not convinced that the September weekend is a big issue any more especially as we have an attractive fixture that weekend. GS commented that if we have something reasonably early we can perhaps then have crimbo drinks. STB pushed September/October time from the start. Whilst it does seem reasonable to go somewhere in between the two winning time zones, which would argue for September or October (at the same time as accommodating GS’s comments about leaving the way clear for Crimbo Drinks - which someone else can organise thank you very much!), the recently announced fixtures have not been kind to us in that respect with only two home games over the two months: 27 September 2014 v Hibernian (September weekend, see above) 18 October 2014 v Raith Rovers As I said before, I didn’t say anything before the poll because I didn't want to influence the voting in any way but I will be away from 12 October to 1 November and apart from ruling me out of 18 October, effectively that means that I cannot organise anything for after 4/5 October until about mid November, say the 15th/16th, which is the weekend Scotland play RoI (Friday 14th). (However, whilst I would like to be at the dinner, I don’t have any problem with someone else assisting or taking over if it is decided to go with the 18 October.) We then have two home games in November 2014: 8 November 2014 v Falkirk 15 November 2014 v Alloa Athletic (may be postponed if Rangers have players in the Scotland squad) which dates are within the poll result. Given these limited options and despite the original lack of support in the poll for any dates in 2015, I think it’s best to have a new vote including the options in 2015. Comments and suggestions welcome.
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Rumours in Twitter land and elsewhere that case has been dismissed. Any info?
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Regulatory Story Company Rangers Int. Football Club PLC TIDM RFC Headline Statement re: Annual results Released 16:55 07-Jul-2014 Number 6537L16 RNS Number : 6537L Rangers Int. Football Club PLC 07 July 2014 Rangers International Football Club plc ("Rangers" the "Club" or the "Company") Statement re: Annual results for the 13 month period ended 30 June 2013 The Directors confirm that following the issue of shares announced on 1 July 2014 pursuant to the exercise of options by a former Director, there are now no outstanding share options or convertible shares held within the Group. The Directors note that Note 30 to the accounts for the 13 month period ended 30 June 2013 was incorrect to the extent that the options to which the share announcement on 1 July 2014 relate were not included. For further information please contact: Rangers International Football Club plc Graham Wallace Tel: 0141 580 8647 Daniel Stewart & Company plc Tel: 020 7776 6550 Paul Shackleton / David Coffman Newgate Threadneedle Tel: 020 7148 6143 Graham Herring / Roddy Watt / John Coles This information is provided by RNS The company news service from the London Stock Exchange END STRUGUCAMUPCGAM London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply. ©2009 London Stock Exchange plc. All rights reserved http://m.londonstockexchange.com/exchange/mobile/news/detail.html?announcementId=12008964
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How long do we wait after the 120 days ???? review? http://www.dailyrecord.co.uk/sport/football/football-news/rangers-boss-ally-mccoist-admits-3813756 McCOIST is seeking clarity on what the operations officer role would entail and whether he'll be allowed to appoint someone else to head up the club's scouting network. ALLY McCOIST has admitted he’s in the dark over Christian Nerlinger being lined up as chief football operations officer at Rangers. And the Ibrox boss wants clarity on what that new role would entail as he still doesn’t know if he can bring in someone else to head up the club’s scouting network. Chief executive Graham Wallace claimed an operations officer was needed in his 120-day business review back in April. And former Gers midfielder Nerlinger is said to be on the radar, having held a similar position at European giants Bayern Munich. But when asked about Nerlinger, McCoist said: “I haven’t heard anything regarding that. I spoke with Graham on Wednesday and nothing has been said about Nerlinger or any director of football so I don’t know anything about it. “I would expect to know something but it has gone quiet. I don’t know what has happened. My priority is to win the league but in terms of infrastructure we desperately need a chief scout. In an ideal world Graham and I would sit down but I don’t know what the plans are with the chief football officer. “I don’t know whether that would be his department in terms of scouting. “Do I have someone in mind? Absolutely. But let’s be honest – there is a financial aspect as well. “We need somebody to scout talent. Whether that is the chief football officer’s gig or the chief scout’s gig is up for debate. But if we want to get back to a top standard in Scotland and hopefully get back into European football we need to have people assessing players.” McCoist has snapped up Darren McGregor, Kris Boyd and Kenny Miller so far this summer. But he also wants to land former Hearts stopper Marius Zaliukas and Cardiff midfielder Don Cowie. The Ibrox boss said: “Marius has trained with us after being released by Leeds and we are going to have a chat. I think there’s still a few quid knocking about in that budget and that will be put to the test in the next week or so.” All of Rangers’ summer targets are tried and tested in the Scottish top flight and McCoist claims in the absence of a proper scouting department he is left with no option but to go for players he knows well. He pointed to Sporting Lisbon’s capture of Dundee United kid Ryan Gauld as an example of clubs casting their net wide and admitted Rangers are “light years” away from being able to work like that. He said: “Ian Durrant, Kenny McDowall and myself watch French football, Dutch football, absolutely everything on TV. But we can’t go to watch players unless they are in Scotland because of the situation the club is in. “That is the beauty of having a scouting department. If you have scouts they can go and watch games, they can recommend players and then you can go and look at them. “At this moment you are actually just watching games off videos. It is not ideal. “I met Peter Houston about four weeks ago (when he was scouting for Celtic) at the airport and said: ‘Where have you been?’ He said: ‘Watching six games.’ “Our best opportunity is to watch on the telly. If you have a chief scout and a department, you have the potential to do a Sporting Lisbon. “You can get a boy at 18, 19 and say: ‘Right, it looks like we are not going to play you for 18 months but we are going to develop you’. “That is the ideal world. We are light years away from that.” -
http://www.express.co.uk/sport/football/486397/Rangers-gaffer-Ally-McCoist-happy-to-sign-experience Rangers gaffer Ally McCoist happy to sign experience RANGERS boss Ally McCoist has defended his signing policy after reuniting the ageing strike force of Kenny Miller and Kris Boyd. Published: Thu, July 3, 2014 Miller and Boyd. The duo have a combined age of 64, but while McCoist insists his team isn’t the ‘Dad’s Army’ of the Championship, he was quick to stress the Ibrox side would not have made it out of the lower leagues with a bunch of kids. McCoist, whose side face Buckie Thistle in their first pre-season friendly tonight, said: “I can understand people being sceptical with players coming back and the ages of these players, but, at the same time, we are not in a position to plan longer term. “Finances are dictating that the job is to get out of the division until the time comes when we can again spend money and bring players in. “A year ago, Kenny was scoring at Wembley for Scotland, and Kris was unbelievable at Kilmarnock last term. “I was really impressed with their desire to come back, do well and be part of our journey. “They’re tremendous pros and the younger ones will learn a lot from them. “When you are reaching 30, a fear goes through you that you’re nearing the end of your career and there’s a desire and a determination to look after yourself and play for as long as possible." He added: “We’re not ignoring kids and it’s nonsense to suggest otherwise. But you can’t flood your team with kids and then expect to get through two divisions. “There’s never been a case in recent Old Firm history where five or six kids have come through the ranks and into the first team. “But, if the younger lads coming through are good enough, they will play. Guys like Lewis Macleod and Fraser Aird have come in and stayed in. “Others, like Calum Gallagher and Robbie Crawford are there on the fringes and we’ll continue to give the younger ones a chance. “But it’s crazy to think we could have put seven or eight in the team and come through the leagues.” McCoist confirmed that former Hearts defender Marius Zaliukas, 30, is on his radar as he looks to add to his squad. He said: “Marius has come up to train with us for a couple of days, “I’ve always liked him as a centre-back, If we can bring him in then great, but we haven’t even spoken contracts or money.”
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http://www.londonstockexchange.com/e...entId=12002687 Rangers International Football Club plc ("Rangers" the "Club" or the "Company") Issue of Equity The Company has made an application to the London Stock Exchange for 714,285 new ordinary shares of 1p each ("New Ordinary Shares") to be admitted to trading on AIM ("Admission"). It is expected that Admission of the New Ordinary Shares will become effective and that dealings will commence at 8.00 a.m. on 7 July 2014. The New Ordinary Shares are being issued pursuant to an exercise of the options granted to Brian Stockbridge (a former Director of the Company) on admission of the Company's shares to trading on AIM pursuant to Mr Stockbridge's original contract of employment with The Rangers Football Club Limited dated 17 September 2012. In accordance with the provisions of chapter 5 of the Disclosure and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following this issue, its issued share capital will comprise 65,810,341 ordinary shares of 1p each. All of the existing ordinary shares and New Ordinary Shares shall have equal voting rights. The total number of voting rights in the Company following the issue of the New Ordinary Shares is therefore 65,810,341. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules. For further information please contact: Rangers International Football Club plc Graham Wallace Tel: 0141 580 8647 Daniel Stewart & Company plc Tel: 020 7776 6550 Paul Shackleton / David Coffman Newgate Threadneedle Tel: 020 7148 6143 Graham Herring / Roddy Watt / John Coles
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http://www.heraldscotland.com/news/home-news/police-drop-probe-into-agm-comment-by-rangers-chief.24665736
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http://www.redandblackshirt.com/
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http://www.bbc.co.uk/sport/0/football/27934760
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http://www.gersnet.co.uk/index.php/latest-news/250-dave-king-the-grand-old-duke-of-york
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millers back and it looks like boyds coming back anybody else you would welcome back I know I would like Henderson and Wilson on the wings ,this type of signing is not the way forward
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The BBC has learned former Rangers chief executive Charles Green is seeking financial support to launch a new bid for control of the Ibrox club. Green led a consortium which bought Rangers' assets in May 2012 and then raised £22m from a share issue, but resigned from his post last year. He returned for a short-lived spell as a consultant before selling his shareholding in the club. However, he has spent the last week in talks with potential investors. Rangers plan to launch a new share issue in a bid to raise in the region of £8m and if Green is to be successful he would need to convince existing shareholders to sell to a new consortium. Green, who held the same position at Sheffield United, stood down from the chief executive's position citing the "negative publicity" surrounding an independent investigation, commissioned by the club's board, into allegations of undeclared dealings with former owner Craig Whyte. That investigation consequently found no evidence of Whyte's claims that he was involved in the Green-led acquisition of Rangers two years ago. On selling his shares to Sandy Easdale, chairman of Rangers' football board, Green said: "I want to make it clear that this means I will have no ongoing influence or financial interest at the club but I remain a fan and fervently hope that Rangers will soon be back at the top where they belong."
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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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Rangers' beleaguered directors face the possibility that the club auditor, Deloitte, could sever its connection with the club over the next few weeks, following a collapse in the number of season tickets sold. The Daily Telegraph understands that the international corporate finance and accountancy specialists are unhappy about the latest figures emerging from Ibrox, which show that season ticket sales for Rangers’ Scottish Championship campaign are running at half the level of last year’s take-up for their SPFL League One schedule. In a statement on the Rangers website on Friday, the board confirmed that only 17,000 season tickets have been sold. On March 27, when Deloitte signed off the half year accounts up to the end of 2013 – which showed a £3.5 million loss – the auditors added that “key assumptions” made by the directors included a reckoning of future season ticket sales. Deloitte noted that this indicated the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern. Despite assurances at the annual general meeting in December from the chief executive, Graham Wallace, that the club could meet its costs until the end of the season, the board subsequently borrowed £1.5 million from shareholder George Letham on the assurance that the sum would be repaid when season ticket sales had yielded the equivalent amount. *However, there has been no notification to the Stock Exchange of any repayment. Instead, leaked reports from a spin doctor formerly employed by the club, confirmed that the board would attempt to raise £8 million through a rights issue later this year. In a statement on the club website on Friday, the Rangers directors said of the latest season ticket sales total – and the likelihood of a share issue – that “The Board believes that whilst this level of support reduces the potential requirement for short-term financing the Board also notes the strategic objectives that it identified in the Business Review Summary published on 25 April 2014 and the related funding requirements. “The Board continues to evaluate its plans in this regard and will update the market in due course.” However, should Deloitte dissociate themselves from Rangers, investor confidence is likely to diminish. Deloitte last night would not comment on any speculation, citing client confidentiality. In response to the club statement, the supporters’ umbrella group, the Union of Fans, condemned the directors’ stewardship. The UoF statement read: “We note the announcement of the Rangers board regarding the season ticket renewal levels for the club this year. It is now obvious that a clear majority of fans have rejected Graham Wallace, Norman Crighton, David Somers, James and Sandy Easdale and their running of the club. “In any normal business, a board which had been rejected by over 50 per cent of its customers in the space of a few months would be removed. Whilst we do not expect this to happen due to the continued support of anonymous shareholders, who could not care less about Rangers, we would highlight that they have utterly failed to gain crucial trust from fans. “We do not believe this trust will ever be built without fundamental change at the club. The problem for this board is very simple. The vast majority of fans, even many of those who have renewed, simply do not trust them and likely never will. “The corporate governance at the club also continues to be a cause for grave concern. We would repeat that it is unacceptable for Jack Irvine of Mediahouse to have access to confidential, price sensitive board information through the Easdales and to then leak that information to the press as he did this week.” J
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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.
