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The board of Rangers (the “Board”) can confirm that approximately 17,000 season tickets have been renewed to date for the Club's forthcoming SPFL Championship season. This level of renewals reduces the potential requirement for short term financing as highlighted in the Business Review Summary published on 25 April 2014 particularly given the updated season ticket pricing structure for the 2014/15 campaign. Applications for new season ticket purchases opened on Monday and sales of season tickets are continuing. The Club very much looks forward to welcoming more supporters back to Ibrox for what promises to be an exciting league competition. 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. http://www.rangers.co.uk/news/headlines/item/7059-season-ticket-sales
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http://www.bbc.co.uk/sport/0/football/27804525 By Richard Wilson BBC Scotland Finance remains the fundamental issue at Rangers. One contingency plan has always been to seek additional funding from current shareholders, and a substantial drop in season-ticket sales merely exacerbates the problem. When chief executive Graham Wallace published his business review last April, he indicated that if the uptake of season tickets was "materially less than anticipated" then the board would consider a pre-emptive offering of 43 million unissued Rangers International Football Club shares to existing shareholders. That remains, for now, the only viable way for the business to raise additional funding. With a new share issue proposed later this year, the price would be at a discount to the current market value of 27p and the intention is believed to be to generate in the region of £7m. This would go some way to covering any shortfall from a significant drop in season-ticket sales, and so allow the business to continue trading for the next 12 months. Unanswered questions abound, though. Which shareholders, for instance, would participate? Some individuals are suggesting that Laxey Partners would invest more money, along with Sandy Easdale, the chairman of the Rangers Football Club board. Others believe that the institutional shareholders, such as Hargreave Hale and Artemis, would not participate, given the sharp fall in the share price from its launch of 70p. In the first instance, existing shareholders are normally offered enough additional shares to maintain the size of their overall stake. Any shares that are not taken up could then be offered to existing shareholders to allow them to increase their ownership stake. It is also theoretically possible, though, for the board to place shares with specific existing shareholders, which could strengthen the power base of the group of aligned shareholders who currently effectively run the club. That would, though, be likely to agitate those left out and potentially cause further upheaval. However, Easdale and his proxies could then be considered as acting as a concert party if their combined shareholding goes above the 29% threshold, and so expose them to takeover panel rules and regulations. While a pre-emptive offering is restricted to current shareholders, their rights to participate can be acquired by non-shareholders. So while finance remains the fundamental issue at Ibrox, in that it underpins every substantial development, how the need for funding is addressed is also critical. Control is at stake also. Laxey Partners are currently the largest single shareholder, while Sandy Easdale held the proxies for around 25% of shareholders at last December's annual meeting. Institutional shareholders supported the current board at the AGM, but the need for additional funding may alter their point of view. Wallace is attempting to steer a course through the demands of financial issues and specific shareholder interests. There is no simple solution, beyond a radical change to the shareholder dynamic. That would only occur, though, if shareholders were prepared to sell their stakes or if a fresh rights issue was launched to the public. In the meantime, the Rangers board need to ensure that the business can trade as a going concern for the next 12 months. When the interim results were released last March, they contained a note outlining that a fall in season-ticket renewals from last year's figure of 38,000 would affect the business's ability to trade as going concern. Right now, Rangers are thought to still be considerably short of that. Short-term financial issues are at the forefront, but other intrigues also exist. It has been possible to detect, within the noise around the club, a growing tension between Wallace and Sandy Easdale, who is not a member of the plc board. Wallace has the executive role, but Easdale, through his proxies, carries the strongest shareholder authority. Rangers' April review: Key points Business needs to raise up to £30m over three years New share issue planned for autumn 2014 Cuts of £2m have already been made with other savings likely Plan to make the business sustainable by season 2015/16 Aim to make team Scottish Premiership winners by 2017 The flow of information is also a source of consternation to some within Ibrox, not least because talk of a share option is price-sensitive information and ought to be published first to the stock exchange. Jostling for position is evident, although finance remains the key point, not individuals. Dave King, the former Rangers director, wants to invest directly in the club. The South African-based businessman and Wallace in his business review both estimated that it will require £20-30m of additional investment to provide Rangers with the means to challenge Celtic for the Premiership title and compete again in Europe. The only way to raise that kind of money would be a fresh public offering of shares, which is what King wants to participate in since his money would go directly to the club, which needs money spent on the football infrastructure - there is still no scouting network - and maintenance work at Ibrox. King's intervention would likely lead to the dilution of the current shareholders, though, which is why an alternative route is being sought. The current squad, with one or two additions, ought to be good enough to gain promotion from the Championship, but to compete again with Celtic, Rangers need to be properly rebuilt. There is a current shortfall to address, but that is only a short-term fix. For Rangers to compete at the highest level, a change in approach is required.
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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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ALLY MCCOIST was disappointed that 18-year-old Charlie Telfer decided to move to Dundee United after Rangers had offered him a new deal to stay at the club. Telfer was a key player for Gordon Durie’s Youth Cup winning under-20 team in 2013/14 but at the start of this month it was confirmed he would join the Tangerines which came as a surprise to many Rangers supporters. The midfielder, who made his Gers first-team debut in a 4-0 win over Stenhousemuir at Ochilview Park in April, was seen as being one of the brightest prospects at Murray Park but McCoist reluctantly had to accept his decision to move on. He said: “We wish Charlie all the best but we were obviously very sad to see him go. “He trained with the squad and came on against Stenhousemuir last season and we feel he is a great prospect. He still is a great prospect but sadly for Dundee United now. “We offered Charlie terms which he was well within his rights to decline and turn down and he did so. He has moved to Dundee United with our best wishes. “The first thing people have to realise is it was Charlie’s decision. We wanted to keep Charlie but he obviously decided to turn down the offer that was put to him by the club. “I can understand people questioning why would Charlie want to go to Dundee United rather than stay at Rangers. He can answer that, he has been quoted in the newspapers recently. “But we have been delighted with some of the younger boys that have come through. “Last year alone we had 13 academy graduates who played for the first team. Some of them will develop quicker than others. Look at boys like Macleod, Gallagher, McKay, Aird and numerous more have come through the academy.” In total 21 Murray Park graduates have made more than 450 appearances for the Rangers first-team post-administration which goes against any suggestions that young players have not had an opportunity at senior level in recent years. McCoist added: “We are delighted with the academy, we want to get as many coming through as possible but 13 last year is good and we will never rest on it. “Jimmy (Sinclair) and the lads in the youth department are very pleased that myself, Kenny and Ian have told them, and we stand by it, if we feel the kids are due an opportunity and deserve an opportunity then they will certainly get one. “They will always get the opportunity. Even further back Allan McGregor, Barry Ferguson, Charlie Adam, Chris Burke, Stevie Smith – international footballers a lot of them - have come through the academy at Murray Park. “Perhaps the whole thing has been blown up a little bit because Charlie has exercised his right to move on but we will continue to work hand in hand with the academy. “The boys that warrant and deserve their chance, I can reassure everybody, will get it.” http://www.rangers.co.uk/news/headlines/item/7046-ally-sad-to-see-charlie-go
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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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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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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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“There must be some kind of way outta here Said the joker to the thief There’s too much confusion I can’t get no relief Business men, they drink my wine Plowman dig my earth None were level on the mind Nobody up at his word” Where is it we are trying to get out of ? I would respectfully suggest a rock and a hard place. As many of you know I’m not often given to profanity – but quite simply – what an absolute clusterfeck. There is a civil war engulfing us with our boardroom the battleground. As in every conflict the collateral damage is considerable. On one side we have a board who have failed to impress, fail to convince the Rangers support they have our club’s best interests at heart and on the other side we have the challenger in the shape of Dave King, who appears to be being given considerable latitude in his own failings and lack of clarity, as a consequence of his previous investment in our club. And of course that collateral damage I referred to is manifesting itself not only in a season ticket boycott, but also in the form of a “protest shirt” whose purpose is to deliberately prevent incoming revenue from the sale of club merchandise. It’s easy to say that such ventures deprive the board of money and as anti-board protesters I’m sure that provides the conscience with a fairly robust moral platform for such action. But at what point does it not only deprive the board, but also our club and a manager wishing to strengthen a squad ? Having deliberately deprived the board of regular and essential revenue are we then to hold them to account for failing to enhance our playing squad ? Good Lord. Before anyone starts harbouring feelings of sympathy for the current board allow me to remind you of the 3 critical questions I tweeted about the other week, which as yet remain unanswered. 1. Why did our club have to secure additional funding after CEO Graham Wallace assured us only weeks earlier there was sufficient money in the account. 2. Why have the board not moved to dispel allegations by the Daily Record that our credit/debit card facility was removed re season tickets due to the financial incompetence of the board and not as was suggested in the review – due to threats of an imminent boycott. 3. Why does it appear the Rangers Football Board, or persons serving thereon, have the ability to overrule the PLC board, when circumstances dictate. At the forefront of much of the angst against the current board have been the Sons of Struth. Since its inception this group have campaigned on a platform of opposing any sale or leaseback of Ibrox Stadium. Perhaps this groups 3 original aims and objectives are worthy of a refresh. 1. Keep the stadium in the club’s name to avoid Coventry situation 2. Have clear accounts which prove the proper running of the club 3. Have a board that keep the club off the front pages and who themselves are beyond reproach. To date however the Sons of Struth have not shared with the wider support the circumstances which gave rise to their fears which suggested our stadium may be subject to a sale and leaseback. Why cant those demanding transparency of others lead by example ? Surely if there is evidence which suggests this current board are planning such an option for our stadium it is something which should be shared with the wider support not only made available to a select few ? In fact would the sharing of such information not in fact be in this group’s interests in convincing the undecided within our support of the unsuitability of the current board ? I have spoken previously of our need for our support to find an enthymeme – a point where there is common agreement and we can move on from. Surely the status and destiny of our 2 biggest assets – Ibrox and Auchenhowie – can provide such a point of common agreement. All along the watchtower Princes kept the view While all the women came and went Barefoot servants, too Outside in the cold distance A wildcat did growl Two riders were approaching And the wind began to howl How long before the Princes stop being onlookers, or begging for the scraps off the master’s table ? When will we start campaigning on behalf of ourselves and the vision and aspirations we have for our club instead of using our energies and efforts to do the bidding of others ? When will we realise that the way outta here is to take control of our own destiny, and rely upon ourselves rather than upon others ? As Buy Rangers, Rangers First and Vanguard Bears continue to do that which Dave King seems to find impossible – buy shares in our club – its becoming less and less a question of “if” but rather a question of “when” ? Many music critics have commented on how Dylan’s All Along the Watchtower mirrors the words of The Book Isaiah Chapter 21 :- Prepare the table, watch in the watchtower, eat, drink: arise ye princes, and prepare the shield./For thus hath the Lord said unto me, Go set a watchman, let him declare what he seeth./And he saw a chariot with a couple of horsemen, a chariot of asses, and a chariot of camels; and he hearkened diligently with much heed./…And, behold, here cometh a chariot of men, with a couple of horsemen. And he answered and said, Babylon is fallen, is fallen, and all the graven images of her gods he hath broken unto the ground. I truly hope I live to see the day when Babylon falls at our club.
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Rangers fans seek access to season ticket sales figures Written by ANONYMOUS A Rangers supporters' group has called for the club's board to reveal how many season tickets have been sold. The deadline for renewals passed two weeks ago and the rate of sales is critical. Directors have previously admitted that a drop in renewals would affect the business's ability to trade as a going concern. The Union of Fans group has been urging supporters not to renew in protest against the current board. Before the deadline, Rangers admitted that sales were slow and directors even met with members of UoF, a coalition of various different fan organisations, to try to broker a compromise. UoF has been advising fans to pay their renewal money into the Season Ticket Fund, an initiative backed by former Rangers captain Richard Gough and former Ibrox director Dave King. The intention was to only pay the money to the club in return for security over Ibrox Stadium and Murray Park. It was claimed Rangers' chief executive Graham Wallace raised the prospect of the board offering legally binding guarantees not to use the property assets as security for loans or to sell them, but talks subsequently broke down. The Union of Fans have urged Rangers chief executive Graham Wallace to reveal how many season tickets have been sold The Union of Fans have urged Rangers chief executive Graham Wallace to reveal how many season tickets have been sold When the club released their interim results in March, the directors acknowledged that a fall in renewals from last year's sale of around 38,000 would leave the business short of enough income to trade for the next 12 months, although Wallace has been adamant that Rangers International Football Club will not fall into administration. A £1.5m loan from two shareholders - Sandy Easdale and George Letham - is due to be paid back as soon as that amount is raised from season ticket sales, but neither is thought to have received their money back yet. "We urge chief executive Graham Wallace and the board to come clean about how many season tickets they have sold and how much cleared income in the bank these sales have provided," said UoF in a statement. "If and when the cash figure reaches £1.5M, the board, as they announced to the Stock Exchange when the loans were negotiated, must immediately pay Sandy Easdale £500,000 and George Letham £1m. "For the avoidance of doubt, if these loans have not yet been repaid, it means that the board have not yet secured £1.5m of season ticket money or they have broken the repayment terms of these loans. "We would ask the board to make a clear statement of the number of fans who have renewed to the AIM market in order that supporters and shareholders can rely on the accuracy of the figure given. "This is a matter of grave concern for shareholders and supporters alike and we also believe it must be something which is being monitored by auditors, Deloitte. "When we met Graham Wallace on 14 May, he once again reiterated that there was 'no possibility of administration'. "We would therefore ask him to make it clear how the club plans to operate at what we believe is a greatly reduced level of season ticket sales." http://www.bbc.co.uk/sport/0/scotland/27651399
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We are currently in the process of gathering together names of individuals and representatives of fans groups, RSCs, websites, etc who are willing to come along and help find a solution to the infighting amongst our fans. If you are interested in attending the meeting could you please email info@thelouden.co.uk (or you could dm/pm us) with your name and any group that you wish to represent or are a part of. To be clear, any individual who wishes to attend to try and help our support is more than welcome but we would appreciate an email so as to know the numbers. Regarding the format of the meeting, we are looking for suggestions on what specifically the meeting should cover. We are not discussing the politics at the club, we are only focusing on the way fans communicate with each other. This is not about which side is right or wrong. We do not need everyone to agree about everything but at all times we should be civil to one another. The meeting will be held in the lounge area of the pub and no alcohol will be served for the duration of the meeting. If anyone wants any other information, please ask. Thanks We Are The People God Bless The Rangers The Louden Tavern: Ibrox Stadium - More than a Pub Official Partner of The Rangers Football Club *We are responsible for The Louden Tavern: Ibrox Stadium, 111 Copland Road, Ibrox, G51 2SL solely and are not involved in the operation of any other premises -
keith jackson @tedermeatballs 43s More sources close to RFC board saying 20k season tickets now sold. If true then they should thank Dave King for his prolonged silence. IF true.
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Being said on FF and Twitter that VB met with the board the day after the UOF meeting. Somers and James Easdale also attended. Why would the board meet with such a small unrepresentative group? As is being said on Twitter most supporters clubs have more members.
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Anyone heard where Mr King is and what hes up to? He seems to have disappeared off the face of the earth.
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IMO this question should come before the one about on-field exploits. There are many things to take into consideration and perhaps the Financial Bears could map out what they see as a probable/conditional route through the next 12 months. Some of the obvious questions that scream out are:- - Where is the money coming from to keep the lights-on? - Will there be an insolvency event? - What will be the final ST number? - Will game by game maintain it's attraction? - How long will it take to get a share issue up and running and will it be successful? - Is there money to carry out plans mapped out in business review? - How deep could austerity hit us? - How exactly will austerity hit ut? - How will severe austerity be paid for? (pay-offs) - When do the assets go? - Do you trust who is in control of the board (including the Easdale proxy block)? etc. -
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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SATURDAY 24TH MAY. CELEBRATION AND PROTEST We have been asked by many fans to arrange some protests during the close season and as 24th May is the anniversary of the clubs greatest victory in Barcelona 1972, we have made arrangements for the Louden Tavern at the stadium to show a re run of the game from 1.00pm At 3.00pm we will be marching to the stadium for a 30 min protest and a petition to hand in and explain why the fans wont renew season tickets or indeed buy new ones. We require as many fans as possible to turn up as a show of numbers would be vital for the success of the protest Fans are asked to meet up at the Louden between 1.00 and 2.30 to give us adequate time to make final arrangements with fans Can I ask all to share at usual places and feeback to me with expected number which will allow me to notify Louden and make necessary arrangements. We are planning on some other things for Saturday and will announce them once we have confirmed Thanks Craig.
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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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SATURDAY, 17 MAY 2014 19:30[h=2]Club Statement[/h]WRITTEN BY RANGERS FOOTBALL CLUB RANGERS have issued the following statement today: “Representatives of Rangers have met with a number of supporter groups over the past few days and discussed a wide range of topics. We again made it clear during these meetings that the club will not grant security over Ibrox to any organisation and therefore the 'Ibrox 1972' scheme can never achieve its objectives. In addition the club will not accept season ticket applications from third parties such as 'Ibrox 1972' on behalf of supporters. “In some of our discussions with fans, it was indicated that there was a wish for the Board to confirm that our statement of intention not to grant security over Ibrox could become a commitment that would last for 12 months. This has subsequently been discussed by the Board and the Board confirms that it will not be seeking to effect a sale and leaseback or grant security over Ibrox during that period of time. “The Board is rebuilding the Club by ensuring its financial stability and the integrity of its assets. “Whilst the Board is reported to have offered legally binding undertakings during a fan group discussion in relation to Ibrox and Murray Park, this is not the case. The Board is committed to high standards of corporate governance and is comfortable that it has at all times been very clear in providing consistent and unequivocal public comments on this subject. "Season ticket sales have continued at a good pace over the last few days and we appreciate the continued support shown by our loyal fans. "We trust that any supporters who may have been in any doubt about the Board's previous statements regarding Ibrox now have an additional level of comfort and any who may have made, or were considering making, a pledge of their season ticket money to 'Ibrox 1972' are clear that there is no prospect of that group achieving its aims."
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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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It has been described as a game of poker but the battle for Rangers has become something of a hand of three-card brag. The most crucial aspect of this game of claim and counter-claim is when the King is played. There are three parties to the Rangers story and each has reached a time of decision. The Union of Fans, the representatives of six fan groups, met last night to discuss the latest developments in a narrative that stretched over two years. The most crucial aspect of their discussions will be the future of the Ibrox 1972 initiative which sought to place season-ticket money in trust under the directorship of Richard Gough, the former Rangers captain, and Dave King, the South African-based businessman who is seeking to alter the power base at the club. The statement by the board on Saturday night that legal guarantees over Ibrox and Murray park would not be offered to fans has left little room for manoeuvre. First, the supporters believe that this was not their understanding of what occurred at the meeting; second, they said it was impossible to deal with the board in good faith and, third, it makes the ploy of Ibrox 1972 almost redundant. The move over season tickets was designed to bring pressure on the board and it did. But the incumbents have so far ridden this out. Indeed, Rangers sources were last night "bullish" about the future, predicting burgeoning season-ticket sales, declaring that precise figures would be given to the markets in due course as they represent market sensitive information. There was one glitch. Under agreed terms, once Rangers have reached £1.5m in season-ticket sales George Letham and Sandy Easdale must be repaid their loans. It is understood, however, that Letham is still awaiting repayment. There was, though, the unmistakeable message yesterday of Rangers "getting down to business", with sources citing appointments to be made, playing plans to be drawn up, the challenges of next season to be met. The delicate point of where all the money will come from has been, ahem, disputed. Rangers hope that the season-ticket tally will approach 20,000, hospitality packages can be sold and that a much-needed income stream will run quickly and profitably. There is also the matter of the £5m of equity funding from existing investors that could be accessed at the press of a button, according to sources close to the talks between supporters and board members this week. A share issue, too, could be brought forward to the end of summer. Even those inimical to the existing board suggest the club "could stagger on" into next season. However, savings must be made and investment found. This may make it an uncomfortable summer for Graham Wallace, the chief executive. He has been assailed by fans over the 120-day review and statements made at the annual general meeting. He also suffers the fate of all chief executives of being an instrument of the board and there was a wounding assertion from the Union of Fans that Wallace is "less powerful" than Sandy Easdale, who is not a member of the plc board but sits on the football equivalent. Wallace has set out his plans and has embarked on a recruitment campaign, in particular for a marketing manager, but has to do this while fighting fires. He will need support but, being Rangers, he should not expect it. The most intriguing player in the card game is, of course, King. If he sits on his hands, Rangers may limp towards some sort of stability - with a much-reduced cost base and a viable challenge to Celtic postponed - or they may slowly but inexorably slip towards financial perdition. His intervention, though, would be a game-changer. However, there is increasing concern among his supporters that King has hesitated too long. One City source, who has control over a tranche of Rangers shares, last night said: "Time is running out for a decisive intervention. King has had talks in the City about proxy votes and these have been amicable, and might even be productive. But there is a sense that something must be done quickly." King must convince the City that the turmoil at Ibrox is such that it is better to give him proxy than to rely on the board to raise the share price to anything like the launch level. The share price has risen of late to just more than 28p from a low of 22p in May. King, however, has stated bluntly he does not want to buy shares from the incumbent board. There are considerable amounts of shares on the margins with some corporate holders open to selling. "There is a feeling," said the City source, " that some of the original investors would take the hit and write it all off to experience and to tax." The most recent soundings from King make clear that he does not want to pursue the buying of shares as this will dilute the money available for a significant investment to make Rangers competitive with Celtic quickly. Any dramatic and immediate development in the Rangers story would thus have to come from King. There is no doubt that the maverick businessman knows how to hold 'em. His supporters trust that his hesitation may not involve accepting he has to fold 'em. Rangers are still in play but the match has moved into extra time for King. http://www.heraldscotland.com/sport/football/can-rangers-trump-king-or-does-he-still-hold-the-ace-card.24273947 -
Sons of Struth Just now UNION OF FANS STATEMENT "In response to the disingenuous statement from the board, and to clear up the confusion they appear to be deliberately trying to cause Rangers supporters, we would like to reiterate our truthful account of the discussions held with Mr Wallace, Mr Crighton and Mr Sandy Easdale. We were invited to Ibrox by Mr Wallace, days after the launch of Ibrox 1972, to discuss the ongoing issues surrounding the security of Rangers’ assets. During the course of that discussion on Wednesday 14th May, Mr Wallace suggested that, whilst security would not be granted, the board would be open to offering a legally binding undertaking that Ibrox would not be sold, subject to sale and leaseback or any type of loan security. For the avoidance of doubt, that was Mr Wallace’s proposal, not ours, and he indicated that the plc board would meet on Thursday 15th May to discuss it. Given that two of the four plc board members who were required to rubber stamp this proposal were present, and apparently in favour of it, this was very much presented as a formality. We made it very clear that any such undertaking would need to be evaluated by our lawyers and this was accepted by all those in attendance. Given what Mr Wallace proposed regarding Ibrox, we asked that the same arrangement be put in place for Murray Park in order to safeguard it from the same fate. This was met by more substantial opposition from the board representatives, in particular Mr Easdale, who we would like to emphasise is not a plc board member, and Mr Crighton. They said they wished to retain “flexibility” over Murray Park. However, by the end of the meeting they had also agreed to consider granting the same undertaking as the one they suggested for Ibrox. This, we were told, was also to be discussed at the plc board meeting on Thursday 15th May. Our statement on the night of Wednesday 14th May reflected all of that and was 100% accurate. Any attempt to suggest otherwise is a deliberate misrepresentation of the facts. Since that meeting we have heard nothing from the board. It is clear that they have now rejected Mr Wallace’s proposal to give a binding undertaking over Ibrox. It is clear that they have considered our proposal that the same undertaking be given for Murray Park and have also rejected that. The idea that this latest board proclamation should give supporters any type of additional confidence over the club’s assets is therefore utterly ridiculous. In fact it should confirm just how much danger our vital assets are in. It is clearly impossible to deal with this board in good faith. They told us we would receive a swift response following their deliberations. We have received no response. They told us that over the past two weeks, all major investors, bar one, have indicated they will participate fully and proportionately in any future rights issue. We do not believe this to be the case. They told us that all those major investors are supportive of their business plan and were impressed with the ‘120 day’ review. We do not believe this to be true. They told us that they have access to an instant £5m of equity funding from existing major investors. This, according to Mr Wallace, is available at “the push of a button”. We believe that, if this is true, it will be used to benefit Mr Easdale’s associates. It is clear that Mr Wallace, despite being Chief Executive, has less influence in the plc boardroom than Sandy Easdale, who is not even a member of the plc board. It is clear that Murray Park is in grave danger and has been since December 2013. The statement from the board that they “will not be seeking” a sale and leaseback of Ibrox is not binding and it is still not unequivocal. We believe, as long as the shareholders fronted by Mr Easdale are calling the shots in the boardroom, Ibrox will remain in grave danger too. Until this situation is resolved we would continue to urge supporters to think very carefully before they hand this board their hard earned money up front. It is clear from meagre renewal levels that a large majority of fans do not trust this board. Our experience is that this position is the correct one to adopt. Support the team, not the regime.”
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Alasdair Lamont @BBCAlLamont 33m Rangers chief exec Graham Wallace on £320k pa + 100% bonus. Plus £25k salary increase as Rangers move up leagues. More to follow.
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The Union - an umbrella group comprising six supporters' organisations - had been urging Gers followers to withhold season ticket cash. A company, Ibrox 1972 Ltd, has been set up with South Africa-based businessman Dave King and legendary captain Richard Gough as directors. The Union wanted the club to grant them security over both Ibrox Stadium and Murray Park training ground in return for the money. Wallace admitted last Friday that season ticket renewals had been slow and fears have also been expressed by some about the future of the club. But representatives from the organisation met with Wallace, non-executive director Norman Crighton and major shareholder Sandy Easdale. And Wallace, who has stated in the past that security will not be granted, told them the club could be prepared to give them a legally binding guarantee over Ibrox. However, the Union asked for an identical agreement over the club training ground at Murray Park and the club officials agreed to look into that possibility. But the talks were a huge step towards the bitter stand-off between fans and the club being brought to an end. A Union of Fans statement released on Wednesday night read: "Following a number of attempts for several weeks to arrange a meeting with chief executive Graham Wallace to discuss our proposals for security over Ibrox and Murray Park, the Union of Fans were invited by Mr Wallace to discuss this and other issues at a meeting at Ibrox. "Representatives of the Union of Fans met with Mr Wallace, non-executive director Norman Crighton and Sandy Easdale. "A proposal was made by Mr Wallace that, whilst the board would not grant a security, they could consider giving a legally binding undertaking which would protect Ibrox from sale, sale and leaseback or as any form of security for a loan or other finance. "We made it clear to Mr Wallace that we felt it was also appropriate that they provide the same undertaking for Murray Park. "Mr Wallace and Mr Crighton agreed to discuss this with the rest of the PLC board as a matter or urgency and further discussions between the PLC board and the Union of Fans will continue once this board meeting has taken place. "We believe we accurately conveyed the fears of supporters that either or both of these club assets could be lost to the club in a scenario where they were used for any sale and leaseback or other loan security. "Any proposal by the board will be evaluated by our lawyers and a decision will then be taken on how to move forward. We will keep fans full informed as discussions continue." Rangers did not comment on the meeting. GET RANGERS NEWS ALERTS BY EMAIL
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AT one point during a highly unsatisfactory and short-lived reign as Rangers chairman an increasingly exasperated Walter Smith made an observation to the directors of the club’s PLC board. It went something along the lines of: “I’ve lost more votes inside this f****** boardroom than I ever lost games out there on that pitch.” It was Smith’s way of saying he had reached the end of his tether. An admission the board over which he presided for little more than two months was dysfunctional beyond repair. But there was a deeper issue which troubled Smith to such an extent he felt compelled to do walking away. He had come to realise that, no matter what changes were made to the personnel around that table – even if there was a day when they all sing from the same hymn sheet – ultimately their voices would not be heard. It had become clear the board of the Rangers International Football Club PLC was not calling the shots inside Ibrox. Rather it was those who made up the so-called “football board” who were really in charge. This all-powerful football board is also known as Rangers FC Ltd. It was previously known as Sevco Scotland. Over two years it has been home to many a colourful character, including Charles Green, Imran Ahmad, Brian Stockbridge and more latterly, current chairman Sandy Easdale. Of them all, only Easdale has not sat on both boards. Then again brother James has been keeping that seat warm. Smith’s frustration with this entity became overwhelming. It’s understood even basic requests to see details of commercial contracts signed on the club’s behalf were repeatedly turned down flat. In other words it does what it wants. So perhaps what has gone on over the past few days inside Ibrox – as yet more splits and schisms have emerged – should come as no surprise at all. Last week, as season-ticket renewals continued to splutter along at an alarmingly slow rate, PLC chief executive Graham Wallace reached out to supporters groups with an olive branch. He invited them for peace talks knowing supporters wanted assurances neither Ibrox nor Murray Park would be pawned off to stop the club from plunging into a financial abyss. These discussions – which involved Wallace, Sandy Easdale and Norman Crighton – have backfired quite spectacularly. Blown to pieces by the obligatory bombardment of statement and counter statement. Claim and angry counter claim. A statement was issued by Rangers on Saturday which more or less accused their own fans of telling lies. As PR strategies go this might have left Gerald Ratner shaking his head in disbelief at its sheer crassness and stupidity. It read: “In some of our discussions with fans it was indicated that there was a wish for the board to confirm that our statement of intention not to grant security over Ibrox could become a commitment that would last for 12 months. “This has subsequently been discussed by the board and the board confirms that it will not be seeking to effect a sale and leaseback or grant security over Ibrox during that period of time.” While the inclusion of the words “over that period of time” will have raised more than a few eyebrows it was the complete omission of Murray Park which ought to worry the fans most of all. It now seems even more likely the club’s £14million training ground will be used to raise funds and keep this basket case of a club afloat. The statement said: “Whilst the board is reported to have offered legally binding undertakings during a fan group discussion in relation to Ibrox and Murray Park, this is not the case.” Late last night, bang on statement o’clock, the fan groups hit back by issuing their own withering media release. This one can also be filled in the box marked “Liar, Liar, Liar”. The Union of Fans insist it was Wallace’s proposal to offer up legally binding assurances Ibrox would not be flogged off as part of a sale and leaseback agreement or used as security against a cash loan. And the statement said: “Given what Mr Wallace proposed regarding Ibrox, we asked that the same arrangement be put in place to safeguard Murray Park from the same fate. “This was met by more substantial opposition from the board representatives, in particular Mr Easdale, who we would like to emphasise is not a PLC board member, and Mr Crighton. “They said they wished to retain ‘flexibility’ over Murray Park. However, by the end of the meeting they had also agreed to consider granting the same undertaking as the one they suggested for Ibrox. This, we were told, was also to be discussed at the PLC board meeting on Thursday, May 15.” The upshot of it all is those running Rangers now appear to be at war with those who claim to represent their supporters. At a time when the club needs season-ticket money urgently just to make it through the summer. And then there is Wallace, who now finds himself in the firing line of supporters and fellow directors alike. He has angered Easdale by trying to broker some sort of conciliatory agreement with the fans. And he has infuriated the supporters by failing to deliver on the deal. The CEO has already survived a whole series of hairy moments during his own short time at the club. Some of them ought to have been resignation issues. But if Wallace really has now lost the trust of the man at the top of the “football board” then it may only be a matter of time until he follows Smith out of that boardroom for good. http://www.dailyrecord.co.uk/sport/football/football-news/keith-jackson-graham-wallace-borrowed-3568105?utm_source=twitterfeed&utm_medium=twitter
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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.
