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Some comparisons with Ann Budge's Hearts and our Rangers from yours truly on TRS: http://www.therangersstandard.co.uk/index.php/articles/current-affairs/323-rangers-own-budgement-day-is-coming

Lorenzo Amoruso urges Rangers supporters to put their trust in Dave King to oust Ibrox board Sunday 11 May 2014, by Stewart Fisher LORENZO Amoruso last night became the latest former Rangers player to call for supporters to back Dave King and Richard Gough's plan to boycott season tickets and place the money in a trust instead as a means of forcing major boardroom change. The Italian has emerged as a fierce critic of the current hierarchy and feels that placing funds in Ibrox 1972 Ltd, the vehicle introduced by King and already being used by supporters groups' the Union Bears and the Blue Order for pooling their funds, is the only mechanism for bringing about change. "Too many people have been touching the heart of the club who don't deserve to be so close," said Amoruso. "They have ripped out the soul of the club. It's so frustrating for people like me who were running, chasing after every ball, spitting blood sometimes and going through so many operations. " I didn't do all that to see this situation develop. We want to see better people control the club, people who really care about Rangers. "I didn't really encounter Dave King much when I was a player because he was in South Africa a lot, but I met him," said Amoruso, who was in Glasgow this week. "He was a director but not involved in the way David Murray was. But he is a Rangers man and he is putting himself out there and he deserves credit and support. He has been there before for the benefit of the club. "This is a crucial period because season ticket holders have a week left before deciding whether to renew and from those I've spoken to I don't think there is a feeling that supporters want to renew and I think that is the best solution. "It's hard to believe I am asking for the stadium to be empty. But if that is what it is going to take to get this board out then that's the way it has to be. There are easier ways to solve this problem but some people don't want to listen. That's why we must take a hardline approach. I'm sorry, this board just has to go." http://www.heraldscotland.com/sport/football/lorenzo-amoruso-urges-rangers-supporters-to-put-their-trust-in-dave-king-to-oust-ibro.24190175

By Richard Wilson BBC Scotland John Brown is the latest former Rangers player to declare his support for the Ibrox 1972 Season Ticket fund. Brown, a fierce critic of former chief executive Charles Green, urged fans of the League One champions to withhold season ticket money two years ago. He has now joined Richard Gough and Lorenzo Amoruso in backing the fund, which has been set up by supporters' group coalition Union of Fans. "Rangers supporters must not give this board a lump sum of money," said Brown. The deadline for renewals is on Friday, and it is thought that the number of tickets sold is still in the very low thousands. During a question and answer session on Twitter last week, chief executive Graham Wallace admitted that sales were "slow". In their interim accounts, published in March, and in Wallace's business review, details of which were released last month, Rangers acknowledged that if season ticket sales dip below last year's uptake - which was around 34,000 - then the business's ability to trade as a going concern will be under threat. The UoF want fans to pay their renewal money into a fund instigated by former club director Dave King. The group will then seek security over Ibrox Stadium in return for handing over the gathered money in a single payment. This would prevent the property being used as security against future borrowing. Amoruso, the former Rangers captain, backed the campaign last week, while former Rangers manager Alex McLeish offered his support to King's intention to invest directly into Rangers International Football Club plc, by means of a new share issue. "I am not saying to my fellow Bluenoses, 'don't support your team'," said Brown, who left his job as Dundee manager last February. "Far from it. Buy your ticket on a match-to-match basis if this lot are still there next season." Brown, who left his job as a scout at Ibrox when Green's consortium took charge two years ago, pointed out that former player and manager John Greig refuses to currently attend games at Ibrox. He also said that he expects other former players to declare their support for the UoF initiative, although Mark Hateley urged fans to buy season tickets in an interview on the club website.

Thus far we have found that Graham Wallace can appear to talk a good corporate game. Indeed put that beside his legendery CV and we should be glad to have him on board, no matter what the price and foggy criteria to pocket it. Or should we ? Wallace is cutting his teeth in his first CEO role and it shows. When he is forced into details, instead of general and broad corporate nothingness he invaribly falls flat on his face with blatant contradictions, economies of truth and misleading lines. Sandy Easdale said in December that GW would be the public voice of the board. What has actually happened is either though design or a change in plan, Wallace has been reluctant to face an inquiring independent media. His press conference when presenting the business review was the first time in ages that he had braved the spotlight. He prefers a friendly RTV or more controlled interventions with the media (with expensive spin-doctor sitting beside him). The latest "engagement" being his twitter Q&A which ended up being more a O&G. Previously he had been a Chief Operating Officer (COO) at Manchester City and in the week the club is advertising that position I'd venture that this is a job that would better suit Wallace. I'll touch on one specific issue, scouting. Wallace has talked about the importance of this since December. When outlining what the 'extra long business review' (xLBR) would cover it included..... - "Develop and implement a Football Player Asset Strategy to take in First team squad, Youth Development and Succession Planning." http://rangers.g3dhosting.com/regulatory_news_article/363 It was also said that where possible/necessary, ongoing decisions and action would be taken before the xLBR was published. In January this year GW said the following in an newspaper article............. "At a time when this club needs to be identifying and scouting talent and acquiring talent at attractive levels our scouting and recruitment was largely dismantled. A small example of short-termism." http://www.scotsman.com/sport/football/spfl-lower-divisions/tom-english-interviews-rangers-ceo-graham-wallace-1-3275716 This type of infrastructure usually takes time to bear fruit so is it unreasonable to expect some of the building blocks to be put in place as quickly as possible ? The months passed by and nothing was or has been done. Then came the xLBR and this is what it contained regards scouting or similar. Business Review – Assessment of Current Operations There is no proper talent identification and scouting operation in place for professional players and at the time when investment in playing talent needed to focus on identifying value acquisitions, the Club dismantled its scouting and recruitment network. Future Strategy Invest in Academy Players – An Academy Development Fund will be created with dedicated annual investment, increasing over time, committed to the acquisition and development of high calibre young players at different stages of their careers with the target to increase the number of Club trained talent coming through to play in the first team at an early stage. Develop Player Asset Management – Developing playing talent is one of the major challenges at any football club. The Chief Football Operations Officer will also have the remit to develop the Club’s player asset strategy which will build a long term structure and plan to deliver playing talent for the Club and maximize value from player trading. http://www.rangers.co.uk/images/staticcontent/documents/RangersBusinessReview.pdf To wait 4 months for that level of detail with vague pointers to how it will be funded is extracting the Michael. They seem to be in no hurry despite targetting the Scottish League title within 3 years. Wallace talks the corporate talk but doesn't or isn't allowed to start walking. Mind you he needed to bring in a spin-doctor to help him with the talking. Importance to the Board: Spin > Scouting Anyone thinking 'benefit of the doubt', 'let's see what happens' may want to look at how this board have gone about business and tell me why they should be trusted. What strikes me is that the consistent MO of the various incarnations of the boardroom in recent years is to mislead,.... lie,.... play for time,.... talk of 'X' ambition,... vanish with a sackful of our money before accountability can kick-in and a new lot come in......... and start a variation of the process again. Wallace is an empty vessel but it's those in and around the boardroom who have him as their 'Pied Piper' leading us down the road towards footballing obscurity.

Good to see incompetence is a common trait throughout all our departments.

via @Rangers_Official Now that the season is over, this is a good time for me to speak to you directly as part of our ongoing Ready To Listen fan engagement programme. In order to do so I will be answering questions from supporters today in a Twitter Q&A on our official club account. You can tweet your questions directly to me on @RFC_Official using the hashtag #ReadyToListen between 1pm and 2pm. I will answer as many questions from supporters within the hour and look forward to speaking with as many fans as I can. Graham Wallace, Chief Executive Officer.

Wallace about to come under greater scrutiny re assets. Also, his man Tyrrell speaking to BBC behind McCoist's back. Today's Sun back page a deliberate attempt by sports editor Ian king - been called by Wallace - to discredit McCoist. Hardly subtle Ian. Put on twitter by someone who has been very insightful recently.

By mutual consent. Oh dear! Striker Kenny Miller moves on May 4, 2014 VANCOUVER, BC – Vancouver Whitecaps FC announced today that the club has parted ways with striker Kenny Miller. The club and Miller have mutually agreed to a contract termination. “We are thankful for the contributions Kenny made both on and off the pitch during his time in Vancouver,” said Whitecaps FC head coach Carl Robinson. "He has been a great role model, a constant professional, and someone who I consider a very good friend. We wish him and his family all the best.” Miller, 34, joined Whitecaps FC in June 2012 and during his time with the club the native of Edinburgh, Scotland, made 45 appearances in all competitions, registering 13 goals and adding three assists. Conference call audio from head coach Carl Robinson and Kenny Miller will be posted on whitecapsfc.com this afternoon.

THOSE Rangers supporters who have so far not renewed their season tickets for next season are currently facing some stark choices. Do they pledge their cash to Ibrox 1972 Ltd, the company launched by the Union of Fans group this week, and hope security will be granted over the stadium? Or do they give their money direct to the club as usual and book their seats for home games in the SPFL Championship in the 2014/15 campaign? Alternatively, they can sit back and see how the stand-off develops during the summer months before deciding how to proceed. What the Light Blues fans do, and in what sort of numbers, will determine the short-term future of the troubled Glasgow club. There is certainly backing for the scheme to withhold cash in the company that has former director Dave King and club legend Richard Gough as trustees. That is despite the fact the Rangers board stated once again this week that it "has no intention of granting security over Ibrox to anybody". Many fans were alarmed when it emerged that both Edmiston House and the Albion car parking facilities had been used as security for two loans of £1.5million earlier this year. And there are serious fears that institutional investors, who have seen the share price tumble since the IPO in 2012, may seek to maximise the club's assets in future. George Thomson, a law student from Paisley who has been a season ticket holder for 10 years, is one of those who will be putting his money into Ibrox 1972 Ltd. He said: "I think there comes a point where you have to say: 'Enough is enough.' "And this, for me, is that point. I will be withholding my season ticket money from the club. "I am unhappy at how the club is being run and have no faith in this board. I think we need change at the top in order to move on as a club and I would like to see Dave King involved. "He is a Rangers fan and has money that he is prepared to invest that could make a real difference to us. How many of the current directors or investors can say that?" Yet, there are also many supporters who are unsettled by the path being taken by King and the Union of Fans and the implications it may have for Rangers. David Somers, the club chairman, has stated there would be a serious doubt over the Govan club's ability to continue as a going concern if fans withheld their cash. James Clark-Dick, a retired quantity surveyor from Uddingston who has been a season ticket holder at Ibrox for nearly 30 years, is against the plan. He will be renewing the three season tickets he has in the Copland Road Stand - he attends every home game with his wife and daughter - and believes he is in a "silent majority". He feels that withholding money from Rangers in the coming weeks could actually help to bring about the eventuality that King and the Union of Fans are hoping to avoid. "Withholding season ticket money from the club this summer until security is granted over Ibrox seems like a ludicrous idea to me," he said. "I don't think it is the right way to go. "My worry is that if you push the shareholders enough then that (utilising the club assets) is just exactly what they might do. It might be what they have to do." The 63-year-old feels there are many Rangers fans like him whose views are not being represented by the supporters' organisations which comprise the Union of Fans. "I have met and spoken to Chris Graham (the Union of Fans spokesman) on a few occasions in the past and he came across well," he said. "But Chris and others like him are described as fans' representatives. Well, I am a fan and I don't have a representative." Given the gross mismanagement of previous regimes at Rangers, Mr Clark-Dick admitted he was "cautious" about the current custodians of the club. However, he also has serious misgivings about South Africa-based businessman King getting involved and the company that he has set up. He said: "I'm not pro-board and I'm not anti-board. I'm neither. I'm pro-Rangers. And I don't think this idea to withhold season ticket money is a great idea. "If it hadn't been for this campaign then I think we would have been all right. And apart from this season ticket fund, I don't know what plan Dave King has for the club. "Everybody has criticised the Rangers review. But what more did people expect? You are only ever going to get the bare bones of a business plan in a review. "I have been a shareholder for 30 years. The last batch of shares I bought were the fourth lot I have acquired. And the review is the most information I have had out of Rangers during that time. "They detailed exactly where the £67million went. They showed that £26m was used up in one-off costs. "That is the most clarity we have had." What the future holds for Rangers, though, will remain shrouded in uncertainty until it emerges how many supporters have renewed season tickets and how many have withheld. At the moment, it is too close to call. http://www.eveningtimes.co.uk/rangers/rangers-fans-divided-by-loyalties-162650n.24161559

The Blue Order is confirming that we are reluctantly not renewing our season tickets for the 2014/15 season. It is, however, our intention to buy tickets for home and away games on a match-by-match basis so that we can continue to give our full support to our team. Unfortunately, until further notice, we are unable to accommodate any new requests to join TBO or for seat transfers into our section however we would welcome others to congregate with our group in BF5. As part of the Union of Fans umbrella group, TBO have been at the forefront of recent protests against the board and we strongly urge Rangers FC to engage openly with concerned supporters and potential investors to safeguard the club's future.

For your information... Blowing a raspberry at Dave King perhaps?

Backed by Dave King, Richard Gough and the Union Of Fans https://www.ibrox1972.co.uk/

We; the Union Bears would like to confirm our current stance with regards to next season and announce that we will not be renewing our tickets. Whilst we would like to have announced this sooner it has not been an easy decision to come to and one which we haven't taken lightly. It has been a painful sacrifice but we hope it proves to be an effective one. We believe we can't continue to put our hard earned money into a club suffering from mismanagement in all areas. We find it very hard to renew with all the uncertainty surrounding the club and don't believe that throwing cash into a financial black hole is the answer. If the situation changes, we will update everyone as soon as we can. But as things stand, the group will NOT be renewing and won't be back in BF1 next season. Thanks for your continued support the last few seasons. UB07

http://vanguardbears.co.uk/ Evidence-Based Mathematics Written by: Ulster Loyal Wednesday, 7th May 2014 Much has been said and written about the finances of Britain's most successful sporting institution, Rangers Football Club. Speculation over the possibility of a second administration or likely direction of the share price has dominated Rangers based conversations in many a pub and many an internet forum. Not all of these conversations are helpful when they are presented in public, through various media, with no factual substance. They can subsequently cause unnecessary, widespread alarm and subject the club to destabilising influences, such as supporter boycotts and police investigations. The preferred way forward for all supporters should be to thoughtfully and objectively use the available information in Rangers' financial accounts to present a factual representation of our club's current business operations and forecast it's likely success going forward. Mathematics can help us to analyse the prospect of a company entering bankruptcy. On 25th December 2013, the following report was prepared, and posted on the Vanguard Bears forum, regarding the likelihood of Rangers going bankrupt: --- START OF ANALYISIS --- Rangers International Football Club (RIFC) has an Altman Z2-Score of 2.25; a statistical bankruptcy meter generated from a set of balance sheet ratios. Q – Are liquid assets a significant proportion of the assets? A – RISK •Testing: Working Capital/Total Assets > 0.2375 •RIFC Details: Working Capital/Total Assets = 0.018 Q – Do reinvested earnings make up a significant portion of the assets? A – SAFE •Testing: Retained Earnings/Total Assets > -0.1355 •RIFC Details: Retained Earnings/Total Assets = 0.34 Q – Are the assets relatively productive in terms of earnings? A – SAFE •Testing: Earnings Before Interest and Taxes/Total Assets > -0.082 •RIFC Details: Earnings Before Interest and Taxes/Total Assets = 0.019 Q – Does firm value compare favourably to its liabilities? A – RISK •Testing: Market Value of Equity/Book Value of Total Liabilities > 1.439 •RIFC Details: Market Value of Equity/Book Value of Total Liabilities = 0.89 Regarding the Altman Z2-Score: •Greater than 3.00 = good financial health. •Less than 1.80 = a company is in the distress zone and is in serious financial trouble; the distress zone is 80-90% accurate in predicting bankruptcy. •Rangers' score of 2.25 indicates it is not entirely safe from financial distress and investors should be cautious. --- END OF ANALYSIS --- The problem with supporters warning of the imminent arrival of another financial collapse at Rangers is that they have no statistical analysis to give credibility to their claims. When the share price was at around 33p, it was my opinion, reached using mathematical evidence, that the likely intrinsic value of Rangers was closer to 25.67p. I made similar comments in October 2013 when the share price was around 43p. The following analysis regarding an estimate of the true share price valuation of RIFC was also carried out in December: --- START OF ANALYSIS --- a) Discounted Cash Flow Valuation Method (forward looking growth model): 0p per share; 100% overvalued (due to negative cash flows that are not forecast to increase in the next 8 years). This is based on the following inputs: •The company's sustainable cash flow is -£12.61m (taken as the average between latest free cash flow (-£18.9m) and 3 year average free cash flow (which includes 2 years of £0 due to not having data for those years, making this valuation input more unreliable)) •Expected growth rate of cash flow of 0% for the next 8 years (3 year average cash flow growth, 5 year average cash flow growth, year 1 forecast earnings per share growth and year 2 forecast earnings per share growth are normally added as an input here but that data is not available for Rangers at this stage, making this valuation input more unreliable) •The company should settle into a long term growth rate of 3% (if we don't have reliable forecasts, we default to normal inflation levels and that is what we've done here) •Investors require a return of 15% for the risk they are taking (due to being a small cap company, 9% would be applicable to large cap companies) b) Earnings Power Value Valuation Method (zero growth model based on current earnings): 25.67p per share; 23.4% overvalued. This is based on the following inputs: •Sustainable level of revenue is £19.11m (latest revenue; 3 year average revenue and 12 month rolling forecast revenue is normally included but we don't have these inputs for RIFC, making this valuation input more unreliable) •Across the economic cycle, the operating margin in 7.8% (we normally take an average of a 5-10 year operating margin and a trailing 12 month operating margin but we don't have that data for RIFC, making this valuation input more unreliable) •On average the company see £0m of 'exceptionals' (we normally deduct the long term average of non-recurring charges but we don't have this data for RIFC, making this valuation input more unreliable) •15% of historic selling, general and administrative expense has funded growth (typically 15% to 50% of this is added back to a company's Earnings Power Value to make up for the fact some of that expenditure went towards funding growth as opposed to maintaining the existing asset base; Earnings Power Value only takes into account current earnings and is a zero growth model; we don't have enough data for RIFC on this value so we assume the minimum standard of 15%) •Each year, the company spends -£2.48m on maintenance capital expenditure (capex) (maintenance capex can be calculated by subtracting growth capex from total capex; again, we don't have long term forecasts for this based on historical figures so we are largely estimating these on limited results from the previous earnings report) •Investors require a return of 15% for the risk they are taking (due to being a small cap company, 9% would be applicable to large cap companies) c) "Relative to Sector" Valuation Method: 92.51p per share; 176.2% undervalued Based on the following inputs: When we compare RIFC to the Hotels and Entertainment services sector, we have the following valuation ratios for RIFC: •Price To Book Value: 0.39 • Price To Tangible Book Value: 0.57 • Enterprise Value To Earnings Before Interest, Tax, Depreciation and Amortisation: 3.14 • Enterprise Value To Operating Profit: 8.38 • Enterprise Value To Sales: 0.66 By comparison, we have the following corresponding valuation ratios for companies in the Hotels and Entertainment Services sector: •Price To Book Value: 1.95 • Price To Tangible Book Value: 2.19 • Enterprise Value To Earnings Before Interest, Tax, Depreciation and Amortisation: 12.7 • Enterprise Value To Operating Profit: 18.3 • Enterprise Value To Sales: 2.10 The Relative To Sector Valuation Method compares RIFC's valuation against the median multiples of the company's sector peer group. d) Net Current Asset Value Valuation Method: 0p per share; 100% overvalued Based on the following inputs: The company's current assets (long term assets are not included) are £16.5m • Cash And Short Term Investments (trailing 12 months) £11.2m •Total Receivables, Net £5.23m •Total Inventory £0.085m •Other Current Assets £0.000m The company's total liabilities are £24.7m • Total Current Liabilities £15.1m •Minority Interests £0.25m •Deferred Tax £7.82m •Total Long Term Debt £0.96m •Total Other Liabilities £0.52m The shares outstanding are 65,095,856m e) Net Working Capital Valuation Method: 0p per share; 100% overvalued Based on the following inputs: •The company's Cash and Short Term Investments are £11.2m • The company's Inventory is £0.085m • The company's Receivables are £5.23m • The company's Total Liabilities are £24.7m • The Shares Outstanding are 65,095,856m f) Tangible Book Value Valuation Method: 59.1p; 76.4% undervalued •The company's Book Value (total assets minus liabilities) is £56.9m • The company's Intangible Assets are £18.4m • The company's Goodwill is £0.000m • The Shares Outstanding are 65,095,856m --- END OF ANALYSIS --- The following commentary from the 10th of January 2014 further explained the information provided on the 25th of December 2013. --- START OF COMMENTARY --- "As you can see there are only three valuation methods that assign a value greater than 0p to Rangers; Earnings Power Value, Tangible Book Value and Relative To Sector. There are only two valuation methods that assign a share price that is higher than the current level of 28.5p. However, investors likely won't use these methods to value Rangers, and inform their investing decisions, for the following reasons, thus eliminating any mathematical reason to think that the current share price is cheap, based on an objective analysis of the company's financial results: Relative To Sector is an unreliable valuation because it compares Rangers to the Hotels and Entertainment Services sector, based on how the stock is classified by the stock market. It would be better to only compare Rangers to other football clubs but there is a shortage of listed football clubs and the sample size would be too small to draw any conclusions. The Tangible Book Value method is good at valuing the club's assets. However, value of assets is very different to the value of the business. If the assets are not generating sufficient income to make a profit, then investors lose confidence in the ability of those assets to generate future growth and profitable cash flows. As a result, the business is worth less to those that may seek to invest in it. If the company is liquidated due to large debts, the investors likely won't see the value of the assets they invested in because shareholders are below creditors in the capital structure of a business. Therefore, an investor does not invest on the basis of the book value of the assets of a company but rather the ability of those assets to generate a return on investment. Now, the only method left that assigns a value to Rangers, and would be a realistic evaluation of the club's true worth as a business, in the opinion of investors (which is largely what dictates the share price), is the Earnings Power Value method. This valuation metric values the club based on current earnings and assumes no growth in the company (which can't be measured anyway due to negative cash flows). It is a realistic valuation because it makes no assumptions about future growth, which can be inaccurate, and is only an analysis of the present situation. According to the Earnings Power Value method, Rangers is valued at 25.67p. Therefore, the current share price of 28.5p is close to being a fair valuation of Rangers. Rather than speculating on boardroom battles and their subsequent effect on the share price, I have simply looked at the value of the business from an objective, mathematical view. In the long term, a company's share price will converge with its Intrinsic Value. It's just mathematics and market forces. The downwards movement in the share price of Rangers comes as no surprise to me." ---END OF COMMENTARY--- The best way to comment on the financial situation at Rangers is by working with the facts, not by letting unfounded allegations cloud your judgement. History will show us which commentary - evidence based mathematics here on Vanguard Bears or the agenda-driven, emotional rhetoric from power-seeking, self-proclaimed fans' representatives - proved to be an accurate account of the financial picture at Rangers. It is now the 7th of May 2014 - Rangers is still operating and the share price is 23.00p.

Up on BBC: Rangers' former commercial director Imran Ahmad is to go back to court on Tuesday as he seeks to have more than  £500,000 frozen in the club's account. In February, Lord Tyre disagreed with Ahmad's claim that Rangers were trading while insolvent. Now, with doubts over season ticket sales, Ahmad is concerned about Rangers' ability to pay out should he win his ongoing legal battle with them. The two parties are in dispute over his claim for unpaid bonuses. At the February hearing, Lord Tyre made his decision in Rangers' favour because of what he described as the cyclical nature of a football club's finances. Since then, Rangers have made it clear that a significant drop in season ticket sales would leave them unable to trade without seeking external finance. The chairman of Rangers' football board Sandy Easdale also told BBC Scotland the League One champions are in a "fragile situation". Rangers will again have to satisfy a judge at the Court of Session that they can continue to trade, with the implications of the decision going in Ahmad's favour next week potentially devastating for the board. I reckon he'll get it frozen this time. Wasn't the reason it was declined before because there wasn't enough evidence to say the club was in financial hardship? IMO this is to put pressure on fans to renew season tickets. They are all in it together. How on earth can he get that money ring fenced when the contract he had was pie in the sky ffs..

http://www.thecoplandroad.org/2014/05/dave-king-time-to-step-up-and-pay.html?spref=tw

On Twitter that Dave King's ST Trust goes live tomorrow. Also Gough gave interview to Sun stating this. Anyone confirm this?

Today's 5-0 for Hearts who had nothing but pride to play for v Kilmarnock for whom the points were vital and who beat them 4-0 at Tynecastle in December; shows that Hearts youngsters shave learned a lot this season and will be no pushovers in the Championship. If Hibs don't come down, I'd certainly welcome some trips back to Rugby Park.

Yet another good article with the questions a lot of fans have been asking plus some that have never been brought up before. Wednesday, 30th April 2014 In a week that saw the board of Rangers conclude their 120 day review into the business, Season Ticket renewals across the country are in various stages of action, with Dave King and the "Union of Fans" encouraging Season Ticket holders to pay their season ticket monies in to an Escrow account that is intended to hold and release funds when Rangers sign over securities for the Albion Car Park and Edmiston House to Season Ticket holders. With many of our members expressing concern that the "Season Ticket Trust" hasn't been made clear to them, we believe it is appropriate to seek clarity by asking the following questions of Dave King, and the "Union of Fans". It should be noted that we also have concerns about the 120 Day Review, and how the club plan to bridge an apparent cash flow shortfall, with the club £1.5M down before next season has even started Q - Has an Escrow account been set up yet? Q - If so, who is hosting that Escrow account facility, i.e. which bank? Q - Who are the Trustees of the account, other than Richard Gough? Q - How do I pay in to it? Q - If I pay in to it, what guarantees do I have over what seat I will be paying for, and that the seat will be in my name? Q - What written assurances do I get that the money will be returned, in the event that the assurances the Trust are requesting from Rangers are not granted? Q - What assurances, other than guarantees over Rangers owned assets have the Trust requested? Q - 66.6% of the loan value, not including interest, is due to Rangers Supporters Trust board member George Letham. Don't the Trust feel that withholding funds to Rangers runs the risk of Rangers defaulting on the loan to Mr Letham, and thereby Mr Letham theoretically stands to gain £1.075M worth of shares in Rangers International Football Club? Q - Can George Letham confirm what his plans are regarding his holdings if that share value is transferred to him, namely, will he retain ownership and voting rights, or will he proxy votes to the Rangers Supporters Trust (RST)? Q - For those who sign up for Away Tickets, how will they get tickets in future? Q - Do current Travel Club members stand to lose travel club points by using this Trust? Q - How will Richard Gough act as Guarantor as a resident of the USA? Q - What are the Administration costs of the Escrow account, and how will they be funded? Q - In the event that Rangers are willing to compromise over loan securities, with the agreement of Sandy Easdale and George Letham, who will become the signatory for these assets on behalf of Season Ticket holders Q - Do shareholders that live abroad with a shareholding in value higher than the price of a season ticket get any security? Q - Why was there no mention of the Season Ticket Trust, or any information about it in the UoF leaflet handed out last week? Q - Will the Trust facilitate split payments like those offered by the club to pay for Season Tickets (through Zebra finance over 4 or 10 months)? Q - Will Season Ticket Holders who have sat in their seat for a number of years be able to secure "their" seat at Ibrox, or will they stand to lose "their" seat? Q - Will money deposited accrue any interest? If so, what will be done with that money? Q - Where will the interest payments be shown? Q - Who decides exactly when the money will be released to the club and in what form? Q - Will the custodians of the account be separate and distinct from the organisations who wish only for the board's removal? Q - Will every member have a say in when the money should be released? Q - What exactly does the board need to do (beyond what they have) to make the monies available? Q - What lines of communication have been opened with the club to urgently discuss the aims of this project? Q - Who exactly has the authority to negotiate with the club? Q - How often will fans putting money into this scheme be updated of progress and by what medium? Q - What other transparency is guaranteed by way of communicating to those who pay in to the scheme? Q - Are other Rangers supporters' organisations involved in this scheme? Q - Are the Rangers supporters trust or any of their senior or high profile members involved at the core of this? Q - Will there be a board of Trustees in the scheme, and if so, how will they be elected? Q - How can supporters and contributors become involved to influence the decisions being made? Q - Are any previous board members of any of Rangers corporate entities, other than Dave King, involved? If so, at what level? Q - Are there any conditions attached to the Trust that require a nominee of the Trust to join the PLC board or the football club board of Rangers? Q - If so, how will that nominee be chosen? Q - Will the Trust be VAT Registered? Q - If the board acquiesce to UOF demands who will then hold first charge/security on the stadium rights to our club? Q - What IT problems could possibly delay implementation of the Trust? We trust that the relevant people involved in the Trust will both answer these questions and make themselves known to Rangers supporters, who are understandably cautious about contributing their hard earned money to a scheme that appears to carry a high element of risk. We feel that supporters should seek clarity both from the PLC board of the club, over their plans for the future, and from those promoting the Season Ticket Trust.

The First Annual Gersnet Dinner will be held at Malaga Tapas, 213-215 Saint Andrews Road, Glasgow G41 1PD on 26 April 2014 at 3.00pm for 3.15pm till 7.00pm. NOTE NEW TIMES DUE TO EARLY KICK OFF V STRANRAER http://www.malagatapas.co.uk/ The restaurant is currently ranked in the top 20 in Glasgow on Tripadvisor http://www.tripadvisor.co.uk/Restaurant_Review-g186534-d1087980-Reviews-Malaga_Tapas-Glasgow_Scotland.html MENU FOR THE FIRST ANNUAL GERSNET DINNER (THE BEARS PICNIC) Primer Plato (First Course) Selección del chef de varias tapas, por ejemplo (Chefs Selection of Various Tapas e.g.): Pescados (Fish) – Pescado en Adobe ( Spanish Marinated Fish in a combination of paprika and spices) Fritura de Pescado (Fried Mixture of Fish & Seafood; king prawns, squid & white fish, served with garlic mayonnaise) Carnes (Meats) - Albondigas en tomate (meatballs cooked in a rich tomato sauce) Pinchos Morunos (Authentic Spanish Skewers of Sizzling Pork, marinated with cumin, garlic & red wine) Verduras (Vegetables) – Pisto Manchego (Mixture of roasted vegetables: peppers, potatoes, eggplants and onions mingled with tomato sauce) Bravas con salsa Picante (Malaga Tapas own take on the quintessential Spanish patatas bravas) 3 tapas per person Segundo Plato (Second Course) Paellas: Marisco (seafood), Valenciana (mix of chicken & seafood), Montana (chicken and dry-cured chorizo); Verduras (vegetarian) (the selection on the night will depend on numbers) Postres (Deserts) por ejemplo (e.g.): Crema Catalana (Spanish version of crème brulee fired at the table!) Copa Malaguena (Ice cream, honey coated peanuts, raisins and topped with Pacharin liquor) NB: The above are examples from Malaga Tapas’ current menu (see web site); as the owners import a high percentage of the ingredients from Spain, the actual dishes available on the night may vary from the above. £18.00 por persona (per person). All those wishing to attend please post in this thread. I am proposing to collect a deposit of £9/10 per head and in order to avoid any possible suggestion of impropriety, I intend opening a bank account with two signatories, specifically for that purpose. Frankie has approved the opening of a Gersnet Dinner account with me and Andy Steel as signatories. I'll PM the details to all those who sign up when I get it organised.

@Martin1Williams: Sons of Struth to hand out red cards to allow #Rangers fans to protest against the board & their business review at Dunfermline

Firstly allow me to clarify something – the content of this blog and the information shared is done so with the express permission of the Union of Fans – following a full and frank discussion between myself and Chris Graham. Those who are interested in the finer details and legal aspects of the Season Ticket Trust are probably going to be disappointed; any queries you have will have to wait until the ST Trust website is up and operational. What I did ask however was this: If the board acquiesce to UOF demands who will then hold first charge/security on the stadium rights to our club ? The answer, as many undoubtedly suspected, is Dave King and Richard Gough, under the auspice of Dave King’s new company, Ibrox 1972 Ltd. Quite simply as far as The UOF are concerned it all boils down to a question of trust, and they trust King more, far more, than they do the current board. It is all hypothetical of course, dependent on their scheme being successful, the Rangers board acquiescing to their demands and relinquishing the security for both stadium and Auchenhowie. Many will have realised by now this would mean handing over the security of our club’s 2 biggest assets to 2 men who currently are not even shareholders in our club. They will not be accountable to the board or to shareholders, which at least in theory, is the current status quo. I hope for the sake of our club, should this scenario ever come to fruition, that the UOF have exercised sound judgement in their assessment of Dave King, otherwise it will qualify as a blunder on a scale of magnitude with the ill-fated Men of Troy. As the current board and King, with their respective aide-de-camps, battle vigorously for not only our hearts and minds, but also our season ticket monies, the whole debate has become extremely polarised, the language and tone war like, with little opportunity for either constructive or conciliatory dialogue. The problem is however that the dominant voices in the debate do not necessarily reflect the feelings of our support. Keith Jackson touched on this last week in an article when he referred to the silent majority of the Rangers support – the ones who have no interest in off-field politics and whose sole interest is turning up each week to see the Rangers. Furthermore the polarisation of the situation and debate fails to take cognisance of fans who have no confidence in the current board but who are equally unenamoured by Dave King. Rather than choose between the two best prospective candidates it is more akin to choosing the lesser of 2 evils. A particularly sad indictment of where we currently are as a club. To date, the considerable failings of governance by our current board which I highlighted in a previous blog, remain unresolved. In particular the veracity of the 120 day review remains under question as a consequence of claims by the Daily Record regarding the withdrawal of credit and debit card provision. Before we file these claims as the ranting of a “Rangers hating rhag” perhaps we should check the filing cabinet – look under “BBC & Craig Whyte”. I can only re-iterate the warning of a previous blog – we cannot afford to make the same mistakes of the past. A few have commented on the madness of the situation facing us as a support. With trepidation, and a tinge of embarrassment, I quote from Dan Brown’s book Inferno, “Madness breeds madness” The Rangers support should bookmark this moment in time, with its paucity of choice, for a future date, when next we sit down with any conviction to consider the merits of fan ownership.

By TheLawMan on RM