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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

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

“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.

No doubt our pulses are all racing with excitement at the prospect! Nobody v Somebody Else! I repent of my contemptuous words. A great day for Saints and United fans. Rangers had the chance to get there but weren't up to it. Brings back memories, though. Tam's blockbusting 30 incher. Kai's strike from heaven. Ian McColl's swan song master class against Kilmarnock. But best of all, the 1964 epic against Dundee. I enjoyed that one the most partly because Dundee were so damned good. A terrific game of football. Your best 'Gers finals please?

After being 1-0 down at half time the young Scots put in an excellent second half scoring 3 goals to go through to the semi final where they will face Holland,superb second half from the young guys. Sunday 5.35 on Eurosport.

CASH gates will be in operation at tonight's Youth Cup final at St Mirren Park. Gordon Durie's under-20 side will face Hearts with the Youth Cup trophy at stake and you can back the side tonight in Paisley. The youths are aiming for success in the first final appearance for the club in three years. Tickets for the match, which kicks off at 7.30pm, and will go to extra-time and penalties if necessary, will be available at turnstiles this evening. Priced are £5 for adults and £2 for over-65s, under-16s and full-time students. http://rangers.co.uk/news/academy-news/item/6954-cash-gates-at-youth-final

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.

........No it's time for Dave King to step up and pay. KEITH believes it's time for Ibrox investor King to put his money where his mouth is with the club's Murray Park training ground under threat. IF Dave King is serious about rescuing Rangers then he had better get a move on. In fact, come to think of it, he may have procrastinated too long 
already because this basket case 
of a business is staring its next disaster dead in the eye. Very soon someone will have to blink and before you know it this club could find itself minus a training ground if it’s not careful. In five days from now the curtain will come down on season ticket renewals and when it does,
bedraggled chief executive Graham Wallace might as well sound the emergency klaxon because unless there is a late stampede between now and Friday, Rangers will be right back on the brink. Raising money against Murray Park might then become almost inevitable, assuming insolvency is to be avoided as Wallace so bullishly insists it will be. It was interesting to note that the current board made no comment at all about the security of their Auchenhowie HQ when categorising Ibrox as ‘sacrosanct’ the other day. The truth is Wallace was busy discussing the merits or otherwise of raising funds against Murray Park with former financial director Brian Stockbridge at the turn of the year. Stockbridge wanted to push the button back then but Wallace at least had enough sense to resist. However, Wallace also made it clear that such a scenario might need to be revisited at a later date and if the season ticket revenue really is about to be obliterated then that date might well be now. Also, given the enormous scale of Rangers financial requirements, there would seem little point in simply raising a couple of million quid in the form a secured loan – like the deal Wallace brokered with those nice hedge fund folk from Laxey Partners just to keep the floodlights on till the end of winter. A full-blown sale and leaseback would certainly bring in significantly more money but at what price to a club which continues to be robbed of its soul from the inside? Which brings us back to the man who would be King and his plotting in South Africa. King has lent his name to the Union of Fans’ plan to starve the club of its biggest single source of revenue but he’s done so from a distance, almost half-heartedly, while this club’s supporters have been busy whipping themselves up into a state of high doh. That King did not attend the launch of this scheme in person, nor even make sure that his recently- recruited wingman Richard Gough was there to deputise, sent out more muddled messages to these fans who want nothing more than a leader in whom they can place their trust along with their cash. But then this is the Rangers civil war we are talking about. If there is a way to mishandle public relations then you can bet your last blue pound someone in this abomination will find it – even though you can barely move for gurus spinning furiously for one camp or the other. King says his attempted coup is not in any way reliant on public opinion, which is probably just as well because he hasn’t done enough to win over the rump of the fans. The vast majority want to believe in him but need to see tangible proof of his intentions. If Friday’s final tally of sold season tickets is as low as many are predicting then this will be an
indication of how little these fans trust the characters inside their own boardroom rather than a show of faith in the man who wishes to topple them. It would also leave the board with a couple of options – selling off the family silver or engage immediately with King, who is ready to talk. So far, King has done nothing much more than kick up a stink by issuing sporadic flurries of statements, most of which have told us nothing we did not already know. He has been heavy on promises – talking boldly of blowing £30million worth of his children’s inheritance – but feathery light on substance. So if he is serious about acting – and for the record I’m sure he is – then right about now would seem like an appropriate moment for him to start digging deep. King has made clear his reluctance to line the pockets of the very
shareholders he blames for making such a mess of the club. While this is an admirable position, the more time passes, the less realistic it appears. And all the while, Rangers fans are wrestling with their own consciences and fretting over whether or not to hold their club to ransom. King could remove all that
confusion and guilt from their
shoulders at a stroke by ploughing some of his own millions into the very account that has been set up for their season ticket cash. If those who run the club will not accept his money then why would any individual feel the least bit bad about hanging on to their own £400? Better still though, King should rethink his strategy and find out exactly how much it would cost to make those shadowy investors lurking behind the likes of Margarita Blue Pitch Holdings and Margarita disappear once and for all. Ultimately, this is what will be required if Rangers are ever to be properly ‘cleansed’ and now Friday’s iceberg is approaching, maybe those lucky enough to have stuffed their pockets with penny shares might realise it’s time to abandon ship. Even if they sold now for as little as 20p a share they’d still make mind-boggling returns on their investments. The thought of making them rich might make King’s skin crawl but, even so, this would seem like a price worth paying. He could always ask Fergus McCann who had to perform a similar U-turn when bringing down the Kelly and White dynasty across the city. A deal could even be structured that would allow King to be given some of the money back, much like the £2.5m Ann Budge has just had to pony up to make sure Hearts are a 
Lithuanian-free zone. King could do any of the above and instantly cement his status as a genuine hero among the club’s rank and file. The longer he waits though the more time is running out for his club.

Im glad he is employed so he doesn't make the available list for future Rangers manager. Worst Scotland manager of all time! Even though Locke wasn't great and Im no fan it does seem a bit harsh on him. Sounds a bit like 'thanks for getting us through the season when nobody else would but jog on"

July 30th - Bournemouth v Rangers pre season friendly http://www.bournemouth.vitalfootball.co.uk/article.asp?a=358560 …

https://twitter.com/BBCAlLamont/status/465794873812353024/photo/1

starting just now. after 2-0 defeat v Portugal last week, it will be a tough ask for the young Scots.

GEORGIOS Samaras struck a 
discordant note on a day of 
celebration for Celtic when he claimed he has been forced out of the club. The Greek international was in tears on the Celtic Park pitch yesterday after scoring the second goal in a 3-1 win for the champions against Dundee United before they received the Premiership trophy. It was widely anticipated beforehand that it would be Samaras’ last appearance for Celtic following months of speculation over whether he would sign a new contract when his existing deal expires next month. But, in a startling interview during the post-match celebrations, Samaras insisted he had wanted to stay at the club all along and was only departing because of Celtic chief executive Peter Lawwell’s failure to offer him a new deal. “I’m leaving, that’s for sure, but it was not my decision,” Samaras told BBC Scotland. “I never had an offer from the club. I never had an offer from Peter Lawwell. I’ve been seven years at the club and I’d have loved to stay. I had a chat with the manager. He would have loved me to stay and I was happy to stay, but me and the gaffer don’t make the decisions – there are people higher up. I’ve not spoken to any other club. I was waiting to the end to see if they offered me anything, but that is the end. “We are the champions and that’s what counts in the end. I am very happy for my team-mates and the coaching staff and wish them all the best.” The 29-year-old joined Celtic, initially on loan, from Manchester City in January 2008. He scored 74 goals in 252 appearances for the club, winning seven major honours. Although he often divided opinion among the Celtic support, he was highly valued by Celtic manager Neil Lennon and was often especially effective in the Champions League where he scored ten goals. Samaras appeared as a second-half substitute against United, receiving a warm ovation from the home fans. He scored his 11th goal of the season from the penalty spot after regular spot-kick taker Kris Commons handed him the ball. Lennon, clearly unaware of Samaras’ comments when he conducted his own post-match media conference, indicated he felt the player was leaving through his own choosing. “I’d imagine his mind is made up,” he said. “I wouldn’t have thought there would be any negotiations. If there are any to be done, it would be between his advisor and Peter. He’s going to join up with the Greek World Cup squad pretty soon, so I don’t know if I’ll have a chance to see him or not. It was a nice touch from Kris to give Sami the opportunity to say goodbye properly. I don’t think it’s any big secret now that it doesn’t look like he is going to be here next season. So if he does go, he goes with the best wishes of the backroom team and the players.” http://www.scotsman.com/sport/football/spfl/georgios-samaras-claims-celtic-forced-him-out-1-3407308

Following the success of the First Annual Gersnet Dinner it has been suggested that the event be held more frequently than annually and that we should not wait a year for the next one, particularly as several members of the site were unable to attend the first one for a variety of reasons. The new football season kicks-off on the following dates: • Weekend of 26 July - First Round of the Scottish Challenge Cup • Weekend of ‎2 August - First Round of the Scottish League Cup • Weekend of 9 August - SPFL League season starts across all four divisions Leaving aside July as being a bit early (and it would be dependent on a home or away draw in any event), I’ve divided the broad date zones as follows: Early Season - August/September Autumn – October/November Christmas New Year Spring – February/ March End of Season – April/May Please vote for your preference. Note this is just for the NEXT dinner; so voting for Christmas/New Year say, does not preclude one later in the season as well. Once we get an idea of the most popular time of year we can wait till the fixtures are published and TV schedules are known to decide an exact date, time and venue. I’m working on the assumption that most if not all folk will want to stick with after a weekend match. Please post any other comments. Also anyone who wants to take over organising duties step right up.

Good results last night see's Hibs slip into the play off spot. If Kilmarnock get a draw at Easter Road on Saturday then Hibs will be in the play off. If Hibs go down then its a wet dream for Doncaster and Co, how jammy can they get! Rangers v Hearts 4 times, Rangers v Hibs 4 times, Edinburgh derby 4 times. A top flight league of 18 is a must.

It is still 0-0 after 30odd minutes, Twitter feed here Starting line-up: Kelly Pascazio - Halkett - Gasparotto - Sinnamon Crawford - Hutton - Murdoch - Telfer Gallagher - Burrows Subs: Simonsen, Gibson, Stoney, Dykes, Ramsay, Roberts, Finnie

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.

Hi there, first post, great site. I read lots of blogs etc and this is the best one in Scotland by a distance. If Rangers FC cannot continue as a going concern, in the event of the Dave King faction starving the board out, what happens? How does Rangers International deal with this?

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

........and tells how boss kept his wife's miscarriage from him. HUGHES admitted his relationship with Big Jock was strained as he unveiled his autobiography at their spiritual home of Celtic Park. JOCK STEIN is a legend to Celtic and Scotland fans. The former boss is held in reverence at Celtic Park and his statue towers over the stadium’s main approach. But one of Stein’s own players, John Hughes, has launched a bitter attack on the dugout giant. Hughes claims: * Stein kept news of Yogi’s wife’s miscarriage a secret from him. * Forced him out of Celtic at the peak of his career. * Responded to the striker’s pay rise request by threatening to cut his wages. Hughes yesterday opened up about the legendary gaffer as he unveiled his autobiography at their spiritual home of Celtic Park. There are plenty of golden memories from his time at the club he still holds close to his heart after netting 116 goals in 255 appearances for the Hoops. But he admits his relationship with Big Jock was strained. Hughes said: “He was a fox. We were on a post-season tour to America in 1966 and my first wife Mary was pregnant at the time. I used to phone home every five or six days. “Then I bumped into the sports reporter Ken Gallacher one morning and he said, ‘Sorry to hear your news’. I didn’t know what he was talking about and he was the one who told me Mary had had a miscarriage four days earlier. “Jock knew but he hadn’t told me so make your own mind up about that.” In the book he talks in depth about the secret, saying: “I met up with Jock to confront him about it and he didn’t even blink. He replied, ‘Ach, what could you do about it anyway? You’re here and she’s there’. “I was stunned, speechless. I waited for my head to clear before I said, ‘You knew and you didn’t think it was right to me let me know? My wife losing a baby? Didn’t you think that was important?’ “He said, ‘Oh sort it out when you get home’. It was such a flippant throwaway remark. “I glared at him before saying, ‘Listen boss that’s ridiculous. You’re bang out of order’. I could see it wasn’t any of his concern.” Hughes claims it wasn’t the only time he was kept in the dark by the manager. He is aggrieved about his exit from Celtic in 1971 and claims Stein railroaded him into signing for Crystal Palace. He added: “I’m a Celtic guy and didn’t want to leave Celtic. “Ken Gallacher had asked why I signed for Crystal Palace when Everton and Sheffield Wednesday were in for me as well. But I didn’t know, Jock didn’t tell me. “I was negotiating with the Crystal Palace chairman and Jock came in and took me outside. He said, ‘You get in there and f*****g sign or I’ll sit you in the stand for nine months’. So that was that. “It would never happen nowadays as you’ve got agents and some sort of say. With Jock you didn’t have a say. “Don’t get me wrong, I had some great times under him. When he came I played most of the time. It was only latterly things went wrong.” Hughes reckons missing a chance in the 1970 European Cup Final loss to Feyenoord prompted his departure. But he feels Celtic would have won that trophy for the second time in three years if Big Jock hadn’t been complacent about facing the Dutch side. He said: “I missed a chance in the game and feel that is one of the reasons why Stein got rid of me. Why else would he have done it? I was 28 and the sixth highest scorer in the club’s history. “Three months later I got a bad knee injury and never played again. “Jock thought we’d won the trophy after we’d beaten Leeds in the semi-final. We didn’t think that but he did and the atmosphere permeates down from the top. “He thought it’ll be a doddle – we only need to turn up.” Injury had ruled Hughes out of Celtic’s European Cup-winning team of 1967 but he bounced back to form the next season. His stock was high and he was convinced he deserved a pay rise – but Big Jock’s response left him stunned. Yogi said: “I’d had a good season so I went to ask Jock for a wage rise. He said, ‘I know how you feel – you’ve had a terrific season. But I think, just to keep your feet on the ground, we should cut your wages’. “I’d just scored for Scotland against England at Hampden and there I was wondering how I could get back to what I’d been earning when I walked into his office.” Stein died in September 1985 after suffering a heart attack at Cardiff’s Ninian Park seconds after Scotland had drawn 1-1 with Wales to book a World Cup qualifying play-off. Hughes though didn’t go to pay his last respects. He said: “I didn’t go to his funeral. I would have been a hypocrite if I had gone. “He got rid of me when I was in my prime and three months later I was finished at 28. People say to me, ‘Are you bitter?’ Yes. “In the book we’ve tried not to comment. We’ve told people what happened and left them to make their own minds up. “I think I’m the seventh highest goalscorer but had I stayed until I was 32 and kept scoring at the same rate I’d have been third.” http://www.dailyrecord.co.uk/sport/football/football-news/john-hughes-lifts-lid-run-ins-3515962

Due to overwhelming demand we're delighted to announce an additional Tour on Saturday 14th June. Our Tour on Sunday 15th June which is Father's Day is completely sold out. Please note that Tour Gift Vouchers for Dad are available. Tour details are as follows. Join us on a journey of discovery back to 1872 when The Rangers were just the dream of a group of young kids who gathered on Fleshers Haugh. They had no ball, no football kit and used a bush on the green as a changing room. Their Club, which they nurtured, was to become the world?s most successful and it all happened on the streets of Glasgow. Our journey takes us to the area of Fleshers Haugh where The Rangers played their first ever match, we also visit Glassford Street, Union Street, Berkeley Street, Burnbank, Kinning Park, Craigton Cemetery and many other places of interest before finishing off our day with a tour of our magnificent Ibrox Stadium. During our journey we have a 30 minute break at the West of Scotland Cricket Ground in Partick which was the scene of the Rangers first ever Scottish Cup Final in 1877. It gives everyone a chance to unwind, grab a beer or soft drink and a bite to eat at a beautiful and historical setting. Adults : £20.00 Children (under 16) and Senior Citizens £15. Group discounts are available upon request. To reserve your seat just send an email to : thegallantpioneers@googlemail.com For further information phone : 0790 2855536 An insight into our research can be found here on our website. http://www.thegallantpioneers.co.uk/

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.