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Taken from FF "It has come to our attention that the Rangers board are considering a move which could see Mike Ashley underwrite the £4m share issue they previously announced. This has been necessary due to understandably poor take up from existing investors. We believe the SFA have been approached to find out what would be required to give clearance for this, due to Mr Ashley’s ownership of Newcastle United. We would question the wisdom of approaching someone who, despite his obvious wealth, cannot significantly invest in the club without removing himself from his ownership position at Newcastle. Why are the board persisting with these short term, desperate measures? The club needs urgent, substantial investment - not a short term fix which will be lucky to see us past Christmas. Even if they are successful in raising the £4m, almost half the money will immediately have to be used to repay overdue loans. The board indicated to us that they could raise this money "at the push of a button". Sandy Easdale also indicated that investors were lined up. Clearly neither of these statements have turned out to be true. Also, the vast bulk of this money could have been raised by greatly increased season ticket sales if the board had been prepared to properly safeguard the club’s assets. If the SFA give special dispensation to Mr Ashley to up his stake in Rangers will it be irreversible and without any possible future sanction? Will the board get an unequivocal assurance that the SFA will not use this issue as a stick to beat the club with further down the line? The SFA have a track record of attempting to impose draconian sanctions on Rangers using tenuous methods. It would be extremely unwise of this board to unnecessarily put the club into a situation that allowed the SFA to act in this manner again. We are also concerned that, under UEFA regulations on dual ownership of clubs, Mr Ashley cannot have a “decisive influence over decision making” at Rangers without it leading to the possibility of us not being able to compete in European competition. He could find himself holding around 20% of the shares in our club, having control of all club merchandise and being the largest single shareholder if he underwrites this share issue. Will the board clear this unequivocally, and in advance, with UEFA to ensure that Rangers will not miss out on European football in the future because of Mr Ashley’s ownership of Newcastle? It would be negligent of the board not to gain the above assurances from the relevant football authorities. We would ask them to publicly confirm that they will have full written clearance for Mr Ashley from both UEFA and the SFA before moving ahead with any plans for him to underwrite this share issue. We would also ask them to confirm that any such clearance is free from any caveat which could negatively affect Rangers in the future. Finally, Mr Ashley’s initial purchase of shares in Rangers appears to have been linked to his Sports Direct merchandise deal. The only man inside Rangers who liked that deal at the time it was put in place was Charles Green. We hope that any possible assistance given to the board by Mr Ashley at this time will not see him clinch another favourable deal, perhaps to rename Ibrox at a knock down price. Can the board confirm that renaming of Ibrox will not be part of any underwriting deal with Mr Ashley and that we will not be seeing garish Sports Direct signage defacing our iconic Main Stand?"
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Next year will see us enter the Premiership hoping to reclaim our crown as King of Scotland. I am looking for some help in this thread from you guys please. I am looking at our revenue in the lower leagues and what we used to bring in when in the SPL and looking at how we are going to get back there, so some fag packet maths. When in the SPL our average revenues were £25m Gate Receipts and Hospitality £3m Sponsors and Advertising £5m Broadcasting rights £5m Commercial income £2m Other operating income That is us, without European football. A £40m revenue club. That is what we averaged over the last 15 years or so when not participating in Europe. This is where we will need to be at least next season to just compete i believe. Our operating expenses averaged out at £45m per season. Every year. Staff costs including wages and salaries averaged at around £30m of that £45m. 75% of turnover from above. This means that we were always pissing against the wind, needing European football. It's easy to see here trouble was always inevitable as we could never quite get the costs down to a sustainable level. When in the lower leagues our average revenues were £12m Gate receipts and hospitality. £740k Sponsorship and advertising. £1.5m Retail £700k Broadcasting £900k Commercial £1.5m Other revenue. Around £17.3m revenue as a lower league club with costs at almost double that incredibly. As a comparison, Celtic turnover over £50m in any given year without European football but obviously have a much higher operating cost base. Merchandising costs them £9m per annum but they bring in £15m Football operations brings in £30m but costs them anything between £46m and £50m including £40m in staffing costs as of last year. Multimedia and other commercial brings in £10m and costs them £2m This shows how important European football is to them as well. Without it they run at a similar loss to what we did. European football is imperative to both clubs. So anyway, i would like to know how we are going to go from a club bringing in less that £20m to a club who must bring in at least double that in the next 12 months, whilst keeping our operating costs under control. The wage bill will undoubtedly need to increase too. We are already running at a loss. Averaged out at around *£400k per month. You can see where the differences are but just how easy will it be to go back to the former revenue streams? What do you think guys? *worked out from recent 120 day review.
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This mantra is in stark contrast to the axiom stated about boxers but it holds true at Ibrox, whether it is turmoil, on and off the field, Charles Green or Dave King. It was just another Sunday at Ibrox with normal levels of turbulence and uncertainty. There was a stark contrast to the dignified and fitting tribute to the late Sandy Jardine in the lurid headlines that screamed in the morning newspapers. Basically, they read: Chuck is back and this time it is business, not personal. Affairs at Ibrox must be investigated in two sections: the business and the playing. The former is the more urgent. As one Rangers supporter told me yesterday: "There are more pressing issues to address than whether Lewis Macleod should be playing wide right." The return of Mr Green is more than an amusement, though. The tales of George Soros may be as tall as Peter Crouch on stilts but the backstory to the former chief executive's latest foray into the media contains an element of truth that points to what is going on at Ibrox. It is this: there are significant developments unfolding at the club. The financial situation is acute with the board seeking investment and Green wants to be near at hand when that deal is brokered. More interesting is the relative silence of King. He, too, though has not gone away. Much of the action from Graham Wallace, the chief executive of Rangers, and King, the man who would be sovereign at Rangers, is taking place in London, with mixed results. A City source, who invested in Rangers in the initial public offering, told Herald Sport last night that Wallace has been active in trying to arrange support for another share issue. However, he added: "He has not met with conspicuous success." This was said wryly. The message, though, was deeply serious. "There is no way I would advise further investment at Rangers under the present circumstances and under the present board. It is that simple," he said. King has been working the City since at least March. His initial strategy was to canvass support for his plan to take the proxy vote for significant shareholdings and force change. This, increasingly, has been seen to be impractical, perhaps even unworkable, as long as the major players remain united within the Ibrox boardroom. The pressure must be applied to the Beaufort Group that holds the majority of shares. This has been applied effectively by the strategy of some fans to withhold season ticket money. There has been much argument over whether this constitutes a boycott but it would be much more instructive to investigate the action's consequences. It has brought King back into play, despite the reluctance of some on the Ibrox board to deal with the South African businessman. King's patience was criticised over the summer but he may just have played his cards astutely. Rangers are searching for money and King claims he has it. This seemingly straightforward case of demand and supply, however, founders on the rocks of implacable politics at Rangers. King, though, has improved his position quietly over the summer and may in the position to make his move. The re-emergence of Green at this crucial juncture is not coincidental. The Yorkshireman, who has the copyright of the terms bluff and plain-speaking, has again caused considerable annoyance to those inside Ibrox, not least Ally McCoist. The Rangers manager was understandably frustrated at Green's latest intervention at the weekend when he stated that he could raise money to extricate the club from the deep financial hole. McCoist described all of this as "a sideshow" and it is, but it is one with a purpose. The former chief executive was reminding everyone that he will have a say, even if his influence may be limited, in what happens at Ibrox. With this financial game playing out in the media, it is almost crass to discuss a football match but what happened at Ibrox in front of 43,683 deserves consideration. First, Hearts deserve enormous credit for a gameplan and for the willingness of their players to carry it out. Craig Levein and his football department have recruited wisely. Robbie Neilson set the team up cleverly and there were particularly outstanding contributions from Danny Wilson, in central defence, and Osman Sow, in attack. Success for Hearts was ensured by increasing fecklessness in Rangers ranks. After they had missed early chances, Rangers defended awfully. Wilson made the most of a free header and Sow capitalised on disarray in the Rangers backline to score emphatically, seconds after McCoist's side equalised. This frustration - and the very fact that he was asked a question he had to answer - probably accounted for McCoist's relative sharpness as regards Green. He will, though, be more concerned about solving the matters he has influence over, including finding the ideal wide man who can produce opportunities for Kris Boyd and Kenny Miller. The latter had to come back to midfield on Sunday to find a touch and he was insistent afterwards that the side had to create more chances. The team faces an interesting challenge at Falkirk on Friday. The board confronts more difficult problems with every day that passes. http://www.heraldscotland.com/sport/football/king-still-in-play-as-financial-chess-game-rumbles-on.25024715?
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http://www.vanguardbears.co.uk/ More revelations
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ALLY McCOIST today revealed Rangers midfielder Arnold Peralta is currently stranded in Paris - trying to sort out a work visa. Peralta has failed to return to Glasgow since the end of last season and McCoist admits he has no idea when he is coming back. The Honduran internationalist is in France with his girlfriend attempting to secure the visa he needs for a work permit. The 25-year-old was tipped to leave Ibrox last season after newspaper comments attributed to him appeared in his homeland. He struggled to hold down a regular first team place in League One last season and was quoted as saying he would move on in the summer. The 30-times capped player was due to represent his country at the World Cup Finals in Brazil. However, Peralta suffered a thigh injury in Gers final League One match against Dunfermline. He missed friendlies against Turkey and Israel before being ruled out of his national squad for the tournament in South America. He has not turned up for pre-season training or the tours of either the Highlands or Canada and the United States. But McCoist has confirmed he is fully fit after shaking off his knock and expects him to rejoin his team-mates for the 2014/15 campaign. He is, though, just not sure when that will be. The Gers manager said: "The mystery that is Arnold Peralta is definitely coming back - but when he's coming back, sadly I can't give you a definite on. "He's been in Paris trying to sort a visa. That's where he is at the moment and we're waiting. "The good news is that he's fit - the health issues are long gone. It's just location issues. "We are in dialogue with him, we haven't left him. He just needs to get his visa sorted and that of his girlfriend's. He needs the visa for the work permit. It's not getting it that's the problem - it's the delay that's the issue." Meanwhile, McCoist has revealed that Cammy Bell, Lee McCulloch and Lee Wallace should both be fit for the Petrofac Training Cup game against Hibs at Ibrox tonight. The pair picked up knocks in the pre-season friendly match against Derby County at Pride Park on Saturday. Elsewhere, Seb Faure and Richard Foster, who missed the weekend fixture, could both be available for the first competitive game of this term after resuming training. McCoist said: "The boys came in on Sunday and were iced up, but everyone was training yesterday. "Wallace is okay, the skipper and Cammy too. We're all out training so that indicates we're in reasonable health. "Foster is okay as well and Faure has also trained. I'd be hopeful they have a chance." Tickets for the Hibs game are on general sale and are priced £21 for an adult, £15 for a concession and £5 for a junior. Fans can pay at the Copland Road Stand tonight. http://www.eveningtimes.co.uk/rangers/paris-visa-riddle-for-rangers-midfielder-peralta-174850n.24958801
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Did anyone spot David Longmuir at game today? Wonder why he was there?
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Bit off topic for a gers site, but how do people here view the future for scottish clubs? The top five leagues are now so far in the distance that any future european success for a scottish club now appears to be fanciful. England are never going to allow us to play within their leagues. The bottom english club now earns more than a quarter of a billion from tv every five years whilst SPFL winners will receive around 10 million. Personally, I'd approach the dutch and belgian leagues and try hammer out a northern european amalgamation before the damage done to these countries is irreparable, with promotion and relegation from national setups. The old firm both made a second tier euro final last decade. Both clubs spent 30 million (on debt) or so achieving it. Now I'm not so sure that 30 million will come close to providing the squad capable of euro success. IMO the football landscape has changed into a place we have never been before. We are in danger of being permanently left behind, despite the fact our fans are possibly the best in the world. Our grand children will grow up as barca / munich / arsenal fans first, scottish clubs second, if we don't arrest the situation.
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RANGERS Football Club has today announced a commercial supply deal with the UK’s leading cider and beer business, HEINEKEN, who join our growing portfolio of international partners. HEINEKEN will become Official Beer and Cider Provider for hospitality facilities at Ibrox Stadium including its flagship Heineken® premium beer, a global brand with a proven football pedigree, through its long term association with the UEFA Champions League. Chief Executive Graham Wallace commented: “Rangers Football Club is delighted to announce a commercial deal with HEINEKEN, one of the world’s premier brewers, and the latest in our growing portfolio of international partners. “HEINEKEN, like Rangers, is a massive global brand with a high profile in football given their sponsorship of the UEFA Champions League and this will undoubtedly benefit both parties. “We are in the process of rebuilding this great club, and developing partnerships with world leading businesses such as HEINEKEN demonstrate the progress we are making. We welcome them and their great brands to Ibrox, and look forward to working with them next season and beyond.” John Gemmell, Trading Director for Scotland, commented: “We’ll be working closely with the club to help build on hospitality guests’ match day experience, and to ensure that those who chose to enjoy a beer or cider will benefit from great choice and quality. We’ll also bring our knowledge and unrivalled track record in promoting the responsible enjoyment of our brands.” For more information on HEINEKEN, log on to http://www.heineken.co.uk. http://www.rangers.co.uk/news/headlines/item/7339-gers-agree-heineken-partnership
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Well!, will the SHEEP carry on the BHEAST embarrassment from last night?,or can they get a result tonight?
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From club website today. THE Board of Rangers Football Club ('the Club') has been asked in the past several weeks to confirm once again that the Club will not grant security over Ibrox to any organisation during the upcoming football season. The Board is happy to reaffirm its position, which has never been a matter of debate, by confirming once again that it will not enter into any form of sale, securitisation or leaseback of Ibrox Stadium. This has been and still remains the Board’s clear and consistent position on this subject as it continues to protect and enhance the assets of the Club. The Board of Rangers Football Club is committed to protecting the assets of the Club for the benefit of all Rangers fans, and to adhering to the highest standards of corporate governance. Season Ticket sales are continuing throughout the next few weeks ahead of the start of the season and we are grateful to the thousands of supporters who have already bought for the 2014/15 campaign. Events over the past few weeks have reminded everybody of the remarkably testing period our incredible supporters have been through in recent years and now is the time for us all to look forwards, together.
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well a few weeks with no rangers games and old compo is lost and to make things worse the world cup has wetted my appetite for footie I just hope we at ibrox play a passing and free flowing type of game something that will have the fans begging for more , lets hope .
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We know that season ticket sales are slow/low, and this is for a variety of reason. One of them being Dave King's "trust". Does anyone know what sort of numbers are involved with the trust now??? Is it a significant number, or has it turned out to be a bit of a damp squib???
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Vince Lunny, who was the first compliance officer to be appointed by the Scottish Football Association - to ensure greater focus and legal enforceability of the disciplinary rules, has quit his position. Lunny has been in the job for less than three years but the former war crimes prosecutor plans to return to regular legal work. It is not the first time a high-profile employee has quit the governing body - commercial chief Kenny McLeod, head of finance Jim Hynes and fans’ liaison Alison Jack also recently resigned. (The Sun) http://www.scotsman.com/sport/football/latest/rumour-mill-hibs-ross-county-vince-lunny-1-3446338
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By Jonathan Sutherland BBC Scotland Attendances at Scottish Championship clubs could double next season and the division's average gates could exceed those in the Premiership, according to a football finance expert. Neil Patey confirmed to BBC Two Scotland's 'Scotland 2014' programme that the second tier was in for a boom. It is a result of relegation for Hearts and Hibernian, plus Rangers' promotion. "It's entirely conceivable attendances in total will be up between 50% to 100% for the bulk of clubs," said Patey. "The biggest single revenue source for Scottish football clubs is ticket sales. “We've actually sold more season tickets up to the end of May than we've sold for last season” Turnbull Hutton Raith Rovers chairman "Just using some pretty conservative figures, you could easily see income going up between £200,000 to £300,000 for the average Championship club. "If you add in additional matchday sponsorship merchandising, it could exceed £300,000 to £400,000, which is a big chunk of income for the average Championship club." As well as the continued absence of Rangers, traditionally Scotland's biggest-supported club along with Glasgow rivals Celtic, the Premiership will be minus both Edinburgh clubs, who potentially have the third and fourth biggest supports. The top flight will have a new city derby after Dundee won the Championship to join neighbours United, but Hamilton Academical's play-off win over Hibs means the two Edinburgh clubs will be face to face in the second tier. "If you look at the composition of the Championship and the Premiership and the teams that are going to be there, there's only about a 700-800 differential in average attendances," explained Patey, a partner with Ernst and Young. Raith Rovers and Rangers players clash during the Ramsdens Cup final Raith Rovers will face Rangers again after last season's Ramsdens Cup final win "So it just needs a small increment in the Championship, or a small decline in the Premiership, and it's likely the Championship will exceed the current level of 8,600, which is the average for the Premiership." For a club like Raith Rovers, visits by Hearts, Hibs and Rangers could result in around 4,000 travelling fans making the trip to Stark's Park six times during the season. The Kirkcaldy club are installing hundreds of new seats to meet the demand and other Championship clubs are following suit. Rovers chairman Turnbull Hutton said: "We've actually sold more season tickets up to the end of May than we've sold for last season and we still have the other surge we expect in July. "So we're looking at probably record season ticket sales for this club for next season. "A perfect storm has come together and we've got three clubs that normally would be expected to be in the Premier League are in the Championship. "And it's not just going to be a blip for the Championship because, with the best will in the world, only two of these clubs can go up - and those of us in the Championship still have ambitions as well." The extra money means a club like Rovers are now able to spruce up their old stadium, install a new PA system and strengthen the squad. It also means the players get a bus to take then to away games next season - in recent years, players have sometimes had to make their own way, while at other times the money to pay for a team bus has come directly from the pocket of the chairman. There is also fresh interest from television companies in screening Championship matches, although that is unlikely to translate into millions of pounds of fresh revenue. http://www.bbc.co.uk/sport/0/football/27713955
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Lifted from their page: I am still of the opinion that we will NOT go in to admin and that Laxey will give us another loan but this time against Auchenhowie training centre. I have, since Friday, been hearing the same rumours that others have been no doubt hearing and I will be investigating them this week. Some reliable sources say we will be in admin before season starts in a way to get high earners off wage bill and others claim the training ground will be getting sold outright before this happens. Both of these rumours are a concern due to the quality of sources and I shall seek to prove them right or wrong. Anyone with info regarding these rumours please feel free to contact me confidentially via personal message
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IMO this question should come before the one about on-field exploits. There are many things to take into consideration and perhaps the Financial Bears could map out what they see as a probable/conditional route through the next 12 months. Some of the obvious questions that scream out are:- - Where is the money coming from to keep the lights-on? - Will there be an insolvency event? - What will be the final ST number? - Will game by game maintain it's attraction? - How long will it take to get a share issue up and running and will it be successful? - Is there money to carry out plans mapped out in business review? - How deep could austerity hit us? - How exactly will austerity hit ut? - How will severe austerity be paid for? (pay-offs) - When do the assets go? - Do you trust who is in control of the board (including the Easdale proxy block)? etc. -
RANGERS were today urged to clarify the current state of their finances - after it emerged that loans of £1.5million have not been repaid. Wealthy Gers fan George Letham and major shareholder Sandy Easdale lent the cash-strapped Ibrox club £1million and £500,000 last season. Under the terms of the agreement with the SPFL League One champions, they are due to receive that money back as soon as it is in the club account. But the pair have not received their cash - more than a week after the deadline for season ticket renewals passed. The Union of Fans want to be granted security over the stadium and training ground, and they have been urging supporters to pledge their money to Ibrox 1972 Ltd. And it is still uncertain how many people have signed up to watch Ally McCoist's side in the SPFL Championship during the 2014/15 campaign. This latest development has not helped to make the situation any clearer - and Rangers chief executive Graham Wallace has been encouraged to speak out. Rangers Supporters' Association general secretary Drew Roberton said: "When we (the UoF) met with (director) Norman Crighton, Sandy Easdale and Graham Wallace the other week they were adamant there was enough money in the bank. "They also said that they could raise £5m at the 'push of a button' and that all but one of the current investors had agreed to back a scheme should they need additional revenue. "But I was told on Thursday that around 12,000 had renewed their season tickets. If that is the case, and even allowing for the fact that many will have chosen to repay in instalments, then this might be cause for alarm. "My understanding was the first £1.5m of season ticket money that came in would be used to repay these loans. It would be good to have some sort of explanation." Roberton added: "Graham Wallace has said repeatedly that administration will not happen and the club will not run out of money. "Either he is right and we have sufficient money. Or he has been spouting the party line and he may have to take the fall. He may be faced with a career decision soon. "Whether his belief that £5m can be raised 'at the push of a button' is included in his forecast is not clear. But season ticket sales are slow and running costs are in the region of £1m a month." Roberton, who revealed he was "disgusted" at the way the Union of Fans was treated after their meeting with the board, has also urged the club to heal the rift with Dave King. He said: "The club has said they need to raise £20-£30m to get back to the top. Well, they have a guy, Dave King, who is chapping on their door who is willing to invest £30m. "It is economically silly to ignore him. The club say they hope to raise money in a share issue. But in far better times Sir David Murray had to underwrite a share issue himself." A Rangers spokesman said: "The loans will be repaid in accordance with the terms of the agreement in a timely and proper manner. We are in regular contact with Mr Letham and Mr Easdale." Meanwhile, Rangers chief executive Wallace received hundreds of postcards from supporters outlining why they have not renewed their season tickets when he returned to work today. The cards were delivered at a protest organised by the Sons of Struth on Saturday. It was one a series of events the Sons of Struth have lined up during the summer. http://www.eveningtimes.co.uk/rangers/uof-call-rangers-to-account-164951n.24329053
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I am just reading that Scottish rugby are on the verge of signing a deal for, a period of five years for 20 million pounds for the naming rights to murryfield I have a sneaking suspicion that our board will go down this road what do you think
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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 -
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?
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"The Union of Fans is absolutely appalled by Graham Wallace’s business review and revelations over the weekend regarding Mr Wallace’s alleged behaviour and that of this board. Given the serious nature of the allegations, we expect David Somers, in his role as chairman, to suspend Mr Wallace until these investigations are complete. It is our firm belief that shareholders have been misled. First of all we would like to address the London Stock Exchange statement, and Mr Wallace’s subsequent comments in his press conference, which attempted to lay the blame for the withdrawal of credit and debit card facilities at the door of UoF and Dave King. We are aware that FirstData, the payment processing company, first alerted Mr Wallace to the need for security for these facilities on 23rd January of this year, a full month before Dave King and the Union of Fans spoke about the idea of a season ticket trust. FirstData clearly communicated that this was due to the shocking financial results released in December and Mr Wallace’s attempt on the 16th January, just four working days before FirstData raised the issue, to get the players to take a wage cut. FirstData did not at that time raise any issues with a possible decline in season ticket sales as being a reason for the need for security. Once again we have seen a Rangers board attempt to deflect the blame for their own incompetence onto fans who only want the best for the club. Even more seriously, this is a blatant attempt to mislead shareholders as to the underlying reasons for the club’s inability to provide these facilities. As if this was not bad enough, we now find out that Mr Wallace has been reported to police over his comments at the AGM about the club’s financial position. We have consistently stated that his AGM undertaking that the club had sufficient funds was false and nothing that has happened since has shaken us from that belief. We are not surprised that his consistent refusal to address this issue has led to angry shareholders taking this action and we hope there will be a full and thorough investigation. Mr Wallace’s ‘120 day’ review could have been written by any Rangers fan before Mr Wallace even took up his position. It is full of vague promises for the future which read like a wish list from a fans forum. Whilst much of the content in terms of football progress is certainly desirable, there is a complete lack of any detail as to how this board can achieve it. They have provided no evidence that they can raise the necessary funds to take the club forward and we have no confidence in them to do so. We note Mr Wallace’s criticism of previous boards. James Easdale sat on the previous board from July of last year. Is he now going to be removed for his part in this financial mismanagement? Sandy Easdale became a de facto member of the previous board in September last year and has clearly had unprecedented and unjustifiable access to the PLC’s financial details since. His public statements just prior to the review showed that he has access to information he should not, were share price sensitive and showed the utter lack of corporate governance being enforced by Mr Somers in his role as chairman. It is time for Mr Somers, our absent chairman, to step forward and clear up this mess. He must explain why his CEO, Mr Wallace, misled shareholders. He must suspend Mr Wallace pending the conclusion of police investigations. He must deal with the serious questions over Sandy Easdale’s role and why he is being treated like a privileged PLC board member when he is simply a minority shareholder with undue influence. He should also inform shareholders and fans whether the board as a whole was aware that the reason given to the London Stock Exchange for the need for security to obtain credit and debit card facilities was misleading. He is responsible for the total lack of corporate governance on this board and must act now or his own reputation with be irrevocably damaged. This board is a disgrace to Rangers Football Club and the current members of it are running our club into the ground whilst simultaneously making a mockery of the positions they are privileged to hold." http://www.unionoffans.org/statements/2014/4/27/uof-statement-270414
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We've waxed lyrical about the board, team, manager, youth set up, supporters groups, membership scheme, infrastructure, share issue and anything else that we might find relevant. So, if you were Wallace, what areas would you prioritise that would shape your strategy? Wee bit of fun but after all the debating it'd be nice to see where we stand and how close our concerns are to the board's intentions.
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RANGERS are behaving as though their 120-day business review will have to be crowbarred out of their directors' hands. The more cynical of this club's supporters would not be surprised if the update was delivered in encrypted text this Friday, such has been the apparent reluctance to let the findings out into the public domain. Friday will be day 128, incidentally, and all that has been promised is "update" rather than any extensive illumination of the Ibrox strategy. This is what football has come to: thousands of fans desperately waiting for breaking news on what they would once have dismissed as bone-dry financial strategies. Maybe Graham Wallace, the chief executive, didn't realise he was creating such a hostage to fortune when he announced this business review at the annual general meeting in December, but its significance has mushroomed Directors and fans are in a Mexican stand-off over season tickets. If Wallace placates the masses, damage will be done to the Union of Fans/Dave King attempt to persuade thousands to break the traditional supply chain and instead put their money into a trust fund. But on all available evidence so far it's hard to see what Wallace can deliver which will remotely placate them. Wallace is probably shrewd enough to know what's coming his way when the information is released. In the four months since he bought himself time by announcing this review, Rangers have divested themselves of two figures most of the support considered to be toxic: finance director Brian Stockbridge and public relations adviser Jack Irvine. The club also secured a shirt sponsorship deal with 32Red. Hip, hip hurrays all round? Well, yes, for a moment. Each of those moves was significant, yet they have had no lasting effect on the swirl of negativity around Rangers or the hostility and suspicion shown towards the board. Wallace's own popularity and standing has steadily eroded. At the time of the annual meeting supporters were able to distinguish between him and the rest of the unpopular board. Now, much less so. What can he say in this review that will make the critics pause and say, "actually, yeah, that's not bad, this could win us round"? Three days ago it became personal towards Wallace when his salary and bonus was openly questioned by supporters group The Union of Fans. Maybe £315,000-per-annum really is the going rate for high end football club chief executives these days, although Rangers continue to seem like pushovers when it comes to doing deals with just about anyone. But if Wallace is on another of those 100% Ibrox bonus deals, as his critics clearly believe, fans will see him as being a continuation of the chain of ****s and opportunists when they had hoped he would come in and cleanse the club of them all. What seems likely now is that Wallace's update will exasperate and irritate those fans further, hardening their opposition to the board and deepening their resolve to starve out the incumbent regime by withholding season ticket money. The collapse of King's cordial working relationship with the directors is significant, given that he surely had some sort of insight into Wallace's intended strategy. Positions are entrenched. No fair-minded supporter will reject Wallace's findings on a stubborn point-of-principle. Perhaps he will surprise them and come up with a plan which seems imaginative, ambitious and realistic. But it's only two months since this Rangers board had to go cap in hand for £1.5m in emergency loans just to see the club over the line until the next season-ticket money. At the end of last year the board suggested the players take a 15% wage cut: that was rejected and, since then, nothing more has been heard of it and no other cuts have been publicly proposed. Wallace is on record as saying costs are too high. Money continues to haemorrhage from Rangers. If Wallace's update acknowledges that the club needs either severe cuts or substantial external investment then the latter will be embraced by those who champion King and find it unfathomable, and deeply suspicious, that his apparent willingness to invest has not been encouraged by the Rangers board. What freedom does Wallace have here? This review has been sanctioned by Sandy and James Easdale and the rest of the Rangers board. Would it ever see the light of day if it delivered findings they didn't like? When Rangers said the update would be announced on Friday April 25 (which will be day 127, incidentally), fans immediately clocked that they would have only the weekend to consider it before deciding whether or not to cancel the auto-renewal of their season-tickets (which may not be enough time if it that has to be done in writing). That was either a calculating move by the club or an unthinking one, but either way it looked sleekit and did nothing to build bridges with the support. Wallace and chairman David Somers have both spoken of the need to be more open and transparent with )supporters but done next to nothing to back it up. Wallace will be heard before the week is out, though. His job may pay well, but it's an unenviable one: this week he must calm and win over supporters implacably opposed to the regime he represents. http://www.heraldscotland.com/sport/opinion/wallaces-strategy-update-may-be-too-late-to-win-over-rangers-fans.24005492?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert -
Thought I would put some more into what I have posted, I have nothing to gain or lose I suppose by posting on this board and dont want to hassle people, if the admin of the forum would like me to stop posting then they can private mail me and let me know. What I am saying is that I know 100% Dave will make a move in the next 7 days which will be to try and seize control of the club, you as fans will ultimately vote with your feet so to speak but Dave had to and has given this current regime all the time and met all their request made to him and to us as fans. I know this because I know this, you can believe this or you can ignore this, either way, I thought it would do no harm by posting the fact that Dave will be making substantial moves next week in order to be in a place to be the new majority owner come the summer. No ego, no nothing. its all about Rangers and where we should be, either follow or dont.
