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  1. Morning Folks, Confessions first, I'm a Hibbie but I come in peace. I wonder what you Rangers people make of the latest SPFL rule fudge to help Hearts out of their troubles ? Now before anyone says , but they are out of administration now, that is not the wording of the new SPFL Club insolvency rules adopted on 1st June last year. Rule E4 on page 37 of the SPFL rules states , " .......for each second or later season, during the whole or part of which such insolvency event or insolvency process is continuing and/or subsisting the club concerned shall be deducted 15 points ..... " Now Hearts may have completed the administration part of their insolvency process, but they are currently being run under a " Voluntary Arrangement " status supervised by BDO and this will continue until all the conditions of the CVA have been met. It is easily checked on Companies House web site. Their insolvency process will not be complete until BDO issue a certificate under the Insolvency Act 1986 of Completion of Voluntary Arrangement. Dundee F C had a similar form issued on 30/10/2013 which completed their insolvency process and is also on Companies House site. Hearts should be looking at a further 15 point deduction next season unless BDO complete the Voluntary Arrangement before the season starts, but this is being ignored by the authorities who don't seem to understand the new rules which were introduced just prior to Hearts insolvency event. Now we could complain, but we would just be accused of being bitter Hibbies ( which is probably true ) but you guys have real grounds for complaint, if the rules are being fudged to help Hearts ( it was all that bad Romanov's fault ) They will get away with it unless a real noise is made in the media and with the SPFL. 15 points off will help yours and our promotion bids and it is how the rules have been written. Anyway, good luck next season, hope you finish second , behind us, we are no use at play-offs. Actually have been missing you at Easter Road.
  2. .........that Ally McCoist showed me the door at Rangers. THE Northern Ireland internationalist says that McCoist spoke to him throughout last season and fully expected to stay at Ibrox. FORMER Rangers striker Andy Little says he was left stunned last month when he was axed at Ibrox. The Northern Ireland international didn’t take long to find a new club 
and earlier this month agreed a contract with Preston North End in England’s League One. Little, 25, is disappointed he wasn’t offered a new deal but understands why he was allowed to leave the League One champions. McCoist has brought Kenny Miller and Kris Boyd back to Ibrox since and Little said: “It was a massive shock. I was fully expecting to sign a new contract and stay at Rangers. “The manager had spoken to me throughout the season. I loved every minute of my time there but these things happen in football. “I think they needed to offload some players and I was the collateral, if you like. “I think the manager wanted to keep me but sometimes if there is another player he fancies more than you, he has to make that choice.” http://www.dailyrecord.co.uk/sport/football/football-transfer-news/stunned-striker-andy-little-still-3787254
  3. The Black Stars are to face Portugal on Thursday in a decisive Group G clash that could still see the African side qualify for the round of 16. However, they will be without Boateng and Muntari, with the Ghana Football Association (GFA) announcing on the morning of the game that Boateng has been suspended over claims he insulted Ghana coach Kwesi Appiah, while Muntari allegedly attacked a member of the organisation. An official statement on Boateng said: "The Ghana Football Association (GFA) has approved coach Kwesi Appiah's decision to suspend Kevin-Prince Boateng indefinitely from the Black Stars. The decision takes immediate effect. "The decision was taken following Boateng's vulgar verbal insults targeted at coach Kwesi Appiah during the team's training session in Maceio this week. "Boateng has since showed no remorse for his actions which has resulted in the decision. Boateng's accreditation for the 2014 World Cup has been withdrawn with immediate effect." A separate statement on Muntari added: "The Ghana Football Association (GFA) has suspended Sulley Ali Muntari indefinitely from the Black Stars with immediate effect. "The decision was taken in the wake of his unprovoked physical attack on an Executive Committee member of the GFA and a management member of the Black Stars, Mr Moses Armah on Tuesday June 24, 2014 during a meeting. "Muntari's accreditation for the 2014 World Cup has been withdrawn with immediate effect." Boateng himself confirmed his exit to Sport Bild and revealed he and Muntari had a minor clash in training which sparked the row with Appiah. "Yes, I am leaving. I am no longer part of the team," Boateng said. "Yesterday, there was incident between me and Sulley Muntari in training. We joked after a battle for the ball. I told him that he had played the ball with his hand. He said no. I laughed at him and said: 'You're the ref now, or what?' We both laughed, but the coach stopped the complete session and asked why we both laughed. We told him that everything's OK. But he sent us to the dressing room. "I talked to the coach after training. I asked him why he was down on me and he started shouting at me. He also insulted me. Words like 'f--- off' were said. "I heard about my suspension this morning. I absolutely accept it, but nobody should believe that I have insulted the coach or have done anything wrong. I leave now, and wish my colleagues the best of luck for the World Cup and the Portugal match." Boateng was surprisingly dropped by Appiah for the Black Stars' first World Cup game against United States, with the Schalke player questioning his coach's tactics after the match. The double-sacking piles extra pressure on Ghana ahead of the Portugal clash following an earlier disagreement over World Cup appearance fees. The nation's president had to intervene to reassure agitated players that they will be paid their bonuses. Ghana's government has sent more than $3 million in cash by plane to Brazil to pay the appearance fees owed to the national team at the World Cup. http://www.espnfc.com/fifa-world-cup/story/1913522/ghana-send-home-kevin-prince-boateng-and-sulley-muntari
  4. RANGERS directors were locked in showdown talks in London yesterday as they attempt to stave off more financial chaos. Record Sport can reveal brothers Sandy and James Easdale travelled to meet with representatives of shareholders groups Blue Pitch Holdings and Margarita Holdings before staging further discussions with the rest of the Ibrox regime yesterday afternoon. Talks will continue at 10.30am today at an official board meeting to be held in the offices of the club’s financial advisers, Daniel Stewart. The Easdales flew out of Glasgow yesterday on a morning flight to the docklands’ City Airport. Coincidentally on the same flight were the club’s shamed former finance director Brian Stockbridge and axed PR guru Jack Irvine. Rangers sources insisted last night that Stockbridge’s presence was ‘purely coincidental’ although all four were spotted chatting together in the departure lounge before boarding. On arrival in London, Stockbridge was seen heading for a train while the Easdales left in a taxi cab. But it’s understood the brothers were then involved in talks with the same mysterious investors who helped fund the £5.5million takeover which saw Charles Green, Stockbridge and Imran Ahmad seize control of the club’s assets two years ago. Blue Pitch and Margarita are now supporting the Easdales and sources claimed last night they will be willing to plough more money into a fresh share issue if, as widely expected, the club requires an urgent injection of cash after a dramatic slump in season-ticket sales. It’s understood chief executive Graham Wallace later met with the Easdales after flying back to Britain from a supporters convention in Canada. Wallace declined to answer fans’ questions when asked how many season tickets have been sold. Sources close to the board insisted last month 20,000 fans had renewed. Meanwhile, generous fan George Letham, who stumped up £1m in emergency cash to keep the club out of trouble in February, has still not had his loan repaid. Under the terms of his loan the money was supposed to be returned as soon as sufficient funds had dropped into the club’s account from season-ticket sales. And with June’s wage bill still to be covered at the end of this month, the regime’s need to secure fresh funds seems increasingly urgent. But before jetting back across the Atlantic for yesterday’s London talks, Wallace insisted on the club’s website that Rangers finances are not a cause for alarm. And he insisted fans can expect to see more new signings soon. Meanwhile, it has been revealed accountants and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar. The figures have been detailed in the latest six-month report from insolvency experts BDO who were appointed liquidators of the Rangers Football Club PLC after it failed to emerge from administration following Craig Whyte’s ruinous 10-month reign. And the unfathomable strategy adopted by Whyte is further highlighted by the fact almost half of this latest bill has been covered by the final instalment of the £4.5m deal which saw Nikica Jelavic sold off to Everton just two weeks before the club was plunged into financial chaos in February 2012. The BDO report, which was completed at the end of last month, reveals a cheque for £975k is expected to arrive from the Goodison Park club ‘shortly after 31 May 2014’. But that won’t come close to covering the spiralling costs – as BDO gear up for a potential multi-million pound courtroom battle with Collyer Bristow, the law firm who advised Whyte during his takeover in 2011. In total, more than £1m has been spent on legal fees and outlays with more than £650k of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says a trial date is ‘currently set for the beginning of 2015’ but it is anticipated a deal could be negotiated and an out of court settlement agreed. BDO are also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Green for a knockdown £5.5m. http://www.dailyrecord.co.uk/sport/football/football-news/rangers-directors-hold-showdown-talks-3668192
  5. Written by Andy Steel As the globe gears up for the festival of football that is The World Cup, it's good to know that here in Scotland there are people who haven't taken their eye off what's really important. While the Coupe Mondiale deserves the capitalised definitive article, given its planet-bestriding presence, Scottish football's lower case lackeys show no sign of drying up. For once, though, it isn't Rangers we have to thank for a distraction from minor events such as the biggest sporting event on earth; it's the breath-of-fresh-air that is dynastic scion and Corner Shop King, Dundee United's Steven Thompson. For Bluenoses who feared that their club had cornered the market in dimwitted Chairmen and chief executives who pander to their support and are only marginally chastised by being exposed as liars or incompetents, Thompson's scenery chewing performances of late have been a blessed relief. Exposed as fibbing about the SFA over Scottish Cup ticket allocations, he now insists said sad Glasgow club have only two years of history and so aren't due much compensation over the transfer of Charlie Telfer. Since his club's fans tend to tediously complain about Rangers and others economic lack of soul, such fairly blatant posturing to sell season tickets is interesting coming from this source: but then, bullshit has never been in short supply in Scotland. Be that as it may, I would think most Rangers fans are 99.9% concerned at seeing decent youth players leave and, shall we say, 'experienced' names like Kenny Miller come in, added to the rather obvious panting of the Rangers board to get Dundee United (or anyone's) money to keep them going: feeble attempts at closed season advertising on Rangers back are likely some way down their list of worries. Thompson was wrong about tickets, he's wrong about Rangers, and that's about it. I, however, am grateful that Mr Thompson has taken up the slack left by Charles Green as the game's go-to guy for guff. The horror of the unrelenting stream of cobblers coming out of Ibrox has been hard to take, and, the egregious balloon of pomposity that is Turnbull Hutton aside, few others in the game seemed willing to try to match it. Then again, we should be careful. Who knows? While the world settles down to see if Brazil can win on home soil, perhaps Mr Thompson already has his application for Graham Wallace's job in the post...he seems 'Ready' to make the step up. http://www.gersnet.co.uk/index.php/latest-news/249-a-heartfelt-thanks-to-steven-thompson
  6. Not trying to have a go at this but its very disappointing that after nearly 2 months there have been no updates and still no official main stream launch .From the RF site it states Hello RangersFirst members and followers as part of our overall plan for better fan engagement and transparency around every 30 days we will release an update informing everyone where we are at in terms of numbers and achievements. cmon guys get a grip here
  7. Approx 230 pages containing over 7,000 signatories and about 80 pages of comments Thanks to all who added to the numbers Craig SoS
  8. Thursday, 29 May 2014 14:00 Gers Confirm Pre Season Tours Written by Rangers Football Club http://www.rangers.co.uk/news/headlines/item/6988-gers-confirm-pre-season-tours RANGERS have today confirmed they will prepare for the 2014/15 Championship campaign with a visit to Northern Scotland and a 12-day trip to America and Canada. Following a successful training camp last year, the League One Champions will again head to Brora on 1 July for a six-day trip which includes a friendly against Buckie Thistle at Victoria Park on Thursday 3 July (7.30pm kick off) and a game against Brora Rangers at Dudgeon Park on Sunday 6 July (3pm kick off). Ally McCoist's squad will then travel to America and Canada from 12 July, playing two games in each country. Rangers play Ventura County Fusion at Ventura College Sportsplex in California at 7pm on 15 July then Sacramento Republic FC at Bonney Field, Sacramento at 7.30pm on 19 July. The Light Blues then play two games in Canada – against Victoria Highlanders at the Centennial Stadium, British Columbia at 6pm on 21 July with another fixture on 23 July to be confirmed in due course. Kick off times for all fixtures are local times. Rangers visited the United States ahead of the 2002/03 campaign and the trip to New York prepared the team for a treble-winning season, while Walter Smith’s class of 2006/07 won an end of season friendly against LA Galaxy in California in May 2007. Ally McCoist commented: “I am delighted our pre-season plans are now in place and we can prepare for next season’s important campaign in the Championship. “We enjoyed a successful trip to Northern Scotland last year and we look forward to taking the squad there once again to play Buckie Thistle and Brora Rangers. “We then head across the Atlantic to play four games in America and Canada and I have no doubt our overseas supporters will enjoy seeing the team in action once again. “We have a wonderful global fanbase and I am sure the members of NARSA (North American Rangers Supporters Association) will turn out in huge numbers at all of our games. “The trip to America and Canada is also a fantastic opportunity to re-introduce Rangers to the North American fans and I am confident the tour will be a success on a number of levels.” http://www.rangers.co.uk/news/headlines/item/6988-gers-confirm-pre-season-tours
  9. SATURDAY 24TH MAY. CELEBRATION AND PROTEST We have been asked by many fans to arrange some protests during the close season and as 24th May is the anniversary of the clubs greatest victory in Barcelona 1972, we have made arrangements for the Louden Tavern at the stadium to show a re run of the game from 1.00pm At 3.00pm we will be marching to the stadium for a 30 min protest and a petition to hand in and explain why the fans wont renew season tickets or indeed buy new ones. We require as many fans as possible to turn up as a show of numbers would be vital for the success of the protest Fans are asked to meet up at the Louden between 1.00 and 2.30 to give us adequate time to make final arrangements with fans Can I ask all to share at usual places and feeback to me with expected number which will allow me to notify Louden and make necessary arrangements. We are planning on some other things for Saturday and will announce them once we have confirmed Thanks Craig.
  10. http://sport.stv.tv/football/clubs/rangers/275976-spfl-pay-broadcaster-up-to-250000-per-season-to-show-rangers-games/ The Scottish Professional Football League is contractually bound to pay BT Sport up to £250,000 per season in return for the broadcaster airing Rangers matches. STV understands that under the terms of a renegotiated TV deal following the removal of Rangers from the top flight in 2012, a clause was inserted making the league liable to additional production costs incurred setting up at lower league grounds. It is understood the league agreed to the insertion of the clause in order to guarantee broadcast contracts which were essentially null and void after Rangers were expelled from the then-Scottish Premier League and were subsequently admitted to the bottom tier of the Scottish Football League. The SPL paid the Scottish Football League £800,000 for one season's worth of rights to show Rangers games but that deal was absorbed when the league bodies merged in 2013. It is not known how much has been paid out to BT Sport and ESPN, who were the holders of the contract for the 2012/13 season, to date. The overall payment is capped at £250,000 per season. In a statement to STV, SPFL chief executive Neil Doncaster said: "The support given to Scottish football by our broadcast partners, in 2012 and since, has been fundamental to the ongoing health of the game in this country." It is understood the league thought it necessary to agree to the deal in order to protect revenue from broadcast contracts. Nevertheless, the revelations in short mean the SPFL pays a broadcaster in order for Rangers games to be shown on television. BT Sport said in a statement: “[We] were delighted to inherit the SPFL rights from ESPN at the beginning of this season, however we cannot comment on contractual details.”
  11. Alasdair Lamont ‏@BBCAlLamont 33m Rangers chief exec Graham Wallace on £320k pa + 100% bonus. Plus £25k salary increase as Rangers move up leagues. More to follow.
  12. The official site says......THE renewal deadline has now passed.. http://www.rangers.co.uk/news/club-news/item/6974-season-ticket-waiting-list We should expect a regulatory annoucement if ST numbers are significantly down. Aim rule 11 A company must issue notification without delay of any new developments which are not public knowledge concerning a change in: its financial condition; its sphere of activity; the performance of its business; or its expectation of its performance.
  13. July 30th - Bournemouth v Rangers pre season friendly http://www.bournemouth.vitalfootball.co.uk/article.asp?a=358560 …
  14. The Blue Order is confirming that we are reluctantly not renewing our season tickets for the 2014/15 season. It is, however, our intention to buy tickets for home and away games on a match-by-match basis so that we can continue to give our full support to our team. Unfortunately, until further notice, we are unable to accommodate any new requests to join TBO or for seat transfers into our section however we would welcome others to congregate with our group in BF5. As part of the Union of Fans umbrella group, TBO have been at the forefront of recent protests against the board and we strongly urge Rangers FC to engage openly with concerned supporters and potential investors to safeguard the club's future.
  15. Sunday Herald is first paper to back Scottish independence Saturday 3 May 2014 The Sunday Herald has become the first Scottish newspaper to support independence The paper declares its editorial position this weekend with a front page designed by Alasdair Gray, the famous artist, author and advocate of a Yes vote. In its editorial, the Sunday Herald states: ''Scotland is an ancient nation and a modern society. We understand the past, as best we can, and guess at the future. But history is as nothing to the lives of the children being born now, this morning, in the cities, towns and villages of this country. "On their behalf, we assert a claim to a better, more decent, more just future in which a country's governments will be ruled always by the decisions of its citizens.'' The paper supported the SNP in the 2007 and 2011 Scottish Parliament elections, but has said it will not automatically favour the SNP or other parties in its news reporting of the Yes campaign during the referendum, and will remain independent and balanced in its reports. The Herald & Times Group, publisher of the Sunday Herald, The Herald and the Evening Times, is giving the titles' editors freedom to take their own editorial position on the constitution. The company is non-political and neutral. The Herald has not declared an opinion on the referendum question. It will be up to its editor to decide when and if to do so. HeraldScotland incorporates content from both print titles and also publishes a balanced range of online-only articles relating to the referendum. Our readers' forum is a neutral commenting facility and our moderating team will remain impartial in the independence debate. To read the Sunday Herald editorial in full, buy tomorrow's print edition or come back to HeraldScotland from early on Sunday
  16. I am a fan and shareholder in the United States. Outside of maybe two trips a year over, I can't see the team play in Ibrox a lot. That being said, I would like to buy 2 season tickets this year to support the Club (and Team) and did not know if there was an organization that I could contract to donate my tickets to each month.
  17. Only a month away. Being it Brazil should in theory be the best World Cup but some stadia are not even ready. We are due a good World Cup as the last 2-3 haven't been great. Mexico 86 was the first WC I can remember and is probably the greatest of all time. Italia 90 was good as was France 98. I fancy Argentina to win it. Groups below and Ive put in bold who i think will qualify from groups. Group A Brazil, Croatia, Mexico, Cameroon Group B Spain, Netherlands, Chile, Australia Group C Colombia, Greece, Ivory Coast, Japan Group D Uruguay, Costa Rica, England, Italy Group E Switzerland, Ecuador, France, Honduras Group F Argentina, Bosnia-Hercegovina, Iran, Nigeria Group G Germany, Portugal, Ghana, United States Group H Belgium, Algeria, Russia, South Korea
  18. Dunno how many 3rd tier teams are present at the World Cup, be we are! Arnold Peralta (at the clubs HP)
  19. Long article and rambling open letter on DR website RE: investor Alan MacKenzie and Dave King http://www.dailyrecord.co.uk/sport/football/football-news/rangers-investor-urges-dave-king-3482599?utm_source=twitterfeed&utm_medium=twitter
  20. I’m going to start this blog with a warning – We must ensure, for the future of our club, that we do not repeat the mistakes of the past. I say that because it is important we focus on the facts and not the personalities involved. There is a considerable amount of information circulating at the moment and it’s vital we scrutinise it in a totally objective manner. Not only because it is the right thing to do – but because the future of our club may depend on our ability to sort the wheat from the chaff. The Union of Fans only have themselves to blame to an extent, that their anti-board message has not been widely accepted by all. Their insistence on being so deliberately confrontational with our current board, as well as their sometimes puerile rhetoric, may go down well with those already in their camp but it doesn’t necessarily resonate with all the support. As I’ve written previously, when the man you are openly supporting suggests some are “looking for a fight” it’s surely worthy of re-assessing how you are coming across to people. It’s a real pity the debate has become so polarised. There is almost a sense that you are either pro or anti-board. I’m aware of a supporter yesterday who was threatened for refusing to chant “sack the board”. – a sad indication of the state of play. The reality of course is that for every pro or anti board supporter there are probably many more of us who are utterly confused, worried and trying to get to grips with facts amongst a deluge of propaganda. It’s important that those in our support who are against Dave King, for whatever reason, still realise they have a responsibility in holding the current board to account, and reticence of the possible alternative does not mean we ignore unacceptable standards from those currently in power. And just why should our current board be viewed with suspicion and be subject to challenge ? Well for starters we have employed a new PR Guru. Such an appointment baffled many within our support, particularly with the crying need for a chief scout. One is left to ponder what our board’s priorities are for our club. We have a non-executive director, Sandy Easdale giving interviews to the BBC where he suggests intimate knowledge of financial matters pertaining to the club. This should raise serious questions about the level of governance at boardroom level. From the CEO’s review we have learned that contracts were signed off by the previous board without any legal representation on behalf of the club. Quite simply that is nothing short of scandalous. Do the current board intend to investigate these matters and retrospectively pursue those responsible ? As many us are learning to our angst, the ability to renew season tickets by Credit or Debit Card is no longer available due to the merchant, 1st Data, requiring what is viewed as an unreasonable level of security for such a privilege. The CEO’s review states : “The Board believes that one of the major factors influencing the merchant acquirer to change its terms was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets. “ The Union of Fans have denied this and their denials have been supported by a National newspaper which claims it has viewed correspondence which suggests this is not the reason for the increased levels of guarantee. The ball is now in the board’s court. The integrity and veracity of both the board and the review has been challenged by a national newspaper – it is up to the board to instruct 1st Data to clarify the reasons behind the additional security requests. Quite simply if the board fail to take action over such a critical point then they have failed both themselves and the Rangers supporters who were patient enough to wait for the 120 day review. We must not let personal feelings or personal dislikes affect our ability to exercise vigilance or judgement. It’s a luxury not only we cannot afford, but more importantly, our club cannot afford.
  21. ... from Ibrox Noise. I know quite a few will jump in here and there, but maybe it would do good to read the article twice before go haring after specific things. Posted by Ibrox Noise at 10:26 It will come of no surprise that I agree with a lot IN has to say, including that I don't view the current status quo as ideal.
  22. http://www.bbc.co.uk/sport/0/scotland/27165564 Graham Wallace's 120-day business review provides a snapshot of Rangers' potential future. The challenge for the chief executive and his fellow directors is guiding the club to that point. There is detail in the document , certainly, and some commitments to act in the months ahead. How supporters react will determine the extent of the difficulties that Wallace will face, though, which means that trust is as much of a critical commodity as finance. Both have been in short supply in recent months. The review is a mixture of regret and hope. The amount of money that was squandered after the launch of Rangers International Football Club on the Alternative Investment Market is startling, and blame is placed firmly on previous executives, and by extension the directors who oversaw them. That analysis is accurate, but does not also take into account the fact that the appointments of previous and current directors were all sanctioned by the same group of aligned shareholders. Rangers' power structure is ultimately gathered around those shareholders who granted their voting proxies to Sandy Easdale, himself the holder of a smaller shareholding, ahead of the annual general meeting last December. It is only change at shareholder level that will alter the power structure. Wallace arrived as an independent figure, but he is now inextricably linked with events at Ibrox. His credibility as chief executive relied, to some extent at least, on the contents of the review, but also now on his ability to deliver it, the accuracy of its contents and his judgement in recent months. Easdale has expressed concern about Rangers' finances The latter is already in question following revelations that the club were informed last January, several weeks before any talk was raised of a season ticket boycott, that accepting credit card payments would require security being granted. This was because of the accounts, and Wallace's suggestion that the playing staff might accept a pay cut, rather than any fan initiative, yet the review - which was delivered to the stock exchange - states otherwise. With season ticket renewals "slow" according to Easdale - and believed to be significantly less than they were at this stage in the process last year - it would seem that Rangers fans were waiting to be convinced by Wallace. It did not help, for instance, that he said at the AGM that there was enough cash in the bank to sustain the business until the end of the season, only for the board to then seek a £1.5m loan from Easdale and George Letham (who offered better terms than those initially offered by the single largest shareholder, Laxey Partners) in February. It was also a crass juxtaposition for Wallace, following the release of the review, to fail to deny the bonus arrangements in his contract while at the same time revealing that there would be a "small number" of redundancies amongst the non-playing staff. This also followed the appointment of Paul Tyrrell, the former director of communications at Manchester City, Liverpool and Everton, in a consultancy role in the immediate run-up to the publication of the review. Wallace has, at times, seemed unable to negotiate the political intricacies of his position. It would have exasperated him, for instance, that the day before the review launch, Easdale gave an interview in which he described the club as being in a "fragile " position and suggested that it would not survive an insolvency event. He was revealing information sensitive to the RIFC share price, but isn't a plc director, in contravention of stock market rules. Wallace insisted that administration was not discussed during the 120-day review, but the message in the review is clear that if season ticket sales fall substantially, then the business will be unable to trade. It seems inconceivable that if insolvency is a possibility then it hasn't been discussed. The same message is contained in the revelation that Rangers cannot accept credit or debit card transactions for season ticket sales because the merchant provider was seeking security, which is likely to reflect a threat of insolvency should season ticket sales fall. This is a consequence of past recklessness, since supporters have lost faith in those running the club. It will only irk them further to read assessments in the review that £2m was spent on stadium wifi, LED displays and jumbo screens which were "non-essential"; that players were signed last summer that executives should have known the club could not afford. There were promises of optimism, in assertions that Ally McCoist will be given funds to spend over future transfer windows in a "more structured and planned" signing policy and that a three-year plan has been drawn up to deliver the Scottish Premiership title. Former Rangers director Dave King Fans will also like the notion of a chief football operations officer, an academy fund and commercial developments. Wallace's position as chief executive will rest on his ability to deliver these, though, as well as persuading the fans to renew their season tickets to such an extent that there is an overall uplift in sales. So what does the future hold? In part, that is dependent on how much money is left, and whether or not immediate costs can be met in the meantime. For now, there remain a number of scenarios. Should there be a shortfall in renewals, the intention is to hold a pre-emptive share offer, of up to 43,400,000 shares, to existing stakeholders. This would likely be at a discounted market price - and the share price fell by 15% to 22p following the review - and so would only raise up to around £9.5m. There is a further intention to seek the approval of shareholders in autumn 2014 for a new rights issue, to raise equity for investment. This would, again, be a pre-emptive offer, allowing current shareholders first refusal on a pro-rata basis to protect the size of their stake, but unsold shares, commonly known as the rump, are normally then offered to non-shareholders. This is where Dave King, the former Ibrox director, could make a move. There are other options for King, and he could in theory potentially acquire the right from existing shareholders to take up their allocation from a share issue. As with the Union of Fans, King chose to keep his counsel following the publication of the review, out of respect to the family of the late Sandy Jardine, the former Rangers defender who died on Thursday. South African-based businessman King now at least has options, as he looks to implement his strategy to invest in the club. King has publicly asserted that he wants to invest up to £30m in the club, if needs be, but that would be on the basis that he also gains control of how that investment is utilised. In the end, it came down to several thousand words, some reflection back and some casting forward. The review emphasises that Rangers are in a potentially dire financial position, and signalled what attempts might be made to address this. Can Wallace deliver? Will supporters buy into it? And what will King do now? The following days will be more revealing than the review itself.
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