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RANGERS directors were locked in showdown talks in London yesterday as they attempt to stave off more financial chaos. Record Sport can reveal brothers Sandy and James Easdale travelled to meet with representatives of shareholders groups Blue Pitch Holdings and Margarita Holdings before staging further discussions with the rest of the Ibrox regime yesterday afternoon. Talks will continue at 10.30am today at an official board meeting to be held in the offices of the club’s financial advisers, Daniel Stewart. The Easdales flew out of Glasgow yesterday on a morning flight to the docklands’ City Airport. Coincidentally on the same flight were the club’s shamed former finance director Brian Stockbridge and axed PR guru Jack Irvine. Rangers sources insisted last night that Stockbridge’s presence was ‘purely coincidental’ although all four were spotted chatting together in the departure lounge before boarding. On arrival in London, Stockbridge was seen heading for a train while the Easdales left in a taxi cab. But it’s understood the brothers were then involved in talks with the same mysterious investors who helped fund the £5.5million takeover which saw Charles Green, Stockbridge and Imran Ahmad seize control of the club’s assets two years ago. Blue Pitch and Margarita are now supporting the Easdales and sources claimed last night they will be willing to plough more money into a fresh share issue if, as widely expected, the club requires an urgent injection of cash after a dramatic slump in season-ticket sales. It’s understood chief executive Graham Wallace later met with the Easdales after flying back to Britain from a supporters convention in Canada. Wallace declined to answer fans’ questions when asked how many season tickets have been sold. Sources close to the board insisted last month 20,000 fans had renewed. Meanwhile, generous fan George Letham, who stumped up £1m in emergency cash to keep the club out of trouble in February, has still not had his loan repaid. Under the terms of his loan the money was supposed to be returned as soon as sufficient funds had dropped into the club’s account from season-ticket sales. And with June’s wage bill still to be covered at the end of this month, the regime’s need to secure fresh funds seems increasingly urgent. But before jetting back across the Atlantic for yesterday’s London talks, Wallace insisted on the club’s website that Rangers finances are not a cause for alarm. And he insisted fans can expect to see more new signings soon. Meanwhile, it has been revealed accountants and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar. The figures have been detailed in the latest six-month report from insolvency experts BDO who were appointed liquidators of the Rangers Football Club PLC after it failed to emerge from administration following Craig Whyte’s ruinous 10-month reign. And the unfathomable strategy adopted by Whyte is further highlighted by the fact almost half of this latest bill has been covered by the final instalment of the £4.5m deal which saw Nikica Jelavic sold off to Everton just two weeks before the club was plunged into financial chaos in February 2012. The BDO report, which was completed at the end of last month, reveals a cheque for £975k is expected to arrive from the Goodison Park club ‘shortly after 31 May 2014’. But that won’t come close to covering the spiralling costs – as BDO gear up for a potential multi-million pound courtroom battle with Collyer Bristow, the law firm who advised Whyte during his takeover in 2011. In total, more than £1m has been spent on legal fees and outlays with more than £650k of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says a trial date is ‘currently set for the beginning of 2015’ but it is anticipated a deal could be negotiated and an out of court settlement agreed. BDO are also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Green for a knockdown £5.5m. http://www.dailyrecord.co.uk/sport/football/football-news/rangers-directors-hold-showdown-talks-3668192
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http://www.rangers.co.uk/news/headlines/item/7016-ally-continue-your-magnificent-support
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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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Rangers fans seek access to season ticket sales figures Written by ANONYMOUS A Rangers supporters' group has called for the club's board to reveal how many season tickets have been sold. The deadline for renewals passed two weeks ago and the rate of sales is critical. Directors have previously admitted that a drop in renewals would affect the business's ability to trade as a going concern. The Union of Fans group has been urging supporters not to renew in protest against the current board. Before the deadline, Rangers admitted that sales were slow and directors even met with members of UoF, a coalition of various different fan organisations, to try to broker a compromise. UoF has been advising fans to pay their renewal money into the Season Ticket Fund, an initiative backed by former Rangers captain Richard Gough and former Ibrox director Dave King. The intention was to only pay the money to the club in return for security over Ibrox Stadium and Murray Park. It was claimed Rangers' chief executive Graham Wallace raised the prospect of the board offering legally binding guarantees not to use the property assets as security for loans or to sell them, but talks subsequently broke down. The Union of Fans have urged Rangers chief executive Graham Wallace to reveal how many season tickets have been sold The Union of Fans have urged Rangers chief executive Graham Wallace to reveal how many season tickets have been sold When the club released their interim results in March, the directors acknowledged that a fall in renewals from last year's sale of around 38,000 would leave the business short of enough income to trade for the next 12 months, although Wallace has been adamant that Rangers International Football Club will not fall into administration. A £1.5m loan from two shareholders - Sandy Easdale and George Letham - is due to be paid back as soon as that amount is raised from season ticket sales, but neither is thought to have received their money back yet. "We urge chief executive Graham Wallace and the board to come clean about how many season tickets they have sold and how much cleared income in the bank these sales have provided," said UoF in a statement. "If and when the cash figure reaches £1.5M, the board, as they announced to the Stock Exchange when the loans were negotiated, must immediately pay Sandy Easdale £500,000 and George Letham £1m. "For the avoidance of doubt, if these loans have not yet been repaid, it means that the board have not yet secured £1.5m of season ticket money or they have broken the repayment terms of these loans. "We would ask the board to make a clear statement of the number of fans who have renewed to the AIM market in order that supporters and shareholders can rely on the accuracy of the figure given. "This is a matter of grave concern for shareholders and supporters alike and we also believe it must be something which is being monitored by auditors, Deloitte. "When we met Graham Wallace on 14 May, he once again reiterated that there was 'no possibility of administration'. "We would therefore ask him to make it clear how the club plans to operate at what we believe is a greatly reduced level of season ticket sales." http://www.bbc.co.uk/sport/0/scotland/27651399
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keith jackson @tedermeatballs 43s More sources close to RFC board saying 20k season tickets now sold. If true then they should thank Dave King for his prolonged silence. IF true.
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So many season tickets have been sold in the past because it was 'what you did' every year and also an element of loyalty when the Club was down. Very few, if any, were still buying for the entertainment value. It was very much a habitual thing for a large number of us. You had your budget fixed every year to allow for it. A huge assumption is being made (IMHO) that everyone will come back if the boardroom mess is sorted out. I have major doubts about that. You see, I don't believe everyone has put the money aside for that eventuality. I think the poor uptake on Dave King's fund supports that theory. I don't think it was a mistrust of DK. People just want to see something for their money - instant gratification. Very few working class folks have that money to simply leave lying in a 'limbo' account. I also KNOW of many who were seriously considering giving up the STs due to the perpetual lack of entertainment year on year. Taking that step to use the money for something else, e.g. a large contribution towards a family holiday, has been a huge decision for some. But like with anything habitual in life, once you break it life goes on. After a few months........if there is nothing there to entice you back.... I'm just interested in whether anyone believes we will hit the same heights again in sales? I firmly believe that boardroom change wouldn't be enough to win the people back. -
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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Given the current situation and arithmetic within,......the easiest way of tackling 'division' within the support is to stop talking about it. The vast majority (look at ST renewals/ or lack of) and we see that the large 'apolitical middle rump' of the support are unhappy. I don't think there is any doubt that the majority would cite general unhappiness of how the club is being run alongside a distrust of the current board. The numbers involved with groups that may be considered loosely as pro-board are such that they become unimportant. That isn't to disrespect anyone or to say they can't have their opinion(s) but it is to say that the arithmetic points to any 'division' currently being insignificant. The biggest noise is coming from those who don't belong to any group and the board would do well to listen. -
The Union - an umbrella group comprising six supporters' organisations - had been urging Gers followers to withhold season ticket cash. A company, Ibrox 1972 Ltd, has been set up with South Africa-based businessman Dave King and legendary captain Richard Gough as directors. The Union wanted the club to grant them security over both Ibrox Stadium and Murray Park training ground in return for the money. Wallace admitted last Friday that season ticket renewals had been slow and fears have also been expressed by some about the future of the club. But representatives from the organisation met with Wallace, non-executive director Norman Crighton and major shareholder Sandy Easdale. And Wallace, who has stated in the past that security will not be granted, told them the club could be prepared to give them a legally binding guarantee over Ibrox. However, the Union asked for an identical agreement over the club training ground at Murray Park and the club officials agreed to look into that possibility. But the talks were a huge step towards the bitter stand-off between fans and the club being brought to an end. A Union of Fans statement released on Wednesday night read: "Following a number of attempts for several weeks to arrange a meeting with chief executive Graham Wallace to discuss our proposals for security over Ibrox and Murray Park, the Union of Fans were invited by Mr Wallace to discuss this and other issues at a meeting at Ibrox. "Representatives of the Union of Fans met with Mr Wallace, non-executive director Norman Crighton and Sandy Easdale. "A proposal was made by Mr Wallace that, whilst the board would not grant a security, they could consider giving a legally binding undertaking which would protect Ibrox from sale, sale and leaseback or as any form of security for a loan or other finance. "We made it clear to Mr Wallace that we felt it was also appropriate that they provide the same undertaking for Murray Park. "Mr Wallace and Mr Crighton agreed to discuss this with the rest of the PLC board as a matter or urgency and further discussions between the PLC board and the Union of Fans will continue once this board meeting has taken place. "We believe we accurately conveyed the fears of supporters that either or both of these club assets could be lost to the club in a scenario where they were used for any sale and leaseback or other loan security. "Any proposal by the board will be evaluated by our lawyers and a decision will then be taken on how to move forward. We will keep fans full informed as discussions continue." Rangers did not comment on the meeting. GET RANGERS NEWS ALERTS BY EMAIL
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“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.
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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 -
via @Rangers_Official Now that the season is over, this is a good time for me to speak to you directly as part of our ongoing Ready To Listen fan engagement programme. In order to do so I will be answering questions from supporters today in a Twitter Q&A on our official club account. You can tweet your questions directly to me on @RFC_Official using the hashtag #ReadyToListen between 1pm and 2pm. I will answer as many questions from supporters within the hour and look forward to speaking with as many fans as I can. Graham Wallace, Chief Executive Officer.
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how many have actually pledged to dave kings scheme and how may season books have actually been sold?
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“We note the latest attempt by this board to mislead and hold Rangers fans to ransom. Their latest “give us your money or the seat gets it” ultimatum is just another in a long line of misjudgements this board has made about the mood amongst the support in general. The fact that those now in the crosshairs of this board are a lifelong Rangers fan who has ploughed millions of his own money into the club with no return, an iconic captain from one of the club’s most successful ever periods and a group of Rangers fans attempting to secure the home of our football club, says more about this board than we ever could. There is no attempt to deprive the club of funds. This is made very clear in the security proposal and the board’s ham fisted attempt to misrepresent this is one of the few transparent things they have done since coming to power. No money will be taken from fans unless security is granted and we are of the opinion that the board’s reluctance to discuss granting security may well rapidly change. Our public comments about Mr Wallace are not personal but have been based on his binding pronouncements on matters of huge importance which have been at best misleading, broken promises for engagement with fans, attempts to blame fans for the current precarious position of the club and a complete lack of any progress in bringing much needed investment into the club. We welcome the fact that the entire board have now publicly taken responsibility for all of these actions. Once again we see meaningless sound bites with absolutely no substance to back them up. The result, no doubt, of the expensive PR man hired by this board with more urgency than a Chief Scout. What “significant progress” has been made? How will this “bright future” we are promised come about when the investment committee have failed to secure a single pound of investment? Rangers is certainly “dear to all of us”, the Rangers support. We have no idea why this board would attempt to claim the same when there is not a single fan amongst them. We do not believe that Rangers fans will fall for this again. We’ve seen it far too many times in the past two years. “ - See more at: https://www.ibrox1972.co.uk/statements/#sthash.5zQnzija.oJfk0OFG.dpuf
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According to STV the review will be published to LSE today as planned. Please ensure all discussion takes place in this thread where appropriate. Full review for download here: http://t.co/HNRfyvKDAe -
DAVE KING tonight fired another attack on the Rangers board. The South African businessman has declared war on the current Ibrox regime and has issued a strongly-worded statement again urging Rangers fans not to renew season tickets. The statement reads: I must respond to the Rangers board’s criticism of my appeal to withhold season ticket advances. This board continues its habit of evading issues by attacking the integrity of any individual or group that speaks out against them. I am happy to engage the board on our comparative integrity. Unlike this board, I do not regard integrity as a character attribute that comes with an ON/OFF switch. When I met with the board the Chairman requested that, other than the two public statements that we made, the balance of our discussions would remain private. I agreed to that and, despite requests from fan groups to disclose the full details of my discussions, I steadfastly honoured my undertaking. This board did not do likewise. In an ill-judged attempt to discredit me, they have now disclosed my comment to them that I preferred not to put money into Rangers if it could be found from other sources. In this instance they demonstrated their lack of integrity for no advantage as I had already, as part of my frank discussions with the fan groups, advised them that I had no prime ambition to invest further in the club but will do so if no other investors come forward. I would be delighted if the club could thrive without any investment from me. This attempt at a “juicy” leak by the board merely proves that it is impossible to engage this board on a basis of confidentiality and integrity. The board has now stated that it was always its intention to only provide the business review after season ticket advances had largely been paid. It has denied that it agreed that the business review would be made available prior to fans committing to season ticket advances even though I referred to this agreement in my public statement immediately after our meeting. At the time the board allowed my public statement, in toto, to go unchallenged. Presumably it had no concern with what I stated. Again, we have an integrity issue but fortunately have common sense as a referee. We know that the board did not challenge my public statement of last month. It is also common cause that the vital issue for the fans is to be told what ambition the owners have for the club and how this is going to be funded. It must be obvious that the fans need this information prior to investing - not after. The board’s new version lacks integrity even if it was believable. Given that the board is quick to raise integrity and trust as key issues I would like to pose simple questions that are easy to reply to with a simple yes or no. a) Does the board agree it is unfair to ask fans to buy season tickets before they consider the business review? b) Does the board agree that, given the present financial position of the club, it is appropriate to provide Ibrox Park and Murray Park as security against season ticket advances? c) Does the board agree that in the latter half of December 2013 it was in discussions to obtain finance that would be needed prior to the end of the current season? d) Does the board agree that in the latter half of December 2013 it provided public assurances to the fans that the club had sufficient cash to last until the end of the current season? Without satisfactory answers to these questions fans should not be expected to invest in season tickets.
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This should be interesting, renewals before the 120 days. Rangers will launch their season ticket renewal campaign at Ibrox tomorrow. As reported in the Herald today, prices expected to rise by 18%.
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Rangers legend Richard Gough joins forces with Dave King in fresh assault on current club regime and says 'I trust Dave with my life' THE nine-in-a-row captain has agreed to be trustee for an account for fans' season ticket money after King accused the board of "an extreme act of bad faith" an accusation Rangers branded "disgraceful". The nine-in-a-row skipper has joined forces with Dave King in declaring all-out war against the current Rangers regime. Gough has agreed to stand as a trustee for the account into which the Light Blues legions are being invited to plough season-ticket money in return for a direct say in the running of the club. The patience of South Africa-based tycoon King finally snapped yesterday as he claimed Rangers chairman David Somers told him they had no intention of publishing the much-awaited 120-day business review until after the deadline for season-ticket renewals has passed. Rangers last night disputed King’s claims, branding them “disgraceful” on the eve of the Scottish Cup semi-final against Dundee United and are considering legal action. However, Gough is backing King’s version of events and insists the club are being disrespectful to fans who deserve to be given the board’s vision for the future after pumping tens of millions into their club in the last two seasons to help keep them afloat. Gough said: “It’s all quite astonishing. Dave has given the board every chance to come forward and publish the review at the end of the 120-day period and now they are not going to do that. I’m staggered by the board’s decision. I’m amazed the club have no intention of announcing details of the 120-day review until after the deadline for season-ticket renewals has passed. “It’s ridiculous. “It smacks of arrogance and they are cheating the supporters, the very people who have kept the club going these past few years. “Once again they are asking supporters to put forward their money without knowing how it will be spent.” Rangers fans were contacted this week by the club and told season tickets would soon be due for renewal, much earlier than usual. However, such has been the board’s haste to bring money in, fans have not yet been told the cost of season tickets, although price increases of at least 20 per cent from last year have been predicted. Gough, like King, has told them not to go ahead with the renewal process and to pledge the money to a trust fund instead, with the vow of transparency for how it is spent and the demand over the security of prized assets Ibrox and Murray Park in return. Gough added: “Let’s not give this board the money only to be disappointed again. “I’m firmly asking supporters to put their money into escrow and I promise we will look after it and use it for the best purposes of the club to get it back on an even keel. “I’m happy to be involved. I’d urge fans to put their money into this account and we’ll look after it. It will go to all the right places, nowhere else – which seems to have been happening these last few years. “I’m proud and honoured to be given such a trusted position and I’ll do everything within my power to help Rangers return to where we belong.” Rangers supporters have lacked a senior figurehead from among the ranks of former players and managers to fight their cause. Now Gough has stuck his head above the parapet and it’s believed other influential figures, trusted by the rank and file Rangers fan, are ready to join him against the unpopular board. Gough said: “Any Rangers fans I’ve spoken to recently has urged me to get involved, to stand up and play a part, to make a statement. It’s a no-brainer for me. I’ll help the club any way I can. I’m delighted to be involved with Dave. The bottom line is I trust Dave King with my life. I have known him a long, long time, from my days in South Africa. “He is a family friend and I’m proud and honoured to stand with him. Dave has already put £20 million into Rangers and has offered to invest another £30m. “It’s amazing the board have not already bitten his hand off and asked him to play a role at the club.” The cards have now been dealt on a game of high-stakes poker that could see an unpopular regime toppled, the club enter administration for a second time or the board secure finance from other sources to continue into the new season. The latter option is the most controversial as it’s unlikely they could source anything other than high-interest loans, similar to the one struck with investors Laxey Partners before wealthy Rangers supporter George Letham stepped forward and offered better rates. Of course, the loans are more than likely to be secured against Ibrox and Murray Park, which is a scenario Rangers fans dread. The board could also go back to the market for fresh finance but that would require a new share issue, dilution of existing shareholders and there’s unlikely to be a stampede by investors if a war is raging between the club and its support. Newcastle United owner Mike Ashley also owns around five per cent of Rangers and he is flush with cash – he was hardly on the breadline before – after selling seven per cent of Sports Direct this week for £200m. He could step forward and take a more prominent position at Ibrox and although it has been discussed at the highest levels of Rangers for the last 12 months, he is notoriously hard to read and has not suggested he is ready to move. Asked about the future of the club, Gough added: “I don’t want to commit to talking about the future quite yet and what may happen in the coming weeks and months. Let’s see how the next couple of days pan out first.” He also defended the timing of the statement, on the eve of the crucial Scottish Cup semi-final against Dundee United, as did King. King said: “The timing was not of my choice. Rangers jumped the gun with their season-ticket announcement.” Gough added: “No matter what happens in the game against Dundee United, the club’s future is more important than one match.” Rangers fan organisations are keeping their powder dry for now but their support for King remains unwavering. Chris Graham, spokesman for Union of Fans, which represents all the major supporters’ groups, said: “We’re pleased with the statement and will make a full comment on Monday. What Dave Kings says speaks for itself.” http://www.dailyrecord.co.uk/sport/football/rangers-legend-richard-gough-joins-3402766
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http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11905464 Full results and report here: http://rangers.g3dhosting.com/regulatory_news_article/375
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Genuine question because I think Dave King could get blamed for something he is not totally responsible for. I honestly believe, after speaking to hundreds of other fans, that they have had enough of the complete and utter dross being served up on the park. Nothing to do with boardroom stuff.
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http://www.scottishfa.co.uk/scottish_fa_news.cfm?page=2986&newsID=13171&newsCategoryID=1 In response to recent speculation and comments made by Dundee United officials, the Scottish FA is compelled to clarify the club’s ticketing allocation for the forthcoming William Hill Scottish Cup semi-final between Rangers and Dundee United at Ibrox. At the pre-operations meeting held on Tuesday, 11th March, Dundee United were made an initial offering of 11,063 tickets, allocated in the entirety of the Broomloan Road Stand, the Govan West corner and a section of the Govan Stand Front and Rear. The number was offered on the basis of Dundee United’s ticket sales for recent semi-finals. For last year’s semi-final against Celtic at Hampden Park, with a 12.45pm kick-off, Dundee United received an allocation of 10,686 tickets and sold 6783. For the 2010 semi-final against Raith Rovers at Hampden Park, with a 3pm kick-off, Dundee United were allocated 11,806 tickets and sold 9969. The Dundee United official present stated that in order to ensure a maximum attendance, in the first instance the club would not require the additional allocation in the Govan West corner, Front and Rear and, instead, would prefer the Broomloan Road stand, capacity 8012. He was invited to revert to the club for confirmation but declined. Notwithstanding the present allocation of 8012 – as requested by the club – Dundee United retain first option on the Govan West corner, and a section of the Front and Rear, an additional 3051 seats. Should the club a) request that additional allocation and b) sell it, then there remains the opportunity to extend the allocation subject to agreement between the clubs and the relevant police and stewarding advice.
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“We note today’s interim results which show a drop in revenue excluding the Sports Direct deal, a failure to address operating costs during the period to December 2013 and doubts over the cash position of the club going forward. The most important issue, and one which highlights the obvious need for substantial investment, surrounds the cash position of the club both at this present moment and at the AGM last December. The CEO, Graham Wallace, stated at the AGM that there was “sufficient cash in the business to fund the ongoing needs of the club in the near term”. It appears from both these interim results and the recent loan of £1.5m from shareholders that this statement at the AGM may have been somewhat misleading. It is unclear exactly how it could have been stated by the board at that time, with any confidence, that there was sufficient cash even for the short term and we would like Mr Wallace and Mr Somers to explain this as a matter of urgency. We would also like to address Mr Somers comments on the consequences of the possible withholding of season ticket money. We are certain that not a single one of the 6500 fans, and counting, who have so far shown interest in the idea of a season ticket trust, have any wish to withhold any money from the club. However, it would be foolhardy for fans to once again commit their money without any kind of transparency or security. The fans have shown outstanding loyalty and commitment in the past two years, both via the IPO and two sets of unprecedented season ticket sales, but we have seen that loyalty thrown back in our faces as money has been squandered. Mr Somers acknowledges how vital season ticket cash is and the need for the board to build trust with the fans. What better way to do that than to give security over vital club assets - Ibrox and Auchenhowie - to the fans in return for that much needed income? The board have publicly stated that they have no plans to use these assets for any other security, or a sale and leaseback, and so there is no impediment to them agreeing to the terms of release. For the avoidance of doubt, there is no plan to drip feed season ticket money on a game by game basis. The proposal is simply that season ticket money is paid in a lump sum, prior to the start of the season, in return for security over club assets. This will allow fans to be safe in the knowledge that no matter what happens the club’s assets will be in good hands. We also note Mr Somers statement about fan engagement but, since announcing the trust, we have had no contact from the board. Given the obvious and urgent need for investment, we would once again urge the board to accept Dave King’s offer of £30m so that both the fans and the club can move forward in harmony.” http://www.unionoffans.org/statements/ctbbhmeyvnm6jucnohohhbl3jce9ay
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Lifted from FF From Sun Journo Andy Devlin on Twitter
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Taken from FF. MEETING SANDY EASDALE AND THE DATA PROTECTION ISSUE Many have asked why I approached Sandy Easdale after the match on Wednesday and due to even further threats of court action, I believe its time to share with the Rangers family exactly what drove me to do this. Weeks ago when we first received correspondence from layers on the instruction or Mr Easdale, it was via email and arrived one Monday afternoon. The letter was in regard to posts by third parties on this page and we done as requested by the lawyers. Two days later my mother phoned to say a letter had arrived at her home for me. Like lots of other season ticket holders with multiple family season tickets, all our tickets go to one address and in our case it’s my parents home as its easier to manage the renewals and continuous card requests etc. The letter that had been sent to my parents address was surprisingly a copy of the letter I had received via email two days earlier. Mr Easdales (not Rangers) lawyer had somehow sent a letter to an address that to the best of my knowledge only Rangers have for me. How bizarre. I asked the lawyers on several occasions to explain how they came by my address and was instructed that due to “client confidentiality” they could not disclose how they came by it. If they unable to give me this information as to protect their client, then it’s fair to assume this information must have been passed to them by their client. If their client gave them my parents address, where did he obtain it from? There is only one possible source I can think of. Jack Irvine called me in the middle of all this and I advised him of my issue, he refused me the opportunity to speak directly to Mr Easdale regarding this and informed me Graham Wallace would be my best point of contact. I emailed Mr Wallace with my concerns and he set up a meeting. I met Mr Wallace two weeks ago and he advised me that an investigation had taken place and he found no evidence that the address was leaked from Ibrox. When I informed him that the address was in fact not mine but my parents and I was aware of no other organisation that had it as my address, his body language changed somewhat. So Rangers have my contact address as my parents, Sandy Easdales lawyer receives my parents address from their client thinking its mine and no one can explain how this happened. The fact that they knew that I sat in a specific seat in a stadium of 30,000+ season ticket holder is not lost on me either. Fast forward to Wednesday night. As I was getting set for the match I received another email on my phone from Mr Easdales lawyer asking for my current address. I replied saying they had no need for it as they can correspond via email and as far as I was concerned had no outstanding issues. During the half time break I checked my emails and found another claiming they would send sherriff officers to obtain my current address. Sheriffs officers could only obtain my current address by visiting my parents address as it the only one they have. You can maybe imagine how I felt at half time knowing a Rangers directors lawyers where sending sheriffs officers to my parents house who are both in their 70’s. Hence the reason I visited the directors box at full time. When I confronted Mr Easdale with this newly found information and explained that this had crossed a line his response was that I to had also crossed a line and got personal. When I asked him to elaborate he stated that “I took the piss” and even slagged his hair on our facebook page. He confirmed that any libellous comments had indeed been made by others but his problem with me was that even my public apologies “took the piss out of him”. I will leave it to the reader to decide if further future court proceedings are based on him being upset about what others write or indeed the sarcastic manner of my writings. I asked him to consider getting his lawyer to confirm in writing that no such visit to my parent’s house would take place and he said he would see what he could do. What he did do was to instruct his lawyers to issue further proceedings which I received yesterday and these are the basis of today’s Daily Record article. To the fellow fans who asked me yesterday to comment on why I approached the directors box, I hope you understand why I didn’t make it public knowledge then, I was giving Mr Easdale the opportunity to do the right thing. The right thing in his eyes was to instruct his lawyers to send even more threatening letters which included arrangements for court proceedings at the court of session. I have no desire to take Rangers to court or indeed involve innocent employees who may have been forced in to giving out protected data. If I did wish this I could have made this information public weeks ago. I feel I need to state my point now to defend my actions on and since Wednesday’s game. Aye Ready Craig
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