Search the Community

Super_Ally examines the case for the defence... http://www.gersnetonline.co.uk/2010/index.php?option=com_content&view=article&id=137:fortune-favours-the-brave&catid=35:analysis&Itemid=67

Published on 1 Nov 2009 Talks have been held about inviting thousands of Rangers supporters to help fund a rescue package for the financially-stricken club. South Africa-based millionaire Dave King remains the leading contender to buy out current owner Sir David Murray, with his intentions expected to be revealed this month. Scotland-based businessmen Douglas Park and Paul Murray have also been linked to a joint bid with Mr King to rescue Rangers, who are Ã?£30million in debt, but no moves have yet been made. But the Sunday Herald can reveal that tentative talks have taken place involving parties interested in taking over Rangers about creating a revolutionised club answerable to "members", who would pay an annual fee on top of their season ticket costs. This is the successful and popular model of "social ownership" found at leading clubs such as Barcelona and Real Madrid in Spain. Essentially, this could be ââ?¬Ë?Plan Bââ?¬â?¢ if Mr King, or others, donââ?¬â?¢t emerge and firm up their interest in the club. The proposal would mean thousands of rank-and-file Rangers fans investing to lend financial muscle to some of the parties interested in taking Turn to page 2 Rangers out of the grip of Lloyds Banking Group, which has stepped in after the club fell into heavy debt under Sir David Murray. In return, the fans could have perhaps 33% or more of the shareholding as well as a couple of representatives on an entirely new board of directors. With money being poured in by thousands of fans, as per the Barcelona model, Rangers could become the first major members-owned club in British football, albeit that a handful of significant investors would have large individual stakes and would occupy some of the office-bearing positions. The extent of Rangersââ?¬â?¢ financial crisis was revealed last weekend when manager Walter Smith claimed the bank was running the club. Lloyds subsequently denied that but the bankââ?¬â?¢s interests are now represented on the board by new director Donald Muir. Rangers will not sign any new players in the January transfer window and may have to sell a senior one such as Steven Davis if Lloyds is determined to claw back Ã?£3m of the Ã?£30m owed to it. Sir David still owns 92% of the shareholding, but essentially Lloyds is dictating the terms of any eventual takeover. Mr King is uncomfortable about the current asking price and is now involved in a game of poker with the bank, which is believed to have been left reeling by the reaction from the Rangers support at large after our sister paper, The Herald, revealed the extent of their influence, the threat of administration and plans for swingeing cuts. Mr King is worth up to Ã?£300m but he is reluctant to meet the asking price of Ã?£1 for every Ã?£1 of debt ââ?¬â?? Lloyds is holding out for Ã?£30m ââ?¬â?? in the hope that it will eventually drop. Nothing will happen until Lloyds or Mr King change their stance. But if Mr King eventually walks away from a potential deal, others could step in and then ask fans to become fee-paying "members" in order to build a serious reserve of cash. The success of the venture would rely on the businessmen demonstrating that they were answerable to the fans who pay to become members. Fans spokesman David Edgar last night told the Sunday Herald that opening the club to ownership by members was an exciting, innovative idea. He claimed supporters would answer the call. "We have been exploring various avenues towards this with some of the potential investors," said Mr Edgar, of the Rangers Supporters Trust. "I think there is an interest and a desire in a sort of joint initiative, where you would have a major shareholder and also the fans playing a significant role in the club. I know this is something people are investigating. "Any new regime coming in has to understand that the fans do want to work with them. "But I would say that from the people we have been speaking to there are positive noises about that. "They understand that having the fans onside ââ?¬â?? via a membership scheme where people can invest and contribute to the football club, and have a say in the football club ââ?¬â?? works well abroad." Rangers fans could, for example, be asked to pay Ã?£1,000 each to become members, with payments spread over five years. At that level 30,000 fans buying membership would raise Ã?£30m. Sir David tried a share flotation in 2004, when Rangersââ?¬â?¢ debt soared to almost Ã?£74m, but it was snubbed by supporters. Of the Ã?£51m raised at the time, Sir David himself contributed Ã?£50m. "That was effectively a referendum on David Murrayââ?¬â?¢s performance," said Mr Edgar. "That was the fans saying ââ?¬Ë?you got us into this, you have to do something about itââ?¬â?¢. "If there was a new, dynamic, go-ahead regime coming into Rangers the fans would want to get involved and theyââ?¬â?¢d want to back it." Meanwhile, supporters upset by how Lloyds has introduced an unforgiving budgetary plan at Ibrox will protest with banners during todayââ?¬â?¢s SPL match against Dundee United at Tannadice. The banners will refer to new director Donald Muir as "the enemy within". http://www.heraldscotland.com/news/home-news/rangers-rescue-plan-b-ask-fans-to-help-buy-the-club-1.929642

http://www.rangers.premiumtv.co.uk/article/bougherra-blow-for-gers-20091030_2254024_1842265

Here we go again!!! by Matthew Lindsay FORMER Rangers boss Alex McLeish is lining up a �£3million bid to lure Ibrox midfielder Steven Davis to Birmingham City in the January transfer window. And if no new buyer is found for the crisis-hit Gers soon then McLeish, who has also been linked with moves for Celtic duo Scott Brown and Aiden McGeady, will definitely get his man. McLeish has been handed a bumper �£40m war chest by new Birmingham owner Carson Yeung in order to safeguard the St Andrews club's place in the lucrative Barclays Premier League. And Big Eck has identified Northern Ireland captain Davis as the perfect man to help boost his promoted team's bid for top-flight survival down in England. advertisement The Scot would like to reunite Davis with Barry Ferguson - the pair teamed up last season as Rangers landed the Scottish title - in the Birmingham boiler room. He would like them to replace his ageing duo Lee Bowyer and Lee Carsley. Despite claims that Lloyds Bank is not, as manager Walter Smith has suggested, running Rangers, no denial has been made of reports the entire first-team squad at Ibrox will be put up for sale if no new owner is found. And unless South Africa-based Scottish multi-millionaire Dave King, or another interested party, can seize control then Davis will go as part of a bid to drive down debts that are estimated at �£30 million. Former Aston Villa man Davis signed for Rangers from Fulham for �£3m at the start of last season after a successful loan spell in Glasgow. But Rangers could be forced to sell one of their prized assets to make a payment on their crippling debt unless a new investor rides to their rescue. Despite a spate of injuries at the moment, Gers manager Smith is well covered in Davis's position with Maurice Edu, Pedro Mendes and Kevin Thomson all at his disposal. McLeish is also reported to be eyeing a double raid on Celtic for Scotland central midfielder Brown and Republic of Ireland winger Aiden McGeady in the January transfer window for a joint fee of around �£12 million. Elsewhere, Smith has had his spirits lifted as he prepares for a difficult away game at Dundee United on Sunday with the return of Kirk Broadfoot to first-team training at Murray Park. The full-back cum centre-half has been sidelined with a foot injury since the League Cup Final against Celtic last March. His fellow long-term-crock Edu is set to join him in training next week. Rangers Player of the Year Madjid Bougherra will not be involved on Sunday, but could come back in the Champions League rematch with Unirea Urziceni in Romania on Wednesday. Lee McCulloch, who sustained a thigh injury in the 1-1 draw against Hibs last Saturday, is also making good progress. http://www.eveningtimes.co.uk/sport/display.var.2533621.0.0.php

Ally McCoist wants to manage Rangers if Walter Smith steps down when his contract expires in January. More...

An article by Contacts on RM, which hopefully he doesn't mind me reproducing. ================== If anyone ever doubted how much a Rangers man Walter Smith is then Saturday and the last couple of days again proved beyond doubt his love for the club. For 9 days now our club has been torn to shreds by Donald Muir and Lloyds yet Walter has put the club before himself and brought the subject out in the open when everyone else has been denying it. I have it on very good authority that our club has had a torrid time of since Mr Muir joined the club as director and hatchet man for the bank. His sole remit is to get as much of the bank�s money back as possible. There is a business plan to get the money back but no plan for the short, medium or long term future of the club. Donald Muir�s business plan has shocked everyone connected with the club and although those within have tried to reject his plan he is having none of it. His plan consists of selling at least 5 players in the January transfer window with no replacements other than the young reserve players. He is not offering the management team a new contract and expects them to work on a monthly deal. He is making decisions daily that result in the bank getting as much money out of Rangers Football Club with no care of any knock on effect. He will, of course, tell anyone that listens to him that he is only doing his job but none of that matters to any of us bears. The story in the Herald and the Evening Times are 100% accurate! Please do not doubt what has been written! Please do not doubt that our club was within days of administration! Please do not doubt Lloyds Group do not give a damn about Rangers Football Club! We all have to ask ourselves why Walter would want to make statements on the crisis at our club if he was not deeply concerned. Walter could sit back (like some of the players appear to be doing) and take the money but he is not and his love of the club has got him out fighting. Some may not want to believe this but Martin Bain has been constantly fighting the bank on every decision and defending the club to the hilt but these guys are ruthless. The bank has every intention of getting every penny they can from Rangers and they are happy for Rangers to be operated like a small scale SPL club with no ambition or desire. As well as selling players they want to increase ticket prices and implement huge cost cutting measures across every department. After reading this you would have thought they would happily sell the club at a reduced asking price as they have done with thousands of other businesses during the credit crunch but word has it that they are proving hard to deal with the people who want to invest in the club - or could there be preferred bidders? Now as fans what do we do? Obviously at first hand our options are limited but say we could get enough fans together who bank with the Lloyds Banking Group and start closing our personal / business accounts and move them elsewhere then surely they would have to sit up and take note that our fans are not going to sit back and let our club be asset stripped. Now I am not yet starting an appeal but I want all Rangers fans who hold an account with the Lloyds group to start looking around to see what other banks are offering. Make the phone call or look online at how easy it is to move banks and change your accounts over. Let�s take it a stage further and suggest that we start to boycott media organisations that take money from the Lloyds group and let us see how they feel when other people get too involved. Let us see the reaction from their top brass when their pathetic bullying of our club backfires on them. Walter has put the club before any personal gain and now it is time for the fans to take stock of the last few days and decide how we as a body of hundreds of thousands decide how we should take this matter further.

From the BBC website.

Tuesday night - KO 7.45pm; Live on BBC Radio Scotland 810MW Having dropped another two points against Hibernian in the SPL at the weekend, Rangers travel to Dundee twice in the space of a week to try and get their season back on track. First off is a trip to Dens Park to face current Division 1 leaders Dundee with a backdrop of financial uncertainty surrounding our club. The manager, board of directors and bank have all had their say on the issue with clear as mud perhaps the only conclusion the support can reach at this stage. However, business must continue on the park asunder! As such Walter Smith will be looking to take the issue off the minds of his players and the fans with a solid performance and victory in the League Cup. Early news from the Rangers camp suggests changes will be afoot in the first XI which should add even more interest to a game where the fans will be expecting progression to the semi-finals. First off in defence, it has been confirmed that Danny Wilson will make his debut at centre-half. The left-footed youngster should partner Sasa Papac in central defence with Davie Weir perhaps being rested. Depending on this, Steven Smith and Steven Whittaker are likely to be the full backs in front of an ever impressive Allan McGregor who seems to be at the top of his game once more. In midfield the manager's hand will be forced with a plethora of injuries affecting his choice of personnel. Thomson, McCulloch, Mendes and Edu all remain injured so central midfield may see an unfamiliar face deputise - be it John Fleck, Jamie Ness or Andrew Shinnie. On the flanks Kyle Lafferty and Steven Naismith will most probably retain their places with both looking to achieve more consistency of performance during matches. Up front, Kenny Miller's continuing injury problems may see him rested which should allow Nacho Novo to return to the starting XI alongside Kris Boyd who was impressive leading the line against Hibs. Other options for the manager may be Lafferty up front with Beasley or Rothen played in the deeper, left-sided role. Certainly goals are hard to come by for Rangers right now, so these positional decisions are hugely important as we try to improve our form and results. One thing is for sure, with few defensive options in terms of the midfield, we can expect another exciting match with chances for both teams. It is up to our players to show further increased commitment whole taking the chances required to win what will be a difficult match and a tough venue. Possible team (4-4-2): :sw: :wilson: :sp: :ss: :sn: :sd: :jf: :kl: :kb: :nn: Prediction: Dundee 1 - 2 Rangers

Rangers chairman Alastair Johnston will jet into Glasgow early next month for summit talks with Ibrox fans. The financially-troubled SPL champs have pencilled in a meeting with the influential Rangers Supporters Assembly on December 9. Johnston has failed to engage with the Light Blues legions since Walter Smith admitted at the weekend the Lloyds Banking Group are effectively running the club. However, the sports management boss, who is based in the USA, will address their fears as Assembly president Andy Kerr admitted the situation at the club has never been more critical. Kerr said: "The chairman had agreed to meet with us before the announcement at the weekend. We're keen to establish a relationship, even more so in light of the issues that have arisen and which are causing anxiety to all fans. "This needs to get sorted as soon as possible and supporters are keen to play an active role in helping to turn around the club at this pivotal point. "In line with most Rangers fans, I was stunned whenWalter made his announcement about the influence of the bank but we're glad he brought the issue to the table. "It's incumbent on all parties involved in any takeover talks to strike a deal, even if there must be compromise and ground conceded to get it done. "We're not finger pointing, but the ownership of the club must change. The Murray Group can no longer take us anywhere but down. If there's a genuine bid on the table we hope a deal can be done to the benefit of the club http://www.dailyrecord.co.uk/football/spl/rangers/2009/10/29/new-rangers-chief-alastair-johnston-to-hold-fans-summit-over-crisis-club-s-future-86908-21781507/

I just wanted to say, with all the fuss and negativity and everything, that every time Rangers pick up 3 points, or win a Cup tie, or have a decent showing in Europe, I for one will be raising a glass to the manager, Walter Smith. I just wanted to say that.

Rangers boss Walter Smith says Madjid Bougherra could return from injury in time to face Unirea Urziceni in the Champions League. More...

Scottish secretary Jim Murphy held talks with Rangers' bankers Lloyds on Monday as the financial giant insisted they were not running the club. Murphy stepped in following reports the banking group, 43 per cent of which owned by the taxpayer, had threatened the club with administration over its debts. Ranger boss Walter Smith claimed on Saturday the bank was now effectively overseeing the club's spending and that all the players had been up for sale since January. Current majority shareholder Sir David Murray has declared his intention to sell his interest in the Light Blues, who are carrying debts of about �£30million. A Scotland Office spokesman confirmed that Murphy today spoke to Lloyds. He said: "The Secretary of State for Scotland spoke to Lloyds Bank today about the importance of the bank's support for Rangers Football Club. "There are clearly financial difficulties facing Scottish football clubs - both large and small. Our national game is important to Scotland and will come through this recession and the wider pressures in football." In a statement on Monday, the bank said: "We do not run or manage the companies that we bank - that is, quite properly, the responsibility of the management. "Given the recent press coverage, we would therefore like to be clear that Rangers FC is neither operated or run by Lloyds Banking Group. "We would also like to be clear that Sir David Murray's decision to step down as chairman was a personal decision and not at the behest of Lloyds Banking Group." It is understood the bank has not raised the prospect of Rangers being placed in administration if club bosses failed to introduce a series of cost-cutting measures at Ibrox. The statement added: "The board of Rangers FC is developing and implementing a sustainable business plan and we have agreed to support this plan. "The group is aware of the unique position that football occupies across many Scottish communities and has been working with Scottish football clubs, including Rangers." Lloyds is 43.5 per cent owned by taxpayers after the government bailed it out to the tune of billions of pounds at the height of the credit crunch. Liberal Democrat leader Tavish Scott said earlier on Monday: "Football fans, even those on the other side of the Old Firm, won't understand why taxpayers' money that's keeping this bank afloat could now be used to push Rangers into receivership. "If the Lloyds group can take down Rangers, there won't be many professional clubs left in Scotland." Smith's contract and that of assistant boss Ally McCoist expires in January. But Rangers chief executive Martin Bain has insisted the club will not be forced to sell players in the January transfer window. Echoing the club's statement from yesterday, he said: "The club can confirm that while there have been tentative enquiries regarding the sale of the club, there are none that have realised an offer. "As stated by Sir David Murray, it is not necessarily about price, but the new owner having the capability to take the club forward that remains essential." Bain said Lloyds is "supportive" of the club during a period of "difficult economic conditions." Smith has refused to answer questions about the club's claim that no players need to be sold in January. After Saturday's 1-1 Clydesdale Bank Premier League draw with Hibernian at Ibrox, Smith claimed "the players at the club have been up for sale since January". At today's press conference ahead of Tuesday night's Co-operative Insurance Cup quarter-final at Dundee, Smith replied to the first question about the topic by saying: "They (the club) issued a statement and that's it." The next enquiry was met by a similar response, Smith saying: "I said the club issued a statement last night and that's it as far as I'm concerned, that's it finished with." Quizzed again, the Rangers boss repeated broadly the same answer. Smith, who later threatened to walk out if the subject was broached one more, did admit the current negativity around the club is having an impact. He said: "If there is a level of negativity around the place, it affects everyone, not just the players. "The thing that we have to concentrate on is the results of the games. "We had an extremely poor result in the Champions League last week and we had a decent game with Hibs, and both teams deserve a bit of credit for the way they played. "Now we have a difficult cup tie coming up and, while there may be levels of negativity around the place, we don't and can't allow it to affect us. "You've got to overcome that aspect of it."

Probably should've been in Football Chat but The Goalie is a Rangers legend so I thought he deserved this article to be posted in here.

DAVID Murray jnr last night insisted his father's company are still in charge of operations at Rangers and claimed "frustration" prompted Walter Smith's observation that Lloyds Banking Group are now running the financially-troubled Ibrox club. Smith yesterday refused to elaborate on his weekend comments, the manager even threatening to walk out of his broadcast media conference at Murray Park unless questions were restricted to tonight's Co-operative Insurance Cup quarter-final against Dundee at Dens Park. Lloyds later issued a statement denying they are in control of Rangers, who are currently �£30 million in debt, and firmly refuting one newspaper report which stated they had forced Sir David Murray's decision to step down as chairman of the club in August this year. Murray's son, managing director of the Murray Capital investment arm of Murray International Holdings who own almost 90 per cent of Rangers, told The Scotsman the club and Lloyds Banking Group are united in their search for a new owner. "The bank are going to continue to support the club until such time as we find somebody to buy the club," said Murray. "That is what we are trying to do. What they are trying to get towards is a sustainable business plan and so are we, if we can find someone who wants to buy the club. We have said that for a long time. Walter's comment came from a little bit of frustration. "My father doesn't have anything to add to what has been said. As we stand, there are no firm offers for the club. It is business as normal." In their most recent accounts, Murray International had a net debt of �£760 million, of which �£704 million was from bank loans, with �£432 million payable within one to two years. Lloyds now own an 11.4 per cent stake in Murray International, but Murray jnr says that has no bearing on the situation at Rangers. "They are separate issues," he added. "This is a separate matter to do with Rangers, there is nothing to say at this stage about Murray International. There is no direct correlation." Speculation surrounding the level of influence of Lloyds Banking Group at the club has been intense since the appointment of Donald Muir, a 50-year-old "business transformation specialist", as their representative on the Ibrox board of directors. Among Muir's assignments during the current recession was the rescue of the Northern Rock building society. But a Lloyds spokesman again insisted yesterday that they are working in tandem with the existing Rangers management team, rather than directing operations. "Lloyds Banking Group is a bank which provides finance to many companies and households across the country," said the spokesman. "Our interest is in helping those customers grow and prosper. We do not run or manage the companies that we bank. That is, quite properly, the responsibility of the management. "Given the recent press coverage, we would therefore like to be clear that Rangers FC is neither operated or run by Lloyds Banking Group. We would also like to be clear that Sir David Murray's decision to step down as Chairman was a personal decision and not at the behest of Lloyds Banking Group. "The Board of Rangers FC is developing and implementing a sustainable business plan and we have agreed to support this plan. The Group is aware of the unique position that football occupies across many Scottish communities and has been working with Scottish football clubs, including Rangers, for many years." But Smith's appreciation of the circumstances he is working under at Rangers, where he has been unable to buy a player since August 2008 and forced to radically cut the size of his squad, make it plain his concerns are valid. Clearly mindful of the reaction provoked by his weekend comments, Smith was unwilling to engage in further discussion on the issue with the media yesterday. "They (the club] issued a statement and that's it," was his response to the opening question on the financial position. The next enquiry received a similar answer, Smith saying: "I said the club issued a statement last night and that's it as far as I'm concerned, that is it finished with." He did, however, stress again that the speculation surrounding the club and the future of both its management and playing staff, is having an impact. "If there is a level of negativity around the place, it affects everyone, not just the players," he said. "The thing that we have to concentrate on is the results of the games. "We had an extremely poor result in the Champions League last week and we had a decent game with Hibs, and both teams deserve a bit of credit for the way they played. "Now we have a difficult cup tie coming up and, while there may be levels of negativity around the place, we don't and can't allow it to affect us. You've got to overcome that aspect of it." http://sport.scotsman.com/sport/Rangers-still-being-run-by.5767861.jp

Martin Bain will today be replaced as CEO of Rangers by Scottish Rugby Union chief Gordon McKie. It appears that the Lloyds Banking Group, who are looking to make further savings across the business, have realised that Bain's exorbitant �£650,000 annual salary is not good value for money, something many supporters have thought for a long time. It appears Walter Smith's quotes about the bank running the club was just the tip of the iceberg in terms of the upcoming changes at the club. As we reported earlier, several reliable sources seem certain that current shareholder Dave King will launch a take-over bid as early as this week, with rumours of a meeting between the club and an interested party holding talks on Tuesday doing the rounds. Keep it on Vital Rangers and the Vital Rangers forums for all the latest information. http://www.rangers.vitalfootball.co.uk/article.asp?a=516474

HE is the prophet who was depicted as a pariah. Yesterday, as the extent of Rangersââ?¬â?¢ financial frailties and boardroom politics were graphically exposed in these pages, the warnings of Hugh Adam, the former chairman and managing director of Rangers Development, were re-released for public consumption. The man who brought Ã?£18m of new investment to the club through the Rangers Pools since 1971 ââ?¬â?? that equates to around Ã?£70m in todayââ?¬â?¢s money ââ?¬â?? has been a consistent, if reluctant, critic of Sir David Murrayââ?¬â?¢s bold business strategy. Seven years ago, Adam sounded a dire warning that raised questions over the very existence of one of Scottish footballââ?¬â?¢s ââ?¬â?? and Scottish societyââ?¬â?¢s ââ?¬â?? apparently indestructible institutions. He did so while unloading 
his 59,000 shares in the club, on 
the basis that, under Murrayââ?¬â?¢s methods, they were heading towards worthlessness. As Rangersââ?¬â?¢ debts mounted at the height of the excess of the Dick Advocaat era, Adam described bankruptcy as ââ?¬Å?the logical conclusionââ?¬Â for a team in financial free-fall. ââ?¬Å?The banks are well-known for being a bit more tolerant of companies whose core business is a popular pursuit like football but there is a limit to how far backwards they can bend to accommodate you,ââ?¬Â he said back then, not quite to universal approval. His stance was ridiculed by some within Ibrox as the haverings of a bitter and doddery former director, while his decision to sell his shares and spill the beans in public was regarded as treasonable among Murrayââ?¬â?¢s most fervent supporters. Seven years on, and in spite of Murray dipping in to his funds to take a massive bite out of the clubââ?¬â?¢s debts a few years ago, Adamââ?¬â?¢s predictions have gained a new-found credibility since Lloyds Banking Group began to exert significantly greater pressure on the club to recoup the current Ã?£30m overdraft. Yesterday, from his home in Burnbank, Lanarkshire, the 
84-year-old stressed that he derived no satisfaction from this belated vindication and instead spoke with sadness at Rangersââ?¬â?¢, and Murrayââ?¬â?¢s, plight. He remained adamant, though, that Rangersââ?¬â?¢ perilous position is not simply as a consequence of the depressed football climate. ââ?¬Å?When I made those comments seven years ago I was ridiculed by some,ââ?¬Â said Adam. ââ?¬Å?We [David Murray and he] got on fine in the beginning, but, with David, it gets to the stage that if you do not agree with him he casts you aside. ââ?¬Å?I did not agree with the way 
he operated and I told him that. 
It doesnââ?¬â?¢t give me any satisfaction to see the situation as it is but I did raise concerns at the time and was ridiculed for raising them.ââ?¬Â Yesterday, the Lloyds Banking Group released a statement stressing they were not in control of the club, despite Walter Smith, the increasingly exasperated manager, stating categorically that they were. Adam believes the entrepreneurial instincts that served Murray well, both in the salad days of his steel empire and as the driving force of the Rangers revolution, ultimately became his undoing. ââ?¬Å?David was a salesman, a super-salesman. I have enormous respect for him for the adversity he overcame but when I would express my concerns to him ââ?¬â?? as I did various times ââ?¬â?? he would nod, but I knew he wasnââ?¬â?¢t listening to me. He was entitled to ignore me but I wasnââ?¬â?¢t for sitting about like a dummy.ââ?¬Â Adam is keen to ensure that his updated remarks are not viewed as
a gleeful ââ?¬Ë?I told you soââ?¬â?¢ at a vulnerable former chairman. If anything, he believes that Murray deserves to leave with a fanfare and not a whimper after 20 years in control and having financed the nine in a row era and a bold ââ?¬â?? if, in retrospect, ill-advised ââ?¬â?? assault on sustained Champions League credibility. Rangersââ?¬â?¢ new challenge ââ?¬â?? along with the bank ââ?¬â?? is to attract a new buyer. Adam is not convinced that Dave King, the South Africa-based businessmen, is a certainty to throw his undisclosed wealth down Scottish footballââ?¬â?¢s black hole. ââ?¬Å?Even if I had the money I wouldnââ?¬â?¢t buy Rangers just now. Would you?ââ?¬Â he asks. ââ?¬Å?If anything, I would rather buy Celtic now because they are run more prudently by good, strong people. Television revenue is not going to increase, fans are not buying into it any more and there is no prospect of England on the horizon. For guys like Abramovich at Chelsea, the television money is there, while his own commitment is relatively loose change.ââ?¬Â ââ?¬Å?I am 84, so it is a bit late in the day for me to come up with a business plan but what I would do is lobby the Dutch, Portuguese and Scandinavians regularly to champion the cause for an Atlantic League.ââ?¬Â Adamââ?¬â?¢s warnings from seven years ago now command greater credibility than that fabled competition. http://www.heraldscotland.com/sport/spl/rangers/interview-hugh-adam-seven-years-after-sounding-a-dire-warning-over-rangers-future-1.928796

From the Evening Times. It mirrors TannochsideBears thread. Dire Straits!

Walter Smith just said on Radio Scotland that the bank have taken over the running of the club. This could be taken out of context though because presumably he's just confirming what we've suspected as being the case - that any & all serious financial matters are controlled by the bank & it's the bank that aren't allowing any spending.

I got a call this morning from someone who has confirmed to me that the above article written by Darrell King has the true story 100% spot on. He told me who his source was that is quoted and why he was involved in the story. I also hear that Murray is a busted flush and has been holed up in Perthshire for the last 3 weeks unable to run any of his businesses, as the property crash has had disastrous consequences on his portfolio and the bank have had enough. Dave King is close to buying the club, but the haggling from Lloyds is preventing this from taking place. King is wanting the bank to accept 40p in the �£1 for Rangers debts, like the bank are doing to troubled Companies all over the country, but the bank are holding firm for all the debt to be repaid. Over the next week or two, the campaign against Lloyds will start to gain pace to try to force them to accept King's deal. Be ready to close your Lloyds/Bank of scotland accounts and write to them expressing your disgust at their handling of the situation. Bain is staying, and is apparantly fighting really hard for King's people to come through, and will be rewarded with keeping his job. (I dont like that bit, but there you are) Once in, King will go to the fans with an investment plan, perhaps shares, perhaps something else, to get the fans to own more of the club, and have more of a say in the club. If the bank accepts King's plan, it will give the club a debt of around �£12M, and we will have to sell 1 top player in January to get the debt down to �£10M, which will be our new manageable limit going forward. The bank have been seriously threatening to put us into administration, and dont seem to believe that relegation to div 3 and no europe will have much of an effect on ST uptake!! It looks like just playing hardball, but we are no f*cking toy to be bartered around with, or some wee 3rd rate business that nobody would miss if it went to the wall. As always with these rumours and counter-rumours, you are at liberty to believe what you will from the above, but anyone who knows me knows I dont post rumours, and I do know people who know people and hear things, hardly any of which I actually post on messageboards, but this is too serious to ignore. Oh how we laughed at Timmy in the mid-nineties when they were 30 minutes from closure, we are not laughing now.

Walter Smith warns that any takeover at Rangers could end of his second spell as Ibrox manager. More...

RANGERS manager Walter Smith last night admitted bankers are now running the club as the full extent of its financial predicament began to career into view. Donald Muir's appointment to the club's board as a non-executive director at the behest of HBOS, now owned by Lloyds Banking Group, nine days ago appears to have been the point when control of Rangers' affairs was removed from the club's hands. Muir is a specialist in assisting ailing companies and officially joined the Rangers board to help them in their "strategic business interests". Both chairman Alastair Johnston and chief executive Martin Bain had previously denied the banks were closing in since owner David Murray stepped down as chairman on 26 August, but Smith spoke freely last night of the new reality he described as "obvious to everyone". It comes at the end of a week in which Murray's company, Murray International Holdings, announced it would be delaying publishing of its accounts for six months. This has been interpreted by some in the business community as a step taken to prevent scrutiny of just how incapable it is of propping up Rangers with the club's debts rising above the Ã?£30 million mark. And it comes at the end of a week in which Rangers suffered their most humiliating defeat in 53 years competing in Europe with their 4-1 thumping by Romanians Unirea Urziceni in the Champions League "As far as I am aware that is the situation," said Smith when asked about reports the bank was in control of the club at his post-match conference following his side's 1-1 draw with Hibernian. "David Murray stepped down and they've placed a representative of the bank on the board. "It is obviously not a good situation. It is not a situation anybody wants the club to be in. It's been up for sale for a while. It's not the bank's fault. If the bank had to take over in the circumstances they have, they are not going to invest in a football club. I think Rangers have been fairly honest about their situation. The players at the club have been on sale since January. We haven't bought a player for... in this transfer window, that will be 18 months. I'm very surprised anyone can't work out the situation. These circumstances have been here for quite a while now. And, despite some headlines, I've never complained about it and I'm not complaining about it now. I'm just saying it is a fact, and a fact of life that a lot of companies throughout the world are having a struggle at the present minute. When David Murray stepped away from the club I felt that was a bad thing for Rangers in the sense that he's tried as hard as he could over 20 years to invest in the club. Now we don't have that situation. So the quicker that gets cleared up, the better it will be." It is Murray who is responsible for running up liabilities he patently now cannot meet ââ?¬â?? a fact some have blamed on the economic downturn. Yet there were plenty of alarm bells when he allowed Smith to become the country's biggest spending manager on his return in 2007, before reacting to the 2008 Champions League qualifying exit by sanctioning an Ã?£8m spend on players that produced a Ã?£3m "hole" in the club's budget that effectively led to the entire squad being put up for sale only six months later. The club has, in effect, been for sale for four years but despite a number of reports of potential buyers, none has been found. Yesterday there were suggestions that board member Dave King, who invested Ã?£25m in the club in 2000, and another unnamed group were considering lodging an offer within the week but these were dismissed by sources at the club. Smith said he was unaware of any possible sale. "I'm not involved in that aspect, you'd need to ask others if there was anything like that," he said. The implications for Smith's bid to retain the title will only emerge over time, but the fact the bankers have decided to exert control can only increase the likelihood there will be a demand for Rangers to cash in on Madjid Bougherra, their most valuable playing asset, in January. Already, with injuries to the Algerian and to Pedro Mendes, Kevin Thomson and Lee McCulloch, who came off yesterday, Rangers are running low on senior players. Smith conceded this was a process that was likely to accelerate and could only be offset by promoting from within. "It is maybe not the proper time to be blooding these boys (such as Andrew Little and Danny Wilson] but I don't think we are going to have much option shortly," said Smith. Rangers' financial meltdown must also place question marks against Smith's own future. His present contract expires in only eight weeks, as does that of assistant Ally McCoist and first-team coach Kenny McDowall. As yet the three have not been offered extensions. However, it is believed that if a new buyer was found that wanted to retain his services he would be keen on staying. Failure to see eye-to-eye with new regime has Smith talking himself towards exit door LONG-suffering Rangers fans are seeing their beloved club up for sale and seemingly rudderless, with Sir David Murray gone from the scene and a chairman who resides in the USA. Now they may be about to lose their talismanic manager. Walter Smith may even be gone in the next week or two, after his comments last night which confirmed that he has no money to spend and no control over the purse strings at Ibrox. Instead, the bankers have taken over. In the world of football finance, banks do not expose themselves to customer dissatisfaction by placing directors on a board ââ?¬â?? new director Donald Muir has no formal links to Lloyds Banking Group, for instance. They do not need to do that. Lloyds ââ?¬â?? a group which has no great track record in football sponsorship ââ?¬â?? simply dictates how Rangers spend the bank's money. Or in this case, not spend it. And it is Lloyds' money that Rangers spend. When it took over the crippled HBOS, it inherited Rangers' debts, probably north of Ã?£30 million, and any potential buyer will be saddled with that debt right away. With the benefit of hindsight, everyone who thought the Murray era would end sweetly and that there would be a swift transfer to a rich new owner was looking at the situation through rose-tinted glasses. When a businessman as powerful as Murray moves out of any company, the reverberations are long and loud and highly transformational. Lots of players have gone as a side-effect of Murray's withdrawal. Now it may be Smith's turn. There is more than one coat on a shoogly nail at Ibrox. Persistent rumours have surrounded chief executive Martin Bain, with Gordon McKie, chief executive of the Scottish Rugby Union, touted as a possible replacement should Bain, too, decide that the end of the Murray era is time to pursue new opportunities. But Smith's departure would be colossal for the club. Alex McLeish admitted he left Ibrox in 2006 because Sir David Murray would not fund new signings. So could Smith do a McLeish? The trouble for Smith is that he eats, breathes and sleeps Rangers. Cut him and he would bleed royal blue. But how long can he go on in the humiliating position for a Rangers manager of not being able to decide who he can buy and sell? How long will a proud man take being told what to do by a bank manager? Smith may even now be planning his exit strategy ââ?¬â?? a term financiers understand ââ?¬â?? and indeed, it may even be under way. Or else why speak out as he did last night? The fans, who are always kept in the dark, may like to ask other questions. Exactly who is in the frame to buy Rangers? If there are no buyers, what happens next? What support will Lloyds continue to give? Will there be money to buy the new players the club desperately needs? It should make for an interesting AGM, and this time no one can call for Murray to go, because he already has. http://scotlandonsunday.scotsman.com/sport/Uncertainty-grips-Ibrox.5764251.jp

Rangers manager Walter Smith says he cannot buy players because the bank is now running the Scottish Premier League club. More...

WALTER SMITH was wrong when he said that Scottish football is dying. You'd get a death certificate for it right now. Still, I know what he meant. There's more pain to come before we hit the bottom. By that time the national side will be seeded in pot four for major competitions and the Old Firm, denied automatic entry to the Champions League, won't be good enough to negotiate the qualifiers. That, my friends, is what awaits us. We'll be rubbing shoulder with San Marino and the Faroes before long. Let's take the Old Firm first before we get to the real dross. I wasn't shocked by Rangers' drubbing against Unirea, just saddened. The speed of the Ibrox club's demise has been frightening. From Gascoigne, Laudrup and De Boer to the abject poverty of the current side seems to have taken five minutes. Smith will have to carry the can for this latest embarrassment and that's the way it should be in this business. The Rangers gaffer knew what he was getting in to when he answered Sir David Murray's distress call, although God only knows why he retraced his steps. Those now demanding his removal are entitled to be heard, they pay good money into the club, but they should think this through. Without Smith's contribution recently there's every chance Rangers would have gone bust. As the London bankers continue to call the shots on Edmiston Drive ask yourself this. Where would the club be without the �£10million guarantee from this season's Champions League or the money banked from the run to the UEFA Cup Final? In the grubber, that's where. Along the way he's lost what little quality he had as Alan Hutton, Carlos Cuellar and Barry Ferguson, left, were all punted to help prop up the balance sheet, yet somehow he outwitted Gordon Strachan to land the title last summer. Smith will take no consolation from Celtic's woeful Europa League campaign. He and Tony Mowbray are both in the same place. By Friday it was Mowbray's turn to feel the heat after Hamburg exposed the deficiencies in his team. Mowbray must be asking himself why he left West Brom for a set-up that's in freefall. Still, the humbling of the big two has given the anti-Old Firm brigade a good giggle. At this rate we'll have to listen to the sniggering for some time. One scribe wrote that he wouldn't open the curtains if the Old Firm were playing in his back garden and he's probably right but if the Glasgow pair are really so bad where does that leave the other SPL clubs? You know who I mean, the clubs who organise an open-top bus parade every time they beat the Old Firm but who can't mount a real challenge for five minutes. Much was made of Unirea's modest resources, coming from a town of just 17,000 people, which begs one obvious question. If a two-bob outfit can finish ahead of Steaua Bucharest to win the title in Romania why can't anyone in the SPL give the Old Firm a run for their money? They're on their knees for heaven's sake. Is there any chance these super young SPL coaches we keep hearing about might put the frighteners up the Glasgow boys? A good look in the mirror wouldn't do the rest of the SPL any harm. It's 25 years since the championship flag flew outside of Glasgow. Pathetic. Let's not forget the humiliations of earlier this season. Aberdeen battered by Sigma Olomouc, Falkirk pumped in Liechtenstein and Motherwell losing at home to the Llanelli male voice choir. What little is left of our co-efficient ranking was earned by the Old Firm. Both clubs made it to the UEFA Cup Final, both reached the last 16 of the Champions League. Meanwhile our other Euro entrants were running up the white flag. http://www.newsoftheworld.co.uk/scottish/scottish_sport/565521/Rangers-boss-knows-the-game-in-Scotland-cant-survive-as-it-stands.html

Walter Smith insists the ultimate responsibility for the Rangers' results lies with him. More...

We’ve all done it. In fact we see it on football forums across the World Wide Web at least once every season, often once the dirty business of the transfer window is concluded (or not in Rangers case this season). On every Rangers forum, a bear will start a thread comparing the relative merits of our starting XI and squad with our rivals. In the two-horse race that is the SPL, this really means only our enemy from the East End. It occurs to a lesser degree every time we discuss the next upcoming fixture. Whilst football is not played out on paper we are all guilty, to a certain extent, of pretending it is. We assess the merits of our squad. We compare our players with those of our rivals and mostly come to the opinion that we are the far superior team. Based on our team’s performances since Smith’s return, that is a difficult position to argue against. That is, until this season. Craig wrote an excellent piece discussing the various merits of the two squads. Unsurprisingly, Craig drew the conclusion that we were blessed with greater quality. Reigning Champions, who although we had not strengthened had not been greatly weakened it terms of quality. Celtic was a team in transition if not turmoil. Second best and losing the key players that had kept them just about hanging on to our coat tails. They have replaced those first picks with arguably inferior quality players. Just under a quarter of the way into the season, Craig's analysis stacks up fairly well. After an impressive Old Firm victory saw us close an early gap on Celtic, we regained top spot in the SPL with another victory in Perth. But it is only really down to a stumbling start to the season from Celtic. A start that has seen them pick up just 2 wins in their opening 8 home games in all competitions. This is no better highlighted than by the fact that Celtic had what was a relatively straightforward home game against Motherwell this weekend to maintain their position at the top. As we’ve seen, though, football is played on a large rectangle of grass and not on paper or on a webpage. Motherwell would abhor the thought that they were merely lambs to the slaughter and so it proved as they gained a creditable point away from home. Much like comparing Celtic’s starting XI to Motherwell’s, on paper Rangers are more than a match for anyone in the SPL, including our less illustrious rivals. Yet we have yet to demonstrate this dominance in any game of note this season. Sandwiching a creditable draw in Stuttgart, we went on a run of goalless draws against the dross of the SPL and threw in a narrow victory over Queen of the South. At Fir Park, Rugby Park and at home to Aberdeen, as well as in travelling to Palmerston we continually failed to show our superiority in class and footballing ability. Weekend after weekend, game after game, 45 minutes in Germany aside, we failed to demonstrate the quality of a football team that could spend millions on Steve Davis (Ã?£3mil), Pedro Mendes (Ã?£3mil) and Madjid Bougherra (Ã?£2.5mil). Whilst we are blessed with household names and international and former English Premiership stars, the likes of Aberdeen or Kilmarnock field players who would be anonymous in their own neighbourhood and earn a fraction of our players wage packet. Previous Rangers teams have gained from winning championships and trophies. It has developed a sense of invulnerability. A belief they can win against the odds and had many an opponent defeated before they entered the field of play. Look at the NIAR teams for a real strength of character and a winning mentality fostered on past successes. So why are our current squad so brittle? Why do they lack that strength of belief in their own ability? They are champions and should play with the confidence and swagger that brings. Of gravest concern is the midfield. Steve Davis is an international footballer and former premiership star of immense experience, even for his relatively modest years. He has demonstrated his superiority to the best of the rest in this country before as he ran the show in an Old Firm match in which he scored the vital winner. So why is he part of a midfield dominated by the part-timers of Queen of the South or the less celebrated SPL sides? Pedro Mendes, like Davis is an international star; recently helping Portugal get their World Cup campaign back on track in guiding them to the play offs. He has also played in a Champions League winning side. Yet the occasional deft flick and long range strike is barely acceptable from the most talented and experienced midfielder at Murray Park and in Scotland. What too of Kevin Thomson? Admittedly he is still regaining match sharpness. Perhaps that can account for his rash sending off in his first game back. In all truth he was probably rushed back due to suspensions and a dwindling squad. Can it still excuse an inability to execute the basics several matches later? Like Davis he has performed a starring role, complete with obligatory winning goal in an Old Firm game. In fact, we have won every derby encounter the former Hibs star has contested. If he is more than a match for the most difficult opposition we can face domestically, where does this ability go when facing the lesser lights of Scottish football? The term "Paper Champion" has a few connotations or meanings. It identifies a Champion who is merely a place holder. Someone who is the title holder in name, but really the sporting fraternity know they are not deserving and are waiting for a competitor of true champion quality to emerge and assume the mantle. Last season, few would argue, Walter Smith’s Rangers confirmed their place as the dominant force in Scottish football. On paper, we are in our own league. The Hibs, Hearts and Celtic cannot compete. Last season, this was certainly true. When the fixture calendar rolled round to Old Firm day or a contest with the capital clubs, more often than not our players demonstrated their greater quality that was evident on paper. But this season I am left asking myself if that gap in ability between ourselves and our challengers is really there? Was it an illusion? Are we merely paper champions? If my analysis of the relative strengths of SPL sides is worth anything and we really are the most talented group of players it is time we started proving it on match days. No more turning up and relying on a few star performers to save the skins of lazy players who believe they have made it and no longer think they have to work for victory against your Falkirks, St Johnstones and Hibernians. Starting this week I want to see a Rangers side filled with the quality of true champions and not the recent paper champions.