ian1964 10,489 Posted February 26, 2014 Share Posted February 26, 2014 ...Former director wants board punished for assuming loyalty Dave King will fly to Scotland to spearhead his supporter revolt against the current Rangers board. The South African-based former director released a statement Wednesday urging fans to withhold their season-ticket money unless the current Ibrox regime provides full transparency over the club’s finances. The board responded with a brief, one-line statement, insisting that his comments were ‘potentially de-stabilising and damaging to Rangers Football Club’. However, having been frustrated in his attempts to lead a fresh bout of fundraising via a new share issue, King told Sportsmail he wants to meet fans’ groups face to face after claiming the ‘business is not commercially sustainable in the short term’. Amid anger over a £1.5million loan by director Sandy Easdale and investors Laxey Partners, the Castlemilk-born businessman has warned fans they risk pouring their season-ticket money down a ‘black-hole’ to repay the cash and wants to front a fan-based consortium in the acquisition of shares in the club. Confirming he plans a direct appeal to supporters in the coming weeks, King told Sportsmail: ‘For the moment, I can deal with things remotely. But I do believe it will be necessary to travel to Scotland in the near future to meet with fan representatives.’ King flew to Glasgow in October in a bid to unite the warring boardroom factions prior to the annual general meeting and work out an investment package — but he returned home empty-handed. A direct offer to lead a new round of fundraising via a share issue has been ignored, prompting anger among fans. King has now appealed to them to stop the in-fighting and join him in the battle for the club’s future. ‘The football club is at risk and it will take a united front to overcome the obvious challenges that are ahead,’ he said. ‘The board can continue with its stubborn refusal (to listen) but that would not be a prudent response.’ Repeating a recent warning in Sportsmail that Celtic will ‘shoot to 10-in-a-row — and beyond’ if cuts are made and a substantial one-off investment is not accepted, King said in his statement that Rangers are doomed to compete for ‘minor places’ in the SPFL Premiership without it. ‘The board is focusing on right-sizing the business — cutting costs to match the income,’ said King. ‘It is correct that any club must, over the long term, operate within its means but in the short term Rangers needs a significant one-off financial boost that cannot be met from the current revenue stream. ‘Without this we will not get back to where we should be. ‘If we cut our costs to suit our present income we will remain a small club and Celtic will shoot through 10-in-a-row — and beyond — while we slug it out for the minor places. ‘That is not the Rangers that I grew up with and not the Rangers that we should be passing down to our children and grandchildren.’ King told Sportsmail that claims he offered a £1m loan to the club are inaccurate and rattled Rangers chairman David Somers also issued a statement, saying: ‘I have been in email correspondence with Mr King and suggested that, even though he is not a current shareholder, I would be interested in hearing any proposals he might have. ‘Mr King replied and indicated a willingness to consider participating in any future equity issue that the club might undertake. ‘This has been the extent of the discussion and I repeat that no offer of an interest-free loan has been received from Mr King, or anyone else, apart from Mr Sandy Easdale.’ Chief executive Graham Wallace is in the middle of a 120-day review of the club’ s finances in a bid to cut the spending that saw Rangers post an operating loss of £14.4m last season. Wallace has also instigated a survey of supporters on the running of the club. Convinced an unaccountable board are only interested in using fans as a cash cow, however, King says season-ticket money should not be used as a crutch for a failing business. ‘I would like to lead a fan-based initiative to acquire an influential shareholding in the club,’ he continued. ‘If the board does not provide disclosure to the fans then it is time to draw a line in the sand.’ Read more: http://www.dailymail.co.uk/sport/football/article-2568814/EXCLUSIVE-Dave-King-issues-call-arms-Former-director-wants-board-punished-assuming-fans-loyalty.html#ixzz2uTQYwxMm Follow us: @MailOnline on Twitter | DailyMail on Facebook 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,335 Posted February 26, 2014 Share Posted February 26, 2014 Convinced an unaccountable board are only interested in using fans as a cash cow, however, King says season-ticket money should not be used as a crutch for a failing business. Again ... and I mean, he's a businessman himself and knows how it goes ... what does he expect? That Rangers Football Club plc will call in reporters every week and tell where any pound has gone this past week? So they can let Mr. King and everyone know what a fine or horrible job they do? Granted, this was sarcastic, but people will get the idea. No company will hand over such info to the public, be it anyone from this board or Mr. King. It beggars belief that he demands such info time and again. I reckon he'll gladly hand such info to anyone inquiring about his own companies, won't he? Before anyone gets me wrong here ... I sure want to know where the IPO and ST money went. But that does not mean that I will get this info or that I have a "legal" right to know. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted February 27, 2014 Share Posted February 27, 2014 Again ... and I mean, he's a businessman himself and knows how it goes ... what does he expect? That Rangers Football Club plc will call in reporters every week and tell where any pound has gone this past week? So they can let Mr. King and everyone know what a fine or horrible job they do? Granted, this was sarcastic, but people will get the idea. No company will hand over such info to the public, be it anyone from this board or Mr. King. It beggars belief that he demands such info time and again. I reckon he'll gladly hand such info to anyone inquiring about his own companies, won't he? Before anyone gets me wrong here ... I sure want to know where the IPO and ST money went. But that does not mean that I will get this info or that I have a "legal" right to know. But you don't have to give them any more cash if they don't tell you. It's your choice. They don't have to tell me but if they want my custom they better. Enough is enough. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,489 Posted February 27, 2014 Author Share Posted February 27, 2014 And last night he promised to go into greater detail about his own plans – so long as a majority of supporters are ready to join his Rangers revolution. Asked if he would personally open the account and act as some kind of guarantor King said: “I will wait to see whether the fans support my suggestion before taking the next step.” But he remains adamant the club’s financial situation is critical and potentially crippling. King added: “The club has only two options to avoid insolvency. It can either become a small club and live off what would then become a dwindling revenue base. “Or it can raise capital to spend beyond its means for a period to get back to the top flight. “I don’t believe the board is necessarily anti-me. I think they might do the same to any “outsider” that might threaten the current opaque control structure.” http://www.dailyrecord.co.uk/sport/football/football-news/dave-king-rangers-craig-whyte-3187239 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,335 Posted February 27, 2014 Share Posted February 27, 2014 But you don't have to give them any more cash if they don't tell you. It's your choice. They don't have to tell me but if they want my custom they better. Enough is enough. I do share people's opinion about transparency. We all want it, but we probably have to agree that only certain people will be allowed to see it. You would hope these people are honest about it, but so far we are even lacking these people. King is not exactly charming his way into any position where he would get any access to the numbers. What I said above is akin to people paying their monthly tickets for e.g. the local rail services. Scenario: once the chaos-snowflake hits the tracks, trains are late or get cancelled. People freak out and want to know where their ticket money is being invested. Do you think that you, as the paying customer, will get the transparency demanded and get an insight in the business accounts? You may tell them that you won't buy a ticket now ... and they will most likely accept it. There might always be a bus or the good old bycicle. Hence, our demands, much like King's are very much reasonable, but IMHO as far as he is concerned, it is playing to the gallery (for reasons given above), much like his Scum-10IAR-doom-mongering. He should know better and try to be far more clever than that. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,489 Posted February 27, 2014 Author Share Posted February 27, 2014 Last night leading representatives of several Rangers supporters’ organisations, including the Trust and the Association, were meeting to decide on a common response. A joint statement is expected today in the name of the “Union of Fans”. “We’d like to take a bit of time to read and digest the statement,” Drew Roberton of the Association said. “It is a big step to pay season-ticket money into a trust and only release it to the club under certain conditions. But there’s no doubt about it, withholding the season-ticket money would have an impact.” http://www.scotsman.com/sport/footba...fans-1-3321185 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted February 27, 2014 Share Posted February 27, 2014 I do share people's opinion about transparency. We all want it, but we probably have to agree that only certain people will be allowed to see it. You would hope these people are honest about it, but so far we are even lacking these people. King is not exactly charming his way into any position where he would get any access to the numbers. What I said above is akin to people paying their monthly tickets for e.g. the local rail services. Scenario: once the chaos-snowflake hits the tracks, trains are late or get cancelled. People freak out and want to know where their ticket money is being invested. Do you think that you, as the paying customer, will get the transparency demanded and get an insight in the business accounts? You may tell them that you won't buy a ticket now ... and they will most likely accept it. There might always be a bus or the good old bycicle. Hence, our demands, much like King's are very much reasonable, but IMHO as far as he is concerned, it is playing to the gallery (for reasons given above), much like his Scum-10IAR-doom-mongering. He should know better and try to be far more clever than that. He's right about Celtc IMHO. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,199 Posted February 27, 2014 Share Posted February 27, 2014 Haud the bus. We've to back him without knowing his plans? That seems fair - not. 0 Quote Link to post Share on other sites More sharing options...
26th of foot 5,885 Posted February 27, 2014 Share Posted February 27, 2014 Haud the bus. We've to back him without knowing his plans? That seems fair - not. Dave has a bag and it contains five magic beans. Whits yer problem? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,199 Posted February 27, 2014 Share Posted February 27, 2014 Dave has a bag and it contains five magic beans. Whits yer problem? After such a strong statement yesterday it's a shame to see it being undermined - not by the club but by King himself. 0 Quote Link to post Share on other sites More sharing options...
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