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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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No interested in gaining from blackmail myself, or i'd demand we change manager in exchange for my money

 

You would be well within your rights to do that, same as others have the same right to force change in the board by withholding funds. It's how capitalist society works. Money is the only power people have. Football is the only business that pisses down the back of peoples necks and tells them it's raining. People that abuse this loyalty that fans show, are about as low as it gets.

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You would be well within your rights to do that, same as others have the same right to force change in the board by withholding funds. It's how capitalist society works. Money is the only power people have. Football is the only business that pisses down the back of peoples necks and tells them it's raining. People that abuse this loyalty that fans show, are about as low as it gets.

 

I think it's going down a dangerous route though, especially when it's money the club really needs.

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I think it's going down a dangerous route though, especially when it's money the club really needs.

If 6.5 thousand not renewing immediately sends us down a dangerous route, I would suggest we are already more than half way along that road. Besides that, you're totally misrepresenting the scheme. All they want is security against our main assets, then the money will go to the club as normal. Why would any Bear not support such an idea? Are you happy to play roulette again with Ibrox should the worse happen?

 

It's a no-brainer for any board with the clubs best interest at heart.

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If 6.5 thousand not renewing immediately sends us down a dangerous route, I would suggest we are already more than half way along that road. Besides that, you're totally misrepresenting the scheme. All they want is security against our main assets, then the money will go to the club as normal. Why would any Bear not support such an idea? Are you happy to play roulette again with Ibrox should the worse happen?

 

It's a no-brainer for any board with the clubs best interest at heart.

 

Presumably if this security doesn't get granted the next step is to withhold the money though? I'd think it's easier said than done for the club to actually agree to this.

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Presumably if this security doesn't get granted the next step is to withhold the money though? I'd think it's easier said than done for the club to actually agree to this.

 

Why would this happen though?

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