ian1964 10,377 Posted May 26, 2014 Share Posted May 26, 2014 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 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted May 26, 2014 Share Posted May 26, 2014 I find it strange that the UoF can express concern over the clubs finances (or lack of), then in the same breath continue to encourage fans not to buy season tickets & therefore depriving the club of funds..... 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,219 Posted May 26, 2014 Share Posted May 26, 2014 Maybe these people start trying to be productive here, not "milking" an essential non-story to their ends. And goes for both, the UoF and the ET. 0 Quote Link to post Share on other sites More sharing options...
gisabeer 409 Posted May 26, 2014 Share Posted May 26, 2014 The board have stated that they have the cash but have failed to meet their financial obligations Darth. i dont think the uof will be the only ones asking the very same questions of them. I know i am. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 26, 2014 Share Posted May 26, 2014 I find it strange that the UoF can express concern over the clubs finances (or lack of), then in the same breath continue to encourage fans not to buy season tickets & therefore depriving the club of funds..... It's easy. The board have sworn in court the finances are fine no matter what the season book sales are. They just need to prove it. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 26, 2014 Share Posted May 26, 2014 If we don't have 1.5 million in the bank to pay the loans can we pay the wages? 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,219 Posted May 26, 2014 Share Posted May 26, 2014 There is no need to pay the loans back in money, unless Letham presses for it. 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted May 26, 2014 Share Posted May 26, 2014 There is no need to pay the loans back in money, unless Letham presses for it. That is the deal that was agreed. Why should the lender need to press for repayment? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 26, 2014 Share Posted May 26, 2014 There is no need to pay the loans back in money, unless Letham presses for it. No there is a legal requirement to do so laid out in the terms of the contract. Interest though will preferably be paid in shares. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 26, 2014 Share Posted May 26, 2014 Also the uof do not want a boycott. Indeed they are collecting pledges of cash for season books. My 500 quid is sitting waiting to go to the club. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.