Super Cooper 0 Posted August 6, 2014 Share Posted August 6, 2014 By Chris McLaughlin BBC Sport Rangers are facing a fresh financial crisis after failing to convince city investors to sign up to a new share issue, BBC Sport has learned. The club issued a document to potential and existing investors with a view to raising up to £10m through an investment plan by the end of August. However, they have so far failed to get the uptake they were looking for. Rangers' April review Business needs to raise up to £30m over three years New share issue planned for autumn 2014 Cuts of £2m have already been made with other savings likely Plan to make the business sustainable by season 2015/16 Aim to make team Scottish Premiership winners by 2017 And the Championship club says it now hopes to launch a £4m issue via all existing shareholders. "The company is considering a possible equity issue in which all existing shareholders would be eligible to participate," read a statement to the Stock Exchange. "Support is being sought from institutional investors to underwrite the possible equity issue. Discussions are ongoing and there can be no certainty of the outcome of these discussions." Prior to the announcement of a scaled down share issue, potential city investors were being asked to buy in at around 25p per share - the current price is around 30p a share. The presentation document, aimed at selling a stake in Rangers, highlights plans for the club to be financially sustainable by the end of season 2015-2016 through restructuring the business in a strategic three-year plan. The paper also mentions "the significant revenue opportunity" that would come with the club being back at the top of Scottish football, and points towards potential revenue streams that would follow from competing in the Champions League. A timetable of events within the document promises to reveal details on 25 July - but that deadline has now passed due to the lack of interest. Rangers manager Ally McCoist and chief executive Graham Wallace Wallace (right) set out plans for a share issue in April As part of his 120-day review published in April, chief executive Graham Wallace said he would look at a new rights issue later in the year "when the climate will be better for us". The club's finances have been under the spotlight for some time and earlier this year the club secured short-term loans totalling £1.5m from shareholders Sandy Easdale and George Letham. Those loans must be paid back by the end of August but questions are now being asked about the club's ability to meet that deadline. The situation is reaching a critical stage as fans continue to vote with their feet and their wallets. Supporters remain split over their backing of the board and it is understood less than 20,000 season tickets have been sold, compared to the 38,000 sold last year - figures that are adding further strain on finances. 0 Quote Link to post Share on other sites More sharing options...
compo 6,129 Posted August 6, 2014 Share Posted August 6, 2014 maybe if we had sold the same number of season tickets we would have been better placed in the financial side we have had advice from this one and that one on weather to buy or boycott this is the outcome we are running short again if we don't get our act together on and off the park we will end up like leeds a giant of yesteryear 0 Quote Link to post Share on other sites More sharing options...
Stimpy 0 Posted August 6, 2014 Share Posted August 6, 2014 Looking at the figures I think ST sales being on par with previous seasons would be immaterial. They'd still need fresh investment. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,411 Posted August 6, 2014 Share Posted August 6, 2014 The sooner these parasites are gone the better for Rangers 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted August 6, 2014 Share Posted August 6, 2014 maybe if we had sold the same number of season tickets we would have been better placed in the financial side we have had advice from this one and that one on weather to buy or boycott this is the outcome we are running short again if we don't get our act together on and off the park we will end up like leeds a giant of yesteryear eh have a look mate we're already there. talk of the CL is laughable. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted August 6, 2014 Share Posted August 6, 2014 Looking at the figures I think ST sales being on par with previous seasons would be immaterial. They'd still need fresh investment. The value of the scaled down share issue is more or less equivalent to the value of the non renewed ST's. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted August 6, 2014 Share Posted August 6, 2014 The value of the scaled down share issue is more or less equivalent to the value of the non renewed ST's. No option but pare it down, the Stockbridge share options and their ilk cast a long shadow. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted August 7, 2014 Share Posted August 7, 2014 I hear the vultures are circling. 0 Quote Link to post Share on other sites More sharing options...
Hildy 0 Posted August 7, 2014 Share Posted August 7, 2014 eh have a look mate we're already there. talk of the CL is laughable. It surprises me how our support doesn't fully take in what has happened. It reminds me of the boiling frog story. As for the CL, Scottish clubs could miss out on the group stages for years to come. Three qualifying rounds just to get there - this is quite a feat for Scottish clubs these days. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted August 7, 2014 Share Posted August 7, 2014 I hear the vultures are circling. They've been overhead for years it's just that too many choose not to see them. 0 Quote Link to post Share on other sites More sharing options...
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