Rangers Union of Fans ridicule claims that Mike Ashley is an Ibrox saviour

[ian1964 10,376]

THE fans group has hit out after details of the retail deal appeared to show the bulk of money generated would not go to the club but to Ashley's Sports Direct.

 

RANGERS fans have taken a look at the annual accounts and ridiculed claims Mike Ashley is an Ibrox saviour.

 

The Union of Fans have rounded on the board for trumpeting a 375 per cent rise in retail revenues from £1.6million to £7.6m.

 

They told supporters not to be fooled as only around £1.5m will go directly to the club with the bulk of the cash heading to Sports Direct.

 

And they even claim the club have been forced to buy more than £410,000 of club kit at recommended retail prices because they did not hit Sports Direct sales targets.

 

The Rangers board admitted they’ll be forced to seek a fresh share issue after announcing an operating loss of £8.3m for the year to June 30.

 

They’ll need a further bail-out as soon as January and have announced plans for a share issue aimed at raising £8m to keep the club operational in the medium term.

Former Rangers owner Craig Whyte released on bail after appearing in court over his purchase of Ibrox club

 

Union of Fans spokesman Chris Graham said: “The statement around retail revenues is disingenuous, to say the least.

 

“The true picture is £7.6m was the total sum of money made from all merchandise sales through Rangers Retail. However, inventory costs are listed at more than £4m – effectively, the cost to Sports Direct of supply and distribution.

 

“Under the terms of the deal between Sports Direct and Rangers Retail, the club receives only 50 per cent of profits, so that leaves only around £1.5m. This is approximately a third of the sum the club were making under the JJB deal.

 

“A section of the accounts, provision of liabilities, even lists £411,000 payable by Rangers Retail to purchase stock at a higher cost than its resale value.

 

“It appears Rangers had to purchase the stock at retail prices and sell it cheaper, presumably because they didn’t hit targets. Rangers are losing money from the sale of the shirts, yet Sports Direct are still being paid the full retail price.

 

“The whole commercial deal with Ashley appears a shambles. Many fans will see the headline figure and conclude the commercial deal with Ashley isn’t bad at all.

 

“Ashley’s plan is to make money for himself and he’s clearly a very successful businessman. However, he is no saviour of Rangers.”

 

Auditors Deloitte again signed off on the accounts with the conclusion there is “material uncertainty” over the club as a going concern and “key assumptions” are being made by the board on future finance streams.

 

Season ticket sales are down 15,000 and attendances are on the wane but chairman David Somers insists everyone is working together for the club’s long-term future.

 

Graham added: “It’s complete rubbish to suggest this board have moved closer to the fan base.

 

“The distance has grown even wider since last year’s agm.

 

“They have appointed a completely pointless fan board.

 

“Their relationship with supporters should be judged on the numbers turning their back on this regime and no longer going through the turnstiles.

 

“Auditors Deloitte have again confirmed they cannot verify what directors are saying is accurate and the future of the club even in the short-term is bleak.

 

“The accounts are only to the end of June, so the drop in attendances and season ticket sales has not yet fully hit the balance sheet.”

 

Graham remains astonished the board turned down Dave King’s £16m investment offer for a £2m Ashley loan, upped by another £1m.

 

He added: “The £8m sought is simply to keep the lights on for the next few months. It’s incredible to think they’re looking for £8m when they were offered twice that amount only a month ago by King.”

 

Rangers declined to comment.

 

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-union-fans-ridicule-claims-4716246

[Zappa 0]

There's some great information and excellent comments there from Chris Graham.

 

I knew there was something extremely fishy about the claim of a 375% increase in retail revenue, so it's good to see it explained.

[der Berliner 3,219]

As direct and to the point as one would expect from Chris. I for one though haven't come across anyone who says Ashely is an "Ibrox saviour". All know what he does at Newcastle and how he deals with the Magpies. Likewise, having him here does mean some background stability, if at the cost of loans and thus ending up at his pleasure. The board has no other answer ... or chose to ignore the support's most favoured option. We'll have to wait and see how powers shift and change and decide up to and at the AGM.

[Ser Barristan Selmy 222]

As direct and to the point as one would expect from Chris. I for one though haven't come across anyone who says Ashely is an "Ibrox saviour". All know what he does at Newcastle and how he deals with the Magpies. Likewise, having him here does mean some background stability, if at the cost of loans and thus ending up at his pleasure. The board has no other answer ... or chose to ignore the support's most favoured option. We'll have to wait and see how powers shift and change and decide up to and at the AGM.

You must have missed the 'Mike Ashley Loyal' facebook group.

[Siam69 0]

Unfortunately there's too much truth in that article for some fans at present, they'd rather just ignore it, trot out the 'but Ashley is a Billionaire' stuff, and call Chris Graham a cunt.

 

Though they would do that no matter what he would write tbf.

[forlanssister 3,050]

“Under the terms of the deal between Sports Direct and Rangers Retail, the club receives only 50 per cent of profits, so that leaves only around £1.5m. This is approximately a third of the sum the club were making under the JJB deal.

 

Should be 51% to 49% in favour of the club, for all the difference it makes.

[williamite1 0]

As direct and to the point as one would expect from Chris. I for one though haven't come across anyone who says Ashely is an "Ibrox saviour". All know what he does at Newcastle and how he deals with the Magpies. Likewise, having him here does mean some background stability, if at the cost of loans and thus ending up at his pleasure. The board has no other answer ... or chose to ignore the support's most favoured option. We'll have to wait and see how powers shift and change and decide up to and at the AGM.

More mud raking and negative spin by the kingleon for the sake of it.

MA is and will be our only saviour with no other credible financial investment by so called "Rangersmen" or any other. The kingleons do need to come to terms with the fact that the King is dead, otherwise the men in the White coats will be taking them away.

[Ser Barristan Selmy 222]

More mud raking and negative spin by the kingleon for the sake of it.

MA is and will be our only saviour with no other credible financial investment by so called "Rangersmen" or any other. The kingleons do need to come to terms with the fact that the King is dead, otherwise the men in the White coats will be taking them away.

You don't happen to be affiliated with Media House, do you?

[Little General 80]

More mud raking and negative spin by the kingleon for the sake of it.

MA is and will be our only saviour with no other credible financial investment by so called "Rangersmen" or any other. The kingleons do need to come to terms with the fact that the King is dead, otherwise the men in the White coats will be taking them away.

 

I wish someone in white coats would take you away.

[williamite1 0]

As direct and to the point as one would expect from Chris. I for one though haven't come across anyone who says Ashely is an "Ibrox saviour". All know what he does at Newcastle and how he deals with the Magpies. Likewise, having him here does mean some background stability, if at the cost of loans and thus ending up at his pleasure. The board has no other answer ... or chose to ignore the support's most favoured option. We'll have to wait and see how powers shift and change and decide up to and at the AGM.

What percentage of the support would be the supports' more favoured option? Now let me see, SOS, RST, UOF, RSA..........now I'm struggling to get to double figures.