Keith Jackson questions King regime's transparency

[colinstein 294]

http://www.dailyrecord.co.uk/opinion/sport/keith-jackson-rangers-no-longer-6703468

 

Keith Jackson: Rangers are no longer a freakshow but it's gone too quiet.. it's time for Dave King to reveal his long-term financial plans for the club

06:00, 26 OCT 2015

OPINION BY KEITHJACKSON

OUR man Keith reckons 234 days in the helm is long enough now and that the Ibrox chairman needs to address some big questions facing the club.

 

 

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Daily RecordDave King

IT’S now 234 days since Dave King successfully routed the previous Rangers regime and, in so doing, brought a measure of calm back to a boardroom which had been ravaged by unrelenting scandal.

 

In that respect, on March 6, as King and his right hand men, Paul Murray and John Gilligan, stormed up the old staircase, they were liberating their football club. Freeing it from the clutches of those who had done it so much harm and caused it so much shame.

 

And so, on that day, everything changed.

 

A new board was installed and it was, in the main, accepted also that these men - each a lifelong Rangers fan - would act in the club’s best interests rather than indulge those of their own. They had arrived to save Rangers. To restore a club, not to pillage it. Of that there was never any reasonable doubt, even if King’s brusque manner and his raft of South African tax convictions made him a man of some mystery.

 

Today, just shy of eight months on, the evidence is stacking up of delivery on all of these good intentions. A great deal of good work has been done.

 

Rangers are, first and foremost, going about their business primarily as a football club once more not the grotesque freak show which it had become. Yesterday’s win at St Mirren, while hardly spectacular, was an 11th straight league victory for a team which is romping towards promotion.

 

They have appointed a capable, contemporary manager in Mark Warburton and just recently they have furnished him with a head of recruitment in Frank McParland, and also an expert in analysis in Neil McIlhargey.

 

Rangers Chairman Dave King (left) and manager Mark Warburton

A managing director has been secured as well as a new commercial chief.

 

It’s all fairly routine and standard stuff, granted, but none-the-less all of these appointments are indicative of a club which is being nurtured, healed and regrown from the inside.

 

During this time Rangers have been quietly getting back to business just as King promised they would which will be a relief to those supporters who could no longer cope with the daily embarrassment their club had become.

 

But here’s the thing. It’s actually gone all a little too quiet because there are some hugely significant questions - most of them money related - which remain unanswered and King’s low profile, long distance leadership has, in fact, created an information vacuum. And into this vacuum all manner of malicious and ill informed gossip is slowly being poured.

 

There is noise now warning of another financial collapse before the end of the season, of Murray Park being padlocked and all manner of other apocalyptic forecasts.

 

The truth of the matter is no-where near as dramatic. Yes, Rangers will need more money to get through the current campaign and that cash - probably something between £2m and £3m - will almost certainly come in the form of further soft loans from King and co-investors George Letham, Douglas Park, George Letham and George Taylor.

 

But while this seems the most likely solution it’s up to King to provide the detail because his latest period of extended silence has left some well used question marks hanging over Ibrox again. They will remain there until that cash has been pledged because, without it, Rangers will be back on the brink.

 

SNS GroupRangers Chairman Dave King speaks to the press at IbroxRangers chairman Dave King

So King really ought to start coming up with some answers.

 

Occasionally, throughout his time in charge, he has flown in from Johannesburg to launch sporadic bursts of PR but never once has he given a definitive on where this club stands financially and how it can continue to exist without raising some serious amounts of fresh capital.

 

If anything, the figures have been brushed over or fudged. The rank and file, meanwhile, are simply expected to take this obfuscation in good faith which is what, in most parts, they have done. But 234 days in, surely even they can see the need for substance and clarity from behind those boardroom doors.

 

On the eve of the big purge back in March, King came striding through the arrivals hall at Glasgow Airport and, as he spoke of his impending victory, he also made a promise to end the culture of cloak and dagger dishonesty which had become the way of things over these previous few years.

 

He said: “It will be a long road but as long as we travel that road together I guarantee the fans absolute transparency and accountability.

 

“If there’s one thing that’s been missing at Rangers over the last couple of years I believe it’s not just the ethos and the level of respect but I think transparency and accountability has been completely absent.”

 

Of course, he was correct. Bang on the money.

 

VIEW GALLERY

So it must be asked then, where is his masterplan for Rangers? If former chief executive Graham Wallace was hounded for needing 120 days to compile a business review of this football club then how can it be that this new, vastly improved board have gone 234 days without cracking a light about their own medium to long term financial strategy?

 

Of course, to cut them some slack, King and his directors are also having to deal with the extraordinary circumstances which are about to be played out in Edinburgh’s Court of Session, where the bogeymen of this club’s recent history will soon gather together again for the trial of the century.

 

It could well be because of these proceedings that King’s plans have had to be stalled because, for as long as this case remains active, there is not the slightest hope of the club raising funds from offering new shares to the market. Which is why more loans from current directors will be required as working capital to keep the club ticking over at some point in the New Year, bridging the gap until the next wave of season ticket money starts washing into the bank account.

 

Which does beg a couple of obvious questions. Just how deep are their pockets? And for how long will they be willing, able or required to dig deep into them?

 

But that’s not all because King has also spoken about his desire to help Warburton tool up for re-entering the top flight and if he is being genuine about that and true to his word then the size of this next flurry of hand-outs will have to be significantly increased.

 

Dave King, Paul Murray and John Gilligan celebrate after their boardroom takeover

Long before he finally won his battle for control King also talked of his intentions for this club and with a hubristic flourish said he had set aside a sum of more than £30m of his children’s inheritance for the project.

 

So far, 234 days in, he has signed a single cheque for £1.5m which went into the club’s coffers shortly after his coronation as chairman. So again, the question is, how much more is he actually prepared to invest? And, for that matter, what is the true scale of his ambition?

 

Today’s Rangers are being run with diligence and prudence. One day soon this perennial basketcase may even be living within its means.

 

But, on his last visit, King has spoke too about a need to ‘over-invest’ in the early stages of this rebuild by funding Warburton’s recruitment. He has been pilloried for the use of such bullish rhetoric and bold promises but if he was being serious then very soon, in the January sales, he will have to make good on his words.

 

If, on the other hand, he has scaled down his grand plan then so-be-it. It would seem like no bad thing, after all, if Rangers adopted a more realistic approach to their spending.

 

Either way the time has come for King and his men to deliver on those promises of transparency and accountability. One thing is certain, Rangers require money from somewhere. And soon.

 

So how much of it is King really good for? And when does he plan on stumping it up? After 234 days at the helm, it’s time these questions were answered.

[chilledbear 16]

Things are definitely improving, but nothing wrong with asking the question.

[26th of foot 5,859]

I don't mind Keef riffing a few questions.

 

Contradictions are appearing. Four, five weeks past, Warburton stated his intention NOT to add to the squad in January. He reasoned, he did not want to disrupt the current harmony. Mostly, we agreed, the perceived wisdom being we had enough in the tank for the Championship. Yesterday, Mark is looking to bed in a few players in January, preparation for next season's Premiership assault. Again, reasonable stuff. Why the change in attitude? Could it be, now he has a Chief Scout, he wants to utilise him? We should be told.

 

There are other fires to be extinguished and the fact that Keef is alerting the readership, probably means he is covering the bases. I hope so? The dismembered member of Donegal Mountain Rescue is currently hyper ventilating. Admin2 should have occurred two weeks ago, Murray Park should have been sold last Tuesday, and the RST are paying this month's wage bill. The usual suspects are adding their voices to a growing chorus. King is far away, maybe Keef is correct; he should shout a bit louder every now and again. I would like to hear occasional soothing tones.

 

An AGM would help.

[Frankie 8,186]

I think there's some fair comment there.

 

What I would suggest though is that communication between the fan groups and the club has improved - though perhaps the rest of us aren't privvy to the more interesting stuff. Add in live legal issues then it may be difficult for anyone to commit serious funds until certain situations are made clearer.

[aweebluesoandso 290]

Thing is though Keech is not asking this on behalf of the Rangers support, he's asking on behalf of the demented obsessed bigots, who need their daily fix of Rangers news.

 

Since Toxic Jack's leaks were plugged, 3names and the MSM know very little of what's actually occurring now. So they fill the void by outrageous claims as in 3names case, or pleading for information like this. Long may it continue for them, if there is something to say it should be said to the Rangers support first, then the obsessed can window lick it.

[der Berliner 3,290]

Thing is though Keech is not asking this on behalf of the Rangers support, he's asking on behalf of the demented obsessed bigots, who need their daily fix of Rangers news.

 

Since Toxic Jack's leaks were plugged, 3names and the MSM know very little of what's actually occurring now. So they fill the void by outrageous claims as in 3names case, or pleading for information like this. Long may it continue for them, if there is something to say it should be said to the Rangers support first, then the obsessed can window lick it.

 

Was about to post the very same thing. People always want to know everything (or at least as much as possible) these days, if possible even before it happens. While this is fine when it comes to the (concerned) support, it is something rather different if hacks are doing it.

 

For meanwhile in the desk next to Keith's

Crime scene at Nacho Novo's £575,000 house as ex-Rangers star's stepson is... Daily Record 07:08

Edited October 26, 2015 by der Berliner

[Bluedell 5,356]

Was about to post the very same thing. People always want to know everything (or at least as much as possible) these days, if possible even before it happens. While this is fine when it comes to the (concerned) support, it is something rather different if hacks are doing it.

The fans though have largely taken their eye off the financial ball though due to success on the pitch. It's good that Jackson is raising these points as me or you raising it on a forum isn't going to get anywhere and we shouldn't wait until there are serious problems (again) before we start questioning what's happening financially.

 

I don't care if there are other motives behind the article. It's an important issue that we should be getting more information on.

[D'Artagnan 173]

Was about to post the very same thing. People always want to know everything (or at least as much as possible) these days, if possible even before it happens. While this is fine when it comes to the (concerned) support, it is something rather different if hacks are doing it.

 

For meanwhile in the desk next to Keith's

Crime scene at Nacho Novo's £575,000 house as ex-Rangers star's stepson is... Daily Record 07:08

 

I dont agree DB and his comment about "And into this vacuum all manner of malicious and ill informed gossip is slowly being poured." underlines this.

 

I agree with Bluedell re vigilance and in defence of that article would cite a word we have discussed frequently in the past - consistency.

 

What was good for the goose should also be good for the gander in terms of vigilance.

[aweebluesoandso 290]

I dont agree DB and his comment about "And into this vacuum all manner of malicious and ill informed gossip is slowly being poured." underlines this.

 

I agree with Bluedell re vigilance and in defence of that article would cite a word we have discussed frequently in the past - consistency.

 

What was good for the goose should also be good for the gander in terms of vigilance.

 

Basically Jackson has taken all poisonous 3names agenda and lies, then used it as a stick to beat King with. What has caused the panic for information? The team is doing brilliant, the club are employing, what looks like good and qualified candidates. The board is in contact with the supporters groups, crowds are up substantially, court cases are pending.

 

It all looks good to me , who benefits from negative headlines again about our finances? I'm not worried, nor are any of the supporters i meet at match days, so who is really behind this and why is it being pressed at this time.

[D'Artagnan 173]

Basically Jackson has taken all poisonous 3names agenda and lies, then used it as a stick to beat King with. What has caused the panic for information? The team is doing brilliant, the club are employing, what looks like good and qualified candidates. The board is in contact with the supporters groups, crowds are up substantially, court cases are pending.

 

It all looks good to me , who benefits from negative headlines again about our finances? I'm not worried, nor are any of the supporters i meet at match days, so who is really behind this and why is it being pressed at this time.

 

is it really negative spin to also wonder where the finance for all this is coming from ?