Keith Jackson questions King regime's transparency

[Bluedell 5,356]

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.

 

What has caused the "panic" for the information? The last 10 years!

 

We were doing brilliantly by reaching a European final in 2008 and we still had severe financial problems and look what happened shortly after that.

 

It's not a "panic" but it is vigilance as D'art puts it. It's not worry per se but there should be a concern from all fans as we are a long way away at the moment from being financially secure and seem no closer to a share issue than we were when King et al took over.

 

While enjoying the football on the park, there's still every reason to be asking probing questions on finance.

[der Berliner 3,290]

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.

 

While I see your reasoning, do you actually expect that paper articles such as these will motivate the board or King to do anything more than they do now? As aweebluesoandso pointed out, the club is (apparently) talking to the supporters groups, but still I do not expect to be given anything detailed at this moment and time. And rest assured, it is not just black and white and I am one of many who would like to know what is going on, what is the status quo, what is planned.

 

The consoling thing for me with regard to that is that the entire leadership of the club is Rangers-minded AND has the means to cover any shortfalls.

Edited October 26, 2015 by der Berliner

[calscot 0]

I think it's obvious that there is a lot that King and co are waiting on before they can proceed - like buying a house there are a lot of hoops to jump through before it can be completed, and asking why it's not done yet because you've had an offer accepted and arranged a mortgage isn't helpful. There's a lot of things like a search, a survey, and quite a bit of conveyancing to do, while still running your life.

 

In this case there are several court cases and a criminal investigation in the way as well as other stumbling blocks and things to wait on, like the first set of accounts. But they seem to be slowly but surely getting the ducks in a row - auditors and potential nomad being negotiated for entry into the stock exchange, as well as rebuilding the fan-base and engagement with fan groups. I'm also sure that behind the scenes there will be negotiations with potential investment partners which need to be confidential, and would be happening that way whether our board were good or evil.

 

The extra year in the 2nd tier and the current success on the park means the urgency has been deferred to next season. Even those ducks have been steadily lining up too, with the recent appointments to the coaching and scouting staff.

 

For me things seem to be ticking along, and with so much sub-judice, I'm not sure what kind of transparency can be shown at this point. It seems like there's a bit of a lull in our crises between the saving/rebuilding and the refinancing, with not enough headlines, and so the press are trying to pressure things to happen or news/plans to be given to them.

 

I'm pretty relaxed at the moment but will be more keen for action and information once the court cases are sorted and especially after our promotion is secure. I think we're all expecting a share issue, sometime in the new year - it's unlikely to happen before then.

 

In the meantime our losses should be reduced this season, and the shortfall has been taken up with soft loans from the board - which I assume will eventually converted into equity when that option is more available.

 

While we should be vigilant, I don't think we should be regularly shaking the tree just because due process is too slow for us. It is best to save that until the time is ripe.

Edited October 26, 2015 by calscot

[Frankie 8,186]

That's an excellent post Cal...

 

However I would add that building on the positivity of the good work in recent months should be something the regime is embracing rather than (rightly or wrongly) being perceived to not being transparent enough.

Edited October 26, 2015 by Frankie

[aweebluesoandso 290]

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

 

No, if it is coming from the supporters groups, but it's from the Record, 3names, John James and even McMurdo. Then my suspicions are raised. If there is news i want it from the club on their website and then through the Rangers forums, that's all i;m saying.

[buster. 4,808]

I'd add to Calscot's excellent post that there will shortly be a set of audited accounts and an AGM which will illuminate some of the issues being talked about and give a chance for the board to comment and detail the way forward.

 

Given the circumstances, the main issue that I see is short to medium term finance.

[Bluedell 5,356]

While we should be vigilant, I don't think we should be regularly shaking the tree just because due process is too slow for us. It is best to save that until the time is ripe.

 

But when is the time ripe? The way these things tend to work is that when we do find out there's an issue, it's too late to do anything about it.

 

For example, are the loans from the directors sufficient to see us through to the end of the season? If not, do we have more finance lined up? It's a simple issue but it's a great unknown.

 

As dB points out, we do have Rangers minded people in place which gives a degree of reassurance but if we need, say, another £3m to see us through the next 6 months, are they able, and more importantly, willing to supply it?

[buster. 4,808]

But when is the time ripe? The way these things tend to work is that when we do find out there's an issue, it's too late to do anything about it.

 

For example, are the loans from the directors sufficient to see us through to the end of the season? If not, do we have more finance lined up? It's a simple issue but it's a great unknown.

 

As dB points out, we do have Rangers minded people in place which gives a degree of reassurance but if we need, say, another £3m to see us through the next 6 months, are they able, and more importantly, willing to supply it?

 

IIRC King has said that there is. Further clarity for that and beyond would be welcome at the AGM but I'd imagine they might be adapting plans as they go, dependent on circumstances as they arise.

 

One of the issues other than the court cases are the retail and commercial contracts with MASH/RRL/SD and the board have been legally gagged in this respect.

Edited October 26, 2015 by buster.

[Frankie 8,186]

But when is the time ripe? The way these things tend to work is that when we do find out there's an issue, it's too late to do anything about it.

 

For example, are the loans from the directors sufficient to see us through to the end of the season? If not, do we have more finance lined up? It's a simple issue but it's a great unknown.

 

As dB points out, we do have Rangers minded people in place which gives a degree of reassurance but if we need, say, another £3m to see us through the next 6 months, are they able, and more importantly, willing to supply it?

 

Fair questions - which point us to T4C's point about an AGM backed up with full accounts.

[D'Artagnan 173]

I'd add to Calscot's excellent post that there will shortly be a set of audited accounts and an AGM which will illuminate some of the issues being talked about and give a chance for the board to comment and detail the way forward.

 

Given the circumstances, the main issue that I see is short to medium term finance.

 

That's a fair point Buster. But it wasnt so long ago we had no confidence in how shareholders voted as their desires for the club were not at one with fans concerned about her well being.

 

Boards and shareholders have a habit of changing - Id like to see some long term processes put in place which would re-assure us as fans with regard to vigilance.