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Rangers AGM Updates


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Housekeeping up first

It’s the housekeeping stuff up first with the voting on the Ordinary resolutions, such as the re-election of directors, Graham Park, John
Bennett and Alastair Johnston.

All pretty standard.

It’s the housekeeping up first with the voting on the Ordinary resolutions, such as the re-election of directors, Graham Park, John Bennett and Alastair Johnston.

https://www.dailyrecord.co.uk/sport/football/football-news/rangers-agm-2019-live-dave-20961315

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King not satisfied with financial situation

He said: “How can I be satisfied with loses of £25m in recent years?”

He says it was the only way to meet demands of supporters and the board were willing to spend in excess of that they earn.
He was willing to do it but can’t do it for too long “without risk of collapse.”

Says the club needs to get to get back to financial security.

https://www.dailyrecord.co.uk/sport/football/football-news/rangers-agm-2019-live-dave-20961315

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King says investment exceeds £30m

King admitting it costs a lot of dosh to sack managers.

We would be significantly worse off without the backing of the board and the investors.

King says he and the Three Bears have exceeded the £30m invested needed but no longer need to keep doing it.

https://www.dailyrecord.co.uk/sport/football/football-news/rangers-agm-2019-live-dave-20961315

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New share issue in January

Funding initiative for new shares that will deal with the money needed to this season.
He sees no need to continue the ad hoc investment and can sit down with an approved financial plan for squad.
There is no longer a strategic need to incur losses. Funding initiative for new shares that will deal with the money needed to is season.

https://www.dailyrecord.co.uk/sport/football/football-news/rangers-agm-2019-live-dave-20961315

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RECAP!

A wee recap...

King not happy with £25m of losses but satisfied they were needed to get club challenging again.

Plans for a share issue that will deal with the shortfall this term.

There’s no more need for ad hoc spending each transfer window as a plan and a budget will be in place from now on.

https://www.dailyrecord.co.uk/sport/football/football-news/rangers-agm-2019-live-dave-20961315

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"It was a sense of duty." - King

King is getting emotional.

Talking about the past...

I was a witness to the bank driven sham sale to Craig Whyte and watched on on horror.

I still fail to understand why Mike Ashley propped up a failing board. I made clear at he time re-engagement at that time wasn’t something I was looking to do.

Reluctantly got on board to change the regime. I was aware if we were successful I’d need to follow it up with time and investment. I knew it would be time consuming etc.

It’s not an experience I’ve been able to enjoy - it was a sense of duty.

https://www.dailyrecord.co.uk/sport/football/football-news/rangers-agm-2019-live-dave-20961315

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