BEARGER
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Everything posted by BEARGER
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Fortnight, month, week, day it makes no difference to you. You're renewing not withholding.
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All will be revealed just bide your time. You are against the scheme, so why all the questions? Could be you're just trying to muddy the waters.
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" misguided people throwing their money into it". You have just proved you have no idea how this particular fund will be run.
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Amazes me that people who do not support the withholding of ST monies & the setting up of a ST Trust are so concerned about the intricacies of such a ST Trust.
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The funeral of Sandy Jardine will be held at 10am on Friday 2nd May at Morton Hall Crematorium, Howden Hall Road, Edinburgh, EH16 6TX. Please note the family have requested no flowers however there will be collection buckets for Marie Curie at the crematorium should you wish to donate.
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I did not say they did, have another read of my post. What this board have done is to completely fail to arrest the flow of money out of the club, fail to acquire any investors and fail to come up with any long term plan, plus pay the CEO bonuses for failure.
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Dave King is killing the club!! Where do you get that from? Did he squander the £70M? The only ones killing our club are the board.
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From Evening Times Investment banker Phil Maher has made a formal complaint to police, and allegations Wallace misled shareholders at the AGM in December could be looked into. The former Manchester City official told shareholders at the AGM in December that the Glasgow club had enough money to see out the season. Now South Africa-based businessman King has urged police to include other directors in their investigation. The Scot has issued a strongly-worded response to the 120-day business review released to the Stock Exchange by Wallace last Friday. The 58-year-old, who has stated he is prepared to invest up to £50 million of his personal fortune in his boyhood heroes, called the review "flimsy" and "completely superficial". DAVE KING STATEMENT I have taken time to carefully consider and reflect on this long-awaited business review. This flimsy review is completely superficial and could have been put together in a day by a relatively junior employee. It falls well short of the strategic business review that we were promised. There is nothing to read between the lines, no sign of a coherent plan to save this club, and more importantly no hope for the supporters or shareholders. I find it difficult that any CEO would expect this review to be taken seriously. I would reject it if one of my CEOs presented such a summary review to me. I offer a number of personal observations on the review: 1 - It is seriously wrong for this board to state in the review that at the time of the AGM (December 2013) the board, and the CEO in particular, believed that there was sufficient cash to last until the end of the current season. The CEO is now subject to a criminal complaint on this very issue but I believe that his comments were made with the full knowledge of the board. Certainly no-one came out to contradict him. We should therefore expect any criminal investigation to extend to other board members. It is telling that Charles Green had to step down when under internal investigation and yet the CEO continues with his duties as before. 2 - If cash was wasted as a result of mismanagement (presumably Charles Green etc.) then what steps are being taken to hold management accountable for this? 3 - The board has conceded that it does not plan to effectively compete with Celtic in our first season back in the Premier League. 4 - This is a great review for Celtic fans. It is stated that the board might only raise £20million over the next three years. This paltry amount will guarantee that Celtic will be in a league of its own for the next few years - and possibly permanently thereafter. Celtic will continue to enjoy exclusive access to the Champions League windfalls and will go from financial strength to strength. The gap could become financially irreversible. 5 - The board still does not have a clear plan for raising capital despite knowing for some months that a financial crisis was looming. 6 - It is interesting that the credit card companies agree with me that the season tickets should not be released to the club. However, it is genuinely shocking that this board has, for several months, withheld the knowledge that fans would not have access to credit card facilities when renewing season ticket purchases. The board preferred to blame "external parties" in an attempt to hide this serious non-disclosure. How can this board ask fans to ever trust them again? 7 - The board continues the blame game and takes no responsibility for the current debacle. In truth, it is this board's stubborn refusal to secure fresh equity that is the cause of the present fragile state of the club's finances. The board clearly hoped to muddle along by using the season ticket advances from fans. This review should reinforce to fans that this board cannot serve as an appropriate custodian for their season ticket money. 8 - The board has admitted that Rangers is not presently a "going concern" and yet offers no plan on how this will be dealt with in the short term. Fans could once again lose their season ticket advances if given to the club at this time. It is unconscionable that this board has done nothing to bolster the finances since the last AGM. A Rangers spokesman said that the club had no comment in response to the strongly-worded statement from King.
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From STV. Former Rangers director Dave King has said the criminal investigation into claims chief executive Graham Wallace misled the club's shareholders should "extend to other board members". The South African businessman has released a lengthy statement attacking the Rangers board after Mr Wallace released the findings of his 120-day business review to the Stock Exchange on Friday. Mr Wallace announced that Rangers would seek the approval of current shareholders to launch a fresh share issue in autumn 2014. The club said they hope to raise between £20m and £30m over the next three years in fresh investment. Mr Wallace addressed the media at a pre-arranged conference on Friday afternoon. He also revealed Rangers will make redundancies as part of its financial restructuring but said it would be a "small" number of non-playing staff. But on Sunday it was revealed the chief executive was the subject of a police investigation after a criminal complaint by a Rangers shareholder alleging he had misled shareholders over the club’s finances. Banker Phil Maher complained to Police Scotland about remarks made by the Rangers chief at the annual general meeting last December. It is understood Mr Maher’s complaint is based on Mr Wallace’s claims the club has sufficient funds in place to operate until May despite taking out a loan of £1.5m. Police Scotland confirmed the force was investigating a complaint under the Companies Act. Now Mr King has said he believes other board members were aware there was "insufficient cash" to last until the end of the season and expects the police probe to extend to them as well. Mr King said in a statement on Monday: "It is beyond doubt that the CEO, and other board members, was aware last December that there was insufficient cash to last until the end of the season and the board failed to respond to my previous question in that regard. "The CEO is now subject to a criminal complaint on this very issue but I believe that his comments were made with the full knowledge of the board. Certainly no one came out to contradict him. We should therefore expect any criminal investigation to extend to other board members. "It is telling that Charles Green had to step down when under internal investigation and yet the CEO continues with his duties as before. If cash was wasted as a result of mismanagement then what steps are being taken to hold management accountable for this?" £3.5m left in bank After announcing the findings of his business review on Friday, Mr Wallace told STV that there was "a little less than" £3.5m left in the bank - the same figure given in financial statement in December. Asked by STV if administration was considered or discussed at any point during Rangers' review, Mr Wallace said it had not. He would not go into detail about his own bonus despite fan pressure to reveal how much he will receive. Mr Wallace said he would welcome investment via a share issue if current shareholders agree. In the executive overview of the report, an explanation is given to claims made by Mr Wallace at the club's AGM in December over having "sufficient cash in the business to fund the ongoing needs of the club in the near term". The club then took out loans from shareholders totaling £1.5m just two months later. It is said that during the review process, it was "found that Rangers was in a more severe financial condition". Mr King’s statement went on: "I have taken time to carefully consider and reflect on this long-awaited business review. This flimsy review is completely superficial and could have been put together in a day by a relatively junior employee. "It falls well short of the strategic business review that we were promised. There is nothing to read between the lines, no sign of a coherent plan to save this club, and more importantly no hope for the supporters or shareholders. I find it difficult that any CEO would expect this review to be taken seriously. I would reject it if one of my CEOs presented such a summary review to me. "The board still does not have a clear plan for raising capital despite knowing for some months that a financial crisis was looming. "The board clearly hoped to muddle along by using the season ticket advances from fans. This review should reinforce to fans that this board cannot serve as an appropriate custodian for their season ticket money." Related articles Police probe claims Rangers chief Graham Wallace 'misled shareholders' Rangers to launch share issue and make redundancies after review
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DAVE KING has savaged Rangers’ 120-day review and branded it good news for CELTIC fans. The former Ibrox director dismissed chief executive Graham Wallace’s findings — claiming an office junior could have produced the same in a day.
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Are you saying that Wallace did not mislead shareholders?
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The Union of Fans only have themselves to blame to an extent, that their anti-board message has not been widely accepted by all. Their insistence on being so deliberately confrontational with our current board, as well as their sometimes puerile rhetoric, may go down well with those already in their camp but it doesn’t necessarily resonate with all the support. As I’ve written previously, when the man you are openly supporting suggests some are “looking for a fight” it’s surely worthy of re-assessing how you are coming across to people. It’s a real pity the debate has become so polarised. There is almost a sense that you are either pro or anti-board. I’m aware of a supporter yesterday who was threatened for refusing to chant “sack the board”. – a sad indication of the state of play. The reality of course is that for every pro or anti board supporter there are probably many more of us who are utterly confused, worried and trying to get to grips with facts amongst a deluge of propaganda. We will never get 100% agreement between all fans so your criticism of UOF is petty in the extreme. What about the card displays, were they not a success in showing what the majority thought? Find it hard to believe that a fan was threatened for not joining in with a chant. Anyway what is your plan to rid the club of these shysters ? Easy to sit on the sidelines sniping.
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I agree but it would be good if we could get the figures. Most of the staff will be on poor wages probably not much more that basic wage.
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The salaries for the non playing staff was given as £10M approx. Lets say you are correct on number of staff, that gives an average salary of £50'000 !!!!
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How many non playing staff do we have?
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To view this email online, click HERE IF YOU HAVE ALREADY CANCELLED YOUR SEASON TICKET OR HAVE ALREADY RENEWED, PLEASE IGNORE THIS COMMUNICATION. Dear Bearger, Rangers FC would like to notify all supporters that from today, Friday 25 April, it has withdrawn the option to use credit or debit card payments for season ticket purchasers. Following today’s Business Review announcement which is available on the Rangers website here, we are contacting all season ticket holders to update them on the options available in order for them to renew their season ticket. Continued negative external comment and campaigns have created significant operating difficulties and has been threatening the Club’s orderly and progressive recovery. A current example of the difficulty being faced by the Club, and which will regrettably impact upon supporters, is that for next season supporters will now be unable to pay for their season tickets by credit or debit card. The Club’s merchant acquirer, which processes credit and debit card transactions, has advised that it would require extensive security, including a charge over Ibrox Stadium and an insurance policy at considerable cost to the Club, to protect itself against any potential liability arising from passing on monies from season ticket purchases ahead of next season’s matches. One of the major factors influencing this decision was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets. As previously stated, the Board will not grant security over Ibrox and therefore has regrettably decided that for the current season ticket renewal process it will proceed with direct payment only to the Club by way of bank transfer, cash or cheque payment. Any supporters who are on the automatic renewal scheme will not have their tickets renewed automatically and will also require to renew their seats individually. The Club recognises that this will inconvenience a significant number of supporters, however in the Board’s opinion, the demands placed upon the Club by the merchant acquirer are not in the best interests of Rangers. Please note however that whilst credit card and debit cards cannot be used to pay for season tickets, the continuous credit card schemes remain unaffected. To assist supporters at this time, the Club is extending the season ticket renewal window until Friday 16 May, to give every supporter sufficient time to renew their season ticket. Please note that if you do not submit payment by the revised renewal deadline, the Club reserves the right to release your seat for general sale. PAYMENT OPTIONS OPTION 1 – in full by bank transfer, cheque or cash. Bank Transfer – For UK payments please use the following account details: Metro Bank, One Southampton Row, London, WC1B 5HA, Account Name: Rangers FC - Direct Ticket A/C, Sort Code: 23-05-80, Account Number: 14222855. For all overseas payments please use the following account details: Metro Bank, One Southampton Row, London, WC1B 5HA, Account Name: Rangers FC - Direct Ticket A/C, SWIFT/BIC: MYMBGB2L or IBAN: GB86MYMB23058014222855. IMPORTANT INFORMATION – if you select to pay by Bank Transfer you MUST only pay for one season ticket at a time and ensure that you use your correct 9 digit Rangers Number along with your seat details with a space in between as payee reference in order for your season ticket renewal to be processed. Your individual payee reference would therefore be 500545595 BR3AA84 Cheque – write cheque guarantee card number, expiry date, RANGERS NUMBER and seat details on reverse and make payable to The Rangers Football Club Ltd. If returning by post, please send to Rangers TICKET CENTRE, Ibrox Stadium, 150 Edmiston Drive, Glasgow, G51 2XD. Cash – only in person at Rangers ticket centre. OPTION 2 – Zebra Finance by 4 or 10 monthly instalments Renew online from Thursday 1 May at http://www.rangers.co.uk/renew, download a renewal form or request a form from Rangers Ticket Centre. If you have any queries regarding the change in payment methods, please contact Rangers Ticket Centre or email ticketcentre@rangers.co.uk Thank you for your continued support RANGERS FOOTBALL CLUB Rangers.co.uk To unsubscribe, please follow this link: Unsubscribe The Rangers Football Club Ltd, registered in Scotland with number SC425159 registered office Ibrox Stadium, 150 Edmiston Drive, Glasgow, G51 2XD
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[PUBLISHED] The 120 Day Review thread - all updates and discussion here
BEARGER replied to Frankie's topic in Rangers Chat
Being reported that at press conference Wallace has not denied he will be paid a bonus! -
" The Union of Fans had planned a large scale protest display and leafleting at the game on Saturday. This will now be cancelled following the sad passing away of Sandy Jardine. We hope that Saturday will now be solely about honouring a fantastic servant of Rangers Football Club. "
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Originally Posted by BrahimHemdani We'll see how many of them put their money into Messrs King & Gough's company; and what's the betting that Mr Houston, Mr Dinnie and Mr Graham are also directors. Did not you stop you insinuating though did it.
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Simple answer that anyone who gave it a moments thought could have come up with. As you say it is a pity that some are always looking for a stick to hit those who work for free on behalf of fans groups.l
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Did not hear the interview. Was it hard hitting? Was he asked what happened to the promised investment?
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He and you know the solution.
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It amazes me that we still have people who back the board, the usual suspects. I have said before we will never get 100% of the fans attacking in concert. But the UOF is a start and has my full support.
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Due to a mass leaflet drop prior to Saturdays game we require volunteers to hand out 30,000 leaflets. We require lots of help due to numbers and this is the last chance to get info to fans at ibrox this season If your willing and able please put your name below or PM PLEASE MEET 11.15 at COPLAND RD STAIRS on Harrison Dr Thanks Craig.
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APRIL 23, 2014 UNION OF FANS STATEMENT: 23/04/14 by Union of Fans in Statements Ahead of Graham Wallace’s long awaited, and much anticipated, review we felt it would be helpful to reiterate what we are expecting to see from the CEO. It has now been over four months since Mr Wallace’s AGM pledge and we do expect, given the length of time it has taken, that this business review will give a full and comprehensive picture of the way forward for the club. We expect to see a full breakdown of the how the club arrived at the point where it required to borrow funds simply to complete the current season. This should include a full breakdown of where the IPO money went. In particular, detail of the sky high placement costs, related fees and who those fees were paid to and why. We expect to see full detail of who will be providing the £30-£50M required to take Rangers back to the level we should be operating at, in the absence of this board accepting the offer of investment from Dave King. We also expect to be told exactly when this will be provided, on what terms and a clear plan of how it will be used to rebuild the club both on and off the park. We hope that this review will not simply be more, vague, corporate speak from Mr Wallace. We want to see tangible, measurable progress and firm commitments on the huge investment required. Anything less will be a damp squib, especially since we have already seen that we cannot even rely on public, binding statements from this board. For our own part, the UoF have been making steady progress on the setup required for the season ticket fund. We understand the frustration of fans who wish to contribute to this but we would ask them to understand that we must ensure it is setup properly, legally and with total transparency. We thank them for their patience and can assure them that an alternative to placing blind faith in this board will be in place shortly. A company is now in place with Dave King as a director and Richard Gough and others to follow shortly. This will be the vehicle to hold the security should the board see fit to grant it. We will have a website in place within the next 10 days, ahead of the May 6th deadline, where fans can register their details and securely place their season ticket money. This money will only be passed to the club in return for season tickets if security is granted over Ibrox and Auchenhowie. Those are our only conditions. If that security is not granted then fans will retain their money and can decide themselves how to proceed at the start of the new season. The payment mechanism we are using means that although fans enter into a binding commitment to have their season ticket money debited in the event of security being granted, no money will be removed from their account until that security is granted. We will provide full detail of this on the website when it launches. In the meantime, we would ask fans who are considering using their season ticket money to try to secure our vital club assets to hold off renewing. We understand the pressures being applied both emotionally and otherwise, in terms of payment mechanisms, but it is time for us to take a stand against two years of corporate pillaging of our club. We can secure our club’s home against a backdrop of further financial uncertainty, but only with the help of the supporters. We would like to make those on auto renewal, who paid over four months last year, aware that they have to cancel in writing to the ticket office prior to 28th April. The email address to do so is webmail@rangers.co.uk. Season ticket money is the main power the fans have and we would ask them to use it for positive change.