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We are f----d. 27 January 2015 Rangers International Football Club plc ("Rangers" or the "Company") £10m Credit Facility and associated transfer of 26% of Rangers Retail Limited The Board of Rangers announces that Rangers Football Club Limited ("the Club") has entered in to agreements with independent.co.uk/news/business/news/sports-direct-stops-20000-staff-taking-other-work-by-using-zero-hour-contracts-9661746.html Retail Limited and associated companies ("SD"), to provide a long term on-going credit facility of up to £10m (the "Facility"). The Company's financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress. There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options. The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad. The Facility is structured in two separate interest free tranches. GBP 5million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014. All rights and security associated with the MASH facility will be cancelled. The Club will transfer 26% of the share capital in Rangers Retail Limited ("RRL") to SD for the duration of the Facility (the "Transfer"), which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility. The Facility is to be secured by (1) a floating charge over the Club's assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club's registered trademarks. None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security. SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies. If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26% of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease. The second tranche of GBP5 million, which repayable 5 years after drawdown, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down. The Company has also agreed that from the 2017/8 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL. RRL will declare a dividend of a total of GBP 1,610,000 prior to the Transfer. The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team. RRL is a joint venture between the Club and SD whose business is selling merchandise both on-line and in stores. In the period ending 27 April 2014, RRL made a profit before tax of GBP 1,172,893. SD is a Related Party under the AIM Rules and accordingly the Facility is a Related Party Transaction pursuant to AIM Rule 13. The Independent Directors, consider, having consulted with WH Ireland its nominated adviser, that the terms of the Facility are fair and reasonable insofar as shareholders of the Company are concerned. The Directors would like to thank all the Rangers Stakeholders who showed an interest in helping the Company. Commenting on the Facility, David Somers said: " The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future. This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course. In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile. We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition. The Board now calls upon all shareholders to rally together to achieve this goal."
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http://www.dailyrecord.co.uk/sport/football/rangers-blazers-war-dave-king-4670042
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https://twitter.com/Herald_Editor/status/535213375333359618/photo/1
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Dave King's talks with Sandy Easdale ended without agreement. If this surprises anyone then it shouldn't.
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Tuesday 7th October 7pm. Grovsner Hotel Gt Western Rd Glasgow. Public meeting for all fans concerned with recent events at our club and who wish to explore possible actions available to the fans. We have one guest speaker confirmed so far and the meeting will include a Q&A session Much better from Craig here. Hope it goes well.
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I dont know the exact figures on this , but on the rangersfirst page there is a rolling screen of whos recently joined , and I have been watching it quite closely over the last few days , its been amazing to see the number of fellow fans that have been joining not just at the fan level, £5 a month, but at the supporter £10 and founder £18.72, levels , plus amazingly the life members and an amazing number of donations , where you dont need to sign up for any set monthly amounts but can donate one off amounts. Add in all the retail partners they have signed up , it is actually very impressive , anyone not checked out the rangersfirst retail section really should do so , any purchases made through the links , rangersfirst get a % back .
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Chris Graham @ChrisGraham76 17m .@RFC_Union call on Rangers PLC board to remove Sandy Easdale as a club director immediately. #RFC pic.twitter.com/wIlX0SWgVu
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If this can be corroborated then Regan must go ... http://vanguardbears.co.uk/stewart-regans-succulent-lamb.html Stewart Regan's Succulent Lamb Written by: Admin Thursday, 21st of August 2014 The date was 27th of July 2012 and Scotland's biggest and most successful football club faced oblivion. Just two days before the club were due to face Brechin City in the Angus town, Rangers FC had no licence to play football. This doomsday scenario had been created by twisted individuals representing the SFA, SPL and others. Their determination to see Rangers punished to the full for an as yet unproven "charge" (a charge which the club was subsequently found not guilty) was matched only by an underlying driven agenda to see Rangers damaged as much as possible, perhaps beyond repair. The club had been given a stark choice - accept sanctions and trophy stripping or be granted no licence to play football, in any league, anywhere. Rangers, with Ally McCoist and Charles Green representing, had fought bravely to retain the clubs' history, heritage and sporting record in the face of those determined to steal it away at any cost. In defiance of the Scottish Football authorities equivalent of a firing squad they fought valiantly for a club that had already lost most of its first team squad following SPFA and agent interference allied to greedy individuals who saw a fast buck. The future of the Scottish game lay in the hands of those men sat round a table. Their dirty game of chess had reached stalemate; their attempted "Five-Way Agreement" had morphed into a carefully contrived monster that included: •stripping of 5 SPL titles •stripping of 6 Scottish Cups •a signing embargo The message delivered was loud and clear. Accept "guilt", and accept our punishments or we put you out of the game. We feel it's necessary to repeat this; no ruling had yet been made on EBTs from Lord Nimmo Smith, and two years and two appeals later, the EBTs are still judged in law to be loans that did not give Rangers any footballing advantage in the years the scheme was in use. Whilst SPL Chief Ralph Topping was regaling anyone who'd listen with tales of Armageddon and insisting the SFL accept a club the SPL had thrown to the wolves, the SPL looked to maximise revenue from that same club they had just kicked out. So, on that day 27th of July 2012, the last possible day that agreement could be reached, the SFA's lawyers Levy & Macrae hosted all senior stakeholders in the Rangers issue to their office in St Vincent Street, Glasgow. By this stage, Rangers had forced the title stripping off the agenda, however, they were not to be meekly handed a punishment free passage in to the SFL. Other measures were being quickly discussed. The determination of some to punish the club as much as possible at a late stage where desperation saw them more likely to accept to get the licence and keep the club alive hadn't waned. The presence of Duff and Phelps could not help the Rangers cause; they were now bystanders only interested that the business entity they were representing wouldn't have any financial liability thrown in its direction. With a draft agreement on paper and separate signature pages at the back (to be signed upon all attendees reaching agreement on the conditions of Rangers re-entry in to the SFL and SFA), talks got underway. All in attendance agreed that a conclusion had to be reached and papers signed off that day, no matter what. The future of Scottish Football and that of its biggest member club was at stake. Reaching agreement on any issue was difficult, and the meeting was interrupted several times as Stewart Regan answered his mobile phone and left the room. An expectant wife was calling from Yorkshire. Mr. Regan was reminded he had a dinner date that evening. With no indication that middle ground could be found regards the many sticking points and Scottish football facing disaster the SFA Chief Executive took a remarkable and shocking decision that reinforced the belief of many that he is inept and has zero interest in the welfare of the beautiful game here. At 5pm, with the document far from finalised and even further from being agreed, he took the SFA signature page from the table and signed it, informing all of those present that he would put his name to whatever was agreed, had a dinner engagement with his wife and friends in Leeds, and wasn't going to cancel. In essence, Regan signed a blank piece of paper. The Chief Executive of the SFA, with overall responsibility for the game in Scotland, was more interested in having dinner, than leading the decision makers to reach an agreement to safeguard the future of both Rangers, and Scottish Football. The meeting lasted approximately another four hours before a conclusion was reached. Rangers were forced to accept their second transfer embargo in 4 months, and various other financial penalties including the signing over of television rights, and the payment of football debts, on the agreement that they wouldn't have rights to SPL prize money, or debts owed to the club. There were a number of revisions to the draft document in Regan's absence which already had his signature, as he travelled to Leeds and made his way out to dinner. To the best of our knowledge Regan didn't phone anyone in attendance after his departure for a progress update. Regan's signature page was simply inserted into the final document and issued as the Five-Way Agreement. This absolute disdain for the future of Rangers and Scottish football has never left that room, until now. One month earlier, Mr Regan had shown a similar lack of interest when an email written by him had been leaked to the press. In his email, amongst a bunch of 'decisions' he had pre-determined, Regan revealed that while Scottish Football was in disarray, he was off on holiday. http://www.dailymail.co.uk/Regan-controversial What would Regan have done the following day if any of the people in the room had simply scribbled 'I, Stewart Regan, knowing that I am unfit to hold the position of Chief Executive of the SFA, hereby tender my immediate resignation.' Vanguard Bears henceforth ask that members of the SFA, SPFL and SFL demand Stewart Regan's resignation. This man should not be heading up Scottish Football, especially at this very crucial time where attendances are dwindling and sponsorship is drying up. The phrase "NOT FIT FOR PURPOSE" has never been more apt.
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DR publishing interview with Sandy Easdale tomorrow.....and also running a headline that the naming rights of Ibrox being sold for £1!! Rumours are that the naming rights are given for £1 plus underwriting the share issue. Not 100% sure though. Looks like more grim news on the way bears....buckle up!! -
This mantra is in stark contrast to the axiom stated about boxers but it holds true at Ibrox, whether it is turmoil, on and off the field, Charles Green or Dave King. It was just another Sunday at Ibrox with normal levels of turbulence and uncertainty. There was a stark contrast to the dignified and fitting tribute to the late Sandy Jardine in the lurid headlines that screamed in the morning newspapers. Basically, they read: Chuck is back and this time it is business, not personal. Affairs at Ibrox must be investigated in two sections: the business and the playing. The former is the more urgent. As one Rangers supporter told me yesterday: "There are more pressing issues to address than whether Lewis Macleod should be playing wide right." The return of Mr Green is more than an amusement, though. The tales of George Soros may be as tall as Peter Crouch on stilts but the backstory to the former chief executive's latest foray into the media contains an element of truth that points to what is going on at Ibrox. It is this: there are significant developments unfolding at the club. The financial situation is acute with the board seeking investment and Green wants to be near at hand when that deal is brokered. More interesting is the relative silence of King. He, too, though has not gone away. Much of the action from Graham Wallace, the chief executive of Rangers, and King, the man who would be sovereign at Rangers, is taking place in London, with mixed results. A City source, who invested in Rangers in the initial public offering, told Herald Sport last night that Wallace has been active in trying to arrange support for another share issue. However, he added: "He has not met with conspicuous success." This was said wryly. The message, though, was deeply serious. "There is no way I would advise further investment at Rangers under the present circumstances and under the present board. It is that simple," he said. King has been working the City since at least March. His initial strategy was to canvass support for his plan to take the proxy vote for significant shareholdings and force change. This, increasingly, has been seen to be impractical, perhaps even unworkable, as long as the major players remain united within the Ibrox boardroom. The pressure must be applied to the Beaufort Group that holds the majority of shares. This has been applied effectively by the strategy of some fans to withhold season ticket money. There has been much argument over whether this constitutes a boycott but it would be much more instructive to investigate the action's consequences. It has brought King back into play, despite the reluctance of some on the Ibrox board to deal with the South African businessman. King's patience was criticised over the summer but he may just have played his cards astutely. Rangers are searching for money and King claims he has it. This seemingly straightforward case of demand and supply, however, founders on the rocks of implacable politics at Rangers. King, though, has improved his position quietly over the summer and may in the position to make his move. The re-emergence of Green at this crucial juncture is not coincidental. The Yorkshireman, who has the copyright of the terms bluff and plain-speaking, has again caused considerable annoyance to those inside Ibrox, not least Ally McCoist. The Rangers manager was understandably frustrated at Green's latest intervention at the weekend when he stated that he could raise money to extricate the club from the deep financial hole. McCoist described all of this as "a sideshow" and it is, but it is one with a purpose. The former chief executive was reminding everyone that he will have a say, even if his influence may be limited, in what happens at Ibrox. With this financial game playing out in the media, it is almost crass to discuss a football match but what happened at Ibrox in front of 43,683 deserves consideration. First, Hearts deserve enormous credit for a gameplan and for the willingness of their players to carry it out. Craig Levein and his football department have recruited wisely. Robbie Neilson set the team up cleverly and there were particularly outstanding contributions from Danny Wilson, in central defence, and Osman Sow, in attack. Success for Hearts was ensured by increasing fecklessness in Rangers ranks. After they had missed early chances, Rangers defended awfully. Wilson made the most of a free header and Sow capitalised on disarray in the Rangers backline to score emphatically, seconds after McCoist's side equalised. This frustration - and the very fact that he was asked a question he had to answer - probably accounted for McCoist's relative sharpness as regards Green. He will, though, be more concerned about solving the matters he has influence over, including finding the ideal wide man who can produce opportunities for Kris Boyd and Kenny Miller. The latter had to come back to midfield on Sunday to find a touch and he was insistent afterwards that the side had to create more chances. The team faces an interesting challenge at Falkirk on Friday. The board confronts more difficult problems with every day that passes. http://www.heraldscotland.com/sport/football/king-still-in-play-as-financial-chess-game-rumbles-on.25024715?
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Former Rangers chief executive Charles Green is launching a bid to return to Ibrox as a director by fronting a £10 million investment in the club from an American billionaire. New York based George Soros has told Green to make his move within the next 7 days by offering existing Rangers shareholders 20p per share to become the company’s biggest shareholder. If that move fails, Soros and Green will offer the current board a £10 million loan at 5% interest, with the Murray Park training ground taken as security on the deal. Clyde Sport understands Green would then return to the club as a director with a new chief executive to be appointed to replace the current man in charge, Graham Wallace. The move would also throw into question the future of Rangers manager Ally McCoist with both men known to be fans of club legend Brian Laudrup. Green still has close contacts with the current Rangers board through Sandy Easdale. Mr Soros has been involved in Major League Baseball in the United States and currently has a 1.9% stakeholding in Manchester United. He played a significant role in the transition from communism to capitalism in his native Hungary in the 1980s and is a well known currency speculator who gained the title, “The man who broke the Bank of England” in the 1992 Black Wednesday currency crisis. Forbes magazine has listed 83 year-old Soros as the 27th richest person in the world as recently as 2 weeks ago and he’s the 7th richest man in America with a net worth of £23billion. http://www.clyde1.com/superscoreboard/green-eyeing-ibrox-return/
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It may turn out to be an attempted payback for Operation Tango or disappointingly a damp squib but the possibilities behind the statement here are tantalising, to put it mildly: http://www.vanguardbears.co.uk
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"The Union of Fans were approached approximately two weeks ago, on behalf of the PLC board, to once again try to reach agreement on a binding legal guarantee over the club's assets. These discussions continued and various drafts were passed back and forth. The statement that the board released yesterday was rejected by UoF last week due to the fact that it does not give a binding guarantee over Ibrox and that several misleading statements are made within it. Despite us negotiating in good faith, the board has seen fit to release the statement anyway. We were seeking written guarantees over both Ibrox and Murray Park. The board removed all reference to Murray Park. This was not an oversight - they are explicitly refusing to include Murray Park in any undertaking. We believe this is because the board are actively looking to sell this vital club asset due to their failure to so far secure enough funds to see the club through the current season. Their statement is also disingenuous and is a slap in the face for the thousands of fans who have given up long cherished seats attempting to get this board to guarantee the future of our clubÂ’s home. Despite their attempts to claim otherwise, it has never been their position to give any kind of legally binding guarantee over Ibrox and they still have not done so. This most recent statement, on behalf of the so called 'Football Board' - not the PLC board - has crucially not been released to the stock exchange and therefore reduces the chance of shareholder action should they go back on their word. The board claim that they are "committed to protecting the assets of the club". Currently the club has four main assets. Two of those, Edmiston House and the Albion Car Park, have already been used as security for crisis loans due to financial mismanagement. The board continues to refuse to give any legally binding safeguard over Ibrox and we believe they are actively looking at a sale and leaseback of Murray Park - a vital asset if we are ever to properly develop our own talent. They have shown no commitment to protecting the club's assets. This board has committed to raising funds from existing investors through a new share issue in September. We do not believe that they have support from those investors for what is essentially money to keep the lights on and we would ask Graham Wallace to urgently clarify the position on new money coming into the club. The board have lost just under half of the club's season ticket holders due to a complete lack of ability to build trust. Even if those fans were to buy season tickets now, the club still does not have the funds to complete the season and yet the board keeps us in the dark over how they will address this shortfall. We ask them to stop the half-truths, spin and smoke and mirrors and tell fans the truth."
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The BBC has learned former Rangers chief executive Charles Green is seeking financial support to launch a new bid for control of the Ibrox club. Green led a consortium which bought Rangers' assets in May 2012 and then raised £22m from a share issue, but resigned from his post last year. He returned for a short-lived spell as a consultant before selling his shareholding in the club. However, he has spent the last week in talks with potential investors. Rangers plan to launch a new share issue in a bid to raise in the region of £8m and if Green is to be successful he would need to convince existing shareholders to sell to a new consortium. Green, who held the same position at Sheffield United, stood down from the chief executive's position citing the "negative publicity" surrounding an independent investigation, commissioned by the club's board, into allegations of undeclared dealings with former owner Craig Whyte. That investigation consequently found no evidence of Whyte's claims that he was involved in the Green-led acquisition of Rangers two years ago. On selling his shares to Sandy Easdale, chairman of Rangers' football board, Green said: "I want to make it clear that this means I will have no ongoing influence or financial interest at the club but I remain a fan and fervently hope that Rangers will soon be back at the top where they belong."
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RANGERS directors were locked in showdown talks in London yesterday as they attempt to stave off more financial chaos. Record Sport can reveal brothers Sandy and James Easdale travelled to meet with representatives of shareholders groups Blue Pitch Holdings and Margarita Holdings before staging further discussions with the rest of the Ibrox regime yesterday afternoon. Talks will continue at 10.30am today at an official board meeting to be held in the offices of the club’s financial advisers, Daniel Stewart. The Easdales flew out of Glasgow yesterday on a morning flight to the docklands’ City Airport. Coincidentally on the same flight were the club’s shamed former finance director Brian Stockbridge and axed PR guru Jack Irvine. Rangers sources insisted last night that Stockbridge’s presence was ‘purely coincidental’ although all four were spotted chatting together in the departure lounge before boarding. On arrival in London, Stockbridge was seen heading for a train while the Easdales left in a taxi cab. But it’s understood the brothers were then involved in talks with the same mysterious investors who helped fund the £5.5million takeover which saw Charles Green, Stockbridge and Imran Ahmad seize control of the club’s assets two years ago. Blue Pitch and Margarita are now supporting the Easdales and sources claimed last night they will be willing to plough more money into a fresh share issue if, as widely expected, the club requires an urgent injection of cash after a dramatic slump in season-ticket sales. It’s understood chief executive Graham Wallace later met with the Easdales after flying back to Britain from a supporters convention in Canada. Wallace declined to answer fans’ questions when asked how many season tickets have been sold. Sources close to the board insisted last month 20,000 fans had renewed. Meanwhile, generous fan George Letham, who stumped up £1m in emergency cash to keep the club out of trouble in February, has still not had his loan repaid. Under the terms of his loan the money was supposed to be returned as soon as sufficient funds had dropped into the club’s account from season-ticket sales. And with June’s wage bill still to be covered at the end of this month, the regime’s need to secure fresh funds seems increasingly urgent. But before jetting back across the Atlantic for yesterday’s London talks, Wallace insisted on the club’s website that Rangers finances are not a cause for alarm. And he insisted fans can expect to see more new signings soon. Meanwhile, it has been revealed accountants and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar. The figures have been detailed in the latest six-month report from insolvency experts BDO who were appointed liquidators of the Rangers Football Club PLC after it failed to emerge from administration following Craig Whyte’s ruinous 10-month reign. And the unfathomable strategy adopted by Whyte is further highlighted by the fact almost half of this latest bill has been covered by the final instalment of the £4.5m deal which saw Nikica Jelavic sold off to Everton just two weeks before the club was plunged into financial chaos in February 2012. The BDO report, which was completed at the end of last month, reveals a cheque for £975k is expected to arrive from the Goodison Park club ‘shortly after 31 May 2014’. But that won’t come close to covering the spiralling costs – as BDO gear up for a potential multi-million pound courtroom battle with Collyer Bristow, the law firm who advised Whyte during his takeover in 2011. In total, more than £1m has been spent on legal fees and outlays with more than £650k of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says a trial date is ‘currently set for the beginning of 2015’ but it is anticipated a deal could be negotiated and an out of court settlement agreed. BDO are also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Green for a knockdown £5.5m. http://www.dailyrecord.co.uk/sport/football/football-news/rangers-directors-hold-showdown-talks-3668192
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Would like to hear what fellow Bears expect next season. Obviously the journey back up the leagues was supposed to be a gimmie and we didn't foresee hearts and Hibs standing in the way. Hearts are on the rebuilding and Hibs are about to make changes.....An article on here a few weeks ago had Ally saying he fears Hibs, sorry but we should never be fearing them. We had a good Scottish cup run this year but id not worry about that this year and put all efforts into the league. Still cant believe we didt pick up the Ramsden's and I cant see there being big interest in that this year. I don't think Ally is the right manager, he should be at the club in some capacity but not on the training field and If im honest I don't think it will be easy next season.
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Seems that the bros or one of them are suing for £200K. In tomorrow's Record.
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Lorenzo Amoruso urges Rangers supporters to put their trust in Dave King to oust Ibrox board Sunday 11 May 2014, by Stewart Fisher LORENZO Amoruso last night became the latest former Rangers player to call for supporters to back Dave King and Richard Gough's plan to boycott season tickets and place the money in a trust instead as a means of forcing major boardroom change. The Italian has emerged as a fierce critic of the current hierarchy and feels that placing funds in Ibrox 1972 Ltd, the vehicle introduced by King and already being used by supporters groups' the Union Bears and the Blue Order for pooling their funds, is the only mechanism for bringing about change. "Too many people have been touching the heart of the club who don't deserve to be so close," said Amoruso. "They have ripped out the soul of the club. It's so frustrating for people like me who were running, chasing after every ball, spitting blood sometimes and going through so many operations. " I didn't do all that to see this situation develop. We want to see better people control the club, people who really care about Rangers. "I didn't really encounter Dave King much when I was a player because he was in South Africa a lot, but I met him," said Amoruso, who was in Glasgow this week. "He was a director but not involved in the way David Murray was. But he is a Rangers man and he is putting himself out there and he deserves credit and support. He has been there before for the benefit of the club. "This is a crucial period because season ticket holders have a week left before deciding whether to renew and from those I've spoken to I don't think there is a feeling that supporters want to renew and I think that is the best solution. "It's hard to believe I am asking for the stadium to be empty. But if that is what it is going to take to get this board out then that's the way it has to be. There are easier ways to solve this problem but some people don't want to listen. That's why we must take a hardline approach. I'm sorry, this board just has to go." http://www.heraldscotland.com/sport/football/lorenzo-amoruso-urges-rangers-supporters-to-put-their-trust-in-dave-king-to-oust-ibro.24190175 -
THOSE Rangers supporters who have so far not renewed their season tickets for next season are currently facing some stark choices. Do they pledge their cash to Ibrox 1972 Ltd, the company launched by the Union of Fans group this week, and hope security will be granted over the stadium? Or do they give their money direct to the club as usual and book their seats for home games in the SPFL Championship in the 2014/15 campaign? Alternatively, they can sit back and see how the stand-off develops during the summer months before deciding how to proceed. What the Light Blues fans do, and in what sort of numbers, will determine the short-term future of the troubled Glasgow club. There is certainly backing for the scheme to withhold cash in the company that has former director Dave King and club legend Richard Gough as trustees. That is despite the fact the Rangers board stated once again this week that it "has no intention of granting security over Ibrox to anybody". Many fans were alarmed when it emerged that both Edmiston House and the Albion car parking facilities had been used as security for two loans of £1.5million earlier this year. And there are serious fears that institutional investors, who have seen the share price tumble since the IPO in 2012, may seek to maximise the club's assets in future. George Thomson, a law student from Paisley who has been a season ticket holder for 10 years, is one of those who will be putting his money into Ibrox 1972 Ltd. He said: "I think there comes a point where you have to say: 'Enough is enough.' "And this, for me, is that point. I will be withholding my season ticket money from the club. "I am unhappy at how the club is being run and have no faith in this board. I think we need change at the top in order to move on as a club and I would like to see Dave King involved. "He is a Rangers fan and has money that he is prepared to invest that could make a real difference to us. How many of the current directors or investors can say that?" Yet, there are also many supporters who are unsettled by the path being taken by King and the Union of Fans and the implications it may have for Rangers. David Somers, the club chairman, has stated there would be a serious doubt over the Govan club's ability to continue as a going concern if fans withheld their cash. James Clark-Dick, a retired quantity surveyor from Uddingston who has been a season ticket holder at Ibrox for nearly 30 years, is against the plan. He will be renewing the three season tickets he has in the Copland Road Stand - he attends every home game with his wife and daughter - and believes he is in a "silent majority". He feels that withholding money from Rangers in the coming weeks could actually help to bring about the eventuality that King and the Union of Fans are hoping to avoid. "Withholding season ticket money from the club this summer until security is granted over Ibrox seems like a ludicrous idea to me," he said. "I don't think it is the right way to go. "My worry is that if you push the shareholders enough then that (utilising the club assets) is just exactly what they might do. It might be what they have to do." The 63-year-old feels there are many Rangers fans like him whose views are not being represented by the supporters' organisations which comprise the Union of Fans. "I have met and spoken to Chris Graham (the Union of Fans spokesman) on a few occasions in the past and he came across well," he said. "But Chris and others like him are described as fans' representatives. Well, I am a fan and I don't have a representative." Given the gross mismanagement of previous regimes at Rangers, Mr Clark-Dick admitted he was "cautious" about the current custodians of the club. However, he also has serious misgivings about South Africa-based businessman King getting involved and the company that he has set up. He said: "I'm not pro-board and I'm not anti-board. I'm neither. I'm pro-Rangers. And I don't think this idea to withhold season ticket money is a great idea. "If it hadn't been for this campaign then I think we would have been all right. And apart from this season ticket fund, I don't know what plan Dave King has for the club. "Everybody has criticised the Rangers review. But what more did people expect? You are only ever going to get the bare bones of a business plan in a review. "I have been a shareholder for 30 years. The last batch of shares I bought were the fourth lot I have acquired. And the review is the most information I have had out of Rangers during that time. "They detailed exactly where the £67million went. They showed that £26m was used up in one-off costs. "That is the most clarity we have had." What the future holds for Rangers, though, will remain shrouded in uncertainty until it emerges how many supporters have renewed season tickets and how many have withheld. At the moment, it is too close to call. http://www.eveningtimes.co.uk/rangers/rangers-fans-divided-by-loyalties-162650n.24161559
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how many have actually pledged to dave kings scheme and how may season books have actually been sold?
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Backed by Dave King, Richard Gough and the Union Of Fans https://www.ibrox1972.co.uk/
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“We note the latest attempt by this board to mislead and hold Rangers fans to ransom. Their latest “give us your money or the seat gets it” ultimatum is just another in a long line of misjudgements this board has made about the mood amongst the support in general. The fact that those now in the crosshairs of this board are a lifelong Rangers fan who has ploughed millions of his own money into the club with no return, an iconic captain from one of the club’s most successful ever periods and a group of Rangers fans attempting to secure the home of our football club, says more about this board than we ever could. There is no attempt to deprive the club of funds. This is made very clear in the security proposal and the board’s ham fisted attempt to misrepresent this is one of the few transparent things they have done since coming to power. No money will be taken from fans unless security is granted and we are of the opinion that the board’s reluctance to discuss granting security may well rapidly change. Our public comments about Mr Wallace are not personal but have been based on his binding pronouncements on matters of huge importance which have been at best misleading, broken promises for engagement with fans, attempts to blame fans for the current precarious position of the club and a complete lack of any progress in bringing much needed investment into the club. We welcome the fact that the entire board have now publicly taken responsibility for all of these actions. Once again we see meaningless sound bites with absolutely no substance to back them up. The result, no doubt, of the expensive PR man hired by this board with more urgency than a Chief Scout. What “significant progress” has been made? How will this “bright future” we are promised come about when the investment committee have failed to secure a single pound of investment? Rangers is certainly “dear to all of us”, the Rangers support. We have no idea why this board would attempt to claim the same when there is not a single fan amongst them. We do not believe that Rangers fans will fall for this again. We’ve seen it far too many times in the past two years. “ - See more at: https://www.ibrox1972.co.uk/statements/#sthash.5zQnzija.oJfk0OFG.dpuf
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http://www.rangers.co.uk/news/headlines/item/6929-club-statement
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On Twitter that Dave King's ST Trust goes live tomorrow. Also Gough gave interview to Sun stating this. Anyone confirm this?
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Firstly allow me to clarify something – the content of this blog and the information shared is done so with the express permission of the Union of Fans – following a full and frank discussion between myself and Chris Graham. Those who are interested in the finer details and legal aspects of the Season Ticket Trust are probably going to be disappointed; any queries you have will have to wait until the ST Trust website is up and operational. What I did ask however was this: If the board acquiesce to UOF demands who will then hold first charge/security on the stadium rights to our club ? The answer, as many undoubtedly suspected, is Dave King and Richard Gough, under the auspice of Dave King’s new company, Ibrox 1972 Ltd. Quite simply as far as The UOF are concerned it all boils down to a question of trust, and they trust King more, far more, than they do the current board. It is all hypothetical of course, dependent on their scheme being successful, the Rangers board acquiescing to their demands and relinquishing the security for both stadium and Auchenhowie. Many will have realised by now this would mean handing over the security of our club’s 2 biggest assets to 2 men who currently are not even shareholders in our club. They will not be accountable to the board or to shareholders, which at least in theory, is the current status quo. I hope for the sake of our club, should this scenario ever come to fruition, that the UOF have exercised sound judgement in their assessment of Dave King, otherwise it will qualify as a blunder on a scale of magnitude with the ill-fated Men of Troy. As the current board and King, with their respective aide-de-camps, battle vigorously for not only our hearts and minds, but also our season ticket monies, the whole debate has become extremely polarised, the language and tone war like, with little opportunity for either constructive or conciliatory dialogue. The problem is however that the dominant voices in the debate do not necessarily reflect the feelings of our support. Keith Jackson touched on this last week in an article when he referred to the silent majority of the Rangers support – the ones who have no interest in off-field politics and whose sole interest is turning up each week to see the Rangers. Furthermore the polarisation of the situation and debate fails to take cognisance of fans who have no confidence in the current board but who are equally unenamoured by Dave King. Rather than choose between the two best prospective candidates it is more akin to choosing the lesser of 2 evils. A particularly sad indictment of where we currently are as a club. To date, the considerable failings of governance by our current board which I highlighted in a previous blog, remain unresolved. In particular the veracity of the 120 day review remains under question as a consequence of claims by the Daily Record regarding the withdrawal of credit and debit card provision. Before we file these claims as the ranting of a “Rangers hating rhag” perhaps we should check the filing cabinet – look under “BBC & Craig Whyte”. I can only re-iterate the warning of a previous blog – we cannot afford to make the same mistakes of the past. A few have commented on the madness of the situation facing us as a support. With trepidation, and a tinge of embarrassment, I quote from Dan Brown’s book Inferno, “Madness breeds madness” The Rangers support should bookmark this moment in time, with its paucity of choice, for a future date, when next we sit down with any conviction to consider the merits of fan ownership.
