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According to Ronnie Esplin on Twitter, Kenny McDowall says he has been told to play 5 loan players. Wow!

https://www.facebook.com/rangersfansboard

http://sport.stv.tv/football/clubs/rangers/306606-mike-ashley-posts-intent-to-take-out-security-over-rangers-ibrox-stadium/

From the initial Robert Sarver rejection: From todays rejection of the revised bid: Can it REALLY be that difficult to maintain the same reasoning???

...if they want to get their club back Former Rangers chairman Malcolm Murray has told supporters to make some "noise" if they want to get their club back. The former pension fund manager was speaking after Monday's stormy Ibrox AGM. The 90-minute meeting saw PLC chairman David Somers, chief executive Derek Llambias, director James Easdale and his brother Sandy - chairman of the club's football board - face a barrage of abuse from shareholders. Chants of "out, out, out", "sack the board" and "scumbags" were hurled at the directors as they made their way out onto a flimsy tent erected on the Ibrox pitch. There was little detail given to the irate fans on how the board plan to bridge the £8.3million funding gap which currently separates the Glasgow giants from safety, other than to say a fresh share issue was to be expected, while Somers was the focus of much of the ire after comments which sparked even more anger. Despite the flak, the chairman, Llambias and James Easdale were all re-elected to the PLC board with the help of Mike Ashley and other institutional investors. But Murray claims the fans must act if they want to force real change. Speaking outside the AGM, Murray - who was the club's first chairman after it was reformed following its 2012 liquidation crisis, only to quit a year later after falling out with Charles Green - said: "That was the most arrogant display I have ever seen in third of a century of attending AGMs. "There was complete disregard for shareholders and fans. They say they will operate without fans. We actually ended up knowing less than when we started, which takes a bit of doing. "What can the fans and shareholders do? They have to make more noise. I am not saying they should boycott but they have to make a lot more noise. I think eventually the board will get worried that that the fans are not turning up and not buying kit. The mood in there, well, I have never known anything like it. "Will fans turn their backs on the club? In the short term, yes. But my message to the fans is to stick with it. We will be here a lot longer than them." http://www.eveningtimes.co.uk/rangers/u/murray-rangers-fans-need-to-make-some-noise-if-they-want-to-get-their-club-back.1419322367

FUGITIVE Craig Whyte has been arrested in Mexico, prosecutors said last night. The former Rangers owner was held when scores of police swooped to execute an arrest warrant. Whyte, 43, is understood to have been living in the central American country for a number of months. A Crown Office spokesman said they would now take the necessary steps to secure his appearance at Glasgow Sheriff Court. A police warrant was issued two weeks ago in connection with Whyte’s purchase of the Ibrox club for £1 from Sir David Murray in 2011. A second warrant was issued by a High Court judge last week when Motherwell-born Whyte failed to appear for a trial at the Royal Courts of Justice in London. Walter Smith and David Murray lead star witnesses called to give evidence at Rangers fraud case Crown Office officials will now examine the UK’s extradition treaty with Mexico. But it is possible the shamed entrepreneur could waive his right to challenge the proceedings and agree to the extradition. In recent days, Whyte said he would return voluntarily to assist police with their probe into the takeover. He said: “I will return to Britain at the beginning of December and hand myself in for questioning.” The SFA are also determined to see Whyte brought to justice over more than £200,000 in unpaid fines, although privately they admit they do not expect he will be in a position to pay. Three men who worked for Rangers’ administrators Duff & Phelps – Paul Clark, David Whitehouse and David Greer – appeared at Glasgow Sheriff Court last week along with solicitor Gary Withey, who worked for Whyte’s law firm. They made no plea or declaration. http://www.dailyrecord.co.uk/incoming/fugitive-craig-whyte-arrested-major-4703408

http://www.dailyrecord.co.uk/sport/football/rangers-blazers-war-dave-king-4670042

http://www.dailyrecord.co.uk/sport/football/charlies-sake-hope-rangers-cash-4610915#rlabs=1 JACKIE McNAMARA is desperate for Dundee United’s cash row with Rangers over Charlie Telfer to end. The clubs are locked in a stalemate over the Scotland youth star’s summer switch from Murray Park to Tannadice. Telfer has made four appearances for United – scoring in the 3-0 win over St Mirren earlier this month – while he made his one and only top-team appearance for Rangers as a sub in April. Under SPFL rules clubs can receive compensation for developing and training players under 23 who move as free agents. Rangers argue they are entitled to six years’ cash for the player between the age of 12 to 18. United, meanwhile, believe the Championship side should only receive money to cover two years since liquidation in 2012. Tannadice chairman Stephen Thompson was even claimed to have said “you’ve only got two years of history”. With both clubs unable to decide on a fee for the player the dispute will now be heard by an independent panel. And McNamara said: “For everybody it would be good if it was sorted, especially for young Charlie. He came in last week against St Mirren and he was excellent. “He was a bit unfortunate not to start the game at Motherwell on Friday but for all of us it would be good if we can get that resolved so we can move on. “There are all sorts of things come in to it, I’m not an expert on that. That will be up for the people in charge of the tribunal to decide.”

CELTIC manager Ronny Deila has expressed his disappointment after some fans disrupted a Remembrance Sunday silence ahead of their 2-1 victory over Aberdeen. The minute of reflection, which remembers British servicemen and women who have died in conflicts since the First World War began 100 years ago, was quickly interrupted by some fans shouting and singing from the visiting section at Aberdeen’s Pittodrie Stadium. Some Celtic supporters tried to shout the protesters down and noise was evident throughout the 60 seconds, just before the Scottish Premiership game kicked off. Norwegian manager Deila said: “That was disappointing. “But again 99 per cent was good. Sometimes some people are not respectful. “It’s very, very important for Celtic to be respectful.” Celtic FC Foundation, the club’s charity organisation, this week donated £10,000 to Poppyscotland and carried a story on their website detailing the Celtic players who died during the First World War. The issue has proved controversial in the past, with a group of Celtic fans staging a banner protest against the “blood-stained poppy on our hoops” when the club strip carried the symbol for a game four years ago. http://www.scotsman.com/sport/football/latest/ronny-deila-hits-out-at-fans-who-disrupted-silence-1-3599363

When we went into administration I almost instantly (within the first month) had some major concerns because I quickly came to thinking that I didn't trust the administrators, didn't think they would get us out of it via a CVA and didn't think they seemed to be doing their jobs properly because if they had been, then they would have tried to rescue the company as a going concern. To do that, they would have needed to quickly address the cost base and stop the monthly loss-making, but they just went for a short-term fix/bandage to see out the season instead of properly cutting costs to address the going concern like administrators do in most football club administrations. After the shambles of their bidding process and finally bringing in Green & co (like they seem to have planned well in advance!), when D&P did their first presser with Green a feeling of dread & despair came over me because I could tell immediately that he was a bullshitting patter merchant and didn't trust him right from that point. It was a case of 'who the f**k is this clown?' and a distinct feeling of disappointment. Then we had to endure the failed CVA, being wrongfully stripped of our SPL share and kicked out of our league, left with no league at all for a period and questions hanging over our SFA license as well. When we finally got it sorted out and started the season in the 4th tier there was a sort of positive buzz that I never really understood, because I never felt as if it was right that we should be down there in the 3rd Division. I could obviously understand the positive buzz in the sense that we were still here with our history and titles despite the best efforts of our enemies and those who wanted (and tried) to kill us off, but didn't understand the positivity from numerous other perspectives, like the unprecedented treatment of our Club and the worries from footballing and financial/business perspectives. Not only did many of our fans think that it was just a simple case of 3 seasons of a journey back up through the lower leagues to the top flight, but many actually believed that it was an 'opportunity' to rebuild not only the business, but some kind of fabled & mystical footballing 'philosophy'. There was talk amongst fans of not only winning every single game in the 4th & 3rd tiers, but battering the opposition 8-0, 9-0 or 10-0 every week. I didn't buy into any of that because I thought it was always going to be more difficult than many of our fans thought it would be. Yes, we would dish out some hammerings along the way, but it was always going to be a battle too, both on and off the park no matter how many SPL-standard players we signed and no matter how many crazy moonbeams Green & co served us up. What we need to do now though, is completely forget about any mythical 'opportunities' or lost chances to create new 'footballing philosophies' and face the stark reality of where we currently are. I'm not saying forgive or forget (far from it!), but we urgently need to get up to speed and deal in the here & now. Depending on how things go off the park this month, we might be heading for another insolvency/administration event, but we don't know for sure either way because nothing is certain on that front, just as nothing is certain on the pitch either. We might drop points or lose a match, but no matter what happens, I think we all know that the 'journey' is getting tougher and tougher and that's something which was always on the cards both on & off the pitch, so it certainly shouldn't come as a surprise. The idea of an easy journey back up over 3 or 4 years while creating golden seeds for the future amidst new philosophies for the Club was a total and utter pipe dream. Even if we had been taken over by good guys instead of chancers and liars like Green & co, we were still realistically facing trouble along the way and potentially a period of 5 years or more before getting properly back on our feet and challenging in the top flight again. We might not be in a good position right now, but essentially, nothing has changed and we're still on the same path albeit a slightly more windy & rocky one than many of our fans seemed to think it would be. Our progress back to where we belong might still be set back even further by current and/or future financial issues, but we don't know for sure yet. What we do know for sure is that the people running the show need to collectively get their acts together, steer the Club in the right direction and ease the worries of the supporters, not through more moonbeams and lies like were served up in the past, but by addressing the immediate future as openly and honestly as they can without damaging the value of their precious shares.

Latest blog from McMurdo.........

I log in here every day (Mon-Fri) to catch up on the latest going's on with our club, most days I don't even post or join in with the chatter. But of late, and especially these past few weeks, I click on my favourite with a fear ........ "what now" I think as my browser loads. It is absolutely gut wrenching to see these thieves/liars/sharks/snakes still involved with our club, and others (Ahmed etc) STILL trying to cream some extra blue pounds from us. I long for the day the club is ours again, or at least in safe hands with a safe custodian. As right now, the club we see before us isn't ours, same club but the soul is missing.

Gonna charge up the phone. Have a feeling there might be some Rangers breaking news to come tonight as well! https://twitter.com/tedermeatballs

THE IMPORTANCE OF SAFEGUARDING IBROX 23rd July 2014 Some have asked why we have such a desire to safeguard Ibrox and claim it's ok for a club to borrow money against it's stadium and to be fair in normal operating conditions this may be the case. Unfortunately our club does not operate within normal operating conditions. To understand the full importance of our position it is important to be aware of the full financial position our club currently operates. Our club does not have enough cash flow to see out the full season that is soon to start. Some predict a shortfall of circa £8m just to allow the club to stay afloat. Due to many issues, last years season ticket holders numbered approx 34,000 and by the end of the renewal date only 50% of these had renewed their seats. It is fair to assume that some new ST will be sold to new ST holders and some old ones may still renew but regardless, the season ticket sales will be significantly lower than last year and after a promotion, one would have expected to see a rise in sales. ​The much touted share issue that the board would have us believe would be fully supported by institutional investors simply will not be as successful as they publicly admit and sources close to us claim that even the board now feel the money raised will be much lower than they first presumed. The reason for this is simple, they are asking investors to invest more money but this money will not be used to make the club better and worth more it will simply be used to shore up shortfalls in cash flow (remember we were advised by Mr Wallace at the AGM that we had no short to medium term cash shortfalls) If this share issue was to raise funds for assets or player purchases etc then there is a good case for investors to invest more as the business would normally rise in value and they would see an increase in their investment. Our directors expect to go cap in hand and ask investors to give them more money just to stay afloat and this is only 7 months after telling these very same investors that we had no short to medium term cash worries. Would you give it if you had no emotional attachment to the club? I didn't think so. ST sales are well below target and the promised windfall from a share issue looks like just a pipe dream so where does that leave us as a club? Simple, fresh investment is required and is available and not only from Dave King. So why won't the board accept outside investment? I believe this is the reason or at least one of the reasons that our board room is starting to split. Anyone willing to invest at the levels required would rightly ask for a say in the boardroom and here lies the problem. Our faceless investors and hedge fund simply don't want this and although between them they own less then a third of the business, they want to control the full boardroom and don't want to dilute their power. The faceless and the hedge fund are therefore starving our club. We find ourselves a club in a catch 22. We need cash but those willing to give it won't be allowed as the faceless and hedge fund won't agree to them. That takes us back to the main point, Ibrox. If the club were to use Ibrox to raise money then two options are available 1) Sell stadium then lease back or 2) use Ibrox as security in a loan. ​If we do a sale and lease back agreement then our club will be paying out money over a long period of time just because this current board are way out on their own cash assessments and if we borrow against Ibrox and our club was to once again lurch in to admin then we would lose our stadium to the lender. Neither is acceptable to me as a fan. So what's the alternatives? 1) Mr Easdale can magic the investment he promised on national TV prior to the AGM (has there ever been a public excuse of what happened to this promised investment?) 2) Mr Wallace can find the £5m he told the UoF at a meeting six weeks ago was available "at the click of a button" 3) Mr Crighton can do something he's been paid to do since pre AGM and that is attract investment as when he was introduced to us he was to chair an investment committee with that very aim (what investment have we attracted since he came?) 4) Talk to those willing to invest in the club and compromise with them. It's not a bad word. 5) Stop mucking about with the fans and show a bit of humility. Tell the fans you are listening to them, tell the fans their actions have been noted and tell them you WILL NOT sell or borrow against our stadium instead of hiding behind cute statements with obtuse phrases. But for the sake of the future of our club DO SOMETHING. ​If you are incapable of finding an alternative then move aside and let others on board that aren't selected by the 30% of investors who are holding our club back or welcome some on board who can bring the faith of the fans and investment with them. Why are Blue pitch, Margareta and Laxey so against others being represented on our board? This will be discussed in the near future Why does this statement not ask about Auchenhowie? Simple, there's no point in asking for something you can't get and our belief for sometime has been that our training ground will go soon as negotiations have been ongoing for some time. It's time for change, either change how our board conduct themselves or change who selects and drives our board members. ​The alternative isn't worth considering. http://www.sonsofstruth.co.uk/blog.html

After a successful meeting with Glasgow City Council and Police Scotland today it would appear that subject to a few little details our application for a procession to Ibrox on the 19th July will be passed as acceptable. We will require the following volunteers from within the support to fulfil some council requirements. - Experianced marshals - Volunteer marshals - First aiders - Expectant numbers. I would love to hear from pipe or accordion band with a repertoire of Rangers songs In their play book. If you can help with any of the above or will be in attendance can you please let me know on this post or via PM Thanks Craig SoS https://www.facebook.com/SonsOfStrut...al_comments=14 L

http://www.dailyrecord.co.uk/sport/football/football-news/former-rangers-chairman-malcolm-murray-3886142 MALCOLM Murray last night broke his silence on the current Rangers board and accused them of failing the club’s fans by not granting them security over Ibrox. The former chairman hasn’t spoken out since the AGM in December when he and his fellow requisitioners, Paul Murray, Alex Wilson and Scott Murdoch failed to oust the under-fire regime. But Murray is now fully behind fans’ group Sons of Struth who marched to Ibrox in protest yesterday at the board’s refusal to give legally-binding assurances that Ibrox will not be sold or leased. Murray believes Gers chief executive Graham Wallace is powerless due to a split at the top of the marble staircase. After the 3000-strong rally yesterday, Murray told MailSport in a statement endorsed by Wilson: “It is now seven months since the AGM. “We have maintained a dignified silence to give Wallace a chance but he is being hamstrung by a board that is neither culturally or corporately equipped for the challenge at Gers. “Fans have been treated with a level of disrespect that would be unprecedented in any other consumer industry. “Why will the board not give legally-binding assurances over Murray Park and Ibrox? “We support the SoS march. We are also fearful over potentially distressing sale and leasebacks of both the stadium and the training ground. “New investment is required urgently. The incumbent board said they had new investors waiting pre-AGM but it hasn’t materialised. “The so-called corporate governance has seen the club lurch from one disaster to the next – and it appears unprecedented that such poor performance would not result in resignations. “This regime appear to be be backed by the original Charles Green and Imran Ahmad investors, desite claiming that they are new. “The fans clearly don’t want them as illustrated by the march and numerous red card protests in recent months. “I’m convinced that the blue chip institutions will not ‘reload’ without a new board in place.” Sons of Struth chief Craig Houston was delighted with the turnout of fans for the protest march between Kinning Park and Ibrox. He’s convinced there are now serious cracks within the Rangers board – and claimed they will never win the battle with the disgruntled fans. He said: “We had around 3000 people on the march which was terrific considering the severe weather. It was also the Fair Friday holiday so it was fantastic support. “John Brown joined us at the start and Nacho Novo met us at the end, a real boost for supporters. It’s great to see ex-players, legends at the club, supporting the fans’ efforts. “The board have said there have been 17,000 season-ticket renewals but having spoken to many of those people I’ve found it difficult to find any of them who trust this board. “So buying a season-ticket isn’t an endorsement of this board. “There is still a huge chunk of supporters who feel disengaged and want security given over Ibrox. We’re asking for legal assurances.”

Regulatory Story Company Rangers Int. Football Club PLC TIDM RFC Headline Statement re: Annual results Released 16:55 07-Jul-2014 Number 6537L16 RNS Number : 6537L Rangers Int. Football Club PLC 07 July 2014  Rangers International Football Club plc ("Rangers" the "Club" or the "Company") Statement re: Annual results for the 13 month period ended 30 June 2013 The Directors confirm that following the issue of shares announced on 1 July 2014 pursuant to the exercise of options by a former Director, there are now no outstanding share options or convertible shares held within the Group. The Directors note that Note 30 to the accounts for the 13 month period ended 30 June 2013 was incorrect to the extent that the options to which the share announcement on 1 July 2014 relate were not included. For further information please contact: Rangers International Football Club plc Graham Wallace Tel: 0141 580 8647 Daniel Stewart & Company plc Tel: 020 7776 6550 Paul Shackleton / David Coffman Newgate Threadneedle Tel: 020 7148 6143 Graham Herring / Roddy Watt / John Coles This information is provided by RNS The company news service from the London Stock Exchange END STRUGUCAMUPCGAM London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply. ©2009 London Stock Exchange plc. All rights reserved http://m.londonstockexchange.com/exchange/mobile/news/detail.html?announcementId=12008964

Article submitted by Andy Steele: SDS Survey: No Issues? No Chance! News that a survey by fans' body Supporters' Direct Scotland has found that while the vast majority of fans felt the game in Scotland had no issues with racism or homophobia, it had a big, big problem with sectarianism. This highlights not just the issue of social attitudes and football, but, sadly, the problem people have with perceiving themselves as part of the problem. One can assume fairly safely that for such a result to be obtained a good proportion of respondents were either non-Old Firm fans, or if Old Firm fans, Celtic supporters. I would be willing to place a hefty wager that the only fans who feel strongly that there is little sectarianism in Scotland would be those supporters the others consider to be the problem: Rangers fans. One must always, in such debates, pander to the thin skinned and establish that yes, one does think there is an issue and yes, Rangers fans most of all need to deal with it. A major issue, though? I don't see it in my day-to-day life, though I may of course simply be lucky or blinkered. Having established that denial is not on the agenda, though, I'd like to examine the other two aspects mentioned, homophobia and racism. If Scottish football has no issue with racism it is because the game is played, watched, commentated on and written about in what is a virtual monoculture. The BBC can count Kheredine Iddeshane, who to guess from his name may be of middle east extraction, and STV Rhaman Bardwan, but that's about it. The sight of players from non-European backgrounds has diminished of late, while managers and chairmen are exclusively white. No racism? Well, maybe if we understand that creating an almost exclusively European ethnic identity for the game will go a long way to excluding those from without such a background, it may expain why there's 'no racism': there's no cultural mix in which it might appear. Perhaps, if we actively created an environment which encouraged diversity, and focused on policing the resultant mix effectively, we may find we're not quite so tolerant as we might like to think. Or we may not - who knows? Casual racism has certainly been part of my west of Scotland experience: I am inclined to believe that 'no issue' is a complacent and boastful conclusion not based on evidence. But since many have called long and loud for such an approach to sectarianism, it seems only logical to apply it to these other areas as well. And what about homophobia? 'Get fucking up, ya poofy cunt' is, for the student of English, a fascinating sentence, but it's hardly indicative of a tolerant atmosphere. You'll hear it, and variants thereon, at every ground every week when an opposition player is apparently injured, though: 'no issue'? When 'Off the Ball' described a poor flag as 'poofy' I actually, for the first time in my life, got off my arse and complained. I got a reply: it was drivel. Credit where it's due, though, the programme presumably realised they were out of order and have since addressed the issue interestingly and humourously. What the incident that riled me shows, though, is that many of us are actively discriminatory without even realising it: Stuart Cosgrove was no more actively trying to put down homosexuality than I am actively trying to create a Protestant theocracy when I sing 'No Surrender' at Ibrox. The effect, nevertheless, can be non-inclusive. My singing of that song is based on the fact that it creates a great atmosphere first and last, and not in any way because I care about or know about Irish or religious history. Others, though, hear my singing and feel excluded or offended by it. What to me is a noise is to others an insult - if Tom English, easily the best analyst of the game at the moment, is freaked out by it I have to think twice. That's not to say I will agree with him, but it gives pause for thought. Plainly all these issues are hyper-sensitive with absolutes thin on the ground, but there's simply no way we have absolutely 'no issue' with racism or homophobia. I suppose the point I'm trying to make is that in our game, all three of these issues exist to varying degrees, but only one is taken seriously and, conveniently, it's the one that can be blamed on someone else. Sectarianism deserves to be taken seriously, but so too do other forms of bigotry: not least sexism, which in Scotland remains rampant. I find women as sexually stimulating as the next man, assuming he's straight, but that's no reason to objectify them or base a professional appraisal on their chests or backsides: that's still the default position of far too many men. We've plenty issues which could do with being addressed both in the game and in the country, but the first step we take will have to be from our own front doors. Blaming everything on Rangers and Rangers fans while insisting the rest of the land is a paradise of tolerance and diversity is doing no-one any favours: a more honest appraisal of our own prejudices would reveal some or all of these issues, far from being non-existent, might be visible in the mirror tomorrow morning as you shave. http://www.gersnet.co.uk/index.php/latest-news/252-sds-survey-no-issues-no-chance

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."

http://www.bbc.co.uk/sport/0/football/27804525 By Richard Wilson BBC Scotland Finance remains the fundamental issue at Rangers. One contingency plan has always been to seek additional funding from current shareholders, and a substantial drop in season-ticket sales merely exacerbates the problem. When chief executive Graham Wallace published his business review last April, he indicated that if the uptake of season tickets was "materially less than anticipated" then the board would consider a pre-emptive offering of 43 million unissued Rangers International Football Club shares to existing shareholders. That remains, for now, the only viable way for the business to raise additional funding. With a new share issue proposed later this year, the price would be at a discount to the current market value of 27p and the intention is believed to be to generate in the region of £7m. This would go some way to covering any shortfall from a significant drop in season-ticket sales, and so allow the business to continue trading for the next 12 months. Unanswered questions abound, though. Which shareholders, for instance, would participate? Some individuals are suggesting that Laxey Partners would invest more money, along with Sandy Easdale, the chairman of the Rangers Football Club board. Others believe that the institutional shareholders, such as Hargreave Hale and Artemis, would not participate, given the sharp fall in the share price from its launch of 70p. In the first instance, existing shareholders are normally offered enough additional shares to maintain the size of their overall stake. Any shares that are not taken up could then be offered to existing shareholders to allow them to increase their ownership stake. It is also theoretically possible, though, for the board to place shares with specific existing shareholders, which could strengthen the power base of the group of aligned shareholders who currently effectively run the club. That would, though, be likely to agitate those left out and potentially cause further upheaval. However, Easdale and his proxies could then be considered as acting as a concert party if their combined shareholding goes above the 29% threshold, and so expose them to takeover panel rules and regulations. While a pre-emptive offering is restricted to current shareholders, their rights to participate can be acquired by non-shareholders. So while finance remains the fundamental issue at Ibrox, in that it underpins every substantial development, how the need for funding is addressed is also critical. Control is at stake also. Laxey Partners are currently the largest single shareholder, while Sandy Easdale held the proxies for around 25% of shareholders at last December's annual meeting. Institutional shareholders supported the current board at the AGM, but the need for additional funding may alter their point of view. Wallace is attempting to steer a course through the demands of financial issues and specific shareholder interests. There is no simple solution, beyond a radical change to the shareholder dynamic. That would only occur, though, if shareholders were prepared to sell their stakes or if a fresh rights issue was launched to the public. In the meantime, the Rangers board need to ensure that the business can trade as a going concern for the next 12 months. When the interim results were released last March, they contained a note outlining that a fall in season-ticket renewals from last year's figure of 38,000 would affect the business's ability to trade as going concern. Right now, Rangers are thought to still be considerably short of that. Short-term financial issues are at the forefront, but other intrigues also exist. It has been possible to detect, within the noise around the club, a growing tension between Wallace and Sandy Easdale, who is not a member of the plc board. Wallace has the executive role, but Easdale, through his proxies, carries the strongest shareholder authority. Rangers' April review: Key points Business needs to raise up to £30m over three years New share issue planned for autumn 2014 Cuts of £2m have already been made with other savings likely Plan to make the business sustainable by season 2015/16 Aim to make team Scottish Premiership winners by 2017 The flow of information is also a source of consternation to some within Ibrox, not least because talk of a share option is price-sensitive information and ought to be published first to the stock exchange. Jostling for position is evident, although finance remains the key point, not individuals. Dave King, the former Rangers director, wants to invest directly in the club. The South African-based businessman and Wallace in his business review both estimated that it will require £20-30m of additional investment to provide Rangers with the means to challenge Celtic for the Premiership title and compete again in Europe. The only way to raise that kind of money would be a fresh public offering of shares, which is what King wants to participate in since his money would go directly to the club, which needs money spent on the football infrastructure - there is still no scouting network - and maintenance work at Ibrox. King's intervention would likely lead to the dilution of the current shareholders, though, which is why an alternative route is being sought. The current squad, with one or two additions, ought to be good enough to gain promotion from the Championship, but to compete again with Celtic, Rangers need to be properly rebuilt. There is a current shortfall to address, but that is only a short-term fix. For Rangers to compete at the highest level, a change in approach is required.

Written by Andy Steel As the globe gears up for the festival of football that is The World Cup, it's good to know that here in Scotland there are people who haven't taken their eye off what's really important. While the Coupe Mondiale deserves the capitalised definitive article, given its planet-bestriding presence, Scottish football's lower case lackeys show no sign of drying up. For once, though, it isn't Rangers we have to thank for a distraction from minor events such as the biggest sporting event on earth; it's the breath-of-fresh-air that is dynastic scion and Corner Shop King, Dundee United's Steven Thompson. For Bluenoses who feared that their club had cornered the market in dimwitted Chairmen and chief executives who pander to their support and are only marginally chastised by being exposed as liars or incompetents, Thompson's scenery chewing performances of late have been a blessed relief. Exposed as fibbing about the SFA over Scottish Cup ticket allocations, he now insists said sad Glasgow club have only two years of history and so aren't due much compensation over the transfer of Charlie Telfer. Since his club's fans tend to tediously complain about Rangers and others economic lack of soul, such fairly blatant posturing to sell season tickets is interesting coming from this source: but then, bullshit has never been in short supply in Scotland. Be that as it may, I would think most Rangers fans are 99.9% concerned at seeing decent youth players leave and, shall we say, 'experienced' names like Kenny Miller come in, added to the rather obvious panting of the Rangers board to get Dundee United (or anyone's) money to keep them going: feeble attempts at closed season advertising on Rangers back are likely some way down their list of worries. Thompson was wrong about tickets, he's wrong about Rangers, and that's about it. I, however, am grateful that Mr Thompson has taken up the slack left by Charles Green as the game's go-to guy for guff. The horror of the unrelenting stream of cobblers coming out of Ibrox has been hard to take, and, the egregious balloon of pomposity that is Turnbull Hutton aside, few others in the game seemed willing to try to match it. Then again, we should be careful. Who knows? While the world settles down to see if Brazil can win on home soil, perhaps Mr Thompson already has his application for Graham Wallace's job in the post...he seems 'Ready' to make the step up. http://www.gersnet.co.uk/index.php/latest-news/249-a-heartfelt-thanks-to-steven-thompson

SATURDAY, 17 MAY 2014 19:30[h=2]Club Statement[/h]WRITTEN BY RANGERS FOOTBALL CLUB RANGERS have issued the following statement today: “Representatives of Rangers have met with a number of supporter groups over the past few days and discussed a wide range of topics. We again made it clear during these meetings that the club will not grant security over Ibrox to any organisation and therefore the 'Ibrox 1972' scheme can never achieve its objectives. In addition the club will not accept season ticket applications from third parties such as 'Ibrox 1972' on behalf of supporters. “In some of our discussions with fans, it was indicated that there was a wish for the Board to confirm that our statement of intention not to grant security over Ibrox could become a commitment that would last for 12 months. This has subsequently been discussed by the Board and the Board confirms that it will not be seeking to effect a sale and leaseback or grant security over Ibrox during that period of time. “The Board is rebuilding the Club by ensuring its financial stability and the integrity of its assets. “Whilst the Board is reported to have offered legally binding undertakings during a fan group discussion in relation to Ibrox and Murray Park, this is not the case. The Board is committed to high standards of corporate governance and is comfortable that it has at all times been very clear in providing consistent and unequivocal public comments on this subject. "Season ticket sales have continued at a good pace over the last few days and we appreciate the continued support shown by our loyal fans. "We trust that any supporters who may have been in any doubt about the Board's previous statements regarding Ibrox now have an additional level of comfort and any who may have made, or were considering making, a pledge of their season ticket money to 'Ibrox 1972' are clear that there is no prospect of that group achieving its aims."

http://vanguardbears.co.uk/ Evidence-Based Mathematics Written by: Ulster Loyal Wednesday, 7th May 2014 Much has been said and written about the finances of Britain's most successful sporting institution, Rangers Football Club. Speculation over the possibility of a second administration or likely direction of the share price has dominated Rangers based conversations in many a pub and many an internet forum. Not all of these conversations are helpful when they are presented in public, through various media, with no factual substance. They can subsequently cause unnecessary, widespread alarm and subject the club to destabilising influences, such as supporter boycotts and police investigations. The preferred way forward for all supporters should be to thoughtfully and objectively use the available information in Rangers' financial accounts to present a factual representation of our club's current business operations and forecast it's likely success going forward. Mathematics can help us to analyse the prospect of a company entering bankruptcy. On 25th December 2013, the following report was prepared, and posted on the Vanguard Bears forum, regarding the likelihood of Rangers going bankrupt: --- START OF ANALYISIS --- Rangers International Football Club (RIFC) has an Altman Z2-Score of 2.25; a statistical bankruptcy meter generated from a set of balance sheet ratios. Q – Are liquid assets a significant proportion of the assets? A – RISK •Testing: Working Capital/Total Assets > 0.2375 •RIFC Details: Working Capital/Total Assets = 0.018 Q – Do reinvested earnings make up a significant portion of the assets? A – SAFE •Testing: Retained Earnings/Total Assets > -0.1355 •RIFC Details: Retained Earnings/Total Assets = 0.34 Q – Are the assets relatively productive in terms of earnings? A – SAFE •Testing: Earnings Before Interest and Taxes/Total Assets > -0.082 •RIFC Details: Earnings Before Interest and Taxes/Total Assets = 0.019 Q – Does firm value compare favourably to its liabilities? A – RISK •Testing: Market Value of Equity/Book Value of Total Liabilities > 1.439 •RIFC Details: Market Value of Equity/Book Value of Total Liabilities = 0.89 Regarding the Altman Z2-Score: •Greater than 3.00 = good financial health. •Less than 1.80 = a company is in the distress zone and is in serious financial trouble; the distress zone is 80-90% accurate in predicting bankruptcy. •Rangers' score of 2.25 indicates it is not entirely safe from financial distress and investors should be cautious. --- END OF ANALYSIS --- The problem with supporters warning of the imminent arrival of another financial collapse at Rangers is that they have no statistical analysis to give credibility to their claims. When the share price was at around 33p, it was my opinion, reached using mathematical evidence, that the likely intrinsic value of Rangers was closer to 25.67p. I made similar comments in October 2013 when the share price was around 43p. The following analysis regarding an estimate of the true share price valuation of RIFC was also carried out in December: --- START OF ANALYSIS --- a) Discounted Cash Flow Valuation Method (forward looking growth model): 0p per share; 100% overvalued (due to negative cash flows that are not forecast to increase in the next 8 years). This is based on the following inputs: •The company's sustainable cash flow is -£12.61m (taken as the average between latest free cash flow (-£18.9m) and 3 year average free cash flow (which includes 2 years of £0 due to not having data for those years, making this valuation input more unreliable)) •Expected growth rate of cash flow of 0% for the next 8 years (3 year average cash flow growth, 5 year average cash flow growth, year 1 forecast earnings per share growth and year 2 forecast earnings per share growth are normally added as an input here but that data is not available for Rangers at this stage, making this valuation input more unreliable) •The company should settle into a long term growth rate of 3% (if we don't have reliable forecasts, we default to normal inflation levels and that is what we've done here) •Investors require a return of 15% for the risk they are taking (due to being a small cap company, 9% would be applicable to large cap companies) b) Earnings Power Value Valuation Method (zero growth model based on current earnings): 25.67p per share; 23.4% overvalued. This is based on the following inputs: •Sustainable level of revenue is £19.11m (latest revenue; 3 year average revenue and 12 month rolling forecast revenue is normally included but we don't have these inputs for RIFC, making this valuation input more unreliable) •Across the economic cycle, the operating margin in 7.8% (we normally take an average of a 5-10 year operating margin and a trailing 12 month operating margin but we don't have that data for RIFC, making this valuation input more unreliable) •On average the company see £0m of 'exceptionals' (we normally deduct the long term average of non-recurring charges but we don't have this data for RIFC, making this valuation input more unreliable) •15% of historic selling, general and administrative expense has funded growth (typically 15% to 50% of this is added back to a company's Earnings Power Value to make up for the fact some of that expenditure went towards funding growth as opposed to maintaining the existing asset base; Earnings Power Value only takes into account current earnings and is a zero growth model; we don't have enough data for RIFC on this value so we assume the minimum standard of 15%) •Each year, the company spends -£2.48m on maintenance capital expenditure (capex) (maintenance capex can be calculated by subtracting growth capex from total capex; again, we don't have long term forecasts for this based on historical figures so we are largely estimating these on limited results from the previous earnings report) •Investors require a return of 15% for the risk they are taking (due to being a small cap company, 9% would be applicable to large cap companies) c) "Relative to Sector" Valuation Method: 92.51p per share; 176.2% undervalued Based on the following inputs: When we compare RIFC to the Hotels and Entertainment services sector, we have the following valuation ratios for RIFC: •Price To Book Value: 0.39 • Price To Tangible Book Value: 0.57 • Enterprise Value To Earnings Before Interest, Tax, Depreciation and Amortisation: 3.14 • Enterprise Value To Operating Profit: 8.38 • Enterprise Value To Sales: 0.66 By comparison, we have the following corresponding valuation ratios for companies in the Hotels and Entertainment Services sector: •Price To Book Value: 1.95 • Price To Tangible Book Value: 2.19 • Enterprise Value To Earnings Before Interest, Tax, Depreciation and Amortisation: 12.7 • Enterprise Value To Operating Profit: 18.3 • Enterprise Value To Sales: 2.10 The Relative To Sector Valuation Method compares RIFC's valuation against the median multiples of the company's sector peer group. d) Net Current Asset Value Valuation Method: 0p per share; 100% overvalued Based on the following inputs: The company's current assets (long term assets are not included) are £16.5m • Cash And Short Term Investments (trailing 12 months) £11.2m •Total Receivables, Net £5.23m •Total Inventory £0.085m •Other Current Assets £0.000m The company's total liabilities are £24.7m • Total Current Liabilities £15.1m •Minority Interests £0.25m •Deferred Tax £7.82m •Total Long Term Debt £0.96m •Total Other Liabilities £0.52m The shares outstanding are 65,095,856m e) Net Working Capital Valuation Method: 0p per share; 100% overvalued Based on the following inputs: •The company's Cash and Short Term Investments are £11.2m • The company's Inventory is £0.085m • The company's Receivables are £5.23m • The company's Total Liabilities are £24.7m • The Shares Outstanding are 65,095,856m f) Tangible Book Value Valuation Method: 59.1p; 76.4% undervalued •The company's Book Value (total assets minus liabilities) is £56.9m • The company's Intangible Assets are £18.4m • The company's Goodwill is £0.000m • The Shares Outstanding are 65,095,856m --- END OF ANALYSIS --- The following commentary from the 10th of January 2014 further explained the information provided on the 25th of December 2013. --- START OF COMMENTARY --- "As you can see there are only three valuation methods that assign a value greater than 0p to Rangers; Earnings Power Value, Tangible Book Value and Relative To Sector. There are only two valuation methods that assign a share price that is higher than the current level of 28.5p. However, investors likely won't use these methods to value Rangers, and inform their investing decisions, for the following reasons, thus eliminating any mathematical reason to think that the current share price is cheap, based on an objective analysis of the company's financial results: Relative To Sector is an unreliable valuation because it compares Rangers to the Hotels and Entertainment Services sector, based on how the stock is classified by the stock market. It would be better to only compare Rangers to other football clubs but there is a shortage of listed football clubs and the sample size would be too small to draw any conclusions. The Tangible Book Value method is good at valuing the club's assets. However, value of assets is very different to the value of the business. If the assets are not generating sufficient income to make a profit, then investors lose confidence in the ability of those assets to generate future growth and profitable cash flows. As a result, the business is worth less to those that may seek to invest in it. If the company is liquidated due to large debts, the investors likely won't see the value of the assets they invested in because shareholders are below creditors in the capital structure of a business. Therefore, an investor does not invest on the basis of the book value of the assets of a company but rather the ability of those assets to generate a return on investment. Now, the only method left that assigns a value to Rangers, and would be a realistic evaluation of the club's true worth as a business, in the opinion of investors (which is largely what dictates the share price), is the Earnings Power Value method. This valuation metric values the club based on current earnings and assumes no growth in the company (which can't be measured anyway due to negative cash flows). It is a realistic valuation because it makes no assumptions about future growth, which can be inaccurate, and is only an analysis of the present situation. According to the Earnings Power Value method, Rangers is valued at 25.67p. Therefore, the current share price of 28.5p is close to being a fair valuation of Rangers. Rather than speculating on boardroom battles and their subsequent effect on the share price, I have simply looked at the value of the business from an objective, mathematical view. In the long term, a company's share price will converge with its Intrinsic Value. It's just mathematics and market forces. The downwards movement in the share price of Rangers comes as no surprise to me." ---END OF COMMENTARY--- The best way to comment on the financial situation at Rangers is by working with the facts, not by letting unfounded allegations cloud your judgement. History will show us which commentary - evidence based mathematics here on Vanguard Bears or the agenda-driven, emotional rhetoric from power-seeking, self-proclaimed fans' representatives - proved to be an accurate account of the financial picture at Rangers. It is now the 7th of May 2014 - Rangers is still operating and the share price is 23.00p.

"The Union of Fans is absolutely appalled by Graham Wallace’s business review and revelations over the weekend regarding Mr Wallace’s alleged behaviour and that of this board. Given the serious nature of the allegations, we expect David Somers, in his role as chairman, to suspend Mr Wallace until these investigations are complete. It is our firm belief that shareholders have been misled. First of all we would like to address the London Stock Exchange statement, and Mr Wallace’s subsequent comments in his press conference, which attempted to lay the blame for the withdrawal of credit and debit card facilities at the door of UoF and Dave King. We are aware that FirstData, the payment processing company, first alerted Mr Wallace to the need for security for these facilities on 23rd January of this year, a full month before Dave King and the Union of Fans spoke about the idea of a season ticket trust. FirstData clearly communicated that this was due to the shocking financial results released in December and Mr Wallace’s attempt on the 16th January, just four working days before FirstData raised the issue, to get the players to take a wage cut. FirstData did not at that time raise any issues with a possible decline in season ticket sales as being a reason for the need for security. Once again we have seen a Rangers board attempt to deflect the blame for their own incompetence onto fans who only want the best for the club. Even more seriously, this is a blatant attempt to mislead shareholders as to the underlying reasons for the club’s inability to provide these facilities. As if this was not bad enough, we now find out that Mr Wallace has been reported to police over his comments at the AGM about the club’s financial position. We have consistently stated that his AGM undertaking that the club had sufficient funds was false and nothing that has happened since has shaken us from that belief. We are not surprised that his consistent refusal to address this issue has led to angry shareholders taking this action and we hope there will be a full and thorough investigation. Mr Wallace’s ‘120 day’ review could have been written by any Rangers fan before Mr Wallace even took up his position. It is full of vague promises for the future which read like a wish list from a fans forum. Whilst much of the content in terms of football progress is certainly desirable, there is a complete lack of any detail as to how this board can achieve it. They have provided no evidence that they can raise the necessary funds to take the club forward and we have no confidence in them to do so. We note Mr Wallace’s criticism of previous boards. James Easdale sat on the previous board from July of last year. Is he now going to be removed for his part in this financial mismanagement? Sandy Easdale became a de facto member of the previous board in September last year and has clearly had unprecedented and unjustifiable access to the PLC’s financial details since. His public statements just prior to the review showed that he has access to information he should not, were share price sensitive and showed the utter lack of corporate governance being enforced by Mr Somers in his role as chairman. It is time for Mr Somers, our absent chairman, to step forward and clear up this mess. He must explain why his CEO, Mr Wallace, misled shareholders. He must suspend Mr Wallace pending the conclusion of police investigations. He must deal with the serious questions over Sandy Easdale’s role and why he is being treated like a privileged PLC board member when he is simply a minority shareholder with undue influence. He should also inform shareholders and fans whether the board as a whole was aware that the reason given to the London Stock Exchange for the need for security to obtain credit and debit card facilities was misleading. He is responsible for the total lack of corporate governance on this board and must act now or his own reputation with be irrevocably damaged. This board is a disgrace to Rangers Football Club and the current members of it are running our club into the ground whilst simultaneously making a mockery of the positions they are privileged to hold." http://www.unionoffans.org/statements/2014/4/27/uof-statement-270414

... from Ibrox Noise. I know quite a few will jump in here and there, but maybe it would do good to read the article twice before go haring after specific things. Posted by Ibrox Noise at 10:26 It will come of no surprise that I agree with a lot IN has to say, including that I don't view the current status quo as ideal.