Smith fury as bank denies it is in charge

[ian1964 10,826]

Exclusive By Darryl Broadfoot

WALTER SMITH has reacted furiously to the Lloyds Banking Group statement released yesterday that implies the Rangers' manager lied about the bank's control of the club.

 

The Evening Times understands Smith was apoplectic at the wording of the bank's response to our exclusive revelations yesterday.

 

They outlined the critical condition of the club, the growing influence of the bank in its affairs and the split that has emerged within the boardroom.

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Smith feels he has now been left in an impossible position and conveyed his deep unhappiness to the hierarchy.

 

Indeed, he is now so fed-up with the internal politics and deception at play he could leave as soon as a new owner is found, even if it means leaving before the end of the season or before his contract ends in January.

 

He has also received the unanimous support of the fans after Lloyds statement elicited an angry response across fans' websites and phone-ins.

 

The statement, released last night, included the incendiary phrase: "Given the recent press coverage, we would therefore like to be clear Rangers FC is neither operated nor run by Lloyds Banking Group."

 

Smith, 61, is so disenchanted with life at Ibrox he felt compelled to speak out publicly after the 1-1 draw against Hibernian on Saturday.

 

In a further twist, the Evening Times understands chief executive Martin Bain will not walk away from the club despite growing speculation the bank is keen to remove the man who has steadfastly refused to agree with the swingeing programme of cuts mooted at the last board meeting.

 

Gordon McKie, the chief executive of the Scottish Rugby Union, has been linked as a possible replacement but if Bain is sacked, he will be followed out the door by Smith and Alastair Johnston, the chairman, in protest at the bank's decision.

 

This would effectively leave Donald Muir, the Lloyds-employed turnaround specialist appointed to the board, as the man effectively in charge of the club, which is around �£30m in debt.

 

 

http://www.eveningtimes.co.uk/news/display.var.2533280.0.0.php

[biggordy 0]

Could he just mean metaphorically "run by the bank" or would that be just a cop out ?

[gisabeer 409]

never seen so much shit stirring in the one article.

 

i think we should stop speculating and just wait and see what develops over the next few weeks.

[andy steel 0]

'Incendiary' ?!?!?

 

Someone put a dictionary at the top of that wallah's Christmas list!

[Super_Ally 0]

No quote from Smith backing up the headline?

[Zappa 0]

No quote from Smith backing up the headline?

It'll be the same from the press until this is all cleared up. They're loving all this turmoil, because they'll be selling more rags & getting more website hits. TBH, some of what the press are saying is probably true. It's just a matter of weeding out which bits are worth taking seriously.

[Bluedell 5,884]

There's a number of people in the know (Barrybaldy, Contacts) who say it's all true.

[Frankie 8,825]

I can't understand why these credible posters and the media coverage is blatantly denied by the bank and Rangers....

 

Pressure must be put on the club to clarify the situation.

[Zappa 0]

I can't understand why these credible posters and the media coverage is blatantly denied by the bank and Rangers....

 

Pressure must be put on the club to clarify the situation.

Looks like the club & bank are trying to sweep it under the carpet to make things seem better than they are & prevent an uproar & panic, but it seems they've been found out. Not a good situation at all.