Rangers supporters' chief demands Craig Whyte comes clean over season ticket cash

[ian1964 10,761]

ANDY KERR shared a massive stage in front of an audience of nearly 50,000 with Craig Whyte just 11 days ago.

 

This morning, the Rangers Supporters' Assembly chief would love nothing more than to be sitting in the same room as the club's owner to ask him just one simple question.

 

Where has the money gone?

 

Kerr, who helped Whyte make a presentation to departing club captain David Weir on the Ibrox turf against Aberdeen on January 21, has pored over Record Sport's investigation into the financial situation at Rangers and admits he is deeply concerned about the club's future.

 

The Assembly, an umbrella organisation that covers around 30,000 Rangers fans from all over the globe, won't pre-judge the situation but does want clarity from Whyte on the manner in which he has gone about his business.

 

Of major concern to Kerr is the fact Whyte has sold off a large chunk of season-ticket sales over the next three seasons, yet when the first instalment of £9.5million had to be paid to Ticketus, the London-based lending firm, Rangers could pay only £3.5m and had to borrow another £6m against a chunk of ticket sales for season 2014-15.

 

That means Rangers are relying on their fans buying enough season-tickets over the next four years to pay back the loans - and Kerr's chief concern is that if they don't, Whyte will just keep on borrowing and the club's already spiralling debt will spin it into oblivion.

 

Kerr chose his words carefully and is not a tub-thumping panic merchant. But he is genuinely worried about the future of the club he loves.

 

He said: "I think the majority of fans who have bought season-tickets would not be aware of the manner in which that money is being used.

 

"I was aware that the £18m debt to Lloyds TSB had been paid but Craig Whyte strongly implied that the money had come from other parts of his business empire.

 

"Having now seen the extent to which we have borrowed, and Craig saying it wasn't for the takeover, that begs the question: 'Where is that money and what is it being used for?'

 

"A number of us have had a concern about current cash flow and, to be fair, he has reassured me twice on that.

 

"We had a formal meeting with him in September and he was questioned about all aspects of the club's finances. On January 2, myself and some colleagues from the Assembly had a more informal chat with him and we spoke about the suggestion that cash flow was a problem but he said we were fine.

 

"However, I was looking at it from the angle that when the season-ticket money from this season was in and we got bombed out of Europe, basically our income streams were negligible from that moment on.

 

"Corporate hospitality and advertising is probably going the wrong way and we are struggling to sell out the tickets that are not season-tickets when it comes to a match day.

 

"We didn't have a big, high-profile home game in the run-up to Christmas, which meant the income stream was probably as low as it could be - so we had to ask how we are paying wages, keeping the bills paid and dealing with the ongoing court cases.

 

"If money has been borrowed to the extent being claimed, then where is it and how is it being used? "What disturbed me was that when the time came to pay some of this money back (£9.5m), we could only pay some of it (£3.5m) and had to borrow more. If that was your son or your brother's personal finances, you'd be saying, 'what are you doing?' "All you are doing is digging a deeper hole. That's the kind of concerns we have."

 

Kerr insists the Rangers fans have shown their support for the club by continuing to buy season books in huge numbers in the last four years but he fears that losing the league, allied to a lack of investment in the playing squad, could lead to a downturn in numbers - and not enough cash coming in to pay back Ticketus.

 

He added: "The response from the fans has been magnificent, given the circumstances, but there is no guarantee that can be sustained - especially if the team is struggling.

 

"As much as we have a strong, loyal support, to keep that up at around 37,000 or 38,000 season-ticket holders every year is difficult in these economic times.

 

"The worst case scenario for me, as a Rangers supporter, is if this starts to turn people away from the club in terms of buying a season-ticket or putting their money in.

 

"We have to keep it positive. Tell people we are hanging in there and are continuing to support the club.

 

"But this is like a dagger in the heart. Not only does administration seem like an issue, there's a danger of the whole thing going down the tubes.

 

"We have rivals that love to see us squirm but I don't think they are naive enough to think it would be good for Scottish football if Rangers didn't exist.

 

"One thing that keeps coming around to the shareholders is Craig Whyte's statement which promised injections of money and a three to four-year plan of capital input.

 

"But if we are just borrowing then it brings that into question.

 

"My main call to the club would be: Is there a way of converting all this different information into a format that's clear for the ordinary fan and tell us where the cash is going?"

 

http://www.dailyrecord.co.uk/football/spl/rangers/2012/02/01/rangers-supporters-chief-demands-owner-craig-whyte-comes-clean-over-season-ticket-cash-86908-23730324/

[Frankie 8,665]

I think the Assembly and the Trust have made good points over the last 24hours.

 

It's now up to Whyte to answer them and, if not, the fan organisations must put plans in place to apply pressure.

[GovanAllan 0]

I think the Assembly and the Trust have made good points over the last 24hours.

 

It's now up to Whyte to answer them and, if not, the fan organisations must put plans in place to apply pressure.

 

What pressure can they apply Frankie stand outside and spit their dummy's at the front door call for protests in the car park or boycotts. Yes by all means ask questions but it should also be a private meeting with no details released, we have enough of our business spread all over the paper.

[Frankie 8,665]

What pressure can they apply Frankie stand outside and spit their dummy's at the front door call for protests in the car park or boycotts. Yes by all means ask questions but it should also be a private meeting with no details released, we have enough of our business spread all over the paper.

 

Protests or boycotts would be unhelpful but, like you say, a formal minuted meeting would be agreeable in the first instance - an AGM preferably.

 

At the end of the day the fan organisations wouldn't need to call for anything if the club starts to drift or people's money is not accounted for. People (rightly or wrongly) will just stop going.

[chilledbear 16]

I'm fed up with private meetings, behind the scene deals and so called money men who can only work by building up colossal debt.

 

If they want anymore of my money, they can try and convince me I can trust them.

[GovanAllan 0]

Protests or boycotts would be unhelpful but, like you say, a formal minuted meeting would be agreeable in the first instance - an AGM preferably.

 

At the end of the day the fan organisations wouldn't need to call for anything if the club starts to drift or people's money is not accounted for. People (rightly or wrongly) will just stop going.

 

I read somewhere a fan calling for an EGM can that be called by the shareholders.

Edited February 1, 2012 by GovanAllan

[Gers4Life 0]

I'm fed up with private meetings, behind the scene deals and so called money men who can only work by building up colossal debt.

 

If they want anymore of my money, they can try and convince me I can trust them.

 

In saying that I was over at the ticket centre today buying tickets for the Dunfermline match and then headed over to the megastore for a look and a two media guys were standing in the carpark and as I was leaving the store, one of the guys approached me and said' are you a fan' would you like to make a comment to which I replied' no comment'

[Guest Dutchy]

There certainly seems to be more than a fair share of fiddley-diddley, smoke and mirror financial tricks going on.

 

Where have all the promises of player funding gone???

[forlanssister 3,114]

I read somewhere a fan calling for an EGM can that be called by the shareholders.

 

Yes.

 

Members' power to require directors to call general meetings (sec303 - sec304)

The directors must call a general meeting if so requested by the holders of 10% of the voting shares (or 10% of the voting rights if no shares). If at least 12 months have elapsed since the last general meeting called under this section, the request may be made by 5%.

The request for the meeting must state the general nature of the business to be dealt with and may include the text of a resolution to be moved at the meeting (provided the resolution would not be ineffective (e.g. under the Act or because contrary to the company's articles, etc., and provided it is not defamatory, frivolous or vexatious).

If the request is properly made, the directors must within 21 days call the meeting for a date not more than 28 days after the date of the notice calling the meeting. If the request included a proposed resolution, that must be included in the notice, which will then be part of the business that can be conducted at the meeting. (If it is a special resolution, the notice of the meeting must say so, in accordance with sec283, above.)

[Frankie 8,665]

What %age of the shares does Dave King own?