ian1964 10,563 Posted December 21, 2013 Share Posted December 21, 2013 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,563 Posted December 21, 2013 Author Share Posted December 21, 2013 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,563 Posted December 21, 2013 Author Share Posted December 21, 2013 Rangers not planning talks with investor Dave King RANGERS chief executive Graham Wallace has no plans to meet investor Dave King – despite admitting the Ibrox club will need to raise more money before they can compete in the Premiership. Wallace laid bare the extent of the ongoing overspending at the Glasgow club when he claimed the League One leaders were living beyond the means of a top-flight club. Wallace and his fellow board members all retained their positions at Thursday’s stormy AGM as a challenge from a quartet, including former Ibrox directors Paul Murray and Malcolm Murray, failed. The recently-appointed chief executive could not deny that major change was required. But, while Wallace’s predecessor Craig Mather spoke to King – another former boardroom member – in a bid to secure new investment and help win over fans, he is not of the same mind. I haven’t met the gentleman and have no immediate plans to do so Graham Wallace Wallace said: “I have never net Dave King. I am aware, obviously, of his history with the club. “What we’ll do as part of the business is develop a structured business plan we can look at over the next three to five years. “From that, we will identify the levels of investments that we need. “We will have conversations with our existing shareholders and, indeed, other potential investors. That may or may not include Dave King. “I haven’t met the gentleman and have no immediate plans to do so.” The club raised £22million a year ago through an initial public share offering. But more than a quarter of that money was spent on fees and the club made a £14.4million operating loss last season. Wallace has begun to hold talks with existing shareholders about future investment. He said: “What they are looking for is a period of stability, they want comfort that the business is being run in the right way. “If you look at the share price today as to when the club was floated in the IPO, it is basically half, so investors putting money in when they are looking at a 50 per cent reduction in what they have already put in is a tough landscape. “But having the stability and platform today to move it forward will give those investors comfort that the business is being run in they way they want it.” http://www.express.co.uk/sport/football/449856/Rangers-not-planning-talks-with-investor-Dave-King 0 Quote Link to post Share on other sites More sharing options...
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