http://www.investegate.co.uk/rangers-int-f-c--plc--rfc-/rns/business-review-and-strategic-plan-update/201404251100045425F/
the presumed availability of a £2 million overdraft facility The Club has entered into a number of contracts that are onerous and not delivering value on price or service. In several instances it appears that the Club did not use lawyers to protect its interests. Work is in progress to terminate or re-negotiate these as appropriate. The absence of any effective cash and business planning processes, and budget accountability led to a culture where there was limited responsibility and ownership for financial management. The Club acquired a number of players in Summer 2013 that, based on financial forecasts, it should have known that it could not afford. The first team squad has the second highest wage bill in Scottish football for a team currently playing in the third tier. The total player wage cost is well in excess of the level it should be primarily due to generous and poorly structured contracts that were awarded to some players when they joined the Club. The ability to influence the composition and cost of the squad in the short term is limited due to existing contract periods and terms. Only a small number of current first team player contracts end in Summer 2014 and the team will require strengthening for the Championship next season. There is no proper talent identification and scouting operation in place for professional players and at the time when investment in playing talent needed to focus on identifying value acquisitions, the Club dismantled its scouting and recruitment network.
In other words, Green and his business associates took as much as they could from the club and didn't give a **** about the consequences.
I said a few weeks ago that I pictured Charlie riding a Unicorn around his chateau with saddlebags full of cash, looks like i was not far off.
