THE ruby red facade of Ibrox Stadium burns a brighter shade of crimson this morning in shame and embarrassment at the men running Rangers.Their much-anticipated review of business, released yesterday, flows like a Niagara of corporate negligence. The likely success of their action plan for the direction of the club going forward? Fantasy, more akin to the fountain pen of JM Barrie than the laptop of chief executive Graham Wallace.
The route back to the Champions League? Step outside the Ibrox Underground, past the Louden Tavern, second star on the right and straight on until morning. This is a club teetering on the brink as a result of gross mismanagement, greed, self-interest and wilful disregard for the feelings of fans.
The Light Blues legions have looked on in anguish and increasing anger as the best part of £71million, most of it their money, was squandered in just 18 months from May 2012 to December 2013. Wallace’s assertion it was all the fault of previous regimes is as ridiculous as the notion unrest from Ibrox agitators was a major factor behind the decision of their credit card facilitator to withdraw its services. Take it as read – Rangers knew of the difficulties looming in the relationship with their credit card operator even before Dave King urged fans to boycott the purchase of season tickets in February. Their merchant acquirer raised serious questions about the financial stability of the club, which was described as “fragile” by Sandy Easdale on Thursday and as “precarious” by Wallace yesterday.
But Rangers still had the bare-faced cheek yesterday to ask fans to fork out £400 by cash or cheque with absolutely no guarantees for security of their investment or even that the club will still be in business by the end of next month. The club issued a “going concern warning” in their half yearly accounts in December unless season-ticket cash was forthcoming in the summer and yet have failed miserably to secure a vehicle for fans who wish to invest with the security of a credit card the opportunity to do so.
The Union of Fans propose to announce details of their season ticket trust fund scheme next week and it will be interesting to note if they offer a credit card facility. Don’t be surprised to see one in place. In blaming the sins of the fathers, Wallace also shamefully neglected to mention James Easdale has been a Rangers director since last July and that he and brother Sandy – a member of the club’s football board since last September – have been around Ibrox longer than 12 months.
They are the watchmen for the mysterious Blue Pitch and Margarita Holdings and are closely aligned with Laxey Partners and their continued involvement in the club, given the corporate vandalism of the last two years, is hard to accept for many fans and employees. As Sandy Easdale gave his ill-judged interview to the BBC on Thursday morning hardworking Rangers admin staff at Argyle House, knowing redundancies were coming, pressed their noses to the windows in disbelief at the sight below. At least one member of staff had to be restrained from going down to publicly confront the transport boss who was given the comfort of security of Edmiston House for his recent £500,000 loan and yet expects fans to hand over their collective hard-earned for nothing in return.
Wallace’s nest is well feathered with a salary package of around £300,000, which will be boosted by £20,000 plus when Rangers return to the top flight and the same again the moment they kick a ball in UEFA competition. In addition he is on a 100 per cent bonus but he’s not the only one doing all right out of Rangers in these obscene days. It beggars belief that in a week redundancies are mooted the board confirm the appointment of another expensive spin doctor, Paul Tyrrell, to add to the two PR companies already paid well for doing little in return. Keith Bishop Associates, for example, are on an 18-month contract as part of the club’s deal with Sports Direct. They invoiced Rangers last year for £27,000 and one official was so gobsmacked at the scale of payment for the work associated with it he demanded it not be paid.
Meanwhile, financial PR company Newgate Threadneedle are also being paid around £60,000 a year for making the club’s corporate announcements to the stock market. Rangers are teetering on the brink and the coming weeks could be the most significant in their entire history, more crucial even than the period from February 2012 when they first entered administration. Wallace and his board have shown nothing in recent months to suggest they’ve the ability or financial contacts to attract fresh and significant investment. If Rangers require short-term equity, investors such as Laxey Partners are in pole position to offer finance, no doubt pushing for security over Ibrox and Murray Park. If a second administration does follow they would be in possession of the club’s prized assets and well placed to control the future destiny of the club, subject to legal scrutiny. The current Rangers board are offering nothing of substance and their proposal for a new share issue in the autumn would potentially change little.
After all, existing shareholders would be offered first chance to re-invest and even if Dave King was then offered the chance to put his money in, it would be pointless without a controlling interest. King kept quiet yesterday, as did the Union of Fans, out of respect following the sad passing of Sandy Jardine. They are likely to respond to the review early next week. Don’t expect compliments between them and the board to be flying up and down Edmiston Drive.
that whole report - especially when viewed in the context of how they have carried on blindly and defiantly not changing a thing because they are " rangers " over the last few years - is utterly, utterly hilarious.
