Proper journalism from a respectable newspaper.
http://www.telegraph.co.uk/sport/football/teams/rangers/10581698/Rangers-manager-Ally-McCoist-blames-rogue-traders-for-clubs-plight.html
Embarrassed and saddened by the fact that chief executive Graham Wallace had to ask the players in midweek whether they would accept a 15 per cent reduction in their wages â an offer they felt able to refuse â McCoist has come to a conclusion many independent observers reached a long time ago, namely that many of those investors were interested only in their profits and completely unconcerned by Rangersâ losses.
Venture capitalists do what they do: they make money not by providing jobs or generating wealth for others but by exploiting vulnerable companies and individuals. Rangers was a prime case.
Sir David Murray, the prime mover in the clubâs downfall, bought success with the Bank of Scotlandâs money but, when Lloyds took over that failing institution, he could no longer depend on his cronies to continue extending credit with which to fund his lavish spending.
The new fiscal prudence at Lloyds and his decision to sign players he could not afford, brought Rangers to their knees. He then claimed to have been duped by Craig Whyte when he sold the club to him in 2011.
Within a year Whyte â who had sold four yearsâ worth of season tickets to an outside agency in order to pay off the £18 million debt to Lloyds â had driven Rangers over a cliff, wilfully withholding tax deducted from staff salaries and refusing to pay bills in order to keep the club running. T
hey were plunged into administration in February 2012 and ceased to exist in June of that year. However, a new consortium fronted by Charles Green was given exclusive rights by administrators Duff & Phelps to buy the business and assets of the old club for £5.5 million that summer.
A share issue 13 months ago raised £22.5 million which, like Green and his colleagues such as Imran Ahmad and Craig Mather, is long gone.
There is the real prospect of the new club facing insolvency in the near future and last week McCoist asked Wallace where the money had gone.
âThe chief executive at the moment is aware that some of the problems are there because some of the decisions were made for the short term, maybe a year ago,â he said.
Asked whether he believed that those decisions were made for other peopleâs benefit, McCoist replied: âYes. He [Wallace] didnât go into great detail. He just said some mistakes had been made. I donât know enough about it. Who do you blame?â
It was pointed out that someone must have authorised the signing of a host of players on long and expensive contracts and led him to believe that finance was not an issue. âAbsolutely,â he said. âI just went about my business signing players. The chief executives that I have had so far, Charles was the first one then Craig came in. I was wanting to bolster the squad and thatâs what I did. No one said it was a problem.â
The thought that Rangersâ budget in the third and fourth tier of Scottish football was not only unnecessary but unsustainable never entered McCoistâs head.
âNot really,â he said. âNot being an accountant. Maybe I have it totally wrong but, with the player budget coming down this year, I was looking at it â wrongly, obviously â season tickets, costs Iâm doing on the back of a *** packet and it kind of fits.
âWe had a lot of money in from an IPO [share sale] and we had two amounts of season tickets but I was obviously wrong and I obviously am wrong.â