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Graham Wallace, the Rangers CEO, has insisted that the club board officials are working towards to develop and protect the elite club for the future generations.
Supporters have backed erstwhile Ibrox director King’s (Dave) call for fans to withhold the season ticket-money till they’re completely assured of Rangers’ position. The club CEO stressed that such steps could prove to be highly damaging for Rangers, after securing around 1.5 million pound of loan.
He further emphasized that Rangers are getting “on track” at the moment, coming out of their short-term challenges. The shareholders Laxey partners and Sandy Easdale have offered credit for the working capital & Wallace had earlier went ahead to assure fans that it’s not any indication of any impending insolvency.
The Scot football club reported around 14 million pounds operating loss over 13 months till last June, post 22 million pounds were raised in share issue of 2012. Last week, King, one of the potential investors in the club during Murray’s ownership, described the present business as “commercially unsustainable in short-term”.
He indicated that his own investment offer in Rangers had been nullified.
“We are aware that Rangers would have investment needs in future yet till we are clear of our past deficiencies & problems, it will be foolish to ask for additional investment”, stated Wallace while speaking on the investment rejections.
“The executive team, board & staffs of Rangers are striving hard to address all the past issues daily but that would take considerable time. There’s just no sort of overnight fix. It will take time to build trust in the official trying hard to manage the club. I do realize that the supporters are skeptic but we would demonstrate improvements being meted out to every aspect of our club- over time.”
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Rangers have revealed that they have instructed manager Ally McCoist to trim the wage bill in order to keep the business going. Rangers have suffered from numerous financial issues in the last few years. They have been relegated to the third division of Scottish football, from where they have been able to promote themselves to the second division in the last 12 months. Despite being in the lower divisions of Scottish football, Rangers continue to have one of the largest wage bills in the country. They also spent a lot of amount on transfers in hope of getting promoted to the first division.
McCoist will not have the same amount of money to spend as he did when the club was in the Premier league. This was once again reiterated by the board, who have revealed that the club’s current wage bill Rangers around £ 7 million. Share price has been continuously dropping since the last year, which is also a major worry for the club. Richard Hughes is one of the strongest amongst the individual shareholders, but he has now sold his 2.2 million shares at the price of around 28p. Just over a year ago, the shares were trading at 70p.
As a result of selling his shares, Hughes is believed to have made more than £ 500,000 profit.
“The CEO Graham Wallace outlined his strategy at the AGM and nothing is going to deflect him from getting Rangers back on an even keel. Graham and Ally are reviewing the football budget, as part of the overall business review and it would be inappropriate at this time to discuss any figures,” said a Rangers spokesman regarding the financial situation at the club. The club recently brought in Philip Nash in order to help the club control the finances.
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The manager of Rangers FC, Ally McCoist, has said that he expects Falkirk to give his side a tough fight in the upcoming Scottish Cup game which is going to be played at Falkirk Stadium on Saturday.
The Rangers have played superbly so far in the ongoing season. They have won each and every Scottish League One game that they have played and they are currently at the top of the points table with 39 points.
But, McCoist doesn’t want complacency to creep in his camp at all. He is aware of the fact that Falkirk has got more class and skill than the League One sides that his team has faced so far. That’s why; he wants his boys to raise their game for the upcoming encounter against Falkirk.
Talking to the reporters in the pre match press conference, McCoist said, “Falkirk played well this weekend and a few of their players have already started making statements. We need to be careful. They have defeated us in the past and they would be keen to do that once again.”
“We will have to raise our game; that’s for sure. We are going to be up against a side which has got some quality and we can’t give them even an inch, otherwise, we will have to face the consequences.”
“Yesterday, I read the statements made by a few of their guys and I can tell you that they are going to come hard at us. They are not lacking confidence at all.”
Falkirk’s performance has been alright in the Scottish Championship this season. They have secured a total of 22 points from the 14 Championship games that they have played so far and they are placed at the 4th position in the points table at the moment.
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Video clip Rating: four / five