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The financial situation at Rangers is critical to say the least as the Scottish side has been receiving hit after hit with different businessman investing in the club and making a series of changes that were expected to bring life to the club at the Ibox Stadium but things ultimately fell apart with nothing positive coming out of it.
A potential €16 million investment is being negotiated between the board of directors, the shareholders of the Scottish club and Dave King.
Dave King has a funding package that is expected to bring stability to a club that for the past years has struggled financially with 15,000 season ticket holders being lost in the last summer. For those unaware of who Dave King is, he’s a South African businessman who has already invested in Rangers FC in the past as a non-executive director of the club and even though his investment of €20 million did not reap any monetary benefits, he still remains being a fan and supporter of the club and is willing to invest once more in the team.
Rangers FC is currently fighting in the top spots of the Scottish Championship League and the manager of the club, Ally McCoist has expressed his desire for the negotiations to be completed and if things actually do go in favor of the Scottish club then the cash injection could possibly even provide the manager with enough funds for him to sign a few players in the January transfer window so the club can continue their charge for the Scottish Championship League title.
Ally McCoist is optimistic that the negotiations will be completed successfully and an agreement concerning the current situation of the club is made.
McCoist said: “We haven’t heard anything for three or four days, but I’m very hopeful that we could have some good news in the coming days or weeks.
“It would be brilliant if there was some kind of funding solution before the end of the year, but we’re not expecting it or relying on it. One or two signings in January can make all the difference. I can go back to us signing Graham Roberts from Spurs in 1987.He was a fantastic signing and helped us kick on. Graeme Souness was always keen on January signings.”
Ally McCoist has praised the concentration of his players after they managed to come back from two goals down against Queen of South to win the match 4-2. The match was made even more tougher for the home team because there were plenty of chants from the fans against the Rangers board after the latest financial results revealed more trouble for the club. After several years of struggle, Rangers are slowly coming back closer to the Scottish Premier League. However, the club does not appear to be healthy even after administration and several reforms.
It is understood that Rangers will suffer a default if they fail to come up with £ 4 million through a share issue. If this default takes place, the club could be heading for another administration and potential points deduction. Even though this would not place the club at the immediate threat of relegation from the Scottish second division, McCoist has been given the task of getting the club back to the Premier League as soon as possible. Amidst such difficult circumstances, Rangers managed to get a 4-2 win and were also required to come back twice in the match.
Such attitude from the players pleased manager McCoist, who remains said that the club will be able to get behind the financial problems.
“I have to say I congratulate my players for the last two or three years. If they have wanted an excuse or to look over their shoulders for an issue or two that’s been happening around the club or involving the club, there’s been massive opportunity for them to do that. They haven’t done it. They are a fantastic squad of boys – they really are. I do salute them for concentrating their efforts 100 per cent on getting the job done which is winning games and hopefully entertaining the support at the same time,” said McCoist.
David Goodwillie is being chased Scottish giants Rangers and Kilmarnock Rovers after he was releadsed by Blackburn Rovers at the end of last season.
The striker joined Rovers while they were still in the Premier League in August 2011 for a fee of £ 3 million but he failed to make any kind of impact at the club and has turned out to be a very expensive flop for the Lancashire club.
During his stay at Ewood Park, Goodwillie made just 34 appearances, of which only 10 were starts and he scored just five goals in his time at the club.
Rovers had subsequently loaned him out several times and he spent loan spells with Blackpool, Dundee United in Scotland as well as Crystal Palace.
It was during that spell with Dundee United that the Scotsman was first notice by Rangers and now, the fallen giants want to make a move for him and bring him to Ibrox to solve their striker crisis as they look for their third successive promotion.
Blackburn Rovers recently released a statement confirming the departure of the player, announcing his contract was terminated by mutual consent.
And this news fuelled rumors that the Scotland striker could be making his way home again with a move to the Royal Blues being mooted and there have been reports about formal talks taking place between the two parties as well.
Along with Rangers, he has also recently been linked with a move to Kilmarnock Rovers as they look to find a replacement for Kris Boyd who has also seen his name linked with a move to the Gers and Aberdeen in the Scottish Premier League.
However, it is expected Goodwillie will join the Ibrox club – his boyhood club – and form a strike partnership with Kenny Miller for the team.
After managing to seal the League One title with several games to spare, Rangers have already started looking at dominating the Scottish championship next season. Promotion almost immediately next campaign will ensure the return to the Premier league at the earliest. Many doubted such a revival from Rangers after the club were demoted to the third division of Scottish football. It has largely been possible because of the transfer policy. Manager Ally McCoist says that he is not prepared to rest on this season’s laurels and the club are planning to invest in the summer.
It will not be easy given that Rangers posted a loss of £ 3.5 million for the season that just concluded. They have had to borrow £ 1.5 million in order to handle the costs till the end of the season. Considering the amount of criticism that the club has been subjected due to the wake of their financial difficulties, it remains to be seen if McCoist will be handed the funds to bring in new players in the summer. He will be aware that the championship will be much difficult with the current crop of players.
Even though Rangers brought in as much as nine players during the last summer, it will be difficult for them to recreate the same number in the summer.
“Operating costs had been running at a rate that could not be sustained by the revenue being generated by the club. For example, in the period under review, nine players were signed at a time when the club already had the second highest wage bill in Scottish football whilst playing in the third tier,” said chairman David Somers.
“We brought players in last year that’s obviously evident. We’ve won the league, are in the final of the Ramsdens Cup, in the semi-finals of the Scottish Cup and I don’t think we would have achieved that without those players,” said McCoist in response.
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.
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.
Rangers manager Ally McCoist is in the process of negotiating a wage cut according to the club’s chief executive Craig Mather. The club’s financial details for the last 13 months have recently been revealed by the club. It showed that the club had made losses of £ 14 million, which is a significant amount for a club are not in the first division of Scottish football. Mather, though, was confident that the club is on course towards making the financial recovery. The club made £ 19 million in revenue, which is a healthy figure.
Rangers were demoted to the third division of Scottish football after suffering huge financial losses. The club are slowly recovering and are currently in the second division following their promotion almost immediately. However, they have come under criticism in recent weeks following their decision to sign several players instead of promoting players from the youth academy. The financial details were revealed by the club also showed that McCoist was taking a salary of £ 800,000 per year. Mather has said that the manager will soon become one of the lowest paid in the history of Rangers, but he is willing to reveal the details only with McCoist’s acceptance.
Rangers are top of the second division with a five point advantage over Dunfermline after seven matches.
“I can assure you on my watch that won’t be happening. If you look at my pay, there was talk about £500,000 but the actual amount was £300,000. Brian Stockbridge waived a contractual bonus and has been instrumental in reducing costs. Alistair and I have been in discussion regarding his salary. He has said he is willing to take a pay cut and we are going through the fine detail. Through the history of Rangers, I would be the lowest-paid CEO for a long time,” said Mather.
After being criticised a lot for inconsistency last season, Rangers manager Ally McCoist has said that he is pleased to see his team perform extremely well at the start of this new season. McCoist was speaking after his team thrashed Albion Rovers 4-0 in the Ramsdens Challenge Cup match. He has said that the display from his team was extremely professional. Rangers were demoted to the third division of Scottish football last season, but they managed to get themselves promoted into the second division in the first attempt itself.
However, the team was defeated on several occasions by lower league opposition, which was not expected even though the club was playing with a number of newcomers. The club’s transfer embargo was recently lifted and this has enabled Rangers to strengthen their squad. They have been one of the most active clubs in the Scottish league system, as they have brought in as much as seven players in the last few weeks. McCoist has been criticised for the flurry of transfer activity, but he has said that the strengthening is essential for the club looking for promotion into the first division.
Albion Rovers manager James Ward said after the match that he could not have any complaints with the result because Rangers were brilliant in all areas.
“It was really professional – I think that’s the best way to put it. I thought we probably took about ten to 15 minutes to get going – we were a little bit rough round the edges [then]. But, after that, I thought it was a really polished and comfortable overall performance. I thought the standard of goal was absolutely out of this world, to be honest with you. The first two goals from Nicky Law were terrific, and they definitely settled us,” said Ally McCoist.
Rangers manager Ally McCoist has said that he is extremely optimistic that Dorin Goian and Carlos Bocanegra will return to first-team action after the club was promoted into the second division of Scottish football. Both players have been on loan at Spanish club after not being interested in playing in the third division of Scottish football. The club would also not have been able to afford their wages as well. McCoist managed to get Rangers into the second division of Scottish football by managing to dominate the third division.
He has said that the club will be making additions to the squad in order to strengthen the team over the next few months. The transfer embargo of the club, which is currently in place, will come to an end shortly. Until then, they have to rely on the presence of players like Bocanegra, who have proven to be quality players over the years. The Rangers manager has also said that he wants the goalkeeper, Alexander to decide on his future. He is set to be offered a new one-year contract, but it will be on reduced basis due to financial difficulties at the club.
It remains to be seen if Alexander will accept this offer.
“At this moment in time, I think they’ll be joining us for pre-season training on 24 June. There was an offer put to Neil which is still on the table and I know he’s off on holiday at the moment in Florida. We get back to Glasgow first thing on Tuesday morning and these will be the kinds of things I’ll be pushing over the line one way or another. They’d be like new signings. That’s exactly what they’d be like and of a great pedigree at that,” said McCoist, while also welcoming Walter Smith’s appointment as well and.