Is Ibrox safe? The hedge fund worry

Written by – John McIntosh

Statement number 158 of the season was made in the past few days where the board dismissed any idea that they had in principle agreed to a legally binding contract to not sale/leaseback  Ibrox nor use Ibrox as a security over a loan during their meeting with the Union of Fans – even though the media and UOF were claiming great progress had been made.

If it’s a case of choosing a side to believe – then I have to side with Union of Fans;  although they have received criticism in some quarters and in some cases deserved the criticism. They are Rangers fans at the end of the day who have the clubs best interests at heart – which can’t be said of certain current board members/hedge funds.  They simply want assurances that our beloved home will not be sold and leased back to us – this is a frightening, but possible scenario.

Ibrox is our home, the place with so many memories good and bad of great triumphs and of our worst time when we sadly lost 66 bluenoses.  This should be untouchable and there are ways fans can act now to protect our home.   The fans currently hold a 12% shareholding in the company and 25% would be enough to block any move to sale/leaseback major assets such as Ibrox.

Now to look at what hedge funds do, hedge funds are…

An aggressively managed portfolio of investments that uses advanced investment strategies such as leveraged, long, short and derivative positions in both domestic and international markets with the goal of generating high returns.”

So it’s quite clear they will do whatever it takes to bring maximum returns.  Hedge funds are bad news for football clubs –  just ask Coventry City fans who currently don’t play their home games in their home ground. Meanwhile Leeds United had to do a sale and leaseback deal around a decade ago and have paid multi-millions simply in rental costs in recent years that has stifled their ability to progress as a club.

Sandy Easdale & Graham Wallace, courtesy of SNS

There has been talk that Graham Wallace is being limited in what he can do with the Union of Fans – commenting that Wallace had offered the legally binding contract proposal where no sale and leaseback or security over Ibrox could be used. Graham Wallace, Sandy Easdale and Norman Crichton were present and very for it…so this seemed a formality.   Also during the meeting the Union of Fans commented that they wished the same deal for Murray Park which the three board members agreed to discuss with the rest of the PLC board.  After initial resistance from Norman Crighton (Laxey puppet) and Sandy Easdale (Charles Green puppet) they now “wished to retain flexibility over Murray Park.”  Isn’t that interesting and worrying.

When the board released a strong statement basically calling Union of Fans liars.  They said no sale and leaseback would happen with Ibrox over the next twelve months whilst also not mentioning Murray Park which set alarm bells ringing for me on two levels – a worry that Murray Park could soon be used as an asset for hedge funds to disarm our club for years to come and that Ibrox is certainly not safe after this twelve month period and that due to the nature of the board’s lies and incompetence this time-frame could easily be another lie.

So, you need to ask why the Union of Fans and the board members came out with such staggering differences.   You have to ask – what does each party gain from lying?  The Union of Fans gains nothing by reporting a deal seems likely whilst the board get a great deal from lying.   They appear to be working with fans’ concerns as the season ticket deadline was reaching its climax thus many fans will have renewed on this basis.  Then when this didn’t work out as well as they hoped, they reverted back to emotional blackmail calling on all “loyal fans” to back the team and renew – utterly pathetic.

I do not support this board and I certainly don’t support the major shareholders/hedge funds who appear to be pulling the strings behind the scenes.  I believe Charles Green is still heavily involved and whilst hedge funds have a grip of our club – there is always a worry over our club’s major assets but what can we as fans do?

Heavily flood to RangersFirst and BuyRangers so we can block any move to do with our major assets by reaching a 25% shareholding in our club.

You can follow John McIntosh on Twitter – @JohnMcIntosh19

 

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9 thoughts on “Is Ibrox safe? The hedge fund worry

  1. Good article. There is no doubt that the action to deprive the board of season ticket cash has well and truly put the cat among the pigeons. The pathetic attempts by the board to try to encourage sales has been painfull to watch. It is being suggested that no more than 10,000 season tickets have been purchased…………..if this is near the mark, they are in big trouble as the first£1.5m will go to repay the letham/easdale loan. These hedge fund guys are ruthless and would take any action no matter how drastic to get what they want. I’m sure that Murray Park has been earmarked by the board for a sale and leaseback or other arrangement to generate cash. If the Rangers fans don’t stand their ground now it be a disaster.

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  2. I think you have just highlighted why this regime have the contingency of the 43,000,000 share option for present shareholders only.

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  3. Normal protocol when releasing Press Releases after a two sided meeting where agreement has been made would be a joint statement

    The UOF jumped the gun and had they run this past the board then released it find BUT they did this off their own backs !

    Bit daft in my view

    It’s easy to understand those that don’t trust the board – in my view not really any alternative(not to date anyway) hence the reason I (despite my misgivings) support the board

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  4. With all due respect to your opinion, before you stimulate a surge to 25% it would be of the utmost importance to bring sanity to the present situation of division created by thoughtless demands to deprive the ( recent board Dec 13 ) of season ticket finance, therefore denying them operational capabilities.
    This method if I may add will leave us in a situation of no return. 25% shareholding would not be necessary. Stop the DESTRUCTION.

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    1. Stop the ‘destruction’ – are you for real?!!
      Did you miss what was written about Coventry City?! About Leeds United?!
      Crighton and the Easedales are puppets of hedge funds that seek to make profit out of our eventual demise!

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      1. No I did not miss anything – my belief is to give this board a chance to stabilise the Rangers football club we as fans hold dear which I have supported for over 50 odd years.
        I respect your right to give your opinion but actions to bring the club to its knees is not a solution at all. Actions by the tone is one I feel you endorse. Fine if there is a projected view to a positive solution.

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  5. Rangers, fans, board and ex players would do well to stop chasing the moonbeam which is emulating Celtic in a very short time span. This club will die again if it does not come into the real financial world! Severe austerity in management, players and infrastructure. Relegation if unavoidable until a sustainable stability is reached. And then gradual rebuilding to move up the leagues. It might take 5-7 years but it is infinitely preferrable to extinction!

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  6. The sooner the hedge funds are cleared out of Ibrox the better. its clear these faceless investors are controlling the club.

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