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.
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