written by – The Old Boy
The board is a general term to cover the Directors of the club but what I want to know is – which specific Directors have been responsible for the financial pillaging of Rangers?
We are told onerous contracts have been signed, but what we don’t know is which Director or Directors signed what contracts and to whose benefit. Anyone looking at the accounts can see large sums of money set aside as costs under various headings but with no detail. Unfortunately commercial confidentiality is the cloak that covers a lot of Rangers outgoings including who has been responsible for handling the players’ contracts which allowed players in the fourth tier to be given salaries of £400,000 annually and employ a goalkeeping coach on a reported £150,000 annual salary. The questions on Rangers financial mismanagement are virtually endless but I am afraid looking into the future the answers will not be forthcoming.
Is there no investigative journalist in Scotland to provide an insight to what is going on at Rangers? It would appear easier to get a mole into HMRC than Rangers.
On the general point of funding football clubs, whether here or England, you need at least one investor with deep pockets. If we look across the city to “not a thin dime more” Fergus McCann. The initial results of his business model were hated as he ruthlessly cut costs to ensure the future financial stability of his club. When he left with a pay-out of £80 million pounds there were no complaints from them. Ann Budge has done exactly the same at Hearts by cutting costs and increasing revenue streams she aims to build a sustainable model to keep Hearts viable.
When it comes to our Directors – the opportunity to grow and sustain the club with good financial governance has been well and truly blown and we are left to look at funding options going forward.
Let’s start with Mike Ashley’s proposal which would through underwriting a share issue would have seen Rangers being effectively financially secured in the short term. After the SFA’s decision it is now in Ashley’s court and who can guess his next play.
Proposal number two comes from Dave King, who I remember reading this year had asked his sons permission to give Rangers £20 million from their inheritance which I gather they agreed to. Now we discover he is now offering £16 million as part of an eight man consortium (eight more mouths to feed). I can just see Mr King sitting in front of Lawell and his cronies at the SFA asking to be deemed of sound character to become a Director at Rangers. But what if the SFA decide horror of horrors he is not a fit person to be a Director at Rangers due to his tax dealings in South Africa. That investment avenue might well hit the buffers.
In pantomime season we appropriately have The Three Bears emerging as possible investors who might, might just be the light in a very long financial tunnel. Watch This Space!
I strongly believe however we will be rid of this board by the end of April at the latest. Ian Black has given me good odds!
Kenny McDowall is a mini-me of Ally McCoist – with the same rabbit in the headlights look as disaster unfolds in front of him. Like Ally, McDowall is totally clueless.
Friends of McCoist in the media are still bleating about ‘poor Ally’ and unspecified traumas that poor Ally had to endure making him out as some kind of victim instead of being one of the worst Rangers managers I can remember.
His judgement in backing Charles Green, Mather, Wallace and every other chancer to come through the door reflected how clueless he was which matched his total ineptitude in all matters regarding the playing side of the club.
Now to the facts he has been paid in the region of £3,000,000 since 2011 and given a million shares worth at a share price of 17p that would be worth £1,700,000. For this he had a wage budget for his playing staff second only to Celtic.
In addition the players – such as Richard ‘Nightmare’ Foster and all the other duds we are watching week in week out – were brought to the club by McCoist. In Murray Park he had a state of the art training facility which would be the envy of any club to hone skills and work on tactics. So please – no more ‘poor Ally’.
Ally is extremely sensitive to professional criticism hence his huff when Mark Hateley asked legitimate questions about what was going on at the Murray ‘Holiday’ Park in terms of training. Now that Ally has gone, searching questions must be asked of McDowall as to what exactly the players do there because there is absolutely no evidence of development in skill sets or tactical awareness.
Until a new football management team emerges the future looks bleak and I don’t see that changing before the summer.
Happy New Year to all!
The Old Boy has been a season ticket holder for nearly forty years.