Rangers: Bust or Busted

Robert Sarver

written by – The Old Boy

Tuesday was another day of drama at Rangers where the club seems to be teetering on the edge of financial collapse.

As an ordinary fan, I cannot understand why when the club is in such a mess financially the board would turn down an offer from Robert Sarver, a very wealthy man who was willing to take control for £18 million pounds and then presumably pump some finance into Rangers to get us back on a professional level both off and on the field.

This at the same time as Sandy Easdale is giving us an emergency loan for £500,000 pounds which may not even cover the club’s January outgoings.

What is being hidden from view is – what is  making the current board wish to hold onto control of the club, especially in the light of such dire financial circumstances?

The Easdale Bros, courtesy of PA

It would be far easier to walk away from the financial mess that they have created and leave it to the various interested parties to fill the vacuum.

Many people are now starting to suspect that, whilst it has been acknowledged by every fan, that there has been appallingly financial mismanagement of the club there now may be something even worse.

Why else is there this desperation to keep control at all costs?

If we examine the Easdale brothers, neither one is known for their charity work, and when asked by a BBC reporter where they were finding the finances to invest in Rangers  – given the accounts of their company could not be seen to support such investment – there was no explanation forthcoming.

The Easdales say that they do not take a penny out of Rangers which must mean that Blue Pitch and Margarita holdings could be paying them a fee as of which there is no transparency. A shareholding group could invoice Rangers for whatever and if you had your puppet on the board with their proxy vote and a tame chairman it could just be nodded through.

This, and not the wellbeing of Rangers, I feel is the motivating factor for the current board to hang onto control so desperately. There has never seemed to be any serious questioning of the Easdales as to who their backers are.

Surprisingly, the SFA have to be congratulated for once in refusing Mike Ashley anymore room for increasing his shareholding until his intensions for the club are made public. They should now be calling for urgent talks with the board and all other interested investors to clarify the short term financial future of Rangers.

Is it time for HMRC to be of some use and investigate a couple of Rangers existing board members to marry up their investment in Rangers with their tax returns?

The Old Boy has been a season ticket holder for nearly forty years.

 

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4 thoughts on “Rangers: Bust or Busted

  1. I suspect all along everyone knew that wealthy Rangers fans would want control of the club, particularly as they ‘appear’ to be closing in on a return to the top flight. (Although given the state of the team I would’nt bet on it) The current inhabitants of the Boardroom, I presume, are biding their time for someone, or some group to buy them out. Let’s assume that the 3B’s and King eventually get control though. The real problems will start for them as all the onerous contracts will still need to paid and Ashley will continue to reap the substantial rewards from all the deals he has struck, remember Rangers make virtually nothing from merchandising, peanuts from catering, and there are suggestions that there lots of other similar deals, perhaps some more shady deals that the Old Boy refers to. Other than season ticket sales, and given the state of the club, tens of millions of pounds will be required to be invested year after year to try to, (and I quote former Chairman, Alistair Johnston,) “fund the ambition of the club” ……….

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  2. The first step is to get the club back in the hands of “Rangers people” , then there can be an honest assessment of all these contracts .If the club and the supporters are all pulling in the same direction it would be possible to boycott(although I hate that word) things like merchandising until contracts ran out or people were prepared to renegotiate more reasonable terms .If the club are getting peanuts then it wouldn`t hurt to do this for a while. For example a continuation of the alternative strip idea with profits paid into the club , would hurt Sports Direct, Puma & whoever the shirt sponsors might be.The supporters will have it their power to make all these contracts totally worthless without it affecting them supporting the team.

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  3. Speculation all over the place tonight that unless £6m+ is made available by Monday, it will be curtains?? If this is something dodgy which has appeared from left field, Deloitte’s will chuck it and it could well and truly put the cat among the pigeons regarding the parties looking to take control of the club. Perhaps you are right Old Boy?

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