Rangers Fans Board clears the air with Derek Llambias & co.

Derek Llambias & Barry Leach

The Rangers Fans Board’s stated goal is to improve communication between the club’s fans & its board.  After the RFB made a motion of no confidence in the current board at Ibrox, the two sides sat down to discuss matters.

Derek Llambias Mike Ashley’s new appointment as finance director – Barry Leach met with the Fan’s Board to discuss the latest drama at the club. Topics ranged from Ashley’s investments, the Three Kings & Nacho Novo’s dismissal from Murray Park.

The following is the statement released by the Rangers Fans Board:

Members of RFB met with Derek Llambias & Barry Leach on Wednesday evening in Glasgow for ‘clear the air’ talks related to RFB’s motion of no confidence in the current Rangers Board. Not all members of RFB were aware of or participated in the meeting due to a number of mitigating factors, such as: a request for confidentiality by Rangers Board members, the timelines in which the meeting was called, RFB member availability, and communication challenges. The meeting was attended by Tom Clements, Alison Clark-Dick, and William Findlay.

The meeting was open, frank and productive and the agreement afterwards was that Mr Llambias and Mr Leach attend the next RFB meeting on February 11th to answer any questions that are posed to them. Further to this meeting both parties will decide on the most appropriate way forward. At this time RFB is NOT retracting the vote of no confidence. We will be polling fans after the Old Firm game to give us the questions that you want and need answered.

The following notes were captured during the meeting:

– Options open to raise finance:

1. Capital company deal considered: included using Ibrox as security with an initial £1m upfront loan and £15m thereafter with 15% pa interest rate.
2. Joint venture considered: £5m paying MASH Holdings debt off. (MASH is Mike Ashley’s personal company).
3. ‘The Three Bears’ deal considered: initially were offering £4m but increased that to £10m. With the £4m initial deal they wanted immediate pay back of full amount after 3 months through equity release. When ‘Heads of terms’ asked for, three bears reduced £10m offer to £6m with further funds raised through a debenture then a bond.

courtesy of SNS

4. Sports Direct deal considered: initially £5m then a further £5m with no security over Ibrox. Use £3m of the £10m to pay off MASH Holdings. ‘Heads of terms’ were agreed and deal was accepted. Sports Direct do not own shares in any other professional team in football or any other sport but own the brands. When loan paid off all security etc returns to Rangers.

– Retail problems: Charles Green wanted to order 400,000 shirts which were decreased to 200,000 by Sports Direct. 125,000 shirts were sold but with 75,000 left provisions had to be made for obsolete stock. 10 year deal was arranged by Green at Belfast Airport shop which was losing between £60,000 and £100,000PA. 32 Red deal earns Rangers £300,000 PA for 2 years. Because of the late deal with 32 Red as shirt sponsor, Rangers incurred a charge from PUMA of £140,000 for having to print the sponsor after the shirts were manufactured. This amount hopefully will be negotiated down.

-No truth in Nacho Novo claims. Novo and Lovenkrands had been invited to train at Murray Park for fitness purposes in preparation for the Ricksen fundraising game. After this Nacho turned up to the training ground this week when Kenny McDowall was preparing his team for the League Cup semi-final and had to concentrate on the first team. Nothing to do with his involvement in Rangers First.

Fraser Aird & Nacho Novo

– Cost of Board: 2013: £1.6m, 2014: £1.4m, 2015: (projected) £600,000 with no bonuses. Llambias is earning £150,000 with £50,000 expenses allowance. Leach is earning £140,000 with £40,000 expenses allowance. David Somers is earning £60,000 plus expenses, the other directors whist entitled to a salary, haven’t actually taken it so far. Club simply cannot afford Directors’ bonuses and feel that bonuses only come with success. Another £2.25m worth of savings have been made this year so far in the club over and above the saving in directors salaries.

– EGM: Club has 21 days to notify shareholders that an EGM has been called and a further 28 days to release date for EGM and to hold it. December’s AGM was held in a ‘tent’ on the field because Rangers could not afford scaffolding to be erected at Main Stand.

The Rangers Fans Board was formed in September 2014 & contains 12 members. You can contact any of the members here.



7 thoughts on “Rangers Fans Board clears the air with Derek Llambias & co.

  1. This so called fans board merely legitimises these charlatans .Resign en masse ,so no more meetings and no more lies ..we don`t want to hear it any more .Llambias and Leach get out of our club and take your immoral boss with you.


  2. Dont see why they couldnt just make them non executive directors, i beleive them about the boards wages but what is future bonuses based on ? I dont beleive anything else they said to be honest


  3. well said William Laing.

    See this bit?

    “they wanted immediate pay back of full amount after 3 months through equity release”

    bullshit it is. “equity release” means the loan is NOT paid back – it means it’s an investment, and they get shares in return, it’s NOT debt that needs to be paid back, and it CANNOT cause the loss of the secured properties unless the board refused to release new shares – which they ALREADY have shareholder approval for after the AGM.

    The shareholders explicitly voted FOR new shares to be released to existing shareholders to bring investment into the club. The board, once again, turned down this offer, in favour of more crippling debt and giveaways to Mike Ashley.

    tbh I don’t think the salaries of the directors are important in the slightest. I think what’s important is finding out what fraud and corruption is going on at the club. Why did MA get the stadium naming rights – now swapped for shirt sponsorship rights – for £1? How much did we get for 49% of Rangers Retail when it was sold at the same time? Why is debt to MA continually being preferred to investment from others? Why did Easdale meet Rafat Rizvi, why were Green & Whyte talking about him 2 years ago, why has he sent e-mails threatening to rip the club apart, is he involved with Margarita or Blue Pitch, is he laundering his stolen money through the club?

    How much Llambias or Somers get paid directly is not important, what’s important are the dodgy deals and kickbacks that are going on behind the scenes and only a new board will be able to get to the bottom of that.


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