Union of Fans Statement “If ever fans required a reminder of the reasons for our campaign to secure our club’s home, it is the recent £200k windfall received by disgraced former finance director Brian Stockbridge, who in the past couple of days has been handed shares worth approximately £215,000 for which he has paid just over £7,000. It is the current board’s position that Brian Stockbridge was contractually entitled to these shares and it was therefore outwith their control. We reject this entirely. Mr Stockbridge could and should have been sacked for any number of employment related issues including his abysmally inaccurate financial projections, financial mismanagement of tens of millions of pounds of fans’ and investors’ money and several misleading statements to fans and shareholders. That this board allowed a compromise agreement to be signed, on termination of Mr Stockbridge’s contract, which allowed Mr Stockbridge a further £200k windfall is an absolute disgrace. His share option entitlement and any other financial benefit which Mr Stockbridge was due should have been removed as part of his contract termination. Mr Stockbridge has already received considerably more than he merited from our football club as have several others with whom he is closely associated. Did Mr Stockbridge’s close relationship with the Easdale brothers, who hold undue influence over boardroom matters, smooth his path to this further windfall? Furthermore, we believe that David Somers misled shareholders at the AGM on the subject of Mr Stockbridge’s share options. When a question was asked on this topic, the clear inference from Mr Somers was that this would not be an issue due to the option price of 70p, which at that time was almost twice the market value of the shares. Mr Somers clearly gave the impression that the option would not be taken due to the drop in share value. At no point did either Mr Stockbridge or Mr Somers make it clear that this option could be exercised for 1p a share – a crucial and highly misleading omission. Charles Green had a similar clause in his contract which entitled him to 1,028,571 shares. Can the board confirm whether this option was also allowed to remain following Mr Green’s contract termination? If so, can we expect a further windfall in the near future for Mr Green on top of the small fortune he has already bled from the club? Finally, despite repeated attempts to engage with Graham Wallace and the board over the issue of a binding legal commitment not to sell or lease back Ibrox or Murray Park, we have been unable to come to any agreement. It seems the board are happy to continue to alienate the thousands of fans who have supported our efforts through the Ibrox 1972 fund. As a result of this refusal from the board to give fans any legal undertaking over the club’s most prized assets, we are left with no option but to release all those who have supported the fund from their binding financial commitment. This will be confirmed to them over the coming weeks. We urge fans not to give their money to this regime in a lump sum payment via season tickets and to support the team on a game by game basis. The team deserve our loyalty, this regime, with its stranglehold on our club, deserves nothing but our contempt. Quite simply, they cannot be trusted and supporters simply do not know where their hard earned money is going to end up if they pass it over blindly.
Posted on: Thu, 03 Jul 2014 23:22:59 +0000
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