UoF statement Following the Rangers Supporters Trusts recent letter to AIM, which effectively expressed the grave concerns of a large number of shareholders and fans about the conduct of the so called independent directors of the Rangers board, we note the boards response via their stock exchange statements. The statement contains a number of disingenuous assertions and provides the lack of clarity which we have come to expect. The attempt to justify the decision to opt solely for short term loans, instead of the combination of short term finance complimented by long term sustainable funding, is not only unjustifiable on a financial level but also completely disregards the need to rebuild trust in those who retain custody of our club. The board neglected their duties to the club, the fans, the shareholders and the business. They continue to fail to understand that tens of thousands of their customers simply do not trust them. Whilst welcoming that Mike Ashley has apparently released the naming rights over Ibrox, there is no clarity on what has been given to Mr Ashley in return. The statement that the new agreement consolidates existing marketing arrangements between the parties and results in a more normalised retail joint venture marketing arrangement in which Sports Direct will continue to have certain advertising rights, is precisely the sort of meaningless corporate babble that this board loves to hide behind. What exactly has Mr Ashley been given in return for dropping his right to rename the stadium and how will this impact future income streams? Are Mr Somers, Mr Crighton and Mr Easdale giving away the family silver to keep the lights on? In an incredible admission they even tell us that this latest short term, one eyed fix will not be enough to fund the club beyond December. The attempt to portray James Easdale and Norman Crighton as independent directors is also ridiculous. Mr Easdale represents the block of shareholders who proxy their votes to his brother, Sandy. He retains a position on the board, on their behalf, because his brother was not able to take it. Mr Crighton represents the interests of Colin Kingsnorth of Laxey. By no definition or stretch of the most fevered imagination could they be described as independent and their actions whilst on the board have demonstrated this. Under the weak, ineffectual and damaging chairmanship of Mr Somers, they have presided over a catastrophe which sees them taking monthly loans simply to meet working capital requirements - something which Mr Somers stated at the last AGM they would not do. Finally, their attempt to once again blame fans for the financial position is both insulting and inaccurate. Regardless of attendances, this board has known for almost a year that they had to raise significant finance to see the season through. They have failed to do so and have in fact turned down the only viable proposal to put the club on a secure footing and start to rebuild trust. They are responsible for the drop in attendances and they are responsible for the abject failure to address the medium to long term finances, stability and prosperity of Rangers Football Club.
Posted on: Thu, 13 Nov 2014 13:24:56 +0000
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