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Rangers Second Administration Rumours Quashed by Club

Written by: Keith Tully

Reviewed: Monday 10th March, 2014

administration

Fresh rumours of an impending Rangers administration have led to nervousness amongst the club’s supporters despite the club refuting the possibility.
 

The famous Glasgow club – who struggled to a surprise 1-1 draw at home to lower league Albion Rovers in the Scottish Cup on Sunday – released a statement to the local media denouncing the rumours as ‘false’ and ‘agenda-driven’.

A spokeman said: “There is absolutely no truth in the administration claims which appear to come from agenda-driven bloggers who are out to damage the club.”

The rumours seem to have been sparked by the club seeking a £1.5m working capital loan which, according to the Rangers Supporters' Association, did little to alleviate fans' fears.

"What I can categorically say is that there is no threat of a second administration," said chief executive Graham Wallace.

“We are absolutely focused on the long-term sustainability and success of Rangers Football Club and supporters should not be concerned about some of the ill-informed comment they are reading in the media.”

Rangers also face fresh, angry questions from supporters over claims that former chief executive Charles Green still has influence within the club.

The Union of Fans – a coalition representing six supporter groups – have released a statement wanting clarity over what happened to the Yorkshire businessman’s 7.68% stake in the club after he left the club last August.

At the time it was announced that Green would sell his stake in the club to investors Sandy Easdale and Laxey Partners but the Union of Fans say there is no record of the Easdale transaction ever taking place and demand an explanation.

The Union of Fans’ statement said:

“We fear that Charles Green and the people he represents are still de facto in control of our club. We would like this board to explain just what has happened to the five million shares Charles Green awarded himself at one penny each and which constituted a 7.68 per cent stake in Rangers. We are aware that some of those shares are now in the hands of Laxey. It was also widely publicised that Green had proxied his shares to the Easdales and struck an agreement to sell those shares to the Easdales in December 2013. But no record of such a share trade exists.

“It is entirely unclear who now holds the balance of Mr Green’s shares and if, indeed, they have even moved out of his control.

“We, as supporters and shareholders, are right to exercise our legal right to view the up-to-date shareholders register. Once again, we simply ask this board to answer the perfectly reasonable questions they are being asked and to not just speak about transparency but actually provide it.”

Fans’ fears are exacerbated following the administration and subsequent liquidation of The Rangers Football Club Plc in 2012 which saw the club demoted three divisions.

*Rangers supporters image used in accordance with Wikipedia Fair Use policy.

Keith Tully

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Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

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