"Let the others come after us. We welcome the chase. It is healthy for us.
We will never hide from it. Never fear."
- William Struth

Rangers Fan Board Latest Statement

Written by: Super Ali
Saturday, 31st January 2015

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.
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.

- 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.


by D'Artagnan
by Admin


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