Rangers are Rocking; Scottys Financial insight inside.

[Chief]

Who is financing that in the short term FB?

Maybe Ian Black has money on Davies too?

[Fred_Zeppelin]

TraceAgent @TracingAgent · Dec 18

Ally McCoist will be gone by this Sunday, guaranteed!

0 replies 13 retweets 13 favorites

TraceAgent @TracingAgent · 41m 41 minutes ago

I also heard the SFA have been told to expect Sevco to not be able to fulfil fixtures after Dec, including Celtic game in Feb.

0 replies 38 retweets 14 favorites

[northernscum]

TraceAgent @TracingAgent · Dec 18

Ally McCoist will be gone by this Sunday, guaranteed!

0 replies 13 retweets 13 favorites

TraceAgent @TracingAgent · 41m 41 minutes ago

I also heard the SFA have been told to expect Sevco to not be able to fulfil fixtures after Dec, including Celtic game in Feb.

0 replies 38 retweets 14 favorites

If that second tweet was accurate i could see the SFA giving the Rangers a loan just to ensure that the game went ahead!

[ShedTA]

If that second tweet was accurate i could see the SFA giving the Rangers a loan just to ensure that the game went ahead!

I really don't think it would surprise anyone if they did.

[sbcmfc]

Billy Davies would appear to be the way forward for Rangers, but from what I know or understand of him, will he fit in?

He's a hardworking disciplinarian and the squad are lazy and lack discipline...

I'm not sure Davies is well liked either, so media relations could be strained, would he be in for the PLG treatment with big jig and the tabloid press leading the revolt?

[Maq]

Is Kenny McDowell in charge til the end of season then? Real chance they might not get promoted?

Surely it's worth paying for an experienced manager to make sure they get up? The cost of not getting promoted could be catastrophic for them

[Fairbairn]

Is Kenny McDowell in charge til the end of season then? Real chance they might not get promoted?

Surely it's worth paying for an experienced manager to make sure they get up? The cost of not getting promoted could be catastrophic for them

We need another £8M to get us through till the end of the season. We're still paying McCoist £15K a week to stay away from the club. The sole reason McDowall is in charge is because we have no other option. Until we get the current management team off the wage bill then we need to use the one we have.

[EddardStark]

Is Kenny McDowell in charge til the end of season then? Real chance they might not get promoted?

Surely it's worth paying for an experienced manager to make sure they get up? The cost of not getting promoted could be catastrophic for them

I think the longer this regime remain in charge will be more damaging for the club.We need change . If it meant staying in the championship for another season then I think a lot of Rangers fans would take this on the basis we could have a new approach at the club..We have survived three years in the lower leagues so another one wont kill us.

[Flora MaDonald]

If it wisna for the fact he pumped my cousin, I'd feel some sympathy for Sally.

[EddardStark]

Just released to Stock Exchange. How many references to legacy issues? I can find eight .

Rangers International Football Club plc

("Rangers" or the "Company")



AGM Statement

As previously announced, the Company's Annual General Meeting will be held at 10:30am today, Monday 22 December 2014, at Ibrox Stadium, 150 Edmiston Drive, Glasgow G51 2XD. Access will be through Exit 30 of the Broomloan Stand which is adjacent to turnstile 64. Shareholders will have access to the Albion car park with access to the Stadium footprint for disabled Blue Badge holders to park near the entrance.

Shareholders are asked to arrive in good time from 9am in order to clear the registration process.

Shareholders should bring the attendance card which was included with the Notice of AGM, posted to registered addresses on 28 November 2014.

In the event that the attendance card is lost, Shareholders should bring some other form of ID (a credit/debit card will suffice). Shareholders whose shares are held in a nominee account with their stockbroker will need a Corporate Representative's letter (issued by the custodian of their shares) in order to be admitted. Non-shareholders including guests of shareholders, will not be admitted.

The meeting will consider the 9 Resolutions set out in the Notice of AGM, each of which will be subject to a vote by Poll, which will be verified by Capita Registrars Limited. The result of these Resolutions will be released to the London Stock Exchange by no later than 7am on Tuesday 23 December 2014.

At the AGM the Chairman, David Somers, will make the following statement:

"Welcome Ladies and Gentlemen to this Annual General Meeting of Rangers International Football Club plc.

It feels like years since I last stood in front of you and it is amazing that it is only just over 12 months. 12 months ago, as I had just joined the Rangers Board, I was given the impression that the Club had enough money to see it through the first few months to the season ticket window. Sadly, I quickly discovered that this was not the case. The Board then began metaphorically to take up all of the carpets; after which we were left with a very long list of legacy issues that needed to be sorted out, often as our finances would allow.

So in the first few months, we reviewed all of the contracts, the finances and the legal issues, ending up with a long list of legacy issues that would need to be dealt with over time. Since then we have spent many months focusing on these legacy issues dealing with them one by one. To be honest, it is frustrating dealing with legacy issues, because you are effectively looking backwards during this time and dealing with issues you didn't create yourself. I know that most fans will not really be interested in such efforts, because it is not about football, but these legacy issues and contracts have had to be dealt with so that we can begin to move forward. I was always taught to be cautious, so I hesitate to say that we have dealt with all of these legacy issues, as whenever I think that, another legacy issue quietly appears, but we do seem to have addressed many or most of them. One of our biggest remaining legacy issues is the weak state of the Rangers finances.

In the financial area, we have been fortunate that a number of people have supported us with loans during the last 12 months, namely Sandy Easdale, George Letham and Mash Holdings. I sincerely thank them for their support, which in some cases, has included their loans being interest free.

In the early days, while developing our list of legacy issues to be addressed, Graham Wallace wrote a review, which became known as the 120 day review. In this he indicated a desire to spend £20-30 millions in reaching the top levels of Scottish and European football. After visits to various City institutions the Board believed that such a level of expenditure would be supported by the City institutions, and the then monthly rate of loss, would also be supported by the shareholders. In the event, this was discovered not to be the case, because when we came to raise funds through a share issue, we soon found that there was a lack of appetite from shareholders to invest significant extra funds just to pay wages and utility bills.

Accordingly, we have moved to cut costs significantly. Like any household, Rangers can ultimately only spend what it earns and, as has been reported in the media, we have moved quickly to bring our costs down and much more in line with our income. Rangers Football Club has been living beyond its means for many years and much of the cost cutting and efficiency improvements should have been addressed years ago by previous boards when we were in the lower divisions. But they weren't, so we are doing it. A material part of our costs relate to player costs, however, and these can only be addressed over a long period of time because of the length of the contracts. These contracts are often measured in years, not months.

In these past 12 months, I have been surprised at a number of things. Firstly, the highly negative aspect of most of the media reporting regarding Rangers. Secondly, because it is clear to me that a stronger Rangers is good for Scottish football, I have been very disappointed to realise that outside of Ibrox, there sadly still exists a great deal of anti- Rangers feeling, perhaps (although I hope not) even in the football establishment. Rangers return to the top flight of our game, I am sure you will agree, will be more easily achieved if everyone who cares about the Club works together for the betterment of Rangers. This turbulent year has seen people calling for a season ticket boycott, seen the disruptive creation of a season ticket trust for a while and other negative ideas. Such negativity is expensive for Rangers as it reduces season ticket and overall ticket sales, increasing the likelihood that I will have to borrow money to cover the shortfalls created. Our path to restoring Rangers to where we all want the Club to be, can only be achieved with the continued support of all supporters, shareholders and business partners.

2013/14 saw Rangers Football Club complete the second stage of our rise back to the top of Scottish football and the year also brought another vital component for a new Rangers to emerge for the future - a structured and measured approach to rebuilding the football club. An unbeaten SPFL League One campaign was an excellent return for Alistair, his staff and the players and they deserve our congratulations. While we were all ultimately disappointed to have been defeated in both the Ramsdens Cup Final and the William Hill Scottish Cup semi final, our fundamental objective of achieving promotion was comfortably achieved with a points total into three figures.

I was delighted that the Board was able to further support the Manager in providing funds for the recruitment of nine players in 2013/14 and also in the period immediately after the end of the financial year when we brought Kenny Miller, Kris Boyd, Steve Simonsen and Lee Robinson back to the Club, together with the signings of Marius Zaliukas and Darren McGregor.

While the success of any major football club will always be benchmarked by its first team, a strong Youth Academy is also an informative barometer of long-term health and well being. It is very pleasing to see the quality and quantity of young talent being nurtured at Murray Park. Last season our Under20s won the SFA Youth Cup and narrowly lost out in the title race in the final week of the campaign. 57 players from our Under 14 to Under 21 age groups were called into international squads and three more Murray Park Academy graduates made their first team debuts.

The ladies and girls teams have come a long way in a short space of time, enjoying significant success. In season 2013, the Ladies reached the semi final of the Scottish Cup, The Under 17s team secured the league, Scottish Cup and League Cup treble, the U15s and U13s finished second in the leagues and a new U11s team has been introduced. Internationally, the Rangers ladies teams have contributed 22 players to the Scotland teams across all age groups.

We are charting our future strategy in the five key areas of:

• Developing Football Performance

• Focus on Player Asset Management and Youth Development

• Re-connecting effectively to our Local and Global Fan Base

• Developing Best in Class Commercial and Operational Capability

• Strengthening Commitment to our Communities

The year also saw Rangers make the first, important steps towards building an effective programme of engagement with our fan base. Fans were contacted via email, SMS, online and at matchdays to assist in our Ready To Listen Initiative, showing we are serious about improving communications and dialogue with all supporters. Subsequent focus groups took place in Ibrox with feedback generated helping to shape the direction of the Club's fan engagement strategy. I think that we would all agree that we still have work to do in this area and one in which we must increase our endeavours.

Although we have experienced difficult trading conditions, there have been a number of important and positive, developments in our fiscal position during the financial year. A 32% increase in total revenue from £19.1m to £25.2m was recorded in the year ending 30 June 2014, with the majority of the uplift due to the first full year of our retail venture with our long term partner Sports Direct.

Reduced revenues from gate receipts and hospitality are down from £13.2m to £12.4m and were a direct result of the lower matchday attendances from both season ticket holders and walk-ins. This shortfall was offset by increased revenue from sponsorship and advertising up from £0.8m to £1.5m illustrating the improvements in the Rangers brand perception. Proceeds from ticket sales were also adversely impacted by the decision not to increase prices of either season or matchday tickets from the previous season.

Season ticket sales were sadly down from 38,228 in 2012/13 to 36,039 in the 2013/14 financial year, resulting in a fall in revenue from £8.1m to £7.7m in financial years 2012/13 and 2013/14 respectively. Our average home league attendance also fell from 45,111 in the 2012/13 season to 41,444 in 2013/14.

Other Operating Income rose from £1.7m to £2.1m, a 22% increase, mainly as a result of hosting both Scottish Cup Semi Finals and an increased associated uplift in matchday catering revenues.

At this AGM, we are requesting permission from shareholders to enable us to issue shares to improve the long term financial stability of the Club. We were not able to last year and I sincerely hope, for the good of the financial stability and future of the Club, that it will be forthcoming this year.

We are now increasingly looking forward. An immediate priority is to re-build the Board with suitably experienced people and this is already well underway. We also need to look at the football side for a number of reasons. Firstly, there has for some time existed a chasm between the talented young players being developed at Murray Park and our first team. We need to focus on ways of developing our own young players for the first team rather than continually buying-in players. Secondly, as you all know Ally has decided to resign and has given us the required 12 months notice of his intention to leave the Club, as of yesterday Ally is on gardening leave.

Sadly, this year, one of our greatest ever supporters will not be with us on the rest of our long journey. In April we lost Sandy Jardine - a truly inspirational man and Ranger. I had the privilege of meeting him a number of times before he left us and I found him to be one of football's true gentlemen. Sandy will be forever revered and the re-naming of the Govan Stand in his memory is a fitting tribute to a truly wonderful person who cared so passionately about his Club.

My personal goals remain what they were 12 months ago. Namely to ensure that the events of Rangers' recent past can never happen again; to cleanse the Club of these events, and also to ensure that Rangers gets back to the top in football. I now recognise that we will not get much support outside of Ibrox for this; we have to do it ourselves. And we will.

Last year I said that I was proud to be Chairman of Rangers. I will repeat that again today, because I genuinely believe it is a privilege to be in this position."

Ends

For further information please contact:

Rangers International Football Club plc Tel: 0141 580 8647

David Somers

WH Ireland Limited Tel: 020 7220 1666

Adrian Hadden / Paul Shackleton

Newgate Threadneedle Tel: 020 7148 6143

Roddy Watt / John Coles

Edited December 22, 2014 by EddardStark

[EddardStark]

Legacy issues mentioned eight times. No mention of why they turned down a £16m investment proposal. Using the media card again. Surely fans can see through this. We are run by incompetents. Really this is a shambolic statement.

Edited December 22, 2014 by EddardStark

[Big Col]

that statement - wow

it's not our fault, the media is against us, scottish football needs a strong Rangers

[EddardStark]

that statement - wow

it's not our fault, the media is against us, scottish football needs a strong Rangers

The main fact is it will take him about 20 mins to read that. Less time for questions. You have got to see this statement in the context of what is going on at the club and this board determination to hold power. They think by pressing certain buttons they will get the fans on board. Not so anymore.

[Hertsscot]

Dire statement by Somers, blame everyone else and not the board. We are an absolute basketcase of a club.

[thplinth]

Sadly, I quickly discovered that this was not the case. The Board then began metaphorically to take up all of the carpets; after which we were left with a very long list of legacy issues that needed to be sorted out, often as our finances would allow.

So in the first few months, we reviewed all of the contracts, the finances and the legal issues, ending up with a long list of legacy issues that would need to be dealt with over time. Since then we have spent many months focusing on these legacy issues dealing with them one by one. To be honest, it is frustrating dealing with legacy issues, because you are effectively looking backwards during this time and dealing with issues you didn't create yourself. I know that most fans will not really be interested in such efforts, because it is not about football, but these legacy issues and contracts have had to be dealt with so that we can begin to move forward. I was always taught to be cautious, so I hesitate to say that we have dealt with all of these legacy issues, as whenever I think that, another legacy issue quietly appears, but we do seem to have addressed many or most of them. One of our biggest remaining legacy issues is the weak state of the Rangers finances.

In the financial area, we have been fortunate that a number of people have supported us with loans during the last 12 months, namely Sandy Easdale, George Letham and Mash Holdings. I sincerely thank them for their support, which in some cases, has included their loans being interest free.

In the early days, while developing our list of legacy issues to be addressed, Graham Wallace wrote a review, which became known as the 120 day review.

I also like how they felt the need to tell us that 'taking up the carpets' was only a metaphor. With this mob you would actually think they have already. Clowns.

[thplinth]

Stalin bequeaths Nikita Khruschev two letters, one to be opened when things get difficult, the second only when they get really difficult. Khruschev duly opens the first to read "blame everything on me". When he opens the second it simply reads "write two letters".

That's letter one opened for sure.

[ShedTA]

that statement - wow

it's not our fault, the media is against us, scottish football needs a strong Rangers

We were able to support the manager in recruiting players... Even though the club is in financial meltdown. What a lot of pish. It's still everyone else's fault I see.

[Flure]

We were able to support the manager in recruiting players... Even though the club is in financial meltdown. What a lot of pish. It's still everyone else's fault I see.

That's not quite true though, is it?

Elsewhere he talks about "legacy" issues. Aren't these players "legacy signings".

Wasn't it under previous Board of Management regimes that these players were signed?

So, he's actually taking some credit for some of the actions that were carried our by the previous Boards that he's blaming for the current situation?

Have I got that right?

[Fairbairn]

That's not quite true though, is it?

Elsewhere he talks about "legacy" issues. Aren't these players "legacy signings".

Wasn't it under previous Board of Management regimes that these players were signed?

So, he's actually taking some credit for some of the actions that were carried our by the previous Boards that he's blaming for the current situation?

Have I got that right?

The player's he's specifically mentioned, Boyd, Millet et al were signed by this board. The legacy signings would be the likes of Black, Shiels, Templeton etc. And of course the hugely disproportionate contracts dished out to he management team.

[Flure]

The player's he's specifically mentioned, Boyd, Millet et al were signed by this board.

Ah, right. I didn't realise that.

As you were!

[Lamia]

I think the longer this regime remain in charge will be more damaging for the club.We need change . If it meant staying in the championship for another season then I think a lot of Rangers fans would take this on the basis we could have a new approach at the club..We have survived three years in the lower leagues so another one wont kill us.

What regime would you prefer. How many have you already had? Is there actually such a thing as a regime that would sort this mess?

[EddardStark]

clean slate. This whole board is tarnished. Would rather take the risk with King. This board turned down a £16m investment offer in favour of loans from Mike Ashley. This still has not been answered in terms of the reasons why.

Edited December 22, 2014 by EddardStark

[OLAS]

Seems like The Rangers have a new share issue every TAMB 100-pager on them.

[ShedTA]

That's not quite true though, is it?

Elsewhere he talks about "legacy" issues. Aren't these players "legacy signings".

Wasn't it under previous Board of Management regimes that these players were signed?

So, he's actually taking some credit for some of the actions that were carried our by the previous Boards that he's blaming for the current situation?

Have I got that right?

Sorry flure, more specifically it is the bit about supporting mccoist in recruiting 9 players for the 2013/14 season. Utter madness. Utter deluded financial madness. Look where it has got them - the statement reeks of complete incompetence.

[Fairbairn]

Sorry flure, more specifically it is the bit about supporting mccoist in recruiting 9 players for the 2013/14 season. Utter madness. Utter deluded financial madness. Look where it has got them - the statement reeks of complete incompetence.

Again though it should have been sustainable if it wasn't for the corporate rape happening in the boardroom.