• Text size      
  • Send this article to a friend
  • Print this article

Rangers fan group still plans ticket cash trust fund

RANGERS fans groups have confirmed that moves to set up a trust for withdrawn season ticket money will go ahead "as an option".

The Union of Fans said they were awaiting a "coherent vision and detailed plan" for the future of the club.

The group they were heartened by former Rangers director Dave King's ability "to very swiftly secure some important, binding, public commitments" from the board and expect "significant amounts" of investment to come from a united fan investment vehicle, including Dave King.

Following a meeting between Mr King and board representatives over the weekend, the South Africa-based businessman said a club business review was expected, detailing plans for competing with Celtic and in Europe in the next few weeks. The executive who has previously invested £20m in Rangers said the board had "publicly dealt" with his concerns that Ibrox and Murray Park would be used as some security for further financing by saying it had "no intention" to do so.

But the UoF said they were "disappointed" that the board commitment not to take out a security on Rangers assets including Ibrox for future financing was not as categoric as they would have expected. The group said: "'We have no plans' does not engender the same confidence as 'we will not'."

On Friday, the group called for supporters to withdraw their season ticket money and put it into a trust until club assets including Ibrox Stadium are signed over to them as collateral.

The UoF says it is "reluctantly" prepared to wait for the publication of the business review from chief executive Graham Wallace within the next 30 days.

But it added: "We will be continuing with plans to set up a Season Ticket Trust. We are determined to be in a position to provide it as an option, if required, and will continue to update the supporters on our progress."

Contextual targeting label: 
Football

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

220370