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Rangers: Publish all the facts, demand fans' group

Rangers supporters' group The Union of Fans last night urged the club's chief executive Graham Wallace not to publish a "damp squib" of a review into the Ibrox finances.

Wallace's long-awaited 120-day business review - a process which began 126 days ago - is due to surface tomorrow after he promised to deliver a public update.

The chief executive is under growing pressure to reveal as much as he can about the financial state of the club and to detail what plans the board of directors have for future funding. The Union of Fans also disclosed further information about its campaign to persuade season-ticket holders to put their money into a trust fund which would be released to Rangers only when supporters were given security over Ibrox and Murray Park.

A statement released by the group last night said: "We do expect, given the length of time it has taken, that this business review will give a full and comprehensive picture of the way forward for the club.

"We expect to see a full breakdown of the how the club arrived at the point where it required to borrow funds simply to complete the current season. This should include a full breakdown of where the IPO money went. In particular, detail of the sky high placement costs, related fees and who those fees were paid to and why.

"We expect to see full detail of who will be providing the £30-£50m required to take Rangers back to the level we should be operating at, in the absence of this board accepting the offer of investment from [former Rangers director] Dave King. We also expect to be told exactly when this will be provided, on what terms and a clear plan of how it will be used to rebuild the club both on and off the park.

"We hope that this review will not simply be more, vague, corporate speak from Mr Wallace. We want to see tangible, measurable progress and firm commitments on the huge investment required. Anything less will be a damp squib, especially since we have already seen that we cannot even rely on public, binding statements from this board."

The statement said The UoF understood the frustration of fellow fans who were eager to put their money into the season-ticket fund but work was continuing on the legal requirements for setting it up.

A company has been created with former Rangers board member King and former captain Richard Gough as directors, with others to be announced. A website will be in place within 10 days on which supporters can register their details and securely place their money.

"This money will only be passed to the club in return for season tickets if security is granted over Ibrox and Auchenhowie," the statement went on. "Those are our only conditions. If that security is not granted then fans will retain their money and can decide themselves how to proceed at the start of the new season. In the meantime, we would ask fans who are considering using their season-ticket money to try to secure our vital club assets to hold off renewing.

"We understand the pressures being applied both emotionally and otherwise, in terms of payment mechanisms, but it is time for us to take a stand against two years of corporate pillaging of our club."

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Finance

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