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In full: Dave King’s statement on Rangers

Former Rangers director Dave King. Picture: SNS

Former Rangers director Dave King. Picture: SNS

DAVE King has criticised Graham Wallace for claiming the Rangers support have destabilised the club with their threat to withhold season ticket cash – insisting the chief executive’s comments are an insult to the Ibrox faithful.

In a statement released last night, former director King has taken swipe at Wallace for questioning fans’ loyalties to their club.

I am enthused by the statement issued by the fans following my own comments earlier this week.

It is inspiring to see how the Rangers community continues to unite and put the club first in times of need. This will guarantee a positive outcome at this watershed moment in our club’s history.

I will now make it a priority to travel to Scotland to meet with fan representatives to ensure that appropriate legal structures are discussed and implemented for both season-ticket payments and the creation of a substantial fund to secure an influential equity stake in the club for fans.

Unfortunately, I can only express bemusement at the board’s response to myself and the fans. In what is really a non-response, the board states the following;

1. That our statements are an attempt to undermine the club.

That is an insult to fans who have nothing other than the club’s interest at heart.

2. That the current problems can be attributed to previous management (presumably Charles Green etc). That does not explain the ongoing lack of transparency on shareholding and finances by the existing board. It is quite possible that Charles Green is still de facto controlling the club.

Certainly the existing directors have a minuscule equity stake and yet won’t disclose the true “power behind the throne”.

3. They ask for trust but don’t recognise that trust is a mutual relationship and requires transparency.

What the board is really asking of fans is to have blind faith- not trust.

This board has not earned that right and has, in fact, repeatedly demonstrated the opposite.

4. The board correctly argues that season-ticket monies are normally part of sound working capital management.

Again, it is what is not said that is key.

These are not normal times.

Normally there would be sufficient facilities in place to support the club once the season-ticket money is used up.

Despite multiple requests, the board is either unwilling or unable to provide such confirmation.

This is particularly important given that this board falsely assured fans that there were sufficient funds to meet the club’s commitments to the end of the season.

5. The board states that it does not take the fans for granted but does the opposite by failing to deal with the issues that the fans have raised.

6. The board states that it believes in professionalism, integrity and honour but conspicuously excludes any belief in transparency. It is time that the board adopted transparency as a value.

7. The board correctly states inaccurate information benefits no one but fails to commit to ending its propaganda initiatives.

The board continues to treat the fans with disdain by offering mere platitudes. A more considered and constructive response was appropriate.

It is insightful of the board’s mindset that it is willing to borrow money from a preferred shareholder at a rate of interest that reflects a high risk to the investor.

In doing so the board has finally confirmed its true view on the parlous state of the club’s finances.

What is incomprehensible however is that it then eliminated the risk to this investor (and separately to Sandy Easdale) by providing club assets as security while still paying the high-risk rate.

That highlights that this transaction makes no commercial sense and was not conducted on an arms-length basis.

Paradoxically, the board wants long suffering fans to lend money at no interest and with no security. Rangers fans are loyal but not stupid.

 

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