ALEX RAE has slammed the Charles Green group for the cash they have made out of Rangers, but has faith in new chief executive Graham Wallace to prevent another financial disaster.
Lifelong supporter and former player Rae is sickened that men such as Green, Imran Ahmad, Craig Mather and Brian Stockbridge have all benefitted financially as Rangers try to cope with massive monthly losses. He has also seen other investors get rich on Rangers over the past two years, but the club is now in a situation where its costs are higher than its income and reserves are running low.
Rae was a vocal sceptic about Green from the early days of his reign in 2012 and he takes no comfort from the fact that he has been proved right. “I have been alarmed for a while,” he said. “Even going back to the early days of Charles Green. It never really sat right with me.
“You could see it coming. There were good soundbites but there was never any direction. There was no plan in place and, unfortunately, he has walked away with a fortune. The legacy has been a shambles. There is no legacy. The only thing he did was put his money in at the time.
“That said, there were allegations at the time that he was in bed with Craig Whyte initially and he saw the opportunity and turned him over as well. Unfortunately, he and others have walked away with a fortune.
“It was a mad ego trip for him. He was great for the media, but there was never any direction within the club. You heard stories about money going out left, right and centre and pay-offs for guys who were there five minutes.
“Just a couple of weeks ago, I saw that another guy from Zeus Capital pocketed more than £500,000 when he sold his shares. I don’t even know how many more of these guys are out there. That is the worrying thing.
“One thing about football fans is they want to believe in the people in charge. They want to believe they are going to take the club forward. Unfortunately, this guy has duped everyone.”
New chief executive Wallace is in the middle of a 120-day review of the business, which he insists has to cut its costs but also drive new revenues. Rae feels he could offer tangible solutions to a financial position which is ever-worrying for Rangers fans,
“This fellow Wallace has come in and he seems to have taken a step back,” he said. “Previous CEOs have made wild statements that they have never backed up.
“The fact that this guy is silent and taking stock of the operation bodes well for us going forward, from the point of view that he seems to have a plan.
“Wallace has come in and has started to direct things, right down to the management, and, hopefully, the club will prosper going forward.”