Rangers fans group urges Craig Whyte to set date for AGM

RANGERS supporters last night called for chairman Craig Whyte to quickly set a date for the club’s delayed annual general meeting, as frustration grew that no replacement was brought in for Nikica Jelavic, the Ibrox club’s prized asset who was sold to Everton for around £6 million.

Ibrox manager Ally McCoist is believed to be unhappy with the lack of funds made available to him during the January transfer window, and two bookmakers even suspended betting on him walking out on the job after a rush of bets on him to quit.

While there is no evidence to suggest McCoist will not continue in a job he only inherited from Walter Smith at the beginning of this season, Rangers supporters are nevertheless unhappy with the air of uncertainty surrounding their club’s finances and future.

According to the Rangers Supporters Trust, owner Whyte has again insisted that the club’s agm cannot take place until such a time as the club’s accounts are signed off.

The RST yesterday announced it had been told by Whyte that the signing off is being held up by, in the Trust’s terms, “potential tax case liabilities”.

Whyte was contacted by the RST this week about the delay in calling the agm after Whyte had admitted borrowing money on the strength of future season ticket sales, a revelation that caused alarm among the increasingly nervous Ibrox support.

Trading in Rangers shares was suspended last month due to the delay in publishing the club’s audited accounts. A tax tribunal verdict on payments made to staff in benefit trusts before Whyte bought out Sir David Murray last May is also pending and could cost the Scottish champions up to £49million.

A statement on the RST’s website yesterday said: “Mr Whyte has stated that the AGM can’t take place until the club accounts are signed off and that challenges around the potential tax case liabilities mean these continue to be worked on. He further stated that, as soon as the accounts are signed off, an AGM will be called.”

The RST also asked Whyte for clarification on the Ticketus deal which has sparked further speculation about the club’s long-term future. On Tuesday, Whyte denied claims he had used a loan secured on future ticket sales to facilitate his takeover last year, which involved paying off a debt of £18million to Lloyds Banking Group. However, in a statement released on the club’s official website the Rangers chairman did admit to borrowing money from Ticketus – a London-based group who allow clubs to borrow money on the strength of future season ticket sales.

Former Rangers chairman Alastair Johnston, who was opposed to Whyte’s takeover, questioned the long-term use of Ticketus and urged the Motherwell-born businessman to explain exactly how he has spent advance season ticket revenues.

Gordon Dinnie, chairman of the RST, contacted Whyte urging him to “publicly clarify the situation both for our members as shareholders and the wider Rangers support”.

A Trust statement read: “Supporters are rightly concerned about the club’s financial future with the verdict of the tax case just around the corner, and reports of season ticket revenue being re-mortgaged for the next four years will only heighten fears.”

Addressing the delay in the AGM, the trust added: “We have urged the chairman to give serious consideration to quickly setting a date for the AGM; and retaining a properly liquid public market in the shares of the company with the same standard of accounting information which has previously been available to shareholders. We believe these steps would go some way towards addressing the genuine concerns of our members and the wider support.”