News Column

Rangers chief issues assurance no further threat of administration

February 21, 2014

Gavin McCafferty; Gavin McCafferty

RANGERS chief executive Graham Wallace has issued a "categoric" assurance they are not at risk of administration after the club said two shareholders were set to plug a funding gap.

The club issued a statement to the stock exchange saying it was in talks over securing a pound(s)1.5 million loan after reports that directors Sandy and James Easdale and major shareholder Laxey Partners were set to issue a cash injection.

Rangers lost pound(s)14.4m in the first 13 months of trading as a new company, which was set up after the club went into liquidation in June 2012.

Despite raising pound(s)22m from a share issue in December 2012, former finance director Brian Stockbridge had admitted the money would run out before the end of this season and a proposed 15% pay cut was rejected by players last month.

Hours after the loan statement, Rangers launched a fan engagement programme.

And Mr Wallace, who admitted in December the Scottish League One club's spending would be out of control even if they were in the top flight, attempted to quash speculation over the club's short-term finances.

He said: "I think it's important to say that the board, myself, the executive team, are working very hard to rebuild the club.

"We are midway through our 120-day review of every area of the business. But what I can categorically say is that there is no threat of a second administration."


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Source: Herald, The (Scotland)


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