Rangers trust frustrated by delay

20 April 2011 08:30

Alastair Johnston's alternative proposal to transform Rangers' financial fortunes has "raised more questions than answers" according to Rangers Supporters Trust chairman, Stephen Smith.

The Ibrox chairman pledged to explore a shock plan B after casting doubt on the merits of Scottish businessman Craig Whyte's takeover bid, which was expected to be completed this week after months of negotiations.

While speculation abounds and confusion surrounds the club's future, Smith insists his members and the Ibrox support at large are looking for "clarity." "We are disappointed that it has taken so long for Alastair Johnston to say something about it," Smith told Press Association Sport.

However, USA-based Johnston revealed that an unnamed Ibrox director had proposed a "fresh issue of new capital" so that £25million could be invested directly into the debt-hit club. Whyte is understood to be "extremely frustrated and angered" by the latest development after agreeing a deal with with majority shareholder Sir David Murray and main creditor Lloyds Banking Group.

A source close to Whyte revealed that his offer was worth £52.5million, with around half of that figure believed to have been earmarked for investment in the playing squad over five years.

Smith added: "In his statement he talks about 'legal responsibilities to ensure that the proposed transaction serves the best interests of the 26,400 minority shareholders, many of whom are season ticket holders'.

"Every one of our members are shareholders so we are glad that we are being mentioned but the £25million deal raises more questions than answers. If there is a person who is going to leverage that money, where have they been up until now?

"Which directors are involved? And why are we left to speculate? The fans are looking for clarity, we want to know far more about both of them.

"The £52.5 million talked about in the Whyte deal is at least explicit information. Where is the contrary detail? And can it be explained to us why it is the better deal for the long-term future of Rangers?

"We are just seeking clarity and more information as soon as possible."

Source: PA