Gift Horse Not Even Being Looked At
With a vote of confidence behind them, the Rangers board are now looking at ways to provide long term financial stability to the club
In what may appear at face value as a strange move. Rangers chief executive Graham Wallace does not have a meeting willing investor Dave King on his 'to do' list. The long awaited AGM saw Wallace and his fellow board members retain their positions at a what was a stormy annual general meeting. Thursday was not a good day for the quartet, including former Ibrox directors Paul Murray and Malcolm Murray. who were challenging the current board as their challenge to join the board failed. King, a former board member of the Ibrox club, held talks with Wallace's predecessor Craig Mather about bringing new investment to the Scottish League One club. Wallace himself has raised concerns about the club's over-spending, but will not approach King as part of his proposals to make Rangers more financially stable.Wallace said: "I have never met Dave King. I am aware, obviously, of his history with the club. What we will do as part of the business is develop a structured business plan we can look at over the next three to five years, from that we will identify the levels of investments that we need. We will have conversations with our existing shareholders and indeed other potential investors. That may or may not include Dave King. As I say, I haven't met the gentleman and have no immediate plans to do so."The club has reported a £14.4million operating loss last season so will be looking for additional investment. This would be on top of the £22million raised a year ago through an initial public offering (IPO). Wallace has held talks with existing shareholders in a bid to ease concerns about the club's financial situation. He said: "What they are looking for is a period of stability, they want comfort that the business is being run in the right way. If you look at the share price today as to when the club was floated in the IPO, it is basically half, so investors putting money in when they are looking at a 50 per cent reduction in what they have already put in is a tough landscape. But having the stability and platform today to move it forward will give those investors comfort that the business is being run in they way they want it."
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