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Scottish Championship

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Rangers fans call for merchandise boycott

The Union of Fans, a coalition of Rangers supporters' groups, have called on fans to stop buying club merchandise.   They have got accountants to analyse the deal with Mike Ashley's Sports Direct and they consider that it is highly unfavourable to the club.

According to their calculations only 75p of every £10 fans spend on merchandise goes to the club and Rangers received just £2,000 in the last six month accounting period.

Rangers need more funds

Rangers are to launch a new share issue to raise funds after they revealed losses of £8.3m in the period to 30th June.   This was a substantial improvement on the £14.4m loss reported in the previous year. However, they will need the first tranche of money in January to continue trading.

Hearts could leave Tynecastle

Hearts might eventually have to leave Tynecastle according to new owner Ann Budge.   The stadium has been neglected for some time and is in a state of disrepair.  In particular, the neglected 100 year old main stand is a problem.

The stadium is being patched up, with particular attention to the requirements of safety, but there are limits to what can be done given the prudent financial approach of the new regime.

SFA's concern about Rangers

Scottish Football Association chief executive Stewart Regan has expressed his concern about the financial situation at Rangers because of its impact on Scottish football as a whole and the local economy.

Ashley increases Rangers loan

Mike Ashley has increased his loan to Rangers from £2m to £3m.  However, the club is likely to need a further injection of cash before the end of the year because of poorer than expected attendances.

Ashley makes ground at Rangers

Newcastle United owner Mike Ashley is tightening his grip on Rangers.  Financial consultant Philip Nash, one of the two directors he has been trying to remove, has resigned from the board with immediate effect.

This suggests that rescue plans from indviduals other than Mr Ashley are unlikely to succeed.  The offer of £16m for the club from former director Dave King looks set to fail because of opposition from Sandy Easdale who controls 26 per cent of the voting shares.

Rangers bid talks

Dave King, who in conjunction with two other businessmen, is seeking to make a £16m bid for Rangers has been in talks with influential shareholder Sandy Easdale.   King needs the support of 75 per cent of shareholders and Easdale controls 26 per cent of the voting shares.    King is said to be open to a deal which would avoid dilution of the stakes of existing shareholders.

More turmoil at Rangers

There has been more turmoil at Rangers after Newcastle United owner Mike Ashley called for a special shareholders' meeting to remove two senior executives from the board.   His targets are chief executive Graham Wallace, a former chief executive of Manchester City who has been in post for less than a year, and Philip Nash, a former finance of director of Liverpool, who has been on the board for less than three months as a consultant director.

Ashley doubles Rangers stake

Newcastle United owner Mike Ashley has more than doubled his stake in Rangers to hold just under 9 per cent of the shares.  The maximum stake he is permitted to hold under an agreement he concluded with the Scottish football authorities is ten per cent.

Newcastle not for sale

Newcastle United owner Mike Ashley has denied reports that the club is for sale.   It had been suggested that he was interesting in taking over Rangers in which he has a 9 per cent stake.  However, he has also said that he will not be buying any more shares in Rangers.

A takeover at some point in the future has not been completely ruled out, however, as he has said that he will not sell the club until the end of next season.