Rangers FC - statement by Dave King
The Rangers board and I issued separate public statements following our meeting last month. I made one correction to the Rangers’ statement but the Rangers board saw no cause to correct my statement. The board recommitted to issue the business review within the original 120 day deadline and, importantly, committed that the fans will have access to this review prior to advancing funds by way of season ticket renewals. Despite strong reservations from fan groups I asked the fans to give the board time to honour this commitment. Part of my motivation was that any public company board is bound to act in good faith and that breach of such a share price sensitive commitment would be an ethical, moral, and probably criminal breach.
I followed up on this commitment with the board after the recent announcement on season ticket renewals. The Chairman has advised me that the board will now only issue the review at the end of the season ticket renewal period and it will consequently not be timeously made available to fans. Disturbingly, the Chairman has advised me that the true intention of the board had always been to delay issuing the review until funds had been largely collected.
I apologise to all fans for wasting time by lending credibility to the board’s false representations. I was wrong to give them the benefit of the doubt. At least we now can no longer have any uncertainty about governance at the club.
It is common cause that the club is not a going concern without access to the season ticket loan from the fans. It is also common cause that the season ticket money will only provide partial relief in advance of a more permanent recapitalisation. I have hitherto urged restraint in dealing with the board, however due to this extreme act of bad faith I believe that it is vital that fans now withhold season ticket money from this board and similarly refuse to support the club by way of the purchase of replica kit or any other retail product.
An announcement will shortly be made providing details of a bank account that season ticket money can be paid into as an interim measure. The specific terms and conditions of this account will be made available to fans, including the basis on which funds will be advanced to the club and the basis on which funds will be returned to fans. As a minimum, the board must provide the club property as security against the season ticket money.
I recognise that fans will have anxiety about “betraying” the club and the risk of loss of a cherished seat at Ibrox. However, the time has come when the trade-off is a potential loss of a seat against the loss of the club. That would be the real betrayal. This board has lost its right to be dealt with on a good faith basis.
Richard Gough has agreed to join me as a custodian of the bank account that will be established and fan groups can nominate additional members.