within ten minutes, the Financial Report approved and
Directors John Greig and Alastair Johnston re-elected,
although Neil Cochrane of Dundas and Wilson, who was
chairing the meeting, did make an error in declaring
that both had been returned "unanimously" - there were
certainly votes cast against Johnston, whom many
believe should not be on the Board given his previous
history.
Nevertheless with the formal business concluded the
floor was open for questions under 'Any Other
Competent Business', and a lively debate ensued.
The first question was directly to Chairman David
Murray - did he intend to sell his holding in the
club? Murray stated, as he has in the past, that he
has no wish to be Chairman for the rest of his life.
He revealed that he had received two / three enquiries
from interested parties in the past year but would
only sell to someone who could give the same level of
committment as he had done in the past nineteen years
and who had the best interests of the club at heart.
One shareholder described the JJB deal as a
spectacular own goal, given that in financial terms
clubs are rated on Turnover and the closing of the
Rangers Shops meant that Turnover had fallen by some
15%. Murray countered that Turnover means nothing, a
view that Accountants would agree with, and that the
bottom line was the net income.
Tommy Daniels of Kinning Park, a well-known figure
amongst older Rangers fans, asked why the club had not
followed up their initial interest in Scott McDonald.
"Did he become a bad player overnight?" Walter Smith
countered that the club had merely made an "enquiry"
not a confirmed bid.
On the same subject, one shareholder enquired as to
why the club did not maximise transfer fees for
outgoing players such as Ian Murray (off to Norwich
City). Chief Executive Martin Bain emphasised that
Rangers ALWAYS tried to maximise incoming transfer
revenue - but buying clubs needed to be prepared to
spend money. The Chairman added that out of 25
potential targets discussed with Walter Smith on 31
May only two had been missed out on - namely Scott
Brown and Steven Naismith. "We have a big squad, and
have spent £10.9m net, but have spent wisely." Walter
added that he would like to add one or two players
before the transfer deadline on 31 August, but would
need to release others for that to happen.
The subject of agents was raised, particularly a
certain agent operating in the French League currently
under investigation. Murray admitted that recent
police enquiries have reflected badly on the club, but
"we have been audited, we scrutinise everything, and
we are clean". The Chairman also conceded that clubs
HAVE to deal with agents.
Murray was also at pains to stress that he has
defended the Rangers support before UEFA at a cost of
some £700,000. He also pledged that an elected
supporter would join the Board within the year.
Martin Bain admitted that the club have serious
concerns over fans' safety at European away games,
with consultations taking place with both the British
Embassy and UEFA. Ibrox is one of the best stadiums in
Europe, but other grounds are not so good.
The question of the capacity of Ibrox was discussed,
as was the need to increase commercial revenue,
particularly through the sale of strips in North
America.
Finally, one shareholder concerned with the minutia of
UEFA co-efficients, declared that the club and
supporters had huge expectations, but compared
Barcelona with 150,000 members, Benfica with 150
executive boxes and Hamburg with 2,000 corporate
seats. Presumably he wants Rangers to have the same...
And then it was all over - and the shareholders filed
away to contemplate the team's prospects for the
season ahead.