The Rangers board would’ve known that things were going to be tense as the club’s shareholders met for this year’s AGM at the SEC Armadillo.
Whilst the Rangers custodians might’ve hoped to curry favour with fans off the back of last night’s impressive 6-0 win over Kilmarnock, the Ibrox support have long memories.
And whilst there were plenty discussion points from the relocation to Hampden to incoming CEO Patrick Stewart, there was one subject which was discussed more than any other.
Money makes the world go round and it’s very much the topic of the day at Rangers, as it is as almost every other football club.
Rangers have ‘clean bill of health’ despite £17m loss
Rangers’ latest accounts made for worrying reading with that £17m Ibrox loss grabbing the headlines earlier in the year.
For a Rangers who are looking to be sustainable year-on-year, the figure is not only ominous for fans but it is also evidence that things are not going to plan at present at Ibrox.
Chief Financial Officer James Taylor took the opportunity to explain the situation at the Rangers AGM, with ineffective player trading at the crux of the Gers’ problems.
Despite this, the financial experts at Rangers insist the club is on a strong footing and move forward into a new era with a ‘clean bill of health’.
“It was a challenging few months with Copland Road Stand works and necessary changes over the summer transfer window,” said James Taylor, as quoted by the Daily Record.
”But we’re looking forward positively to the future
”We expect revenue to grow again next year after signing recent commercial deals.
“New Edmiston House brought in £2m revenue and 500k in profit and selling part of the Albion car park brought in over £1m.
“Clearly there is a significant loss on player trading. We’ve taken moves to reduce the players’ wage bill so we have a more sustainable club moving forward.
“Hopefully we can now start seeing a profitable Rangers FC. We move forward with a clean bill of health.”
‘Criticism of Rangers spending and results valid’
Interim Rangers chairman John Gilligan opened the meeting by claiming that the if he was sitting in the crowd, he’d have a question or two for the Ibrox board.
The Gers shareholder bleeds blue and admits that supporters are well within their rights to question how the club has been run over the last few seasons.
Chief commercial officer Karim Varani also reckons the club hasn’t reached the required level since lifting 55 and the board admit they’ve not always spent the available cash wisely.
“Every decision made by the board is made in best interests of the club,” said Gilligan.
“You can question use of cash and results. I have to admit sometimes it’s not been good enough.
“But we’re now going to create a board that is Scottish-based that will have much more advice and help from people in west of Scotland.
“Any board has to make decisions and stand by them. A number of decisions made were well supported at time but haven’t delivered what we wanted.”
Karim Virami added: “We share sentiment that club hasn’t been performing since 55.
“Football decisions don’t always pan out how you hope. The determination to win still exists across the club. We’re working night and day to put us where we should be.”
Rangers continue to explore Ibrox renovations
The Copland Road reconstruction in the summer has obviously been poured over relentlessly.
James Taylor described the project as an overly ‘ambitious’ one, with Rangers having to relocate to Hampden due to a delay in the shipment of steel for the renovation.
The renovation was about increasing the number and quality of disabled spaces for supporters, with Rangers insisting the club is now one of the leading clubs in Europe in this area.
But the renovations to Ibrox Stadium won’t be ending there.
In the famous old ground’s 125th year, Rangers have shelved an upgrade to the Broomloan stand due to fears over relocation.
The project remains in the minds of the board, as does the proposed sports bar in the old Rangers shop which is attached to the stadium.
It comes after the board confirmed the cost of relocating to Hampden will run into ‘six figures’.
“We want to enhance disabled facilities so (the Broomloan reconstruction) is still for discussion,” said James Taylor.
”But if we’re to commit to Broomloan improvement we have to be crystal clear on standing so we don’t end up in same situation (as this summer with the Copland).”
Karim Virani then gave an update on the proposed sports bar: “We put that to one side for the moment to focus on Copland road during summer.
We are working with new catering partner Elior to come up with business plan for new bar (and are= hoping to give an update in coming weeks.”
‘New CEO and chairman have Rangers mandate’
Former Rangers chairman Alistair Johnston was also in attendance and spoke about the role of incoming CEO Patrick Stewart and the new chairman, whoever that may be.
With Rangers already announcing Patrick Stewart, the club are closing in on a new chairman too and both will be tasked with bringing more investment and finances into Rangers.
Johnston and his fellow Rangers shareholders have accepted they need outside expertise in the Ibrox boardroom and those who step into the job do so with big expectations.
Alistair Johnston also confirmed there is interest in investing into Rangers from outside parties.
“My role with Rangers (goes back) a long way, during periods of great success,” said Alistair Johnston.
“But the last two, three years has not been up to standards for all sorts of reasons.
“Some within our control, others because of the business we’re in.
“You guys do a magnificent job supporting our club. I feel very much in touch with the Rangers support. I come from an American sports business where it’s all about entertainment. You don’t have to win.
“I know there is interest. I was in Nice and had lunch with serval friends and directors there and the owner there is Jim Radcliffe.
”We’re looking at whether club formations can be an option for us.
“We’ll look for Patrick Stewart to provide advice on that. I want the new chairman and new CEO to look at the big issues.
“Why do we get such poor media money. Why do club finishing in bottom of EPL get 28 times more than we do?”
Philippe Clement: money isn’t everything
Philippe Clement knows all too well that money makes the football world go round.
But the Rangers manager insists it’ll take more than financial backing to take the Ibrox side to precisely where they want to be.
Clement made a transfer appeal following the 6-0 win over Kilmarnock and is looking forward to recruiting more players in January.
But whilst the wage bill goes down, standards cannot, and the Rangers manager insists that whilst money plays an important role, a winning culture is crucial to the Gers’ success.
”It’s good to have this meeting and numbers are very clear,” said Clement.
“Decisions had to be made to make club sustainable and avoid taking club into dangerous place as was before. We’ve spoken about rebuild. People can see the numbers now.
“But the legacy of Rangers is winning. The day we lower that bar, Rangers is not Rangers anymore. That’s my message in dressing room. We need to keep this culture in club.
”It’s true things in football are decided by money. The more you have the more you can buy. But it’s also about hard work and we’re working really hard to get a better team.
“I promise I didn’t tell the players to give me more effort (v Kilmarnock) because I had the AGM.
“We know mistakes made in the past. I understand people don’t understand why we sign a young guy from Morocco.
“But we’re working hard to make things better and I promise we will keep on doing that.
“I know it was a tough challenge to make team younger without a big budget to get quality fans in now but were working hard to become champions and win more trophies.”
