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Official minutes of RFFF meet last Weds


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Rangers Fans Fighting Fund

Notes of a meeting with representatives of Supporters’ Clubs held in the Ibrox Suite, Wednesday 4 July, 2012 at 7pm

The ‘top table’ comprised Andrew McCormick (Chair of the RFFF), Sandy Jardine, Ally McCoist, Jim Hannah and Billy Montgomery. The other members of the RFFF committee were also present at the meeting.

1. Introduction

Sandy Jardine chaired proceedings for the evening and advised that the meeting was going to be split into 3 sessions, namely an update from RFFF re accounts and the opportunity to take any questions on those - to 7.15pm; the new Board attending the meeting to participate in a Q&A session to 8pm and the opportunity thereafter to have a Q&A session in which the manager would participate for at least the first 30 minutes - with an anticipated close of business at 9pm. John Brown later arrived and it was proposed that he be given a slot at the later session to advise the fans representatives of any issues he wished to share.

(For ease of reference, the various questions which were raised on the evening have been grouped against the respective section and ‘bundled’ against the topics covered.)

2. RFFF Update

a) RFFF Income and Expenditure

Jim Hannah confirmed that he had e-mailed regular income and expenditure updates to Supporters’ Clubs secretaries. He subsequently updated the current position as showing a balance of £524,068.92. Full income and expenditure details were available on the RFFF website - http://www.rangers.co.uk/FightingFund

b) RFFF Poll

Jim Hannah confirmed that under the auspices of the RFFF, a poll had been conducted seeking views of fans as to whether their preference was to go into SFL1, SFL1 with sanctions or SFL3. The results of that poll showed 80% in favour of SFL3.

A show of hands was also taken on the evening and this overwhelmingly showed a similar response.

c) Current and Future Use of RFFF

Sandy Jardine confirmed that no money from the RFFF has gone to Charles Green or the Rangers ‘newco’ in relation to running costs. He went on to thank the fans for the funds that had been raised and reiterated that the money in effect belonged to the fans and the RFFF committee would be seeking fans views as to how the monies should be used in future. A subsequent meeting, potentially immediately prior to the new season, would be held to discuss future use of the funds.

A number of suggestions were made from the floor and the committee as to how these maybe used, including, inter alia, a Rangers Museum; purchase of ‘fans shares’; youth development; a player; or transfer to the Rangers Supporters’ Assembly.

3. The New Board

a) Introduction

Sandy Jardine introduced Malcolm Murray, new Board Chairman and thereafter the RFFF vacated the top table.

Malcolm Murray introduced himself to the meeting and outlined his vision for the future - namely to rebuild the Club to its rightful status; to ensure a balanced budget; to secure a balanced Board; and to do this against the highest standards of corporate governance which would ensure the Club would never again find itself in this position.

For sake of clarity, he stressed that Craig Whyte was not involved in any of the new arrangements and there was no ‘selling of the assets’ in relation to Ibrox Park, Auchenhowie or the Albion as had been reported recently.

Thereafter, he invited the other members of the Board - Charles Green, CE; Brian Stockbridge (finance); and Imran Ahmed (capital raising) to introduce themselves to the meeting.

Charles Green reiterated his intentions as set out originally in his business plan of 13 May 2012. These were to get to a position where the Club had no debt; a balanced book of shareholders - ideally where no single shareholder had more than 10 -15% of the shares; the Club listed on the stock-market such that fans had the opportunity to invest in shares in the Club and thereafter to leave when ’the job was done’. His ‘payment’ for rebuilding the Club would come when the Club was floated on the stock market and he would receive 10% of the flotation price. Again, this was as outlined in the original business plan.

He stressed that he was not ‘a Rangers man’ and he had no previous allegiance to the Club - albeit he had attended a few games. He was however someone who had worked in the ‘football business’ and recognised the potential for Rangers to once again be successful. He recognised the importance of the role of the fans in the future of the Club and was endeavouring to create a structure which would allow the fans to contribute accordingly.

Brian Stockbridge and Imran Ahmad similarly provided a brief resume of their backgrounds in finance in the City and of attracting significant income for companies respectively.

b) Questions re Current Financial Position

C Green advised that his initial prediction had been that by the middle of July, he would have built up a balance of approximately £30m. This had been on the basis of a CVA being successful and the Club remaining in the SPL. In the event, neither of these eventualities had been realised and accordingly the current capital raised stood at circa £11m. In addition, there had been very little season ticket income realised to date - this is expanded upon below.

From the £11m, £5.5 had been paid to Duff & Phelps for the acquisition of the Club, all wages had been paid in full and other running costs met.

Additional investment has been promised and ‘placing letters’ received which guarantee a further tranche of capital, with ongoing discussions with a range of other potential investors.

In relation to the value of the Club, I Ahmed indicated that he valued Rangers at £50m ‘all day long’ given the stature of the Club and potential future success and associated business opportunities.

B Stockbridge confirmed that a series of different financial models had been prepared to take account of the various scenarios which may be played out. Each of these would allow the Club to survive and succeed, albeit there were different recovery periods depending on each scenario.

c) Current Investors

C Green read out the list of existing shareholders, the bulk of these being in the form of ‘trust funds’. It was out with the law and FSA rules for the individuals involved in these trusts to be made public. However, in satisfying the SFA, representatives of the SAF had signed a confidentiality agreement and subsequently been given sight of the respective individuals. A similar arrangement was made available to 2 representatives of the RFFF committee and they, in turn, confirmed they had seen the list and were satisfied with the detail contained therein.

It was noted that one such trust, Blue Pitch Holdings, currently owned 23% of the shares. As the other investors increased, this percentage would reduce in line with the overall aspiration to have no single shareholder with an excess of more than 15%.

When pressed on why the individuals did not want their names known, the example of Glenmuir was cited. Glenmuir had invested in excess of £1m and subsequently received hate mail and threats of business being withdrawn.

It was confirmed that despite a public declaration that Iain Harte was not going to be part of the new shares issue, he did in fact have shares. The Board was happy to have his investment; however he had been advised that if he should at some stage in the future wish to have this investment returned/given to another purpose, it would be so done.

M Murray also confirmed that there had been a proposed investment which had not been accepted on the basis that the offer had come with the proviso that the donor received 50% of the shares and got 2 seats on the Board. A compromise had been offered - partly in recognition of the overall aspiration to have no single person with more than 15%, however this had not been accepted to date.

d) Season Tickets

B Stockbridge confirmed that approximately £100k had been lodged in the form of cheques or cash payments in the account of the ‘oldco’. Duff & Phelps had been advised of this and were currently transferring the monies to the account of the ‘newco’. It would be unlawful for them to keep money which was associated with income for season tickets for the new season.

In relation to Direct Debits, no income would be taken until there was clarity re which league the Club would be playing in and the appropriate costs agreed.

The Club was in possession of many expressions of intent to renew season tickets, albeit this income had not been included in the financial position highlighted at b) above. This would be additional income in due course.

e) What Had Transpired re SPL Meeting and Subsequent Consequences

C Green opened the response to these questions by indicating that he had come into the process of rebuilding the Club without appreciating the level of hatred that was being directed at the Club from all directions. This was not however going to cause him to deviate, rather, it strengthened his resolve.

This had been exemplified by a phone call on Friday last to indicate that not was all that it seemed re the public declarations by a number of the Chairmen and as such, he should contact SPL Chairmen to outline the regret of the new board to the actions of the old board. At this point, he ceased the work on the application to the SFL to concentrate all efforts in seeking to secure SPL status. This he duly did; the Chairman had made the public apology and the meeting subsequently demonstrated that this had all been a sham and it appeared like there was no SPL Club that wanted Rangers to survive - and certainly none prepared to publicly state they did.

Despite this outcome, it didn’t affect the investments already made or those already promised.

C Green indicated that both the manager and himself had attended the SPL meeting and had advised those present of the hypocrisy being shown by all concerned in their assertion that as a ‘newco‘, Rangers should not be admitted to the SPL. Yet despite being a ‘newco‘, there was an expectation that they should still be subject to penalties and other sanctions for the actions of the ‘oldco’.

Notwithstanding this, C Green was in the process of formally submitting application to join the SFL. Despite any aspiration to join SFL 3 in keeping with the fans wishes, in reality, we would need to play in whichever league the slot was made available us to play in. However, he indicated that he would not be prepared to accept some of the wild proposals and suggested clauses which were being mooted to get into the SFL, e.g. halving all the home gate receipts with the opposition.

He went on to advise that the transfer bans issue had still to be resolved and if we weren’t registered as a member of the SFA, we couldn’t play in Scotland.

He advised that whilst acquisition of Bury and subsequent use of their place in the English League had been a consideration, this was not now possible since a rules change following the Wimbledon/MK Dons scenario. However, if the SFA refused to register the Club to play in the SFL in Scotland, then application to the English League - at any level, was a possibility.

f) EBTs

C Green advised that he was looking for an early statement from HMRC to the effect that since the ‘oldco’ no longer existed, there would be no further action taken against the ‘newco’. Indeed, given that criminal proceedings had commenced re the actions of the previous Chairmen and associated takeover arrangements, he was hopeful that such a statement would be forthcoming imminently. This would assist greatly in removing some of the uncertainty still hanging over the Club.

g) Other Issues

A series of other ‘ single issue’ points were raised which the Board were asked to consider.

The Board should consider methods to maximise transparency that would allow the fans to be re-assured that investments were real.

The Board should expedite the process of having the facility at Auchenhowie re-named.

The Board should consider seeking the resignation of Neil Doncaster and Stuart Regan given their complicity in the situation that the Club - and Scottish football in general now found itself.

The Board should consider some form of recompense for the ‘small businesses’ out of pocket from the liquidation of the ‘oldco’ e.g. local newsagent.

At this point, the Board vacated the top table, Messrs Green and Ahmed going to work on other Club business. M Murray and B Stockbridge agreed to sit in the body of the meeting to hear the other session and of the response of the fans representatives to the points raised and any other issues.

3. Q & A Session with the Manager/RFFF Committee

(Again, for ease of reference, the various questions which were raised in this session have been grouped around the topics covered.)

Sandy Jardine opened the meeting again to take questions from the floor.

a) Should we go to SFL1 or SFL3?

The manager indicated that whilst the opinions of the fans of every Club had been getting publicised over recent weeks, he felt it only right that the voice of our fans should similarly be recognised. As such, if the overwhelming majority of our fans believed we should go to SFL3, he was 100% behind such a proposal. In many respects, this would allow us to live up to the ’sporting hypocrisy’ concept that appeared to be such a major issue in the decision not to allow us to remain in the SPL. If the same ’sporting hypocrisy’ aspiration was to be believed, then it was only just and proper that we should start in SFL3.

He went on to say that a 10 point deduction, loss of European football and the loss of virtually the entire first team - with no transfer income, felt like punishment enough and a new start in SFL3 should satisfy most reasonable men.

Ally then indicated that he felt for David Longmuir, SFL, as he had been put in a position not of his making. Moreover, whilst he was aware of the suggested creation of a scenario where Rangers were placed in SFL1 with a view to the creation of an SPL2, he felt this was similarly in diametric opposition to the stated need for ’sporting hypocrisy’.

Whilst the decision to reject the application for Rangers to remain in the SPL had been disappointing, the manager had requested that a decision be made such that the Club had some clarity and opportunity to plan accordingly. The feeling was that it would have been further delayed pending the outcome of the SFL vote had such a request not been made.

It was also noted that whilst C Green had originally offered to pay off footballing debts pre CVA refusal, this would now appear to be at odds with the stance taken by the SPL whereby we were a ‘newco’ and therefore had no rights.

b) Would Ally McCoist Issue a Statement requesting all Season Ticket Holders to renew their Tickets?

The manager indicated that he would not issue a formal statement asking all season ticket holders to renew. He felt this was a matter for individuals to make up their own minds. He didn’t know what league we would be playing in, which players would be staying, the size and extent of the playing squad, whether we would be allowed to sign anyone, let alone whether the money would be there to do so, or indeed a whole range of other factors that remained unclear. As such, how could he ask fans to commit to renewing season tickets.

He did however state that a key concern for him was that the existing infrastructure at the Club remained such that the opportunity to get promoted year on year and regain our previous position as quickly as possible was maximised. Key to that would be the regular income associated with season ticket sales. A number of fundraising suggestions were also made to assist ensure the Club was in a healthy financial state and able to compete at the time of returning to the SPL.

In recognising that it would be unfair to ask the manager to put out such an announcement, fans representatives on the RFFF committee were requested if they had seen enough as to support the proposal that fans renew their season tickets. This was duly affirmed. Representatives with access to fans websites were therefore asked to ensure this position was made clear to the wider fan base. In this respect, a spokesman for RTID - NI said that to a man, all their members would be renewing their season tickets.

Andrew McCormick also reiterated that any money for season tickets would go to the ‘newco’ and could not be accessed by anyone associated with the ’oldco’.

Finally, in response to a direct request to the manager asking if he were sitting in the audience, would he personally renew his ticket, he said he would.

c) Did Ally McCoist Think we Should/Did he Trust C Green and the New Board?

The manager indicated that it would be premature to say he trusted anyone after such a short time. This was not in any way a slight on anyone associated with the new Board, it was just that trust is something that isn’t pinned on someone. Rather, it has to be earned - a mutual arrangement. That said, he had always found C Green to be very honest in any dealings he had with him thus far and for him to be working in the best interests of the Club. He agreed that no matter who followed C Whyte, they would have a huge challenge in gaining the trust of the support and the staff. However, C Green and the new board were the people in charge and you have to give them a chance.

It was suggested that if the fans could see additional investment being made in the Club and the subsequent release of finance to sign new players and increase the playing staff, this would be the type of evidence that would engender trust.

d) What was the position re players who have left/stayed and state of squad for next season?

The manager confirmed that thus far, of the recognised first team senior players, only Lee McCulloch, Kirk Broadfoot, Lee Wallace, Neil Alexander, and Bedoya had returned. Hegarty had renewed his contract, Andy Little and Salim Kerkar had been offered renewed contracts but had yet to confirm acceptance or otherwise. Goian, Bocanegra, and Edu all had extended return dates due to international/personal commitments and as such, it would be later in the month before it was clear as to whether they would return or not.

In relation to the players who had left, the manager confirmed that Alan McGregor and Steve Davies had discussed their positions with him and he could understand their predicament recognising they did not know what league they would be playing in, absence of European football etc.

The manager refused to be drawn on whether any players had discussed the impact of their actions with him, however Sandy Jardine interjected at this stage and said of the players who hadn’t returned, the only one to have had any real consideration for/discussion with the Club had been Alan McGregor. For the others who had put out press statements which were inaccurate, they had taken relatively little sacrifice and their actions had cost the Club at least £10m of income they would have received had they allowed other clubs to have come in and bought them. This had been as a direct result of a clause they had inserted in their contracts in the administration process which Duff & Phelps had agreed to and could have been predicted to have cost the Club so much at the expense of the personal gain of these individuals. This was particularly galling recognising the significant medical costs the Club had incurred for some at a time they weren’t playing. The role of the agents was such that they had been touting these players since the ‘clause’ had been included and there was nothing realistically that the new Board could have done to resolve this position.

The manager did reaffirm the view from some of those present that we did have a good pool of under 17s and that whilst we could expect to see an increased number of young players getting a chance, being able to sign some experienced players would be absolutely crucial - regardless of which league we were in.

e) What has Happened to the Title Deeds and Could they be Viewed by Others?

Andrew McCormick confirmed that the title deeds now sat with the ‘newco’ and formal application had been made to HMRC in relation to stamp duty and application made to have these transferred formally into the name of Sevco Scotland Limited. He held up a copy of the respective documentation and invited anyone to look at the same.

B Stockbridge confirmed that Servco had purchased all the assets. He would also be happy to facilitate others looking at these and, indeed, once the formalities had been completed, these would be available to the public via the land register in the same way as the deeds on a house will show the respective change a few months following the actual exchange of paperwork.

A McCormick confirmed that the properties are ‘unencumbered’ and that there was no assignation over the deeds.

f) Did the Manager Offer to Resign/or was Asked to by C Green?

The manager absolutely refuted the suggestion that this had taken place. Rather, there had been a meeting where there was a difference of views - which he said was actually healthy in some instances, however that was as far as it went and anything else was merely media speculation.

g) Would Former Rangers Players Ask to Get Their Names Taken from the SFA Hall of Fame Given the Treatment of the Club by the SFA?

Sandy Jardine confirmed that would be his position but it would be up to others what their personal stance was. The manager hadn’t been made aware of this suggestion but would consider it.

h) Was There Still a Potential for League Titles/Other Honours to be Removed?

Sandy Jardine confirmed that as far as he was concerned, it didn’t matter what transpired, as far as the Club is concerned, all the trophies were won on the field and the league flags would continue to adorn the walls of the trophy room - as would the Honours Boards remain proudly displayed.

4. John Brown Statement/Concerns

Throughout the evening, John Brown and Andy Goram posed a number of questions and the bulk of the answers to these are included in the responses/information provided above. There were however a few further points which were made and responded to where appropriate as below.

a) SFL1/SPL2

He advised that he had seen information that described the financial meltdown which would follow Rangers not being in the SPL and as such, we should refuse any sanctions to be admitted into SFL1.

b) Potential Investor

He indicated that he had someone who was willing to buy/make an investment in Rangers to the tune of £11m. He was unable to disclose this potential investor.

c) Potential Means to Minimise Expenditure on Assets

He suggested that the Club establish a separate trust for the physical assets to both safeguard against future sale as well as minimising expenditure.

d) Why was a Higher Bid than the one Made by Sevco not Accepted by Duff & Phelps?

Nobody present was able to confirm or deny whether this was the case, albeit there was a recognition that if this could be proven, Duff & Phelps would have been failing in their duties and this would likely come out in the investigation ongoing into their role in the process.

d) What Does C Green/the Board Stand to Gain from the Process

A McCormick referred to C Green’s earlier statement re 10% of the share flotation - 3a) above - however the extent of that wouldn’t be known until such time as the Club was floated on the stock market. B Stockbridge confirmed that ’placing letters’ had been received which confirmed additional investment was coming into the ‘newco’.

5. Vote of Thanks

Ally McCoist concluded that on behalf of all the staff at the Club, he wished to thank all the fans for the support that had been received since the administration announcement had been made. It had been hugely humbling for all concerned and he was confident with the type of support seen in the last few months continuing, the Club will continue for the next 140 years.

In response, one of the representatives from St Andrews Rangers Supporters’ Club spoke on behalf of all the Rangers support when she said that throughout the whole sorry episode, Ally McCoist had stood out as a shining example of what being a Ranger truly meant and had conducted himself with great dignity and honesty. For that, we were truly thankful.

She went on to say she would be renewing her season ticket!

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Thanks for posting that swally, very good read.

Being in the South of England makes me remote from the day to day knowing of exactly what's going on.

Cheers mate.

same here being in south east we do miss alot and as dont buy papers or listen to radio stations on got rm to keep me in formed and upto date

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Sandy Jardine confirmed that no money from the RFFF has gone to Charles Green or the Rangers ‘newco’ in relation to running costs. He went on to thank the fans for the funds that had been raised and reiterated that the money in effect belonged to the fans and the RFFF committee would be seeking fans views as to how the monies should be used in future. A subsequent meeting, potentially immediately prior to the new season, would be held to discuss future use of the funds.

A number of suggestions were made from the floor and the committee as to how these maybe used, including, inter alia, a Rangers Museum; purchase of ‘fans shares’; youth development; a player; or transfer to the Rangers Supporters’ Assembly.

Surely the bit in bold is the most sensible option?

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