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Ally McCoist says that chief executive's financial review has left


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Rangers boss Ally McCoist says that chief executive's financial review has left his transfer plans in limbo

THE Rangers boss had been planning to bring in new recruits in the summer but says he will no have to wait until Graham Wallace's 120-day review has been completed.

SNS JS31424850-3171628.jpg Ally McCoist with Graham Wallace

RANGERS boss Ally McCoist admits his plans for next season have been left in limbo while Graham Wallace carries out his 120-day review of the club.

The Ibrox chief executive is just over halfway through the period of calm he asked for to examine how the League One leaders off-field business operates and to draw up a blueprint that will put the club back on a level footing.

He has already secured the £1.5million loan announced on Monday morning from football board chairman Sandy Easdale and investment group Laxey Partners which will keep the club afloat until they bank season-ticket cash at the end of the season.

But with the Light Blues certainties for promotion to Scottish Championship this term, McCoist has had to put preparations for next season's crucial push for the Premiership on hold until after Wallace finishes his project.

Asked if his preparations had been left in limbo, McCoist said: "I think that is a fair point, absolutely.

"But I understand the fact Graham has asked for 120 days and I think we should respect that and certainly give him that."

Wallace's 120-day period is due to end on April 18 but McCoist believes he will have time to get his squad in shape before the new season kicks off.

"I would hope we would have enough time to make the preparations we need after the 120-day review is completed," he said ahead of Tuesday night's league clash at Stranraer.

"We are keen to get the football side of things moving and to continue to move forward. There are lots of issues we have to address on the scouting, medical, transfer and contract fronts.

"On our side of the business we are keen to get moving so I would be very hopeful that we would have enough time."

The club's record scorer admitted to slight concerns that the club had to borrow money from Easdale and Laxey Partners but said he had been assured it was part of a plan drawn up by the board to see the club out of danger after last year's £14.4million losses.

He said: "How beneficial this will be for the club is not really a question I can answer - that's one for the chief executive and the board - but I have been told it's part of a plan that they had.

"I would hope it would be a positive step but to my knowledge, it will not have any impact on my plans for the squad.

"I will have a better idea of what we have for next year's budgets in terms of players coming in after Graham has completed his 120-day review."

Easdale has stepped in to offer up a £500,000 sum on a no-fee basis, while Laxey Partners will lend the club £1million, with both sums secured against the Edmiston House and Albion car park facilities near to Ibrox.

The loans are repayable by September 1, and Laxey Partners, the club's single-biggest shareholder with an 11.64 per cent stake, stand to make a £150,000 profit on their part of the deal.

The Isle of Man-based hedge fund may opt to take repayment in the form of fresh shares, but that would require shareholder backing at an AGM.

Rangers say the cash will be used for working capital over the "next few months".

The League One leaders' raised £22million when they were floated on the stock market in December 2012, but former financial director Brian Stockbridge sparked concerns the club might be heading into administration for a second time last year when he claimed the club would be down to their last £1million by April after burning through the rest of their eight-figure stockpile in little more than 15 months.

But the money loaned to them will now tide them over until season-ticket renewal payments start arriving at the end of the season.

A club statement added: "The directors of Rangers, having taken advice from their nominated adviser, Daniel Stewart & Company plc, believe that the terms of the Laxey Facility are fair and reasonable as far as shareholders are concerned.

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Good

He shouldn't need any transfer plans for next season we've more than enough

Deal with it Ally (tu)

Pretty much this.

If he thinks he needs to spend more money for the Championship then we really are in trouble.

Maybe if some players are shipped out then we can bring a few in but let's be serious here we have a squad more than good enough to win the league next year.

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I'm not looking forward to the transfer window. Imo the squad needs strengthening but I think we could have a tough job attracting the right quality of player thatwont just add to the squad now but also in the push to regain the spl.

Think it will be a tough task for ally

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Old news and pretty straight forward really. There's no way they could contemplate a budget until after the review took place.

I wonder how long it'll take til the usual suspects spin their doom~Mongering with this....

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Replace those that are out of contract with cheaper options should be the only transfer plans we have. Those coming in should be on 1 year deals with an option to extend by the club if they play well.

If they don't like those offers, fuck off quite frankly. There is enough talent in Scotland to see us to the top league without paying the wages we've been paying so far.

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It's a tough old gig at The Rangers just now. Ally will have to cut his spending just like every other dept. Sad but true.

it can easily be done, getting back to the spfl is doable with this squad, after that we need a big cash injection if we are to put up a challenge for even second place never mind our title push.

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it can easily be done, getting back to the spfl is doable with this squad, after that we need a big cash injection if we are to put up a challenge for even second place never mind our title push.

Agreed. What we need to all focus on is what do we need to challenge for top spot, and I mean challenge, not be certs to win it.

I think we all need to accept that we'll be second favourites to Celtic for a period of time, unless something drastic happens to their squad but that shouldn't mean we can't win the SPFL.

The questions this board need to answer is, what is their plan? If it is just to slowly build and compete and investing European cash, which might mean we'll be 5 or 6 years before being real contenders, then fine, tell us now and let us know where we stand.

If they plan on external investment, then in what areas are they going to spend it? Hopefully not dumping it all into a transfer kitty to be blown on risky foreign players on inflated wages! It should be invested in the youth, the scouting and the facilities.

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The youth aren't good enough, the team isn't good enough, we shouldn't bring any players in but we want entertained.

Hopefully we should get a chance to look at how some of the youth step up, always think the run in games are harder as teams are more focused on what they need to do.

Will Ally have a transfer budget, think it will be the bosman market again.

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Old news and pretty straight forward really. There's no way they could contemplate a budget until after the review took place.

I wonder how long it'll take til the usual suspects spin their doom~Mongering with this....

Not long at all as it turned out :pipe:

Just waiting for first Nandos comment now

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Agreed. What we need to all focus on is what do we need to challenge for top spot, and I mean challenge, not be certs to win it.

I think we all need to accept that we'll be second favourites to Celtic for a period of time, unless something drastic happens to their squad but that shouldn't mean we can't win the SPFL.

The questions this board need to answer is, what is their plan? If it is just to slowly build and compete and investing European cash, which might mean we'll be 5 or 6 years before being real contenders, then fine, tell us now and let us know where we stand.

If they plan on external investment, then in what areas are they going to spend it? Hopefully not dumping it all into a transfer kitty to be blown on risky foreign players on inflated wages! It should be invested in the youth, the scouting and the facilities.

(tu) Cant add much more to that.

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