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SBD Global/December 18, 2013/Franchises

Rangers CEO Says Board Supports McCoist's Decision To Give Shares Proxy To Supporters

Scottish League 1 Rangers CEO Graham Wallace said he "understood" Manager Ally McCoist's decision to give his shares proxy to supporters who are likely to vote against the board, according to the Scotland DAILY RECORD. McCoist has given his local East Kilbride supporters' club "the power to wield a million shares at Thursday's AGM." Wallace: "Ally feels a strong obligation that those with the best interests of the club at heart are those who have supported him as a player and a manager. His decision to give his proxy to his local supporters' group I completely understand. The manager has the full support of the board, the unanimous support of the board -- I have told him that personally" (DAILY RECORD, 12/17). The SCOTSMAN reported Wallace "has vowed that the Ibrox club won’t go to the wall again," following claims by former Dir Paul Murray. Murray "has warned fans that Rangers will go bust unless the current board is ousted at Thursday’s AGM." However, Wallace said, "That is categorically not the case." Wallace "allayed fears by reassuring fans that there were adequate funds." Wallace: “Looking at the financial position of Rangers as I have in detail there is sufficient cash in the business to meet our short to medium term needs. We have to develop a business plan that will see us over the next five years. Then we can talk to investors about additional investment.” On the subject of attracting potential investors, Wallace said, "We must show them the vision of Rangers, how we want to get competitive in Scotland and Europe again" (SCOTSMAN, 12/17).
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