Former Scottish League 1 Rangers Chair Malcolm Murray said that the club will need a £10M ($16M) cash injection "to stay afloat in the next 18 months," according to Andrew Smith of the SCOTSMAN. The club's "complex ownership structure," as well as the discontent from supporters at the continued presence of Finance Dir Brian Stockbridge on the board, also has Murray "concerned about the ability to attract such investment." The businessman was one of the four "requisitioners" who failed to be voted on to the Ibrox board at Thursday’s annual general meeting, but Murray believes the outcome of that event, which witnessed "loud booing of any contribution from Stockbridge," will not be “the line in the sand” hoped for by new club CEO Graham Wallace, who has also admitted that Rangers need "external funds" in the medium term. Murray said, "Unless they can pull a few rabbits out of hats I don't see who will invest in the club if the board remains exactly the way it is presently." Murray said, “In the next three months there have to be changes. I’m pretty sure they won’t be able to go back to the same institutional investors for more money with the current board set-up. The bulk of them certainly wouldn’t do it. The danger now is that the institutional investors pile out of this, because they are fed up. I’m not saying it will happen, but there is a danger that I’m worried about." Murray claimed that 40 million 25% shares "would be required to raise that sum." However, issuing such a large number of shares would dilute the existing shareholding of current investors and Murray insisted that would be "terrible" for the financial institutions that have already put money into the club (SCOTSMAN, 12/22).
