Scottish Championship side Rangers shareholder Mike Ashley's right-hand man at Ibrox, former EPL side Newcastle Managing Dir Derek Llambias, has admitted that "overcoming the Rangers support’s lack of trust in the board will be 'very difficult,'" according to Roddy Forsyth of the London TELEGRAPH. Llambias has imposed an "austerity regime at Ibrox which has seen long-standing staff axed," a factor understood to have contributed to Manager Ally McCoist's decision to "work his 12-month notice period as manager unless the directors find the cash to pay off him along with his backroom staff." Unhappiness with team performances "has grown," but the "greatest source of disenchantment is with the directors." The decision by the Rangers board to favor a £3M ($4.7M) loan from Ashley over a £16M ($25M) takeover bid from former Dir Dave King has "alienated many fans from the owner of the Sports Direct chain, which markets the club's merchandise." Rangers' most recent accounts confirmed that the club had lost more than £8M ($12.6M) in the last financial year. At the annual general meeting on Dec. 22 the board will "ask for approval" for an £8M share issue but, "more immediately, cash flow is threatened by plunging gates, with the club admitting to a 19,000 attendance for the visit of Cowdenbeath last weekend, although insiders say that the crowd was actually not much above 15,000." Llambias said, "We need to re-establish credibility with the fans, which is going to be very difficult. What is obvious is that we need cash to stay in the club and not go elsewhere. We are cutting back as much as we can and put it onto the park." Rangers Dir Sandy Easdale revealed that live match fees "could not make up for the slump in attendances." He said, "Match attendances are down U.K.-wide right now. We'd rather fill the stadium than broadcast live as we don't make as much money. Rangers TV costs us money -- a lot of money as it stands right now. The club is subsidizing this. This is not as big an issue when we're back in the Premier League" (TELEGRAPH, 12/14).
