Newco Rangers Consortium Says It Would Sell Club For $77M
Newco Rangers owner Charles Green and his consortium said that it "would take at least £50M ($77M) for them to sell the newco club," according to Ewing Grahame of the SCOTSMAN. That figure would give them "an astonishing" 900% profit on their initial £5.5M ($8.5M) investment. That minimum figure was revealed at a meeting between the board of newco Rangers consortium Sevco Scotland Ltd. and the Rangers Fans Fighting Fund last week. Minutes of the meeting taken show that Manager Ally McCoist will "refuse to plead with fans" to buy season tickets because he does not yet have "sufficient faith in the new owners." Yet it was the value that Green and Co. have placed on the club "which shocked those in attendance." A representative from Rangers Unite asked, “What would you see as an exit price?” Sevco Scotland Dir Imran Ahmad replied, “On a bad day the club is worth £50M" (SCOTSMAN, 7/9).
WHICH DIVISION?: The Scottish DAILY RECORD reported that Hibernian FC fans have launched "a stinging attack" on the Scottish Football Association and the Scottish Premier League, accusing them of "bullying" the SFL’s clubs into allowing the Rangers into the First Division. Third Division's Annan FC insisted the Hibs supporters "are correct." Annan was the last club to gain admission to the Third Division four years ago, and club Chair Henry McLelland said that the Rangers "must also start in the bottom tier irrespective of the financial implications" (DAILY RECORD, 7/9). STV reported that the Rangers Supporters Trust stated that the club should be "made to start life in the bottom tier" of the SFL. In a statement on its website, the Rangers Supporters Trust said, "The Rangers fans have made it very clear that we wish the club to resume playing in Division Three. This is the correct solution and one which means the club will forever be beyond reproach" (STV, 7/9).