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Former Rangers Director Launches Attack On Current Regime In New Call For Change

Former Scottish League 1 Rangers Dir Dave King "has gone to war with the Rangers board and called on fans to unite with him and seize control on a manifesto of sweeping change at Ibrox," according to Gary Ralston of the Scotland DAILY RECORD. The South African tycoon "has finally made his move to win hearts and minds via an explosive statement as he called on fans to starve the current directors into changes that would safeguard the long term future of the club." The "gloves are off and King is calling on fans to ring-fence their season ticket money into an independent trust as he pledged to pump millions into a consortium with supporters and like-minded investors in a bid to restore Rangers to the top of Scottish football" (DAILY RECORD, 2/26). In Glasgow, Richard Wilson wrote King "has also raised concerns about the club's ability to challenge Celtic for the league title" when it eventually returns to the top-flight, unless fresh funding is sought. King "has reiterated his desire to invest in Rangers again," despite having lost £20M ($33M) under David Murray, and wants to lead a group of like-minded, high net-worth Rangers fans in a fresh share issue. King believes that with the board having agreed to take a £1.5M ($2.5M) loan from Sandy Easdale and Laxey Partners, "the intention of the directors is to not seek new funding but use season ticket income." So he has told fans "to draw their financial power together to make a series of demands of the board, including representation" (HERALD SCOTLAND, 2/26). Click here for the full statement.

NOT SO FAST: STV reported King "has called on fans not to hand over season ticket money for next season" until four key issues were addressed:

  • The Rangers board provides legally binding assurances that the club is a going concern and has enough funds for next season.

  • The board promises that none of the proceeds from season ticket sales will be used to settle current debts.

  • The board confirms the company's assets including Ibrox and Murray Park are not being used to secure loans or finance.

  • The board explains its previous statements around the club having enough cash to last until the end of the season (STV, 2/26).

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