Ibrox Stadium

Next Game

Rangers v Motherwell

Thursday, 28 May 2015, 19:45

Scots Prem PO Final Round Play-Offs

Last Game

Hibernian 1 - 0 Rangers

Saturday, 23 May 2015, 12:00

Scots Prem PO Second Round Play-Offs

Wallace rules out King talks

Rangers chief executive Graham Wallace is not planning to meet willing investor Dave King.

Last Updated: 20/12/13 at 17:05 Post Comment

Graham Wallace: Retained his position on the Rangers board

Graham Wallace: Retained his position on the Rangers board

Wallace and his fellow board members all retained their positions at a stormy annual general meeting on Thursday after a failed challenge from a quartet including former Ibrox directors Paul Murray and Malcolm Murray.

King, a former member of the Ibrox boardroom, held talks with Wallace's predecessor Craig Mather about bringing new investment to the Scottish League One club.

Wallace himself has raised concerns about the club's over-spending, but will not approach King as part of his proposals to make Rangers more financially stable.

"I have never met Dave King," he said. "I am aware, obviously, of his history with the club.

"What we will do as part of the business is develop a structured business plan we can look at over the next three to five years, from that we will identify the levels of investments that we need.

"We will have conversations with our existing shareholders and indeed other potential investors. That may or may not include Dave King.

"As I say, I haven't met the gentleman and have no immediate plans to do so."

The club raised £22million a year ago through an initial public offering (IPO), but more than a quarter of that money was spent on fees and the club made a £14.4million operating loss last season.

Wallace has held talks with existing shareholders in a bid to ease concerns about the club's financial situation.

He said: "What they are looking for is a period of stability, they want comfort that the business is being run in the right way.

"If you look at the share price today as to when the club was floated in the IPO, it is basically half, so investors putting money in when they are looking at a 50 per cent reduction in what they have already put in is a tough landscape.

"But having the stability and platform today to move it forward will give those investors comfort that the business is being run in they way they want it."

Related News

Most Commented

Readers' Comments

N

ow is the time for Allardyce to finally get a chance at a big club please. He is likely to have a number of great offers for his services this summer, but who will he choose? Will it be Liverpool, Real Madrid, Dortmund or Man City?

medina_sod
Allardyce leaves West Ham

I

thought exactly this when the Match of the Day pundits were peddling this line. Is it really not okay for fans of a club to have some ambition these days then?

damoceltic
Bored Of Big Sam? It's Your Right...

H

ow magnanimous off him - to leave if he's asked to by the owners? What's the alternative, bunker down in his office claiming squatter's rights if FSG want rid?

feed the bear
Rodgers: I'll go if owners want

Footer 365

Jack Warner has been arrested and bailed in Trinidad

Jack Warner has been arrested and will be released on bail in Trinidad and Tobago as part of the FIFA investigation.

FIFA president Sepp Blatter welcomes US investigations

FIFA president Sepp Blatter has issued a statement welcoming investigations by US and Swiss authorities

FIFA face FBI criminal investigation as indictment alleges 'generations of bribery and corruption'

The FBI have outlined details of their damning 47-count indictment in their FIFA criminal investigation.

Mail Box

Vidic Is Part Of United's 'Budget XI'

We have post-2000 budget XIs on behalf of Manchester United, Liverpool, Chelsea and Spurs. Plus gaelic football, FIFA, more awards and the majesty of Il Fenomeno...

Europa League: Hardly The AIA Cup

A Spurs fan definitely isn't bothered his side aren't in the Europa League final tonight. Also, a warning about Michael Laudrup, and how to build a team with less than £20m.

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company