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

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

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."

TEAMtalk Facebook Fan Page

The TEAMtalk fan page is a great place to meet like minded people, have football related discussions and make new friends.

Related News

Most Commented

Readers' Comments

I

still can't see the Phil Jones thing that some people go on about. Whenever I watch him play it's a repeat of headless chicken meets a gurning Bambi on ice for 90 minutes.

diabolicaldiaby
F365's Top Ten Defenders Of The Season

P

robably the first list I've come across in a long time where I agree with a large majority of what was written. Can't agree with everything though, Zaba has had an awful season by his standards, I'd put Monreal (a player who I've never rated) up there, gotta give credit where it's due, he's really stepped up his game.

scroteymcbooger
F365's Top Ten Defenders Of The Season

S

ome top analysis here..... UNITED WOULD BE TOP IF IT WEREN'T FOR ALL THEM GAMES THEY LOST

benvo81
United Progress Stifled By Bottom-Half Record

Footer 365

Swansea's Bafetimbi Gomis could return from injury against Arsenal

Swansea striker Bafetimbi Gomis could return to action against Arsenal after nearly a month on the sidelines.

Juventus 2-1 Real Madrid: Carlos Tevez penalty hands Juve first-leg lead

Juventus will take a narrow lead into their Champions League semi-final second leg with Real Madrid after a 2-1 win in Turin.

Newcastle captain Fabricio Coloccini says sorry to supporters

Newcastle United captain Fabricio Coloccini has written a letter to fans apologising for recent poor results.

Mail Box

How Is Coutinho Rated Above Cazorla?

We have a mailbox packed full of views on Santi Cazorla, what Arsenal and United need this summer, the idiocy of St Totteringham's Day and rather a lot more...

Arsenal Need Three. These Three...

One mailboxer has the realistic answers to Arsenal's summer transfer needs. We also have plenty more on Newcastle fans, handballs, Chelsea selling and Johnny...

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