Next Game

Motherwell v Rangers

Sunday, 31 May 2015, 15:00

Scots Prem PO Final Round Play-Offs

Ibrox Stadium

Last Game

Rangers 1 - 3 Motherwell

Thursday, 28 May 2015, 19:45

Scots Prem PO Final 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

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

A

ll he wants are sharks with frickin lazers on their heads. Is that too much to ask?

mufc phil
Bomb threat on FIFA D-day

W

hy is the dinosaur trying to hold on to this.... Just leave... No one wants you in this position you corrupt loser. Let someone else take over....

arsenal121
Defiant Sepp blames minority

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

Footer 365

One-time FIFA presidential candidate Luis Figo scathing of Sepp Blatter

One-time FIFA presidential candidate Luis Figo was scathing in his criticism of Sepp Blatter after the Swiss was voted in for a fifth term.

Sepp Blatter will not last two years, says FA chairman Greg Dyke

FA chairman Greg Dyke is not surprised Sepp Blatter won a fifth term as FIFA president but he does not expect him to even last two years.

Gordon Taylor says Sepp Blatter's FIFA position is untenable

PFA chief executive Gordon Taylor does not think Sepp Blatter can see out his fifth term as FIFA president.

Mail Box

Players Must Stand Up For Qatar Boycott

Players, not bureaucrats, hold the key to boycotting Qatar. Also in the afternoon mailbox: Wenger is right to rotate, Zlatan can dribble, and it's Barca v Ajax in the budget final...

What Would You Do If You Were Blatter?

Step into Sepp's shoes, is the invitation from one mailboxer. Also: United already have their new number one, Rodgers deserves time, and the best Budget XI so far...

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