Last Game

Motherwell 3 - 0 Rangers

Sunday, 31 May 2015, 15:00

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."

More of the games that matter

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

Related News

Most Commented

Readers' Comments

I

m concerned as I have swore at football matches and whilst watching football on the TV. Am I also in line for an FA charge?

mufc phil
Wilshere charged by FA

I

m a big Rafa fan, but when he substitutes Ronaldo after 60 minutes of his first game, which Real draw 1-1, I don't see the Real fans being patient. He'll be gone before October is out.

the tree
Rafa quiet on Sterling and De Gea

W

hy no blog? that's my summer ruined. Can someone start a petition on change.org please?

myyoot
The New Dawn Gossip

Footer 365

Chuck Blazer admits facilitating acceptance of bribes at FIFA

FIFA whistleblower Chuck Blazer has admitted facilitating the acceptance of bribes over the awarding of the 1998 and 2010 World Cups.

FIFA secretary general Jerome Valcke insists he is not guilty

FIFA secretary general Jerome Valcke insists he is not guilty of any corrupt practices and sees no reason to stand down.

Benitez emotional at Real unveiling

Rafael Benitez refused to discuss Real Madrid's apparent interest in Raheem Sterling and David de Gea at his Bernabeu unveiling on Wednesday.

Mail Box

Does Anybody Care About Russia?

Do any of us really care about the decision to give the 2018 World Cup to Russia? We're not sure anybody does. We have mails on Blatter, Rafa and lots more...

Celebrate Good Times, But Hard Work Starts Now

The Mailbox is joyous over the impending departure of Sepp Blatter, but offers a reminder that problems remain. Plus title winners, CL play-offs and Nigel Adkins...

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