Ibrox Stadium

Next Game

Rangers v Kilmarnck

Sunday, 30 November 2014, 12:45

Scottish Cup Fourth Round

Last Game

Hearts 2 - 0 Rangers

Saturday, 22 November 2014, 12:45

Scots Champ

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

W

hat a load of Bull***t. DiMaria hardly had a kick and they won because of a dodgy offside and a breakaway goal when Arsenal were chasing. Good luck to them they got their points but to try and claim this as some sort of tactical masterstroke is laughable, It was luck pure and simple.

nicos
LVG: 'Tactics exposed Arsenal'

T

he singular most disappointing aspect of the current malaise that Liverpool are experiencing is that F365 are not able to use the picture of Rodgers giving his troll smile. Brendan does a helluva good Hard Done By range though, especially in the rain, in fact he looks so forlorn you just want to say to the opposition Stop It, You're Killing Him!

hump3.
Rodgers: The pressure's on

I

n all seriousness the attitude of some of these commenters is very disappointing. I didn't realise F365's readership was so dumb, I've always thought of you all as relatively well informed. Thanks for showing me the light.

de gea bar
Whelan's Words Highlight A Troubling Trend

Footer 365

Arsenal: Alisher Usmanov: Arsene Wenger must admit mistakes

Alisher Usmanov says Arsene Wenger's principles may be holding Arsenal back, claiming Wenger must admit his mistakes.

Ligue 1: Brandao apologises for headbutt on Paris St Germain's Thiago Motta

Brandao has apologised for the headbutt on Paris St Germain's Thiago Motta that saw him suspended for six months.

Manchester United: Van Gaal claims tactics exposed Arsenal

Manchester United boss Louis van Gaal admits he was trying to expose 'our friend Nacho Monreal' at the Emirates.

Mail Box

Equating Rodgers To Hodgson. Oh Dear Me.

It's a Mailbox many will have been waiting. Brendan Rodgers gets a little bit of a stick, but there is at least praise for Manchester United,Van Gaal, Palace and Tottenham...

Oh Arsenal. Why Oh Why Oh Effing Why?

We have plenty of fallout from Arsenal's latest display of outrageous incompetence, plus the question of why every team seems to be getting worse. Plus, another Garcia ghost goal...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property