Rangers need a cash injection as crisis time approaches

No doubt about it, the Ibrox club finds itself in a very difficult situation.

Even if Rangers do raise £4million from the share offering - and that is a big if - then they immediately have two loans to pay off.

Wealthy fan George Letham gave the club £1million to keep them afloat last season and Sandy Easdale also parted with £500,000.

So nearly half of the money raised would go immediately.

It doesn't look as though existing investors will plough any more cash in. But if the club does get into trouble then they could lose their money.

So should they plough more cash in to protect their stake?

Whatever happens, the next couple of months are going to be vital for Rangers and it is hard to say how it will play out.

But one thing is simple. If somebody wants to take control of Rangers Football Club, then they will have to get their cheque book out.

Mike Ashley and Dave King are two people involved who have the sort of money to change the predicament that Rangers are in. The fans are hearing all sorts of whispers about moves being made in the background but, as yet, nobody has shown their hand.

I would hate to think that there are people out there watching and waiting for the share price to go down and down so they can snap up a significant stake in the club on the cheap.

I hope that situation changes because the existing funds are running out ... and running out fast.

It is now approaching the stage where Rangers will be unable to pay their bills.

Chief executive Graham Wallace talked about "onerous" contracts in the review of company business that he brought out at the end of last season.

But, try as they might, they just cannot rip them up and start afresh.

Selling the naming rights of Ibrox to Ashley for a pound beggars belief.

It shows you what Charles Green was all about.

He struck agreements that may have been good for him and his associates - but were disastrous for Rangers Football Club.

I am not a businessman or a financial expert, but I know there are strict guidelines that govern how companies listed on the Stock Exchange must operate.

Any deal struck must be in the best interests of that business and not any individual or individuals.

But Green was desperate to be seen to be striking deals and bringing in money during his short tenure as chief executive.

Now, if you are Mike Ashley or you represent Puma, you do not care. These are good deals from their perspective so they are happy.

Charles Green certainly isn't bothered either. He is swanning about over at his chateux in France counting his money.

The Easdale brothers, James and Sandy, get a lot of stick. But, unlike certain others, they have invested money in Rangers, have not taken a wage and have loaned the club £500,000.

Sandy Easdale said this week that Dave King had told him that he would have no problem working with him. If that is the case, why don't they get something sorted?

I don't think the people who are now in charge realised just how big a mess the club was in when they took over. Every day new revelations came to light.

There are serious fears Murray Park will be sold off to keep the club going.

But if the share offering fails to bring in the desired amount then how else are they going to do it?

Revenue from season ticket sales is way down. Obviously, nobody wants to start looking to utilise the assets.

But if Mike Ashley or Dave King fail to come forward what else can they do?

If Rangers do get back into the top flight, they will be in a better position. But if the same people are in charge, will they come back into things?

Amid all of this upheaval and uncertainty, I was disgusted to see that chairman David Somers had complained about his level of remuneration.

He is the chairman of the club. But he does not have any power or influence. He is effectively a figurehead. I think he has let himself down badly.

There are loyal Rangers supporters who are struggling to cobble together enough money to pay for tickets to matches in this difficult financial climate.

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