Wallace rebuke for Rangers director Sandy Easdale over administration 2 claims

RANGERS chief executive Graham Wallace last night hit back at claims by Sandy Easdale and played down fears over another administration at Ibrox.

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Graham Wallace insisted Sandy Easdale had no authority to speak on behalf of the Rangers board
Graham Wallace insisted Sandy Easdale had no authority to speak on behalf of the Rangers board

Easdale, who is not a member of the Rangers International Football Club plc board, admitted on Thursday that the club's finances were 'fragile' and insisted that Rangers wouldn't survive a second administration.

But last night Wallace delivered a stern rebuke and said Easdale had no authority to comment on PLC board matters.

Wallace delivered his blast as he unveiled his 120-day business review that showed the Light Blues have burned through almost £70million cash since May 2012.

But he is confident there is no threat of another insolvency event at Ibrox - despite thousands of fans refusing to renew season tickets this summer.

Wallace said: "Sandy Easdale's comments were made in his capacity as a shareholder. He's not a director of the PLC so they were not made in capacity in respect of the PLC Company.

"I've gone on record before to say there would be no threat of administration and my position today is exactly the same. There is no change to my view based on the club's current position and our future projections.

"Sandy Easdale wasn't put out to comment by the club. He made them as a shareholder.

"If you are asking me if Administration II is a possibility then I'm saying categorically no. There would need to be a significant reduction in season ticket renewals to present a major problem to the club."

Wallace refused to be drawn on the number of season tickets that have been sold so far since they were put on sale earlier this month, or the levels that sales would have to dip to before the threat of administration would loom large.

Former Gers director Dave King has, with the backing of the Rangers Union of Fans, set up a trust for fans to put season ticket cash in, which will only be given to the club if Ibrox and Murray Park are handed over to supporters.

Wallace said: "Season-ticket sales have been slow. And I don't think that's surprising.

"A lot of people have been waiting to see what was coming out of the review, a sense of comfort and security that if they put their money in the company is still going to survive, but also a sense of ambition in terms of where we take the club.

"We haven't got to the April pay day, which if you look at it historically, over our renewal profile over the past number of years once you get through the first pay day there is a significant uptake."

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