Fri, 25 Apr 2014 | ADMINISTRATION
Rangers are at risk of entering administration for a second time, and shareholder Sandy Easdale has said that they would struggle to survive it this time around.
The Scottish football club’s chief executive Graham Wallace is due to release the findings of his review into Rangers’ books later today, with the news not expected to be positive. Easdale, who owns a major stake in the team, told the BBC that if the “fragile” club does not pull together in the same direction then it could fall apart for good.
The Glasgow-based side was first placed into administration on 14 February 2012 after financial problems and a dispute with HMRC. As a result the club was deducted 10 points. However, when they failed to reach an agreement with creditors in June that same year, Rangers entered the process of liquidation; although they were bought by Sevco Scotland Ltd soon after, the club was still banished to the Scottish Third Division, a league they won last month.
However, ahead of Wallace’s announcement, Easdale has said: “The club is at a crossroads at the moment and in a fragile position.
"It can either go forward with a strategic view, with a long-term view, steady as she goes, or be pulled apart in other directions."
The fears have been triggered by a support season ticket boycott, which has been encouraged by former director Dave King. As the club announced a £3.5 million loss in the six months to December 2013, Easdale says that he doesn’t think the club would survive a second administration.
The Union of Fans has responded in a statement saying: “The financial position of the club is not down to lack of support or loyalty from any of our fans, it is down to two years of mismanagement and the squandering of huge sums of money, which Mr Easdale has been a part of for the past seven months."
Business Sale Report will keep you updated as this story develops over the coming weeks.
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