Union of Fans Statement

The Hong Kong Rangers Supporters Club would like to express our complete support for the following statement released by the “Union of Fans”.

Following a meeting of The Union of Fans that currently comprises representatives of the following fan groups – The Rangers Supporters Assembly, The Rangers Supporters Trust and The Rangers Supporters Association, The Blue Order, Union Bears and Sons of Struth – we would like to issue the following statement:

Events over the past few days have left us deeply concerned, once again, about the direction our club is being taken in. We have waited patiently, as requested by Graham Wallace, to see progress as part of his 120 day review, but feel that the latest decision from the board, to line the pockets of shareholders who showed a total disregard for the wishes of fans at the recent AGM, is yet another kick in the teeth.

Over half way through Mr Wallace’s 120 day review we have seen little or no progress. Indeed, the investment committee set up by the board has only been able to secure a loan, at an inflated interest rate of 30% APR, from an existing shareholder. We have spoken to shareholders who were, and are, willing to provide the funds required at considerably better terms than the loan that has been taken from Laxey. This offer has not been progressed by the board or the NOMAD, Daniel Stewart. We would simply ask why?

We note Mr Wallace’s comments that a full process was followed but we have little or no faith that Daniel Stewart or the board have properly analysed the options available. We do not believe that taking a short term loan, at both an inflated rate and securitised against club assets, is addressing the need for a long term solution and urgent investment, and we have seen nothing to suggest this is part of a robust long term plan, despite Mr Wallace’s assertions.

We have no confidence in the current board and would ask Dave King, following his statement yesterday, to set up a trust where fans can place our season ticket money to be released to the club on agreed terms. We would also ask him to lobby all non-aligned shareholders and form a new Shareholders Group to challenge the anonymous shareholders behind Blue Pitch Holdings and Margarita, then take control of the board.

We have already had preliminary and productive discussions with respected figureheads for such a trust and we hope they will now step forward and support Dave King and the fans. Fans can indicate their support for the idea by visiting www.unionoffans.org and signing up.

Also, before this board once again unleash their PR bulldog, Jack Irvine, whose only function appears to be to attack Rangers fans, we would like to make it clear that, like Dave King, we are not suggesting a season ticket boycott. Like all Rangers fans we want to support the club financially as we always have, but it has become clear that the board are using our loyalty as a tool for their own ends rather than the benefit of the club. If they will not listen to genuine concerns or involve those with the best interests of the club at heart then they will have to be made to listen.

We cannot doubt the intentions of one of our own who has previously committed £20m to the club we love. Dave King has declared his willingness to raise capital and lead our fight to regain control of our club.

We ask all our fellow supporters across the world to join us, with Dave King, in an effort to return our club to the people whose only interest in making a profit is to reinvest it in our club.

http://www.unionoffans.org/statements/2014/2/27/union-of-fans-statement-270214