Rangers are facing more financial turbulence after former director Imran Ahman succeeded in a court bid to freeze £620,000 of their assets over a bonus dispute. Rangers have appealed the court’s decision on the grounds that there has been an ‘error of law’ and are expecting a hearing tomorrow.
Rangers are facing more financial turbulence after former director Imran Ahman succeeded in a court bid to freeze £620,000 of their assets over a bonus dispute. Rangers have appealed the court’s decision on the grounds that there has been an ‘error of law’ and are expecting a hearing tomorrow.
However, the current open £4m share offer needs to be fully subscribed if the club is going to be able to continue to play players’ wages. Season ticket sales have fallen sharply this season with fans disgruntled with a regime at the club that they see as not being fit for purpose.
In his statement to the judge before the ruling, Rangers QC Alan Summers said the company was not verging on insolvency but was not in rude health. He said it was ‘trading out of difficulties’.
Mr Summers said funds were available if the finding went against Rangers FC, which currently has £1.2m in the bank. However, Mr Ahmad’s QC said a ‘pattern of diminishing working capital is evident’.
He said: ‘There is no concrete evidence that there is a saviour (for Rangers).’ Fans would agree given what they see as the record of the present regime.