Rangers News

Der Rücktritt als Chairman und Board Director ist der erste Schritt und das ist sicher auch die richtige Vorgehensweise. Vor allem ist es auch ein klares Signal nach außen, dass er in Zukunft zum Verkauf bereit ist, sollte ein geeignetes Angebot eintrudeln. Alles in Ordnung.

Ich frage mich nur, ob uns diese Zeit der wilden Spekulationen nicht zu sehr schaden wird. Ein zeitnaher Verkauf wäre daher gut, aber die Angebote werden sicher nicht vom Himmel regnen, das ist mir schon klar. Keine leichte Zeit.

As chairman and major shareholder Murray had duty to clear up his own financial mess

Date: 31 August 2009

In one breath Glenn Gibbons asks why Rangers fans haven't bought Sir David Murray's shares, then in another answers his entirely rhetorical question by pointing out that Sir David took £60m from ENIC and Dave King for no perceptible benefit – to say nothing of the £25m of debt currently outstanding (Rangers supporters begin to count the cost of Murray's legacy of debt, Weekend Sport, 29 August).

Mr Gibbons is right to remind readers that Sir David underwrote £50m of shares five years ago, but fails to understand that this was the chairman clearing up his own financial mess. Many Rangers shareholders, myself included, thought that this was his duty and obligation as chairman and major shareholder.

Finally, Mr Gibbons may favour clubs being the playthings of rich men, but we believe that supporter ownership and involvement is the progressive way forward. If it is good enough for minnows such as FC Barcelona and HSV Hamburg then it is good enough for Scotland's premier club.

STEPHEN SMITH
Chairman
Rangers Supporters' Trust

Ein Beitrag von jemandem "in the know" auf FF, barrybaldy.

Zitat

Bank, Contracts, Money and Rothen

Hi guys, thanks for some of the pm's I've had since last night.

I have always tried to pass on info on here as best I can, even if sometimes your patience can be stretched when people start having a go -suppose that is part and parcel.

Anyway, I thought I would post the latest info I got today now that the dust has settled on the transfer window.

Firstly, the bank

Our new bankers asked for debts to be reduced, as everyone is well aware, more or less at the turn of the year an the instant quick fix was to try and shift someone for hard cash - ir Boyd for £3.5m to Birmingham, but that collapsed.

My understanding is that they then wanted between £6m and £8m from player sales and or wages before this window shut, to be taken in so that the overall day to say running costs are down.

Ferguson - brought in a huge £2.5m in a combined fee and last year of his wages.

That - plus the other departures for money - Gow and Adam at 700k fee - and all the wages from Dailly, Hemdani, Smith, Webster, Velicka satisfied them on their target figures.

Basically, I have been told that the wage bill is down by around 100k a week, and that just under £2m was raised in hard cash.

So, for that part, they are happy.

The bank, as I have said all along, had refused to sanction any new contracts until this was met.

Davie Weir, despite what people have not been understanding on here, was playing without a contract, but was getting his wages under a 'gentelman's agreement' with the club.

There was no press conference to announce he had signed an extension, in fact not even a confirmation on the club website - all down to the fact that this gentleman's agreement was in place and attention was not being drawn.

His contract has now been signed off.

Over the weekend, Rangers were told they could look at a loan signing, in the region of £15k in wages after it became clear there would be extra revenue GUARANTEED from Celtic going out of Champs League, ie the full TV pot, and the UEFA starting fees being more than anticipated.

They looked at Martin Petrov, Royston Drenthe and other options in Europe.

But, even with the respective clubs weighing in part of the wages, these guys were out of reach.

Rothen wasn't, the wages in France a market Rangers have been able to compete in regularly, and that is why the deal was done.

To conclude, the bank got what they wanted this summer.

Wage bill and running costs down, whilst a big chunk of the incoming European money will go towards the overdraft.

Rangers wage bill is as low as it ever has been for years, with Mendes and Davis at 20k a week basic, and McGregor at 17k the only real high earners.

Going forward, the target of 20 pros plus kids has been hit, the debts are down.

Whilst everyone would have loved to have seen two or three signings made, the stark reality is that the money from CLGE has to go to the bank debts, and the full impact of this - and this summer - will be seen in next years accounts.

As always, I hope some of this helps.

Cheers lads.

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Most FFers seem to trust him, I'm somewhat sceptical, so ... suum cuique.

Ja, wir diskutieren das auch im Fanszene-Thread. Normal bin ich bei so etwas auch gerne skeptisch. Aber dieser User hat ja mehrfach gezeigt, dass er in der Tat Infos besitzt.. Zudem erschließen sich mir die Punkte auch. Keine Schönfärberei, sondern durchaus logisch nachzuvollziehen.

Schon. Nur das Bain erst kürzlich sagte, daß wir nicht durch die Banken (welche "neuen Banken" überhaupt?) bestimmt werden. Ich bleibe da eher objektiv und "glaube" beiden Kommentaren nur bedingt.

Letztlich hätten wir mehr Leute holen können, wenn wir McGregor zum Marktwert (3,5m und seinem Wochengehalt) hätten loswerden können, doch er hat ja brav in der Vorsaison gepatzt, so daß keiner ihn wollte. Augenscheinlich ist unsere finanzielle Hauptaufgabe, die Meisterschaft erneut zu holen und erstmal in der CL Spaß zu haben. Nochmal so eine Runde wie dieses Jahr und wir stehen wieder "gut" da. Natürlich versteht man nun auch den Frust der Rangers über den neuen, billigen TV-Vertrag der SPL.

Is a Conflict of Interest forcing Sir David Murray to stand down?
By Brock Stoker

Friday, 4th September 2009
Brock Stoker runs the rule over the accounts of both Murray International Holdings and Rangers Football Club.
In the business world, individuals or companies often have conflicts of interest because they are involved with more than one company. When they arise the individuals involved stand down from one or both sides. It looks to me that Sir David Murray could have a conflict of interest as Chairman of both Murray International Holdings (MIH) and Rangers Football Club (RFC). This may be why he is stepping back from Rangers.

The situation at MIH

MIH is a heavily indebted company. In itself, that is not necessarily a bad thing, but any company (or person) who needs to renegotiate borrowings in the current financial climate is not having an easy time. Now the last published accounts available for MIH are for the year ending January 2008. The figures to January 2009 are expected in November, and so the information available to outsiders is over 18 months old.

MIH debt at January 2008 was £773m, with £27m due for repayment (or renegotiation) by January 2009 - not a particular problem. However, £406m needs to be repaid, or more practically renegotiated, by January 2010 - less than six months away. Given that this is taking place against the background of a weak property market and a cautious banking sector, calling the renegotiations difficult would not be overstating the problems.

The situation at RFC

RFC has a term loan facility which stood at £21m in June 2008 and is being repaid at £1m a year, making it £20m in June 2009 and £19m in June 2010. In addition, it has an overdraft facility of £15m, which is reviewed every November. Now talk of the banks running Rangers is short of the mark, but if they are trying to reduce that overdraft limit or trying to change the repayment schedule of the term loan, then that will necessarily put constraints on the money that RFC can spend.

RFC debt at June 2008 was £21.5m, a figure which will no doubt have risen because of last season's lack of European money and the late August spending spree. But it should be well short of £35m, so where's the problem? Even if the total borrowing levels have not been reduced, the problem is that June probably represents the low point for debt in the year as the season ticket money has just been banked. This year the Champions League money has still to come, but wages and other expenses will be more than the weekly income and so debt will rise. This is what the £15m overdraft is there to cover.

In previous years, if the need for cash to pay the bills exceeded the overdraft limit, then MIH or a subsidiary would lend RFC the money in the short term. Last January's desperate attempts to offload a player may have been needed to cover the gap. In the end with Kris Boyd refusing to go, maybe MIH had to stump up reluctantly. If that's what did happen last year, then it doesn't look like it's happening this year. However, as Barrybaldy explained in some detail on the Follow Follow messageboard earlier this week, the banks now appear to be happy that the combination of sales and guaranteed Champions League money will restrict debt to a level they are comfortable with

What if MIH sells RFC?

MIH has already paid a price for underwriting the 2004 Rights Issue and ending up owning the majority of Rangers. Because it paid a price higher than the book value of RFC for the shares, it had to create £80m of "goodwill". In layman's terms goodwill represents the amount you have paid for a business over and above what the financial accounts say it is worth. By January 2008, £70m of that had been written off and it is likely that the other £10m will also have gone by now. The book value of RFC at June was still £79m although this has probably fallen in 2009. Unless MIH gets this value for its shares then it will have to write off further amounts. This represents over 70p a share compared with the current price of under 40p and the buyer would inherit all the debt. Bottom line is that unless someone values RFC around £100m - £79m plus the debt - then MIH will have to write off the difference.

So a buyer coming in for RFC would be good news for the club, but potentially bad news for MIH.

Related party transactions

In the past I have contrasted how much RFC paid to MIH for services with how much MIH paid to RFC for services. There was always an imbalance which I think peaked at around £4m going out of RFC and £0.4m coming back in. The total amounts have fallen way back, but the 2008 RFC accounts show an odd situation. At the end of June 2008, MIH owed RFC £286,000, up from £16,000 the year before - in fact, up by more than the £207,000 of services it bought. Meantime, the amounts owed by RFC to MIH, fell from £521,000 to £79,000 over the same period. It looks like RFC paid up front for everything it got and wiped out most of the outstanding balances, while MIH paid for nothing that RFC supplied it. An odd situation and one worth monitoring in the forthcoming accounts.

The Possible Conflicts

So to summarize, MIH is in a tough place and what's right for MIH may not be right for RFC. Specifically, there is little chance of RFC getting any loan facilities from the parent company - hence the transfer actions/inactions. Selling RFC for a realistic price, which would be good for the football club, does not solve any MIH problems - it could in fact make them worse. It appears that RFC is being encouraged to pay up front for any services it takes from MIH while RFC is not being paid by MIH. The forthcoming RFC accounts will tell us little, other than the new level of debt, and whether or not the overdraft facility has been reduced.

Apparently the decision for Sir David to step down was taken some time ago, but that does not rule out conflict as a reason, as these issues have not suddenly appeared. Given the relative sizes of the businesses, then MIH does warrant more time and you don't have them nasty fans to worry about. Every year when the MIH accounts come out, the Celtc-minded always come up with "He's doomed" articles. To date they've been wrong, and quite probably they still are. Following the fortunes of a private company is difficult at the best of times, and well nigh impossible for one as active as MIH. However, it is clear that in the current climate Sir David Murray needs to spend the bulk of his time with MIH.

Brock Stoker

FF

Das gibt es jetzt sicher wöchentlich...

New King of Ibrox?

RANGERS could be set for a sensational megabucks buy-out by a controversial rags-to-riches businessman.

Last night ex-pat Dave King was believed to be considering a move for the club - even though he's fighting a £180million tax case in South Africa.

The Scots tycoon emerged as the favourite to launch a takeover bid after his friend, Alastair Johnston, replaced Sir David Murray as Ibrox chairman last month.

It was sports agency executive Johnston who persuaded lifelong Gers fanatic King to pump £20m into Rangers nine years ago.

But speculation that King is set to become the new Rangers owner comes as he faces a fierce battle with the taxman in South Africa.

An insider revealed: "You can take the boy out of Glasgow but you'll never take Glasgow out the boy. At heart, Dave is still a kid from Castlemilk and he's harboured this dream since he used to walk to Ibrox to watch his heroes.

"Events have thrown up this chance and it's tugging at his heartstrings. But it's far from a done deal."

King, 54, arrived in South Africa in 1976 with only £10 in his pocket but racked up a £200m personal fortune as a tough financial consultant.

He bought three houses in a Johannesburg suburb - then BULLDOZED them to build a mega-mansion. He also has a holiday home, a £165,000 Ferrari and two private jets worth £14m. King bought up vineyards and, along with former Open winner Gary Player, spent £1m on a stud farm.

But splashing the cash could prove to be his downfall. After King boasted of spending £140,000 on a painting, South Africa's Revenue Service (SARS) discovered he was claiming to be earning so little he wasn't due to pay a cent in tax.

After a two-year probe, SARS claimed King was the country's RICHEST man and slapped in a bill for 2.3 billion rand - £180m.

He was also hit with 322 criminal charges. King's defence is that almost everything he has is owned by an offshore firm, Ben Nevis, which is registered in the Channel Islands.

King has spent more than £1m on legal fees over the past seven years. He's yet to appear in court to face the allegations, which he denies.

At a press conference last year he admitted: "I admit I'm not squeaky clean," before ranting: "SARS is like a terrorist organisation."

Last night South African financial expert Chantelle Benjamin said: "Dave King is a household name here because of this case.

"The question now is, why is he thinking of buying a football club if it's not profitable? The guy's quite wily, so I'm sure there's method in his madness.

"From a Rangers point of view, I don't think anyone would care - as long as he's got cash."

King effectively owns around five per cent of Rangers after Ben Nevis pumped £20m into one of the club's major shareholders, Murray Sports Limited, nine years ago. In 2004 he joined the Ibrox board, where he teamed up again with his pal Johnston, 61, the US-based vice-chairman of International Management Group.

The pair met at a golf tournament in Hawaii in 2000. Now the duo could be at the heart of plans for a new era for the Glasgow side.

But King would want to negotiate a knockdown price for Murray's shares in the cash-strapped outfit, which has debts of around £30m.

We told in March how Bank of Scotland bosses had put together a team of experts to claw back cash from the club as it struggled in the credit crunch.

Murray AXED a dozen stadium staff, then ordered a summer CLEAR-OUT of playing staff.

Ten stars, including ex-Scotland captain Barry Ferguson, were sold and only one loan signing - French star Jerome Rothen - was brought in to bolster the squad.

Last night King declined to comment. A Rangers spokesman said: "We can emphatically deny this and confirm no proposals have been put forward by anyone to buy the club."

NOTW

Die Saison geht ab dem WE aber mal so richtig los:

Saturday, 12 September 2009
Clydesdale Bank Premier League
Well v Gers

Wednesday, 16 September 2009
UEFA Champions League
Stuttgart v Gers

Saturday, 19 September 2009
Clydesdale Bank Premier League
Killie v Gers

Tuesday, 22 September 2009
Co-operative Insurance Cup
QOS v Gers

Saturday, 26 September 2009
Clydesdale Bank Premier League
Gers v Aberdeen

Tuesday, 29 September 2009
UEFA Champions League
Gers v Sevilla

Sunday, 04 October 2009
Clydesdale Bank Premier League
Gers v Them

Zum Glück haben wir in dieser Saison einen besonders breiten Kader I-)

I-) I-) I-)

Alastair Johnston must act on management contracts before it becomes a circus

Rangers Chairman Plans To Be Active

September 28, 2009 by Stephstar

Today saw the new Rangers chairman start to get active with regard to Rangers. It has been reported that Mr Johnston is, contrary to conflicting reports, keen to get Walter to sign a contract to extend his stay as manager at Rangers. There has been lots of speculation as to whether Walter will stay or go come january so it would seem that Alistair is keen to keep Walter on. he had his first official meeting with our Walter Smith and Martin Bain today.

Also a priority for our new chairman is to actively seek out and secure a good buyer for the club. Alistair is a well established and accomplished businessman who is well known and can undoubtedly find the right investors to buy Rangers and breathe new life into the club. In this current financial climate it will be a tough challenge but he has confirmed that he thinks it can be done.

We are not receiving much more information than that at this stage but it is a good start. All we can hope for is that he is able to do what is being asked of him and he will rise to the challenge.

Do the Bouncy

können wir nur hoffe,dass er sich nicht so viel wie der "Alte " gefallen lässt und für die Fans und nicht gegen Sie Arbeitet!

Trio Discuss Way Ahead

New Rangers chairman Alastair Johnston is conducting a series of discussions with chief executive Martin Bain and manager Walter Smith geared towards taking the club forward.

The vice president of IMG, an Ibrox director since 2004, took up his new position last month after Sir David Murray stepped down.

One of the tasks on his list is to negotiate new contracts with the main figures in the Light Blues management team.

Smith, Ally McCoist and Kenny McDowall's deals are all due to end in January, three years after they arrived back at Ibrox.

There has been speculation about what the future holds for the trio as they have waited for news on whether they'll be retained.

But talks have already got underway and any doubt that might have lingered will now be removed when the coaches are given extended stays on Glasgow's south side.

Smith, McCoist and McDowall have done an excellent job as a group, winning four trophies and taking the team to the 2008 UEFA Cup final.

Johnston said: "I want to ensure we have stability with respect to the management team and I'm now taking the opportunity to sit down to speak with Walter and Martin Bain.

"This is the first time I've had a chance to do that since I was installed in the new position several weeks ago.

"I've had in-depth discussions with Walter on philosophy, background, attitudes and ambitions.

"He has had discussions with me too on how we could work together and how collaborative decision making would be. These things are important to both of us.

"I've been very encouraged by the discussions we've had. It's not about the pounds and shillings attached to the contract because I think we can deal with them.

"I think we're talking about the other very significant issues that relate to it and I feel very positive."

Rangers FC

Zitat

Johnston reveals Gers objectives

Rangers chairman Alastair Johnston has listed finding a new owner for the club and retaining the services of manager Walter Smith as his two main targets.
"One of my objectives is to remove the reliance on external financing - finding a new owner would address that," said Johnston.
"The board is committed to maintaining the management team that's in place and we are working towards that end."
Johnston took over the chairmanship at Ibrox from Sir David Murray in August.
The new chairman took the opportunity to brief reporters on the challenges he believes he and the club face in a media conference ahead of Rangers' Champions League clash with Sevilla at Ibrox on Tuesday.
Describing his appointment as chairman of "this venerable Scottish institution" as "a privilege and an honour", Johnston said his first duties in his new role included having discussions with the Rangers board, the club's senior management team and the bank.
Johnston's view is that by finding a suitable investor to buy Murray's shareholding, the club would be freed from servicing the heavy levels of debt necessitated by external financing.
And, despite the severe financial difficulties facing teams in Scotland, describing income from the Scottish Premier League as "modest, to say the least", Johnston believes that the club has plenty to offer prospective buyers.
"There's a cache attached to Rangers Football Club, it punches above its weight in the world of football in terms of its image, the passion of its fans, its heritage, its brand value," said the former Strathclyde University accountancy graduate.
"We are Scottish Premier League champions, we're holders of the Scottish Cup, we're in the Champions League and tomorrow we'll be playing in that competition."
And the lure of Champions League football is, Johnston believes, sufficiently attractive to compensate for the paucity of domestic revenue.
"We have arguably just three or four teams in Scotland who would compete for that position, so the chance of playing on the world's biggest football stage, for clubs, is a realistic scenario for a future proprietor," he said.
As it stands, there are no bids being considered by Murray and Johnston, but the latter expects more visionary investors to spot the potential of the Rangers brand.
"There is the opportunity to expand beyond the current business model, so I think there is an opportunity for a new owner and therefore there is a realistic chance that one or two candidates may appear," Johnston told reporters at the Ibrox media conference.
While acknowledging that the global recession and the associated lack of credit facilities could hinder potential buyers, Johnston insisted that the Rangers board would "determine the viability and credibility of a new owner".
It was, said Johnston, not a case of finding any buyer, but one who has "the ability to underpin the financial requirements of Rangers as an operating, progressive, ambitious team".
Club boss Smith's contract runs out in January and there have been suggestions that its renewal might be the decision of a new owner.
Put simply, new investors might want their own man at the helm.
However, with Smith having effected a turnaround in the club's fortunes since Paul Le Guen's tenure, his stock is high.
Johnston says that "issues remain" after "progressive discussions" and he plans to hold in-depth talks with the veteran manager in the coming days.
A likely topic in those discussions will be the funds available to Smith and his assistant Ally McCoist, who have trimmed the first-team squad to around 20 players.
Asked if the club would need to sell players in the January transfer window, Johnston said: "We'll address that a couple of months from now."
Johnston has spent almost 40 years working with IMG, the international talent agency and production company that specialises in televised sport and endorsement.
And it is this experience and the contacts that he has gleaned in his long career that Johnston believes he can use to Rangers' advantage.
"For many years, we've laboured under this view that if Rangers don't join the English Premier League then we're never going anywhere," he said.
"I think the landscape of football in Europe is going to change gradually. I want to ensure that Rangers' value and prestige is maintained and, when the invitations are sent out to the new party, Rangers are on that list.
"What you see is the winds of change, with the various rules and regulations with respect to roster sizes, caps on salaries, limitations on how much you can spend.
"A lot of these ideals are not practical, but it tells you that there is an increasing momentum that is building throughout Europe."

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http://news.bbc.co.uk/sport2/h…ams/r/rangers/8279596.stm

Hört sich gut an.

New Chairman Speaks...Now where is our new owner?

Rangers new chairman Alastair Johnston met the press for the first time yesterday, and made it clear that his prime objective is finding a buyer for the club.

As reported on Vital Rangers a number of weeks ago, Rangers are already some way down the road with at least two parties keen on buying the club, and it is anticipated that the purchase of the club will be completed by the end of the season all being well. The problem remains that the takeover may not come in time to allow the club to strengthen the squad in the January transfer window.

Whilst we aren't aware of the specifics of the potential new owners, one person strongly-rumoured to be the front-runner is current shareholder Dave King - a man currently embroiled in tax issues in South Africa which could prohibit him from completing the deal any time soon.

It's quite easy to see what is going on at the club if you see past a lot of the small-talk, look at it like this: If you were asked to be chairman of Rangers with the remit of both finding a buyer and making the club more self-sufficient, would you take on this potentially thankless role unless you had already made progress on the issue?

Would you take on the task of selling a club heavily in debt if you didn't know for a fact there was solid enough interest?

Oh, and by the way, Mr Johnston was talking about five-year plans yesterday - something Sir David Murray hasn't done in his life - would someone who was a mere caretaker hired to sell-off the club then move on be talking like this if he was only there for the short-term?

Mr Johnston is the new owner's choice - this is clear. Now, it's simply a case of when the sale of the club is complete.

...and it can't come soon enough.

RVF

I WOULD NEVER LET RANGERS BECOME ANOTHER LEEDS UTD

New chairman Johnston vows team won't buy way out of crisis then collapse

There was an absence of fanfare and no blaring announcement. Alastair Johnston just sort of wandered into view yesterday, sat down quietly then sold his vision for the future.

Again there were no bold and brash promises, no challenges and certainly no bravado.

This was about Rangers and the gathering was at Ibrox but it was different, more subdued. If this was the beginning of a new era then you had to listen carefully to get the message.

It was all in the studied, practised approach of Johnston who seemed to be selecting his words carefully, as though every one a precious gem.

But the message was clear just the same.

He is the new chairman and is not controlled by the banks.

He will not follow the style of David Murray "my mercurial friend".

Neither he nor Rangers are being run or controlled by the bank.

Times are tough but the club are not in crisis.

Rangers will be judged by performances on the field and by the successes they deliver.

And yes, the club are still for sale. If Rangers fans were hoping for a mixture of bombast and wild promises they'd have been disappointed because Johnston just isn't the type. Having been involved at the sharp end of the American sports market for most of his working life the new chairman was not about to make offers he can't be sure of delivering.

He does, however, want it known Rangers are far from death's door and that with the correct procedures and plans the future will be much brighter.

As he endured his first media conference yesterday Johnston said:"One of my jobs is to make sure Rangers Football Club survives and is in stronger health for the next generation.

"This is a wonderful Scottish institution passed down from our fathers and forefathers."

Then he shared two words he said had been scratching away at the back of his head. He said: "Leeds United."

Leeds, of course, fell from Champions League semi-finalists in 2001 to the third tier of English football in just five years after their megabuck spending led to financial implosion. That is a scenario Johnston will not let happen at Ibrox.

He said: "It would be a travesty and let down for hundreds of thousands of Rangers fans to allow the club to get into that position.

"But I use Leeds only as an example of what can happen when you try to buy your way out of a crisis."

That is something Rangers won't attempt, although Johnstone was also quick to point out that while many believe he has taken over as chairman at the worst possible time because Rangers are in crisis, he holds a different view entirely.

Of course he understands there are financial issues of concern to the club's bank but he just doesn't see Rangers drowning in a sea of debt.

Riches In fact, he believes they are now in a better position to move forward with or without new owners, although selling the club remains a priority.

But so too does making sure Rangers are in good shape to take full advantage of a changing European landscape.

Johnston belongs to the school of thought that believes UEFA will have to act to make sure the Continent's second-tier clubs, like the Old Firm, PSV, Roma, Benfica and all the others, are protected.

They can't be guaranteed Champions League riches every season but they are too big to be left to wither on the vine and there is a growing belief Michel Platini will provide opportunities for them to make more money.

Johnston said: "A wind of change is coming from UEFA and to my mind if we play our cards right it will allow us to move out of the current financial model."

And that's another reason he believes his club will appeal to potential buyers. This, he insists, would be the ideal time to buy a club like Rangers because the price will soar if and when a European league, or some other league - perhaps one closer to home - comes into play.

And if it does Johnston wants Rangers to be ready to jump, pointing out: "I want to make sure Rangers continue to get invitations to the party.

"And when the next big party is to be staged I want Rangers to be at it." To prepare Johnston will try to move them away from their current method of operating and that will mean reducing the level of debt which is running around £22million, although Rangers can expect to generate up to £17m from their Champions League adventure.

Johnston, however, wants a new business model and said: "My mercurial friend and predecessor had a way of operating that was unique and not one I will follow. The running of this club on a day-to-day basis will be left to Martin Bain and Walter Smith.

"They will make decisions but a lot of responsibility I will have to take. We are not run or operated by the bank but we do rely on them for financing.

"If we were run by them then their representatives would be sitting beside me, or actually I wouldn't be here.

"We rely on them for independent financing and my relationship with them is pretty good. But the sale of the club would be the antidote to one of my great objectives, that is to remove the club from external financing. Selling the club would address that issue.

"I don't want Rangers to be judged by the amount of money we spend and we won't be getting into a war with any other clubs over the amounts we've spent.

"The challenge is to maintain the value of club although I truly believe that historically we have punched above our weight to the point where we're regarded as a bigger club than our small environments suggest we should be."

In his own, calm way Johnston is determined to make sure that if Rangers are sold it will be to someone who, through commitment and money, can be relied on to meet the club's needs. He admits there are no buyers on the horizon although there have been some interested parties over the last year or so and Johnston feels the time has come for some to either put up or shut up now Rangers have made changes at the top.

But, perhaps speaking more to potential buyers or investors, he added: "Depending on how you might look at things I've come in at a time when we are a club in crisis. I absolutely don't share that view.

"We are SPL champions and cup holders and in the Champions League. Two weeks ago we were top of the table. I've been a Rangers fan for more than 50 years and being four points behind Celtic at this stage is not an intimidating situation or a crisis."

Heart However, Johnston knows should that gap grow wider there will be a clamour for new players when the transfer window opens in January and that's when he'll face his first test as chairman.

It won't be so much from the banks arguing about how much he can spend but from fans demanding he can ill afford not to spend.

There was a time when he'd have been among those demanding the release of cash but he wears a different hat now and is ruled by his head rather than his heart, although he'll need plenty of that as well if he is to get Rangers through these dark days and into the brighter tomorrow he envisages.

But you know what - Johnston, in his own quiet, uncluttered way just might pull this off and if he does perhaps then he'd allow a little fanfare. Maybe a single trumpet blast? OLD FRIEND:

DR

Man sollte von ihm nicht zu viel erwarten. Er wird nie der Mann sein, der z.B. unsere Fanszene gegen den Nonsens von Presse, Medien, Verbänden und Celtic verteidigen wird. Dafür ist er nicht der Typ und das ist auch nicht seine Stärke. Dafür bräuchten wir einen Kampfhund, der ständig in Glasgow vor Ort ist und der genau den richtigen Biss hat, um sich mit all den Lügen und den korrupten Verbänden auseinanderzusetzen. Im Grunde einen Ersatz für Bain, aber der wird uns noch alle überleben.

Von daher wird das weiterhin ein großer Schwachpunkt im Verein bleiben, da sollten wir uns keinen Illusionen hingeben. Johnston ist dazu da den Club in eine gesicherte finanzielle Zukunft zu führen und was das angeht, bin ich doch aufgrund seiner Erfahrungen und bisherigen Tätigkeiten durchaus optimistisch. Viel wird allerdings davon abhängen, wann wir einen Käufer finden und wie dessen Konzept ausschaut.

Video PK mit Chairman Alastair Johnston