14/05/2013

The first step has been taken, but a long road awaits


Ally McCoist will be working with Rangers interim chief executive Craig Mather over the close season
Ally McCoist will be working with Rangers interim chief executive Craig Mather over the close season  There was a sense of optimism when the Irn-Bru Third Division trophy was presented at Ibrox on the final game of the season earlier this month, but it was fleeting.
There are several immediate problems to overcome before the focus can move back to the business of returning to the top flight.
The Ibrox side cannot find stability or a sense of certainty.
Boardroom issues continue to be a problem, with the chairman Malcolm Murray having been the subject of a unanimous vote of no confidence by his fellow-directors last week.
He is highly regarded for his city contacts and commitment to proper corporate governance, but has not handled every aspect of the role with aplomb.
Some directors are more adamant in their stance, while others only reluctantly accepted that Murray should stand down, but there was an agreement struck that he would leave at the end of the independent examination by the law firm Pinsent Masons and the accountants Deloitte into Craig Whyte's assertion that he has a claim on he assets.
Murray, however, does not want to leave, and Cenkos, the brokers who handled the launch of Rangers International Football Cub on the Alternative Investment Market last December, also counselled against Murray leaving, at least for now. So there is no resolution in the boardroom.

At least one issue is likely to be addressed in the coming days, with the independent examination expected to come to a conclusion by the end of this week, or early next week.
This was instigated by Murray after Whyte said that he would launch a legal claim after alleging that he was duped by Charles Green and Imran Ahmad last summer.
Whyte said that he was an investor and director of Sevco 5088, the company which had an exclusive agreement to buy Rangers in the event of a successful Company Voluntary Arrangement.When that failed and Rangers Football Cub plc was liquidated, the club, business and assets were transferred to Sevco Scotland.
Green and Ahmad later claimed that they "shafted" Whyte, however the board were duty bound to investigate the claims.
There has been no indication that Whyte has a valid legal case, but Green has resigned and Ahmad has left the club.
That leaves Rangers with only an interim chief executive, in Craig Mather, and the directors are keen to begin a proper recruitment process.
So the positions of the chairman and the chief executive need to be resolved.
At the same time, Ally McCoist is trying to recruit players for next season.
It is a difficult time at Ibrox, and the club needs leadership to move forward with purpose.