Club 1872 meeting with Dave King
Club 1872 directors recently held a very positive meeting with Rangers Chairman, Dave King to discuss the possibility of Club 1872 taking up a position on the RIFC board. This was a preliminary discussion and various practical considerations were raised and examined.
The Club 1872 board wishes to draw members’ attention to two main points arising from the meeting:
1) The current one year term for Club 1872 board members is an issue that has been raised by a number of members over the past year. It is also something that was discussed in the meeting with the Chairman in connection with an RIFC board place. The current one year term creates challenges in progressing long term plans, and the annual election process causes a period of upheaval each year which disrupts crucial work in taking the organisation forward. It also impacts the aim of securing a place on the RIFC board as this position would not be available if it potentially had to be changed annually.
The Club 1872 board will shortly put a proposal to members to extend the term for Club 1872 board members and introduce staggered elections. The board believes this proposed change would help maintain stability and ensure the organisation continues to function properly through the election process. It would also solve one of the practical difficulties of securing an RIFC board place.
2) Despite being the second largest shareholder currently, members will be aware that a number of individuals have large loans in place with RIFC. These loans will shortly be converted to equity through share issues. This will mean that in order to maintain our position, Club 1872 will need to invest significant funds into Rangers over a number of share issues – most likely running into millions of pounds. Although we are very pleased with the reaction to our share issue campaign, at the current level of membership and contributions we are unlikely to be able to maintain that shareholding in the medium term.
If Club 1872 is to maintain its position we need thousands more Rangers supporters to join the organisation and invest in Rangers. If our shareholding position is not maintained then it becomes less likely that we will secure a place on the RIFC board. The organisation has to show that it can invest in the club on the same basis as the other major shareholders.
Club 1872 does not have an automatic right to an RIFC board place. However, following positive discussions we believe that we can secure one on behalf of our members if the organisation continues to grow and develop. We have added over 400 new members in 8 weeks. We have also raised over half a million pounds for the upcoming share issue. However, given the size of our support and the millions of pounds of investment being provided by other investors, the organisation needs to continue to develop if we are to meet our objectives. We would ask for every one of our members to help us in this regard by recruiting friends and family.
The opportunity in front of us has never existed for Rangers supporters. We have an RIFC board that is willing to work with us and the opportunity for supporters to become one of the major investors and voices in our club. That opportunity may not come again as the club continues to rebuild and gain strength. We would encourage all Rangers supporters to join us and ensure that collectively we are in a position to take advantage of this and ensure the support retains a big enough shareholding to protect the club for generations to come.
We will update our members on our discussions with RIFC as they continue and will shortly put a poll out to members on the subject of the Club 1872 board term.
We thank current members for their ongoing support.
Issued by Supporters Voice Limited, a Club 1872 company< Back