McCoist Refuses To Talk Finances

29 August 2014, 14:00

Rangers manager Ally McCoist has refused to discuss the club's finances after plans for a new share issue were revealed.

The club announced to the London Stock Exchange on Friday morning that they hope to raise around £4million.

The move has sparked fears that Rangers could be heading for administration again.

But, when asked about the share issue in his pre-match press conference ahead of Saturday's visit of Queen of the South, McCoist declined to comment, saying he wished to focus only on football matters.

The manager remains hopeful of signing new players ahead of the transfer deadline at the end of the month but concedes transfer activity may prove difficult.

He said: "I'm ready to be busy, I don't know if I expect to be busy.

"In the current climate, I wouldn't imagine there is a lot of money to spend on players and bring wages in.

"Without being told I have to get people out to get people in, I would imagine it would be pretty difficult to bring people in at the moment.''

The Stock Exchange was told the Ibrox club hopes the latest share issue will help "rebuild and re-establish Rangers as a stable, sustainable and successful business''.

It was also revealed that the club "expects to raise between £20million and £30million'' over the next three years with the open offer an "important planned part of this fund-raising strategy''.

Chief executive Graham Wallace admitted in his controversial business review released in April that the Ibrox club may turn to existing shareholders to help meet the shortfall in their revenue stream.

That came after it was revealed in the review that the club had "mismanaged'' almost £70million in the 18 months since they were reformed following liquidation.

The club will offer 19,864,918 new ordinary shares at 20p each and the open offer is not underwritten.

If the aggregate level of subscription is less than 15 million, the open offer will not proceed.

Should this occur, Friday's statement suggested that "the company will be unable to pay its creditors as they fall due and the future of the company will be uncertain; the directors will immediately have to seek emergency financing which may or may not be available''.

The club also confirmed that the £1.5million secured loans from shareholders Sandy Easdale and George Letham were due for repayment on Monday, "part of which will come from the proceeds of the open offer''.

Even if there is full subscription, the club statement said there would still be a requirement for additional external funding in the latter half of the current financial year to keep the club running.

McCoist has been satisfied with Rangers' start to the season so far, after recovering from defeat to Hearts to win their last four games.

He said: "I've been fairly happy with the way things have started.

"The disappointing result was the Hearts result at home when we lost the goal in the 93rd minute.

"I think the form has certainly picked up. Clyde was good. Dumbarton was good.

"The other night against Queen's Park (in the League Cup) could have been better. We have had a fair start but we always look to improve.''