In a week that saw the board of Rangers conclude their 120 day review into the business, Season Ticket renewals across the country are in various stages of action, with Dave King and the "Union of Fans" encouraging Season Ticket holders to pay their season ticket monies in to an Escrow account that is intended to hold and release funds when Rangers sign over securities for the Albion Car Park and Edmiston House to Season Ticket holders.
With many of our members expressing concern that the "Season Ticket Trust" hasn't been made clear to them, we believe it is appropriate to seek clarity by asking the following questions of Dave King, and the "Union of Fans".
It should be noted that we also have concerns about the 120 Day Review, and how the club plan to bridge an apparent cash flow shortfall, with the club £1.5M down before next season has even started
Q - Has an Escrow account been set up yet?
Q - If so, who is hosting that Escrow account facility, i.e. which bank?
Q - Who are the Trustees of the account, other than Richard Gough?
Q - How do I pay in to it?Q - If I pay in to it, what guarantees do I have over what seat I will be paying for, and that the seat will be in my name?
Q - What written assurances do I get that the money will be returned, in the event that the assurances the Trust are requesting from Rangers are not granted?
Q - What assurances, other than guarantees over Rangers owned assets have the Trust requested?
Q - 66.6% of the loan value, not including interest, is due to Rangers Supporters Trust board member George Letham. Don't the Trust feel that withholding funds to Rangers runs the risk of Rangers defaulting on the loan to Mr Letham, and thereby Mr Letham theoretically stands to gain £1.075M worth of shares in Rangers International Football Club?
Q - Can George Letham confirm what his plans are regarding his holdings if that share value is transferred to him, namely, will he retain ownership and voting rights, or will he proxy votes to the Rangers Supporters Trust (RST)?
Q - For those who sign up for Away Tickets, how will they get tickets in future?
Q - Do current Travel Club members stand to lose travel club points by using this Trust?
Q - How will Richard Gough act as Guarantor as a resident of the USA?
Q - What are the Administration costs of the Escrow account, and how will they be funded?
Q - In the event that Rangers are willing to compromise over loan securities, with the agreement of Sandy Easdale and George Letham, who will become the signatory for these assets on behalf of Season Ticket holders
Q - Do shareholders that live abroad with a shareholding in value higher than the price of a season ticket get any security?
Q - Why was there no mention of the Season Ticket Trust, or any information about it in the UoF leaflet handed out last week?
Q - Will the Trust facilitate split payments like those offered by the club to pay for Season Tickets (through Zebra finance over 4 or 10 months)?
Q - Will Season Ticket Holders who have sat in their seat for a number of years be able to secure "their" seat at Ibrox, or will they stand to lose "their" seat?
Q - Will money deposited accrue any interest? If so, what will be done with that money?
Q - Where will the interest payments be shown?
Q - Who decides exactly when the money will be released to the club and in what form?
Q - Will the custodians of the account be separate and distinct from the organisations who wish only for the board's removal?
Q - Will every member have a say in when the money should be released?
Q - What exactly does the board need to do (beyond what they have) to make the monies available?
Q - What lines of communication have been opened with the club to urgently discuss the aims of this project?
Q - Who exactly has the authority to negotiate with the club?
Q - How often will fans putting money into this scheme be updated of progress and by what medium?
Q - What other transparency is guaranteed by way of communicating to those who pay in to the scheme?
Q - Are other Rangers supporters' organisations involved in this scheme?
Q - Are the Rangers supporters trust or any of their senior or high profile members involved at the core of this?
Q - Will there be a board of Trustees in the scheme, and if so, how will they be elected?
Q - How can supporters and contributors become involved to influence the decisions being made?
Q - Are any previous board members of any of Rangers corporate entities, other than Dave King, involved? If so, at what level?
Q - Are there any conditions attached to the Trust that require a nominee of the Trust to join the PLC board or the football club board of Rangers?
Q - If so, how will that nominee be chosen?
Q - Will the Trust be VAT Registered?
Q - If the board acquiesce to UOF demands who will then hold first charge/security on the stadium rights to our club?
Q - What IT problems could possibly delay implementation of the Trust?
We trust that the relevant people involved in the Trust will both answer these questions and make themselves known to Rangers supporters, who are understandably cautious about contributing their hard earned money to a scheme that appears to carry a high element of risk.
We feel that supporters should seek clarity both from the PLC board of the club, over their plans for the future, and from those promoting the Season Ticket Trust.