Pantomime season is in full swing and in the eyes of the Rangers fans the villains will take to the stage at Glasgow’s Clyde Auditorium on Thursday.
The boardroom baddies will line up for the annual shareholders gathering and on the banks of the River Clyde, the waters are expected to be more than a little choppy for the Ibrox hierarchy.
Rangers held the meeting in their own New Edmiston House last year but it proved too small with punters packed in like sardines and have switched back to the 3000-seater venue. There will be plenty space for those in attendance now – but the the top table might still be feeling a little uncomfortable.
At the last couple of AGMs, a new manager has been in attendance which has helped placate the supporters but they haven’t even lasted long enough to make it to a second with Giovanni van Bronckhorst and Michael Beale axed after less than a year in charge. Philippe Clement has bucked that trend, although he’s only just clinging on and is also sure to feel the heat.
Here, ahead of Thursday’s meeting of shareholders, Record Sport picks out some of the issues likely to be discussed.
Beleaguered boss
Clement was 11 games into what would become a 16-game unbeaten run, including reaching the League Cup final which he would go on to win a few weeks later when he took to the stage at last year’s AGM.
He couldn’t have done much more after inheriting a mess from his predecessor Michael Beale as the Ibrox boss led Rangers back into a title fight that looked over before he arrived. But it’s what has happened since then that has left many questions needing answered.
Rangers capitulated during the run-in, lost the Scottish Cup Final, crashed out of the Champions League qualifiers at the first hurdle and are now trailing Celtic by 11 points and Aberdeen by seven, albeit with a game in hand over the Dons.
Fans are also unhappy with the lack of any real style to their play which sees them the second lowest scorers in the table. He dare not fail to beat Kilmarnock on Wednesday night or it could turn ugly for him the next morning. Clement vowed his team would be better around October/November but the improvement hasn’t been evident domestically.
Pat’s life
Rangers finally announced their new chief executive Patrick Stewart but it took SIX months for them to appoint a successor for James Bisgrove who jumped ship to the Saudi Pro League at the end of last season. Philippe Clement admitted he has been dealing with things he shouldn’t in the absence of a CEO.
That will change, assuming he is still in charge by the time Aberdeen-born ex Manchester United chief Stewart arrives. So that brings us to the first question on the 50-year-old – why won’t he be in attendance? He doesn’t officially take up his role under December 16.
Many feel that is a start date of convenience given Rangers face a daunting double-header against Tottenham Hotspur in the Europa League and Celtic in the Premier Sports Cup Final, the latter taking place 24 hours before he sweeps in. Interim chairman John Gilligan will likely discuss what he expects Stewart to bring.
Who pays for steel shambles?
The construction cock up at Ibrox Stadium was a costly business – and not just in a financial sense. The delay in the arrival from steel ordered from the Far East resulted in Rangers playing the early part of the season at Hampden Park.
If that was a factor in the Light Blues losing the second leg of their qualifier against Dynamo Kyiv, following a 1-1 draw in Poland, then you’re looking at a £30m jackpot. The annual accounts showed it cost £67,000 to rent the National Stadium but the over all cost would likely have been much more.
And who picked up the tab? The annual accounts only went up to June 30 so the whole fiasco wasn’t covered. Did the contractor pick up the tab, or Rangers?
Kopping flak
To say the reaction to Nils Koppen being appointed technical director was lukewarm would be putting it mildly. Many fans treated the Belgian’s promotion with a degree of scepticism given he had been under their nose all along and suddenly appeared to be the best man for a position that had essentially been vacant for eight months since Ross Wilson left for Nottingham Forest, albeit Koppen had been at the club as head of recruitment.
He has taken on more responsibility but there are questions marks over some of his business. Last season’s loan flop Fabio Silva, Mohamed Diomande, Oscar Cortes, albeit not helped by injuries, and Robin Propper are just four players who were brought in under his watch and the lesser-spotted Clinton Nsiala.
The player trading model is one the club has been desperately trying to get right but the accounts showed that the combined fee for Sam Lammers, Connor Goldson, Todd Cantwell and Scott Wright was just £810,000. That will take a bit of explaining.
Annual accounts
Despite record revenue, the club posted a £17.2million net loss – up from £4.1million the previous year. That is something they desperately need to address. Pre-player trading loss was reduced to £2m – down from £10.5m in 2022/23 – which was a positive but again highlights the need to improve the transfer model.
The accounts made for uncomfortable reading, especially when compared to rivals Celtic who posted strong figures for the same period, making a £17.8m profit. While that was down from the previous year’s total of £40.7m, it shows the gulf between the two.
Investment
How will Rangers bridge the gap? Well, investment would certainly help. So are they sounding out any potential money men? One man who could be found easily is whisky tycoon Billy Walker – just take a note of his seat in the Govan Stand where he is a season ticket holder.
The 79-year-old – who sold his distillery for an eye-watering £285 million – spoke publicly of his desire to invest. He said in an interview: “I wouldn’t be against investing in the club. John Gilligan is an excellent man, he’s a top businessman. Any time there is a call to arms, John has been prepared to step up. But sure, I’m a Rangers fan, if the environment’s right, probably yes why not?” Has this ben followed up?
New chairman
John Gilligan will take his place at the AGM but he is still holding the fort in his position as interim chairman, stepping in after John Bennett stood down for health reasons. Gilligan said recently: “The board continues in discussions with several excellent candidates for the role of chairperson and expect to make an announcement of an appointment in the coming weeks.”
Greenock-born Tory peer Lord Malcolm Offord had been tipped as the frontrunner for the role but it has now emerged that he is ‘out’ of the running and fans will want answers to what is going on. Why have talks stalled with Offord?
Dave King
Former chairman Dave King called for an extraordinary general meeting and put himself forward for a stunning return to Rangers when he criticised the running of the club back in September. The South Africa-based business man has been quiet – for now – but there’s every chance his name could come up. Or he might lob in a verbal grenade before the big day.
Gilligan, who helped him seize control into power back in 2015, urged him to pipe down. He said: “Do I wish that he’d stop [airing his thoughts in public]? Yes. Please take it below the radar. Behave like a proper shareholder. Don’t do what you’re doing. It’s a shame because he’s a great character and was a massive influence at the club at the time [of Rangers’ last league title success].”
Transfer funds
The January transfer window is looming and it’s clear Rangers need to strengthen as they find themselves in a fight just to get second spot in the Scottish Premiership. What money will be made available to help the manager – whether it’s Clement or anyone else – to tool up? The Belgian himself has told the board he needs January reinforcements.