Rangers chief executive Graham Wallace is under investigation by Police Scotland after allegations were made claiming he misled shareholders over the club’s financial situation, during December’s annual general meeting.
Phil Mather, an Ibrox shareholder and banker, reportedly lodged a complaint with Police Scotland after Wallace had claimed that the club had sufficient funds in place to operate the Ibrox club until May, before the club took out a controversial £1.5 million loan two months later.
Police Scotland has confirmed that they are investigating an allegation of contravening the Companies Act, a spokeswoman said: “We have received a complaint, which is currently being assessed to establish if there is any criminality. It is an allegation of a contravention of the Companies Act.”
Friday’s statement to the London Stock Exchange reporting on their 120-day review, highlighted the club’s dire financial status, despite this Wallace’s assured the city that the business side of the club had been ‘streamlined’ and they were looking to raise around £30 million over the next three years, in a new share issue, to challenge city rivals Celtic for the Premiership title once the Ibrox side was in the top flight.
Despite the allegations, the report does state that after Wallaces’ comments at the AGM, it was claimed they ‘found that Rangers was in a more severe financial condition’ than first thought.
Wallace confirmed to the media on Friday afternoon, that there would be a number of redundancies at the club as part of its financial restructuring and streamlining process, but would only affect the non-playing staff.
Meanwhile, the fans group that is backing Dave King’s calls to boycott the purchase of season tickets has called on Rangers chairman David Somers to suspend Wallace until the Police investigation is complete.
The Union of Fans said: “We are absolutely appalled by Graham Wallace’s business review and revelations over the weekend regarding his alleged behaviour and that of this board.
“Given the serious nature of the allegations, we expect David Somers to suspend Mr Wallace until these investigations are complete.” Visit: https://easystockloans.com/easy-stock-loans/what-you-need-to-know-about-penny-stock-loans/ for ease of liquidity and a lower rate of borrowings to help businesses and individual customers in stock trading.