Rangers are the latest team to emerge with a major cash crisis, with rumours suggesting the club owe something in the region of £25-£30 million.
The majority would appear to be owed to Lloyds banking group although it is still unclear what the breakdown of the debt is.
Rangers Could Be On The Brink Of Administration
The club and bank have both denied that there is a chance the current cash crisis could see Rangers go into administration. If I were a fan I wouldn't be convinced or reassured by their respective comments.
The club are looking for new backers to come in and 'invest' some funds to enable them to get the bank off their backs. In short they haven't got the money and need someone with bags of money to waste to bail them out.
Sir David Murray looks to have stopped putting money in and he has now stepped down as chairman.
Mixed Views To Who Is Responsible For Rangers Cash Crisis
There appears to be mixed views among the Rangers fans about Murray though. Most fans acknowledge his commitment to the club over the 20 years that he has been involved. But there appears to be an undercurrent of disenchanted supporters who view Murray as the problem to Rangers debts.
Murray may not be the chairman any more but he is still the 90% owner of Rangers shares. His reluctance to put his hand in his pocket to help out with the debts when he was the man who resided over accumulating them seems to be irritating some Ibrox fans.
With a representative of the Lloyds banking group now on the Rangers board it is debatable as to who is really running the club. After no new (permanent) signings during the summer transfer window it looks like the only transfer activity during January will be players leaving the club.
Manager Walter Smith would appear to have had enough as well if his comments over the weekend are to be taken seriously.
When his contract runs out in January if Lloyds are running the club will they want to offer him a new one? Even if they do offer him a contract, his squad has been decimated. So would he want to sign it anyway?
Rangers are also struggling on the pitch and the fans were far from happy with last weeks 4-1 home thrashing in the Champions League to unknown FC Unirea Urziceni.
With Celtic also struggling under new boss Tony Mowbray, the chance is there for Rangers to successfully defend their SPL title this year. It would appear to depend on what happens over the next couple of months and during the January transfer window though.
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