THE KEY QUESTIONS THAT MUST NOT BE DODGED BY THE RANGERS BOARD
LAST night’s impressive win over Aberdeen may have raised spirits among Rangers fans, but that doesn’t mean today’s AGM will be easy for chairman Dave King and his fellow directors. Anxiety about the direction of the managerless club has grown in recent months and shareholders now have a chance to quiz those in charge. Here, Sportsmail’s Mark Wilson looks at some of the key questions the board could face from the floor at the Clyde Auditorium.
÷ WHY HAS A NEW MANAGER NOT BEEN APPOINTED FIVE WEEKS AFTER PEDRO CAIXINHA WAS SACKED?
The most pressing question of the moment for Rangers supporters. Pronouncements about taking time to be certain and doing due diligence on candidates can only extend so far. After more than a month without an actual first-team manager, patience is wearing paper-thin.
Excuses would be easier to accept had Caixinha been a success who was suddenly spirited away by an unexpected approach. As it was, his car crash of a tenure happened in slow motion.
Warning lights had been flashing for months — in last season’s record home Old Firm defeat, the utterly embarrassing Europa League exit against Progres Niederkorn and, more recently, when losing to Motherwell in the Betfred Cup semi-final. Ideas about a succession plan should already have been in place.
Director of football Mark Allen was asked to compile a list of possibilities and it was right to have a period in which applications were invited. After a fortnight, however, what new names were suddenly going to enter the frame?
Chris Coleman was seemingly sounded out before joining Sunderland, but otherwise there has been little evidence of progress.
Is the delay simply down to disagreements within the board about the best way forward? Or are there financial considerations at play?
When King and his fellow directors assemble today, they will be expected to deliver answers about their preferred managerial profile and when the new man will arrive.
÷ WHY WAS CAIXINHA APPOINTED IN THE FIRST PLACE?
The first task for whoever is finally appointed will be to try to clean up some of the mess left by Caixinha. Rarely can so much have been spent to achieve so little.
In years to come, people will look back and ask in amazement why Rangers decided the manager of a mid-table club in Qatar was the answer to competing with a Celtic side refocused and reinvigorated by the arrival of Brendan Rodgers. It was an immensely expensive mistake, both in finance and prestige.
Every failure — not finishing second last season, going out of Europe to the fourth best team in Luxembourg, being turned over in the Betfred Cup by a team operating on a tiny fraction of Rangers’ budget — came with a consequent impact on revenues. Selected as the man to propel the club into the future, Caixinha instead dragged it backwards.
A three-man panel of director Graeme Park, managing director Stewart Robertson and admin chief Andrew Dickson drove the recruitment process. Caixinha’s agent, former Rangers midfielder Pedro Mendes, pushed his client’s case.
Ultimately, though, it was a collective decision by the board to approve the appointment. While nothing said now will alter the error, it was of such a scale that supporters expect some explanation or accountability.
÷ WHY HAS THE CLUB’S TRANSFER POLICY BECOME SO MUDDLED?
When Mark Warburton initially arrived at Rangers in 2015, he worked his contacts pretty smartly. Signing the likes of Wes Foderingham and James Tavernier for minimal outlay delivered value.
Since then, that concept has become almost alien. In the last two summer windows, the Ibrox club has set piles of money ablaze.
Warburton carries the can for the 2016 window. He signed 11 new players in a botched bid to prepare for top-flight football. Incredibly, only one of those — Josh Windass — was involved in last night’s comprehensive 3-0 victory over Aberdeen at Ibrox. Caixinha conducted a necessary clear-out. And he was then allowed to waste a fortune in the region of £8million assembling a squad that still appears dysfunctional in parts.
No-one was queueing up to sign Carlos Pena or Eduardo Herrera from their Mexican employers. Would loan deals with an option to buy not have been more prudent?
Although Pena was on the scoresheet last night, their lucrative contracts could be a financial millstone if the next manager wants to make changes.
While Ryan Jack and Alfredo Morelos could offer some resale value — as could Fabio Cardoso if he ever starts to show form — Caixinha was indulged ahead of any cohesive strategy.
It must be pointed out that the vast majority of these deals were done before Allen got his feet under the table at Auchenhowie.
Given Allen’s very low media profile to date, fans will hope to hear about how his restructured scouting system could help turn things around.
÷WHAT IS THE FINANCIAL FUTURE FOR RANGERS?
One positive answer should be attained. After seeing Resolution 11 narrowly defeated at last season’s AGM, the board will make another attempt today.
Club 1872 removed one impediment by buying a chunk of Mike Ashley’s shares in June. Now the second largest shareholder at Rangers, the fan group will back the proposal.
Its passing would allow some of the soft loans from King, the Three Bears and other investors to be converted into equity. Further share issues may also feature in the board’s longer-term plans.
Removing Ashley from the scene fulfilled a key aim of the King regime, although the year-end accounts revealed the scrapping of the controversial Sports Direct contract came at a £3million cost.
The replacement deal put in place with Ashley’s firm comes to an end next summer, with Rangers hoping they will see a vast upturn in merchandising income.
Even so, the club remains reliant on investor loans. King’s family trust fund, New Oasis Asset Limited, have agreed to guarantee the money as necessary, with the accounts predicting £7.2million will be needed to see the club through this season and next.
That total does not, however, include the transfer spend any new manager would surely expect. Fans will hope for further reassurance that Rangers can find the money needed to regain competitiveness.
÷WHO ACTUALLY RUNS RANGERS?
There is a perception among supporters that Rangers lack leadership. The extended managerial search has reinforced that view.
King is resident in South Africa but his distance from Glasgow need not be a major issue. Dermot Desmond doesn’t clock in every day at Celtic Park. But the Irish billionaire has an experienced and effective CEO in Peter Lawwell directing operations on the ground.
Fans may well ask who it is who actually drives Rangers forward on a day-to-day basis. Does Robertson have that kind of power and autonomy as MD? Or is decision-making mired in a less streamlined process?
Plenty of Rangers shareholders run businesses of their own. They know organisations rarely succeed unless there is a clear figure of command leading the way.