Tycoon McColl states his case for Rangers investment
ENGINEERING tycoon Jim McColl has declared his belief that Rangers represents a good business opportunity in its current state.
And he revealed he would be willing to invest in the club again, were he free of the restr ictions currently imposed by his responsibilities to Clyde Blowers Capital.
Mr McColl, who backs Dave King’s move to oust the current board at an emergency general meeting on March 6, cited the possibility of European football league reconstruction as a potential money-spinner for the club – should it be restored to financial health.
Speaking at a Glasgow Chamber of Commerce event, Mr McColl said he believes there would be no shortage of willing investors if the current regime is removed.
He said: “This is a fabulous club that in the future has got fantastic opportunity. But it needs to be managed and led properly, and it needs to have the proper funding.
“Many of our businesses lose money for a year or two years before they take off, and that’s because you have to make the investment to get the return. You can’t go along on a shoestring the way this club has been run.”
Commenting on t he current management of the club, Mr McColl said: “I can’t believe the way it is being run.
“They had the opportunity to raise equity, stable money for that club and they didn’t take it. They took a loan which is the riskiest thing ever.
“And I think they have sold cheap, it would appear, what should be a good business opportunity for the club in growing its merchandise, its brand, and getting a return from that brand.”
The wealthy industrialist recently donated his personal shares in the Ibrox club to fans’ group Rangers First. But he said he would invest again in theory with the right ownership in place.
Mr McColl also said he sees no reason why Mr King’s previous tax disputes in South Africa should preclude him from playing a boardroom role at Rangers.
He said: “This is all just scaremongering by the other side.”