Ashley’s plan for Rangers remains unclear

NEWS that four men, David Whitehouse, Paul Clark, David Grier and Gary Withey, have been arrested in connection with the sale of Rangers — and a warrant issued for Craig Whyte — prompts a common response. Not before time. For supporters, answers are long overdue as to how the alleged ‘fraudulent acquisition’ of a Scottish institution was allowed to proceed unhindered. Yet none of this assists with the here and now. Questions remain which continue to drag this club down. Mike Ashley might be the answer. The man with the plan. But right now he’s reluctant to tell anyone what it is. We had another statement this week. But that posed more questions than answers. Ashley has loaned a further £1million to the club — taking his total largesse to £3m. He has also given up the naming rights to Ibrox. Naturally, people are already asking: what’s in it for him? Supporters groups such as the Union of Fans fear that a Rangers board hell-bent on self-preservation might have sold the family silver to keep the lights on. Worryingly, the statement also admitted that ‘further working capital’ — in addition to the £3m already advanced — ‘will be needed before the end of the year’. Once again Rangers are applying plasters where invasive surgery is required. Despite Ashley’s power push, the going-concern status is still unclear thanks to the absence of end-of-year accounts. The figures have been prepared for some time, but have yet to be signed off by auditors Deloitte. Why? An annual general meeting is due before December 31, but requires three weeks’ notice following the publication of the accounts. Which means they really have to be signed off in the next three weeks. When they do appear, the chairman’s statement really has to outline some kind of long-term plan for Rangers. Thereafter, he has to sell it to an AGM. Putting handcuffs on the people who created this sorry mess is a start. Only Ashley knows how it might end.