<\/p>\n
Andrew Cavenagh: reviewing every part of the club<\/p>\n
Rangers will raise \u00a316m in a share issue to fund investment in the men\u2019s squad, the club chairman Andrew Cavenagh has announced.<\/p>\n
He also announced that adult season ticket prices will increase by 6.5%.<\/p>\n
Mr Cavenagh stated the share offer will be supported by his consortium and existing club shareholders and will take investment by the consortium to \u00a336 million since it acquired the club last summer.<\/p>\n
There will be no replacement for sporting director Kevin Thelwell who departed in November along with Patrick Stewart, the ex-chief executive.<\/p>\n
\u201cWe do not plan to hire a sporting director. The executive team is committed to being smaller, nimbler, and more entrepreneurial,\u201d said the chairman.<\/p>\n
\u201cWe want an executive team willing to get its fingernails dirty. If there is a hole to be dug, we want people fighting over shovels. We want fewer consulting firms and less bureaucracy.\u201d<\/p>\n
Shareholders will be required to buy a minimum of 1000 shares. Explaining the reason for the share issue, he said: \u201cIncreasing the revenue and capital is only part of the path to allocating more resources to the men\u2019s first team.<\/p>\n
Kevin Thelwell will not be replaced<\/p>\n
\u201cIf we are going to ask supporters to pay more for tickets, we have an obligation to spend those funds wisely.<\/p>\n
\u201cWe have shrunk the size and cost of the executive team. We are systematically reviewing every part of the club, looking for ways to be more efficient, thus enabling a greater share of the resources to go to the men\u2019s first team.<\/p>\n
\u201cThe costs to run the club \u2013 player wages, agents\u2019 fees, security, food and beverage \u2013 are all rising faster than the overall rate of inflation.<\/p>\n
\u201cWe either need the club\u2019s revenues to keep pace, or we need to decrease the money spent on the squad. We don\u2019t believe this is the time to decrease the player and football budget; in fact, we think the opposite.\u201d<\/p>\n
\t #Cavenagh #reveals #16m #Rangers #share #issue #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
Andrew Cavenagh: reviewing every part of the club Rangers will raise \u00a316m in a share…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[5551,5548,272,5550,306,1565,1053,5549,1107,12],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/2368"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2368"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/2368\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}