Jim McColl vows to bring stability back to troubled Rangers

Jim McColl has vowed to bring stability back to Rangers.

 The Scottish businessman says his consortium is the only viable way forward for Rangers if further financial turmoil is to be avoided.

In an interview with Sky Sports News, McColl revealed he is hopeful of heading a group capable of bringing stability to the troubled club.

The League One side announced £14.4m losses for the 13-month period to the end of June amid allegations of failings in corporate governance.

McColl claims to have the backing of a number of supporters’ groups.

“I couldn’t sit back and watch what was happening to Rangers. 

“I couldn’t just sit there and watch the thing go down the hill and perhaps into administration again,” he said.

“We have been meeting the fans group regularly because they had approached me several times. I explained to them why I couldn’t get involved. I didn’t want to be on the board but I was passionate about their worries and concerned about what I could do to help them.

“They kept asking me why I couldn’t put my money in. But I have my own private equity firms. I have a lot of backers behind me who give me their money and trust me to focus my attention on the businesses I invest in.

“But I am still committed to bringing about this change. It was appalling what was going on. A lot of money was raised in the IPO, £22m. The expenses against that were 25% but we have done two IPOs and 5% is a more reasonable figure.”

McColl believes with the right men on his team he will attract the type of investors he insists are just waiting to put their money into the Ibrox club.

McColl, who is hoping to put together a team of four non-executive directors, executive directors and a chief executive, said former Liverpool MD Christian Purslow and former Rangers director Dave King have been sounded out for roles in the new consortium.

“I think it should happen very quickly. There are only two directors on that board now and that is not good for corporate governance.

“This is the one and only time I will speak about this in public. A lot of people were complaining about what was happening but no one was stepping forward to do anything.

“I couldn’t sit back and watch this club go downhill again. It’s too good for that and it deserved someone to speak up.”

When asked to respond, a Rangers spokesman said: “I find it odd (McColl) didn’t mention the two chief rebel protagonists Malcolm Murray and Paul Murray.

“Everybody in the city knows McColl’s team don’t have the necessary institutional backing for the AGM and this looked like a last desperate throw of the dice.

“Interesting too that Mr McColl cannot commit any more media time as well as repeatedly failing to commit any investment in the club he professes to love. Strange behaviour for an alleged billionaire.”