Latest News

Wallace closes in on Abu Dhabi investment group

Image for Wallace closes in on Abu Dhabi investment group

Graham Wallace is closing in on a deal to pour millions of pounds into Ibrox from Manchester City owner Sheikh Mansour.

Wallace, who used to work for Manchester City, has been in the spotlight recently following the controversial pay day loans in February having told shareholders in December that there was no need for short term financing.

In recent weeks the Sevco chief executive has been splitting his time between his home in London and talks with representatives of Sheikh Mansour in Abu Dhabi.

Sheikh Mansour has access to £17bn and has been following the Rangers story closely since fellow billionaire Craig Whyte got involved at Ibrox.

Mansour turned down approaches from Everton to take over at Manchester City in 2009 wiping out £305m of debt and transforming the club on and off the park with further plans for the stadium including a retractable roof, six star hotel and heliport for exclusive use by members of the millionaire club.

Wallace has likened the Sevco situation to that of Manchester City with Team Mansour wanting to end Celtic’s dominance in the same way as they have put Manchester United on the back-foot.

On the morning of the Sevco AGM Wallace announced that he was having a 120 day root and branch review of the troubled Ibrox finances with critics recently becoming concerned about the length of time it was taking to review the finances of a business with a £30m turnover.

One of Wallace’s first moves was to bring in football finance guru Philip Nash to replace finance director Brian Stockbridge with that appointment convincing Shake Mansour that the Ibrox side are serious about putting their house in order.

If all goes to plan at the end of the 120 day review Ally McCoist is likely to be given the £30m transfer warchest promised to him 15 months ago by Charles Green. Kris Boyd, Kenny Miller, Nacho Novo and David Weir have already been identified as priority signings.

McCoist has been involved in talks with Mansour with both men discovering a common interest in Bruce Springsteen although the Sheikh is strictly tee-total which provided an early barrier between the two men.

As part of the deal Sevco will have first pick on any surplus players at the Etihad Arena with Micah Richards and Edin Dzeko indicating that they are keen to join Ian Black and Lee McCulloch for stage three of The Journey next season.

News of the deal with Sheihk Mansour is likely to call a halt to any proposed boycott of season tickets with the Fans Umbrella Division being kept upto date with the Abu Dhabi developments.

The only stumbling block appears to be over fan representation on the board with Mansour keen to have one supporters body at the club and offering two blazers to represent rank and file supporters.

One of those blazers would have to be given to Paul Murray with the various supporter groups having to come together to agree the other representative.

Share this article

Online and independent- the only way to be. Enjoying instant news access and reaction, following the trends if not an influencer!