More gloom at Ibrox as £2m claim gets underway at Court of Session

The Ibrox Tribute Act were back in court today, defending a £2m claim from a company called Reputation Exchange PLC.

It seems that an agreement was made to market a customised payment card to loyal bears but after Reputation Exchange invested in the scheme the club formed in 2012 by Charles Green decided to withdraw.

Legal issues have dogged the club over the decade since Dave King and the Three Bears came to power, expensive cases were lost to Sports Direct and Hummel/Elite Sports after King decided to break binding contracts.

Other cases such as the Wifi firm and the Memorial Wall have surfaced without being concluded, in the 2024 Club Report they claimed that they were now litigation free.

That appears to be incorrect with The Sun reporting:

RANGERS are in court facing a lawsuit of around £2million from a firm which produces payment cards for football fans.

Lawyers for the Reputation Exchange PLC have gone to the Court of Session in Edinburgh in a bid to recover a “significative compensation” from the Glasgow club.

The company, known as REPX claims the ‘Gers owe its money over an aborted agreement between the two sides.

REPX says Rangers wanted it to develop a “customised payment card” which would have allowed fans to buy products associated with it.

However, the business claims that Rangers stopped the card from coming into operation. It claims it was provided with legal advice from “Scottish legal counsel” saying the club breached an agreement.

The firm also claims that the alleged breach means it is entitled to compensation – it says that it invested a large amount of its own money into developing the card and it should be compensated for the sum it spent.

Many media outlets have claimed that the club is the subject of a takeover, if that is true the case above is likely to result in a drop in the price paid to gain control.

Last season the club lost £17.2m with the current season expected to result in a figure of around £25m in losses.

Some cynics believe that there is no takeover talks with moonbeams being fed to fans ahead of the launch of the Season Ticket renewal campaign, last year it got underway on April 11, three days after a Moral Victory over Celtic.