December 19, 2013 / 5:00 PM / 6 years ago

Soccer-Rangers seek stability after shareholders back board

LONDON, Dec 19 (Reuters) - Shareholders at former Scottish soccer champions Rangers reelected all five directors to the board on Thursday following an appeal from the chief executive for stability after two years of turmoil.

Graham Wallace, appointed chief executive last month, said he planned a review of all aspects of the club’s operations over the coming months following financial collapse last year.

Wallace is the third chief executive Rangers have had since the start of 2013 as feuding for control of the boardroom threatened to undermine the club’s progress on the pitch.

Rangers had to relaunch from the fourth division of the Scottish game last year after collapsing under a pile of debt. They have won all 15 games this season in Scottish League One after winning promotion earlier this year.

Wallace, who previously worked for English club Manchester City, said Rangers would ultimately need new investment to compete at the top in Scotland and then in Europe.

“This funding will only be sought once we have completed a robust business planning process that will allow us to engage with shareholders and potential investors from the platform of a well thought out strategic plan,” he said in a statement at the club’s annual meeting in Glasgow.

Rangers raised 22 million pounds ($36 million) last December by selling shares and joining the AIM stock exchange in London. But investors are out of pocket as the price of the stock has halved because of continuing off-field turbulence.

The governance issues have given ammunition to critics who argue that soccer clubs are a poor financial investment.

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