Clement's Reminder: What Happened to Rangers in 2012

For the second time in a week, and the third time this season Phil Clement has reminded Ibrox fans about what happened to Rangers in 2012.

It is a highly emotive issue for fans as they attempt to blank out how they let their club die while fans of Hearts, Dunfermline, Livingston, Motherwell, Dundee and others organised and banded together to save their clubs from liquidation.

Since the Tribute Act was launched in 2012 they have been racking up heavy losses , sustained by benefactors/investors prepared to write-off millions in return for worthless shares.

In 2020 Dave King shifted the goalposts, demanded the return of his loan with interest under the threat of administration with Douglas Park and John Bennett providing fresh loans to pay off their former colleague.

Park and Bennet have stepped down from the Board of Directors, there is no permanent Chairman or CEO with losses for the year to 30 June 2024 recorded at £17.2m.

Clement spent £13.4m since June 30 and brought in £800,000 with pay-offs made to Sam Lammers, Connor Goldson and Todd Cantwell.

After failing to reach the Champions League Play Off and having to rent out Hampden for five matches losses for this season will be reaching towards £30m.

Clement has had his wage budget reduced but it still dwarves the entire turnovers of Kilmarnock and Aberdeen.

Now with results going against him and fans baying for his sacking Clement is squealing about what happened to Rangers as he struggles against growing criticism.

Philippe Clement knows Rangers fans are hurting – but is certain they’d rather this agony than pain of 2012 meltdownhttps://t.co/t61rnDkBDk https://t.co/t61rnDkBDk
— Daily Record Sport (@Record_Sport) November 1, 2024

We had this talk in June that it was a really big challenge. We’re going to continue working on that.
It was all brought together for this story because the story from before was not sustainable.
They didn’t want to go back to 2012 when the club was bankrupt. There had to be a major turnaround in every sense.
There had to be young players coming in, there had to be a big cut of wages in the squad, there had to be a lot of transfers.
We wanted maybe as a club more outgoing transfers, getting more money in to use that in the transfer market. That was not possible in the end.
The club knows where it’s coming from. It’s now the start of a better period but you don’t see it in results now, that’s true. It’s totally true.
But there is a foundation now being built for the future, for a more healthy club to grow out of that. And everybody knew it was not possible in one transfer window.

I don’t fear the Rangers sack, insists Philippe Clement – I’m working to avoid another 2012 catastrophe https://t.co/Jx4DJDwkiz
— Scottish Sun Sport (@scotsunsport) November 1, 2024

To say that 2012 is a sensitive issue for fans of the Ibrox Tribute Act is something of an understatement. At almost every away ground in Scotland they hear the chant that ‘You Let Tour Club Die’.

Obsessed Celtic message boards and bloggers predicted the problems coming their way for years but were dismissed by all Ibrox fan outlets.

When the City of London Police sent in Sheriff Officers to Ibrox in July 2007 it was dismissed as a Timmy Conspiracy.

Things reached a peak when the Daily Record introduced the Motherwell born billionaire in the most glowing of terms, jealous Selik fans pointed out that Sir Craig barely possessed a pot.

Dave Murray’s asking price dropped from £30m to £1, Whyte was given a heroes welcome at Ibrox in May 2011 but by February 2012 even the Record admitted that they had backed a dud with the club put into administration.

No public meetings were held, a Fans Fighting Fund raised a pitiful £500,000. How much Clement knows about this is unclear.

Everyone else from the Co-op Bank, Glasgow City Council and the Vatican were blamed for the grand conspiracy, some bears even pinned their clubs demise on a sinister plot from Her Majesty’s Revenue and Custom.

Once again outgoings are exceeding income, the 2012 Tribute Act is unable to Stoap Selik and it is everyone else’s fault other than those in charge at Ibrox and the Gullible & Deluded fans.

Shares in jelly and ice cream are reported to be enjoying an out of season surge. Ahead of the new season Clement extended his contract until May 2028.

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