FANS have strongly criticised the Rangers board who were forced to make a humiliating u-turn after admitting overstating the career achievements of their chief executive Derek Llambias.
The correction regarding Mr Llambias was the result of a circular to shareholders earlier this month that proclaimed his achievements as a former managing director of Newcastle United, under Mike Ashley's ownership.
The circular claimed he joined Newcastle United in 2007 and in his five year stewardship increased turnover from £85 million to £123 million and turned the club into one of the top 20 most profitable clubs in Europe.
But a correcting statement in a regulatory announcement to the Stock Exchange said that turnover had actually risen from £85.7 million to £95.9 million before he left the club as managing director and that losses had been made during his time at the club.
The board of the club's holding company, Rangers International Football Club plc, explained that the figure of £123 million referred to was the projected turnover, as at the time of Mr Llambias' departure.
The board further stated that while the club had appeared in the top 20 the Forbes list of the world's richest football clubs and the Deloitte Football Money League at the start of Mr Llambias' tenure, they dropped out during the intervening period.
The directors said they believed that was predominantly due to the club's relegation from the English Premiership in 2009.
The board said neither of the reports ranked the clubs solely on the basis of profitability.
They pointed out that in the year to June 30, 2008, Newcastle United Football Company Limited (NUCFL) made a loss attributable to members of £20,048,000, and a loss of £14,554,000 for the year to June 30, 2009.
But in the year to June 30, 2013, the final year of Mr Llambias' tenure, NUFCL made a profit attributable to members of £8,814,000.
Chris Graham of the Rangers Supporters Trust said the board retractions showed there had been "negligence" and raised major question marks over how Mr Llambias was recruited.
He said: "This does raises questions over what that recruitment process was and what information was given to the board about his suitability for the role. It is negligent to put wrong information out about key employees."
The board also had to officially correct an earlier Stock Exchange announcement that said resigning director James Easdale did not take a salary from the club.
It clarified he did receive director's fees between August 2013 and December 2013 "in accordance with contractual entitlements" which he later repaid.
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