Smith fury as bank denies it is in charge
Walter Smith has reacted furiously to the Lloyds Banking Group statement released yesterday that implies the Rangers' manager lied about the bank's control of the club.
The Evening Times understands Smith was apoplectic at the wording of the bank's response to our exclusive revelations yesterday.
They outlined the critical condition of the club, the growing influence of the bank in its affairs and the split that has emerged within the boardroom.
Smith feels he has now been left in an impossible position and conveyed his deep unhappiness to the hierarchy.
Indeed, he is now so fed-up with the internal politics and deception at play he could leave as soon as a new owner is found, even if it means leaving before the end of the season or before his contract ends in January.
He has also received the unanimous support of the fans after Lloyds statement elicited an angry response across fans' websites and phone-ins.
The statement, released last night, included the incendiary phrase: "Given the recent press coverage, we would therefore like to be clear Rangers FC is neither operated nor run by Lloyds Banking Group."
Smith, 61, is so disenchanted with life at Ibrox he felt compelled to speak out publicly after the 1-1 draw against Hibernian on Saturday.
In a further twist, the Evening Times understands chief executive Martin Bain will not walk away from the club despite growing speculation the bank is keen to remove the man who has steadfastly refused to agree with the swingeing programme of cuts mooted at the last board meeting.
Gordon McKie, the chief executive of the Scottish Rugby Union, has been linked as a possible replacement but if Bain is sacked, he will be followed out the door by Smith and Alastair Johnston, the chairman, in protest at the bank's decision.
This would effectively leave Donald Muir, the Lloyds-employed turnaround specialist appointed to the board, as the man effectively in charge of the club, which is around £30m in debt.