Smith confirms tight rein on spending

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Speaking after Saturday's 1-1 draw with Hibernian in the Clydesdale Bank Premier League, the Ibrox boss expressed concerns about running out of players after Lee McCulloch became the latest to join an ever-growing casualty list. However, hopes of bolstering his squad further in January appear unlikely after Smith's revelations that HBOS is controlling the club's spending.

"Is that not obvious to everybody?" asked Smith. "As far as I'm aware that's the case. David Murray has stepped down (as chairman) and they have placed a representative of the bank (Donald Muir) on the board so as far as I'm aware that's the situation."

He addded: "It's obviously not a good situation, it's not a situation that anybody wants the club to be in. It's been up for sale for a while.

"It's not the bank's fault, if the bank has to take over in these circumstances they are not going to invest in a football club, are they?

"I think we have been fairly honest about the situation. The players at the club have been up for sale since January and we haven't bought a player for what will be 18 months in this transfer window.

"These circumstances have been here for a while now and I've been perfectly aware of them and, despite some headlines, have never complained about it.

"I'm not complaining about it now. I'm just saying to you it's a fact and it's a fact of life just now for a lot of companies throughout the world who are having a struggle financially at the moment.

"When David Murray stepped away from the club, I felt that was a bad thing for Rangers in the sense that he tried as hard as he could over the 20 years to invest in the club and now we don't have that situation.

"The quicker that gets cleared up, the better it will be for Rangers."