“When Rangers chairman Alastair Johnston extolled the virtues of shareholder democracy over supporter-led democratic ownership at his club’s recent annual general meeting, he could never have imagined how utterly his arguments would be undermined by other events during the meeting. Not even the latest shenanigans (for that is what they are) at Watford could provide such a compelling manifestation of the flaws of such a system, although even as I type they are trying very hard.” (twohundredpercent)