So what does Dave do now?
Well the meetings in the Square Mile last week could have gone better.
Perhaps bringing Malcolm Murray along wasn’t the best idea after all.
I understand that the investors who bought into the RIFC IPO are on the brink of being institutionalised as they have watched the share price tumble from 70pence to below half that now.
Subsequently I do not believe that they’re minded to buy into any future RIFC share issue that would further dilute their already shrunken investment.
The idea of “soft investment” just didn’t do it for them I’m afraid.
Over the last few weeks Planet Fitba has been highly entertained by the Dave King roadshow.
His statements have been punchy, unequivocal and great copy.
Now this one…
First there was the call to man the barricades in Edmiston drive and now it appears that the current board must be given more time.
The club statement from last week makes it quite clear to me that the people who actually are in charge at Ibrox aren’t fazed by any of this.
The Laxey folks have their ducks in a row and they will take the most profitable route. They are serious disciplined business people.
Of course the fans want Dave King in the Blue Room because they perceive him to be one of their own and there is a tantalising prospect of a rich supporter bankrolling success like the 1990s.
For the avoidance of doubt if the board would had have signed over security of Ibrox and Murray Park to some outside entity ( like a season ticket trust fund thingy ) then the hole created in the balance sheet would have been catastrophic.
Moreover I am not surprised that the chaps in the Blue Room agreed that they would not securitise the stadium or the training ground to raise finance.
That is because they can’t.
The contingent liability in the inaugural accounts of RIFC means that only a very foolish lender would allow the new club to borrow money secured against assets that could be the subject of a legal challenge in the future.
Mr King had stated that he would not leave Scotland without a plan to go forward.
Now I don’t know where the South African domiciled entrepreneur is at the moment.
Moreover I suspect that right now The People have simply no idea about what happens next.
Plus ça change…
