I’m hearing that the Serious Professional and Senhor Pedro Miguel da Silva Mendes had a rather heated exchange this morning.
Apparently, the point of contention was the story in the radar press that the Sevco manager had been offered a package by the Holding Company vehicle.
It should be stated that the provenance of this fantasy was not a high-Level galaxy far far away.
However, I am satisfied that the fable was conjured up in the Blue Room by several members of the Sevco High Command.
For the avoidance of doubt, Mr King didn’t have a good time in court today.
His impecuniosity was laid bare for all to see in Edinburgh.
Dear reader, this is the man whose putative wealth was the game changer for Sevco in March 2015 has been shown to be a glib and shameless chimera.
As late as yesterday the South African based entrepreneur was trying to get the Sevco High Command to meet his legal costs.
I find that a very strange request given his vast wealth.
Late last night there was Quintessentially British conclave by several members of the Sevco High Command. and they all agreed that Mr King had rather dropped them in it.
Sadly, they all agreed that Mr King had rather dropped them in it.
One of the Churchillian chaps actually remarked that “this place makes the White House look sane”.
Moreover, Mr King’s Blue Room colleagues were watching the proceedings today very closely.
Although there is still some court wrangling to take place tomorrow in the Court of Session I’m afraid it doesn’t look good for the RIFC Chairman.
It will take a glib and shameless rabbit out of the hat at this stage for Mr King to wriggle free out of this one.
Moreover, I get the feeling that ducks are coming into alignment in the Sevco High Command.
It must be a cold house now for King loyalists.
If we are about to witness a Blue Room putsch against Mr King then I’m sure that it will be carried out with Unsurpassed Dignity.
Dunkirk Spirit and all that…
What has that skelly eyed sod got up his sleeve that he’s talked Stevie G to come to Ibrokes, SG must have been offered something off the scale to make him take the job.
King does come out with some whoppers,Some funnier than others.The only thing worth a mention regarding all this Sevconian BS is YAWNNNNNNNNNNNNNNNN!!!!!This man was at Oldco,This is the types of Real RainJurz men that Have me in tears of laughter.Who will take his place,If he goes all Papillion….
The Embarrassment that just keeps Giving…The Lying King and his millions of Confetti.Its amasing how Sevco jump from one fck up to another,On a regular basis.My sides have been killing me since 2012.Wonder if Suave Dave will do walking away (In Shackles)HH GGAW
Can’t wait to read Dave King’s prison memoirs of The Sevco Affair and the cunning strategy and tactics he plotted to steer through the omnishambles shit storm from regime change to financial stability and Champions League domination, dispensing with Celtic’s tawdry challenge as a mere annoyance in passing.
Of course, I won’t be putting money in the G&S pocket – I’ll steal his book, and if caught will simply explain that, yes I did take it without paying, but I never had the money in the first place so can’t be blamed. Oh no, you misunderstand, that credit card with my name on it is not under my control – nor is that bank account in my name. And the cash in my wallet is not freed fund, regretably. Surely you have some discretion M’lud.
Can’t imagine authorities in South Africa won’t be monitoring King’s Court of Session appearance. It was, after all, a South African judge who found him to be a “glib and shameless liar” when it came to his tax affairs. One would hope that the SFA are as attentive. For too long, chancers of all stripes have managed to take control of Scottish football clubs… if the SFA can’t put an end to this, is the SFA “fit for purpose”? As for the media… they want the fanbase to buy their flimsy products, so try to tread a line between regurgitating succulent lamb and nodding in the direction of fact when handling a volatile readership. Straight-talking is not a feature of Scottish sports journalism when it comes to taking on the Sevco myth. A good start for all those fans with typewriters across Scotland would be for them to declare their genuine football allegiance. Don’t hold your breath!
So assuming that King loses, and assuming that he just goes to ground in SA, then what next. Pretty obviously he’d be struck off as a director, but if the court imposes any fines or costs is there any way they could get their money? Could they confiscate his shareholding in Rangers and flog that? Would club18whatever still be interested in paying 27p a share, or would that force them into take over territory too? Given that James Blair has rather conflicting interests would they be seen as part of the concert party? Or failing that, could the authorities take over the loans that King has made to Rangers and call them in? That would be another nasty blow to the cash flow.
Popped over to Alasdair Lamont on twitter to follow the second day of King’s case. It seems alas BBC Scotland’s Alas is not covering today – yesterday was so dull he’s covering that crucial garden fete instead.
Scottish media – you are such a large part of this problem
I simply cannot come to terms with ANY scenario in which Dave King might not have readily-available cash to take ‘Rangers’ to glory. I read all about it in the papers in 2015 and they NEVER get anything wrong about either of the Ibrox clubs. As I explain here (if I may…)
https://theclumpany.wordpress.com/2017/10/12/dave-kings-devastating-millions/
No biggie. If King has extensive unfreed funds then surely he can arrange a bridging loan to put funds in escrow for the duration of the offer process in confidence that no one will take up the offer. Friends, billionaires, institutions, fellow concert partners please form and orderly queue here to help out the world’s most naive and hapless business messiah. His word is his bond.
The Lying King’s solicitor claiming King may not have understood the consequeses of going over the threshold, and here was me thinking ignorance of the law is no defense.
King promised £50m investment into RIFC PLC if the SFA found him fit and proper and he was established as Chairman. He hasn’t put it in and he’s publicly saying he has pecuniary troubles (broke).
£30m was to be from him and £20m from other RRM. King stated he controlled his family’s fund and would invest his children’s inheritance.
He’s been there almost three years and tv pundits told us he changed his mind on investing. Not that he didn’t have the money.
He unlawfully took over the football club in a concert party manner. Surely this makes him not fit and proper to the SFA?
If he cannot stump up £11m then he needs forced to sell his shares at any price and get out, resigning as chairman immediately. Or sacked by the Board as Chairman. Thereafter a court fine imposed or custodial sentence.
Based on what’s been reported, the TERM in the form of some of the directors have put in close to the 20M. Problem is, they’ve finally seen 1) that GASL won’t put up anything and 2) what they’ve ponied up so far is gone and they’ll never get it back. So why would anyone throw more good money after bad?
Pat
King was not found fit and proper by the SFA – as revealed by Ashley’s court action. The SFA has no sway over RIFC which is not a member so he needs no f&p to be Chairman. The SFA gave the false impression that King was f&p to lead SFA member TRFC – but they never stated their decision – because they were never formally asked to decide. Hence King in not on the TRFC board.
Funny that they did decide they had sway over RIFC when dealing with Ashley.
Yeah – funny that – Self-interested – Fickle – Avaricious
Craig Whyte could get a loan and buy the shares and take over the newco just like the other club
“It will take a glib and shameless rabbit out the hat at this stage”
Hahaha. A right good chuckle I had at that one. Cheers Phil
A record Phil… I had to look up four words from your post. Long may you continue to educate us with your succinct descriptions. 🙂
Hail Hail
His counsel stating that King is skint and has been since day one hoists a big red warning flag to the SFA.
Presumably the required money laundering checks in place clearly establish the provenance of where the soft loans have came from.
It’s hardly going to be the case that the SFA is happy for clubs to self certify on this question given how well that system worked in the past, surely not?
So with King coming up short will the other concert party guys continue to pony up?
Getting back their already substantial investment is highly improbable so why throw good money after bad?
Events could get quickly out of control tomorrow and despite the Level 5 media influence it may well be a pivitol day in Newco history that demands media attention.
Tomorrow will be business as usual for the MSM. the spin cycle will be running just now.
You give them far too much credit
If he doesnt have the money to pay for the take ovr therefore he doesn’t own anything. so who owns the shares then and can they claim their rightful place back at the shambles club
The Ibrox accounts are signed off by Chartered Accountants on the assurance the company is a going concern as Directors (including King) will invest working capital as and when it falls due/ is required.
If The Chairman King is skint does this make the accounts invalid?
The Stock exchange can no longer get involved but surely Companies House must scrutinize the accounts and ask precisely which directors will pony up what amounts?
Who else Googled ‘Impecunosity’…?
All of us! ?
me….. great word, I will use it today somewhere… 🙂
Be careful what you wish for .. rangers (il) are in a bad way .. whyite green and king all fucked it up .. their fergus might come along soon .. they have a big fan base and if someone with decent business acumen comes along he might tap into it … it’s doubtful but might just happen . . Hope fully not until we win the 10 .. but swings and roundabouts … they will be back at one point
Rangers will never ” be back” because Rangers died in 2012.
exactly and them is the bear facts, pardon the pun
You’re right Phil Hail Hail
And a Very Big HH to that,Phil
Kev,
When the Bunnet came along Celtic were a dying dog urgently in need of some TLC and rehabilitation, and the potential was there for it to grow into the pedigree thoroughbred that it is today. There is no such potential for any team playing out of Ibrox as no-one, new share issue or not, who would be willing to fork out millions of their own hard-earned dosh into a gaping black maw that just eats up cash on a daily basis. And, it will take several million pounds of investment(!) to get Sevco on an even keel with Aberdeen as a mere challenger to Celtic, never mind a true equal. This would take years of diligence and due patience and seasons upon seasons of mundanity. Not something the average Zombear is particularly noted for.
Forget all the mince about “these things coming in cycles”, Celtic will not be shifted from their position unless we let our guard down and allow a succession of charlatans to infiltrate the boardroom. That, or an Arab/Russian sugar daddy riding in on a white charger with wealth off the radar.
as putsch turns to shove, the knight of the realm will ride to the rescue. From Glib and shameless to Sir Fit and Proper
Nice one Phil, ADOI means OUCH in Malaysian. ??? Hang on! maybe he’s got access to some money there.
Where does this leave the SFA as they found Mr King to be a fit and proper owner of Rangers? Is he still fit and proper? Wheres his money gone if he’s now skint? Lots of questions, any answers?
No they didn’t. He’s not the “owner” and is not on the football club board but the holding company.
Therefore as Mike Ashley found out the SFA didn’t actually pass him as fit at all. They just ignore him acting as a shadow chairman.
He’s still skint though.
So where does this leave the SFA as they found him a fit and proper owner of rangers? Is he still fit and proper? Lots of questions, any answers?
Thanks for the update Phil, it’s incredible how you find out about this continuing comedy fiasco, the ‘Glib And Shameless Liar’ will get his comeuppance eventually.
Keep up the great work and ‘Keep Digging Away’
makes the white house look sane , fecking brilliant , lol
Impecuniousity=skint.
Like Daves knees will be,if he manages to financially contort himself from this pickle.
Fit and proper! My arsium?
Great spectacle,long may it run.
I’m hoping for a slam-dunk for the prosecutor.
Will SDM ride along shortly on his white charger to save the day ??
No, he will certainly not. Simply, he no longer has a tenner for every fiver we have??
Whatever comes to pass it is not edifying in any way. Happy about that. If it brings that horrible club closer to their demise finally and eternally then I’m even happier, potentially. Taking too long, however, for my liking.
Totally agree .
Can’t thole the negativity to dodgy Dave. He’s the Del Boy to Pedro’s Trigger.
I think impecuniousness is my word of the week. Perhaps “impecuniousness off the radar!” Will be the phrase that will define the King era!
The story drags so slowly, but tomorrow will be a champagne day if it finally comes to pass. BBC and STV (despite their web hedge) predictably silent on court proceedings.
Following swiftly has to be SDM getting outmanoevered if he tries what’s now rumoured.
Dread the mediagaggle if he gets a a way back.
When will putsch become shove? Actually, wouldn’t we rather keep him there with all his toxicity?
How unfortunate ???? could spell disaster ?
Well I must say that I’ve always liked Dave…. the hours , no…days of laughter ….