Impecuniosity and credulity

When Mr King’s impecuniosity was admitted at the Court of Session yesterday it immediately presented several problems for the Sevco High Command.

Firstly they all believed, at one time or another, that the South African based entrepreneur’s wealth would finally make a game changing appearance at Ibrox.

Mr King’s preferred narrative was that he was having difficulty in transporting his vast wealth because of South African currency regulations etc.

There was never a doubt in the Blue Room that “Dave” was in funds.

Some of them even loaned Mr King money on the strength of that.

Oops.

Also, the notes in the published accounts of RIFC since 2015 have made much of the willingness of the directors to stump up to cover the losses of the five-year-old club.

The members of the Sevco High Command who were actually shouldering the most of the financial burden largely did so because they believed that one day Dave would pony up.

I don’t think anyone in the Blue Room now thinks that will happen.

A cynic might say that they’ve been had by a glib and shameless liar.

I, on the other hand, couldn’t possibly comment.

The thing is, the figure that Mr King’s counsel claimed that he was unable to raise is close the amount that Sevco need to keep going this season.

Mr King’s counsel stated yesterday that the convicted criminal had no direct control over the funds in New Oasis Asset Limited (NOAL).

This is from the RIFC accounts of 2016:

New Oasis Asset Limited

Shareholder

On 22 May 2015, the company entered into a loan agreement with New Oasis Asset Limited totalling £1.5m repayable in December 2015. Since this date, this loan has been available on demand and New Oasis Asset Limited has advised that they will extend the facilities available whilst the funds are required by the Club.

In December 2015, a further loan facility of £3m was agreed, of which £2.2m has been drawn down at the year-end.

This amount remains outstanding at 30 June 2016 and is due for repayment in December 2017. New Oasis Asset Limited is a company controlled by the Group Chairman, Mr D King. No interest or fees are to be charged in respect of the facilities and the loan is being provided on an unsecured basis.

 

You can find it on page 55 here.

Oh dear.

Awkward…

The problem with Mr King is that he loves the limelight, he loves to boast.

This was never truer than just after the Off Licence Putsch in July 2015 he invited the cameras into his heavily mortgaged home in Jo’Burg.

In fact, I broke the story of the impending puff piece, much to the bafflement of the folk at Skysports.

You see, dear reader, the trip to South Africa by Mr White was meant to be a closely guarded secret.

You can view it here.

For the avoidance of doubt, the lavishly stocked wine cellar didn’t last long after this hard-hitting love in.

Apparently, the folks at SARS thought that this asset belonged to them.

During this romantic encounter, Mr King made much of wanting to re-negotiate the retail deal with General Ashley.

Earlier this year it was announced that the hated arrangement with Sports Direct had been ripped up.

It was hailed by the chaps on the sports desks major victory for Mr King.

Despite the furious spinning by the stenographers what Big Mike has now is BETTER than what he gave up earlier this year.

I would not be surprised that if Mr King does ride off into the South African then the real nature of the new retail deal will be finally revealed.

What I do know is that that the new arrangement is with RIFC and not Sevco.

The financial beneficiaries of the orgy of buying at the superstore were Ashley and Puma.

Once more the fans have been conned and the stenographers have played their part in the ruse.

The case has now been heard in the outer house of the Court of Session and the judgment will be handed down by Lord Bannatyne in due course.

At least we now know that Mr David Cunningham King does not have the putative wealth that so enthused The People back in March 2015.

Indeed, it was the promise of funds to bankroll the Engine Room Subsidiary that purchased their loyalty in the Off Licence Putsch.

It is almost as if he had been lying to them the whole time.

Almost…

 

 

Nota bene:

A hat tip to Al Lamont of the BBC.

He was in court yesterday and his tweeted adumbrations of the proceedings did the state some service.

Sadly, his employers had him elsewhere today.

Thankfully the fine folk of Scottish Football Monitor were on the case.

Chapeau.