Mr David Cunningham King was at Hampden today to watch his beloved basket of assets.
I think that a victory over Motherwell would have created the appropriate mood music to launch the year-end accounts.
The stenographers would have been in raptures about the wonderful prospect of an “Old Firm final”.
It goes without saying that they would have gleefully regurgitated a high-Level script about the clash of these Fitba titans.
Alas, this will not now take place and the people who run Sevco will no doubt be cursing Louis Moult for his finishing prowess.
The revenue from another appearance at Hampden would have been very welcome indeed for the Ibrox outfit.
As the days shorten time is running out for the accounts to be published.
Moreover, Mr King’s legal representative made a game-changing statement in the Court of Session that his South African based client was without funds.
Now, that presents a real problem for the folk putting together the annual accounts.
The reason being that the putative wealth of the directors was key to Rangers International Football Club as a going concern.
The rationale that underpinned the last set of accounts was that any shortfall in operating cash would be covered by the chaps in the Blue Room.
Indeed the majority of the Sevco High Command had hoped that Mr King would ultimately be the benefactor of last resort.
Even before the Off Licence Putsch of March 2015, the South African based entrepreneur had others stating that the club would be mad to turn down a man of such wealth.
The message was clear:
Mr King was very wealthy and he wanted to lavish it on his beloved Sevco.
Of course, that does not square with what Lord Bannatyne was told in the Court of Session recently.
The Take Over Panel requires the RIFC Chairman to put £11m in an escrow account.
We are told that Mr King doesn’t have that amount to his name and the word “penniless” was used in court.
I’m sure his colleagues in the Blue Room will want a few things clarified.
Of course, we should not lose sight of the fact that Sevco is a loss-making business without a credit line from a bank.
That’s why Mr King’s net worth is of relevance to the Engine Room Subsidiary.
Of course, Sevco are also rather shite at this football thing.
The gap is not closing.
“Of course , Sevco are also rather shite at this football thing.”
An excellent summary of their whole operation Phil!
Great stuff Phil , beloved basket of assets , inspirational .
So no money from Europe and now none from the diddy cup final, they must be getting a little worried now that the Lying King has been outed as skint.
So on that front Phil, what’s the news on the stand roofs? What happened to your Freedom of information request?
What news on Warburton’s compensation?
When will we get a judgement on the Take over panel?
Hopefully things will come to a head soon, and they run out of cash before Christmas.
King is penniless so who paid for his flight and hotel bill?
He’s not really penniless but he wants to keep all his pennies to himself.
Unfortunately 10,000 Celtic fans missed out on a seat yesterday due to the comedy roadshow at the sfa although on the plus side the sevco elite missed out on £64,000 due to this which I find pretty amusing ?
Phil, how much are sevco losing by not participating in the final? Decent amount or what? Another so called wee team in another final eh, Armageddon right enough.?
‘Well showing clear signs of Progres, HH
“But he isn’t wearing anything at all!”
Fair play to Motherwell. By beating Aberdeen well, and then getting past Sevco they have certainly earned their place in the final. Great second goal too.
I am shocked that Sevco didn’t win today however, given what Pedro has been saying about “win or win” being his only options. An attitude that I hear he has away from football…
https://theclumpany.wordpress.com/2017/10/22/win-or-win-with-pedro-caixinha/
The ‘gap’ has more akin with Valles Marineris,that’s the Grand Canyons big cousin on Mars.The Earths Grand Canyon is simply too wee for demonstration purposes on this occasion.
Louis Moult,may his God bless him,finished the game with one of the most excusite of chips,Larssonesque if you like,that I’ve not seen in Scottish fitba for many a moon.Lang may his lum reek.
Today’s semi turned a tad nasty after it was plain for all to see that sevco were not escaping this one.The sfa should hang their heads in shame,allowing sevco fans to outnumber ‘Well supporters near a ratio of 5:1.Their plan to swell sevcos 12th man collapsed,dramatically so.Then soon the inevitable outpouring of the sevco faithless started as they made their exodus from the national stadium.Also included in that number was a certain D.C.King scurrying to safety less the faithless spy and capture him,never to be seen again.
Maybe he can get the same flight Padre Pedro will be getting after Celtic hand them another fitba hammering on the 30th December,that is of course IF he makes it that far.Dave may indeed be otherwise occupied,maybe even at HMP Barlinnie for an as yet unspecified time.
And tae think it’s no even Christmas yet,Hail! Hail! Bhoys n Ghirls HoHoHo?
Club skint, benefactor (?) skint, board guys not yet skint but might be if they keep pissing their cash down the sevco stank, fans stink, they’re on the brink soon (I hope). Ah, I love schadenfreude so I do.
Sevco were correct about one thing that there would be a sell out at one semi-final !
Not a good day for folks down Ibrox way, who may not have expected Mr Seamus Lyons of Limpopo Gulch to show his face in Glasgow so close to Castlemilk where his form book says he likely still owes a few bob. No doubt he will be gone like snow of a dyke to avoid any prospective shoulder tackles from the City of London’s finest.
I would hope that Messrs SFA & SPFL have already lodged their worries with this high flyer due to their opportunities at Hampden today like when they jointly gloated over Celtic’s semi defeat in the pre Brendan era.
I would hope questions are asked of the SFA/SFPL as to what feedback has been given in regard to when Mr King is bailing, and who will be the patsy this time. Non communication will not and should not be accepted as an excuse for inaction to determine what the rory o’more is.
Nice article Phil. The need for accounts to be published shouldnt really alter should it? The blue room boys have been pumping in money all the while, with out the help of Mr David Cunningham King? So should it really be that much of an importance with out the South African Del Boys non existant millions? Just a thought old boy!
You need to keep up. There is at lease one bankroller that has come to the end of the line. He was supposed to be calling in his loans by December.
King is over here to fill his hold-all with the redies £360,000 that Celtic handed to them and other SPFL teams trust me.
Penniless, clueless and trophyless. Sevco fans will surely be quite happy that their team won’t have to experience another beating at the hands of the treble winning invincibles. Celtic will face a much bigger test v Motherwell in the final. Loved Chris Sutton’s comment along the lines of “I bet they won’t be playing simply the best on the bus ride home!” Class.
Phil, this time around the auditors will be looking for more than promises from the concert party that they will continue to fund losses and meet future cash calls as and when required.
Proof of funds will be required before they will sign off on the accounts.
Those concert party and board members who have contributed handsomely so far £10m to the cause with the prospect of their investment becoming a donation must be at the end of their tether with King.
The auditors are effectively asking them to write a blank cheque to keep the show on the road. What will they do, throw good money after bad?
What’s the plan, is there a plan? What happened to the share issue? Will the loan repayments due in December be made? Will the accounts show a profit? Will there be any comparison with the unaudited fag packet version which accompanied the UEFA licence application? How did they get round the tick box which accompanied the question do you have any outstanding taxes? I mean it’s the same club is it not? Everyone keeps claiming that to be the case therefore the Wee Tax Bill, PAYE and VAT missed payments plus tax due on the illegal DOS/EBT tax scams are all overdue.
Oh what’s that your saying………those are Oldco debts nothing to do with Newco even though it’s the same club!
What about trophies and titles? Ah definitely Newco, just hand them over.
What’s the odds Motherwell find another 10,000 new fans before the cup final?
The coming week will be critical for Newco
Superb stuff Phil, oh how I laughed today!!!!
No need: Everything is already very clear, apropos Mr. Glib.
I wonder if the photo is a before or after the King of Sevco looks dismayed!!!
Hi Phil,
Nice one, ‘Well burst that bubble he thought was up for grabs. Now a whip round for his return fare to Jim Whites wine cellar.
You have a way with words, impecunious, it’s quicker to say ” feckin skint”
A nice we square go awaits the East End v North Lanarkshire HH.
Well done to Motherwell as they “take their rightful place” in the final. By Pedro was nice hammering Yer “best squad in Scotland”
Surely Chairman King could place a long spread accumulator bet by borrowing, say, one to ten thousand pounds and putting it on Pedro to continue his Win-Win-Lose sequence throughout the season, thereby ensuring at least something towards that 11 million for the escrow account?
Penniless, Potless & Pedro Clueless, quite the motley crew to have steering the aul’ pirate ship there now …
Alternatively, of course, he could invest in the frozen desserts business, as I hear jelly & ice cream sales are going through the roof!
Ha ha brilliant excellent piece once again Phil well done !
They really are a circus act. The (new) club is a shambles from top to bottom yet the “Loyal” and hopelessly gullible support refuses to recognise it. The comfort blanket of an artificial supremacy has been lost in the wash. They are without hope and without the intelligence to recognise their plight. Personally, I blame state schools.
Loving that comment The Observer,especially;
‘The comfort blanket of an artificial supremacy has been lost in the wash.’
First class pensmanship there.
Although,I blame david murray myself.
Thats terrible making fun of the afflicted hahahahahahahahaha.