So Sevco now has an austerity manager.This is a significant development.
I am told that the conditions on which young Master Murts has accepted the gig are as follows:
All the Pedro high earners must go in January.
No reasonable offer will be refused for any player if there is cover in the positions (e.g. goalkeeper).
All the local players who were put out on loan will be recalled where that is possible.
So expect to see the return of Michael Francis O’Halloran in the light blue of Sevco, Joseph Dodoo could also return.
I am sure that The People will be thrilled at the prospect of these chaps returning to Ibrox.
My information is that there is a meeting of the Sevco High Command scheduled for next week.
Mr Alastair James Johnston will JET IN for that dignified conclave and I understand that they will be discussing Dave.
The ruling today gives Mr David Cunnigham King 30 days from the date of the court’s order to comply.
Developing crisis…
Of course the real bones of the sevco problems is the fact the SFA, did sfa when the did the due diligence sweep on King. The pair of deadheads running the SFA should be sacked.
Murty is a pawn, and he knows it, or I’m a poor judge of character. Sevco will suffer the wrath of other supporters until they concede they cheated. The end is nigh!
Those claiming that no one will sell at 20p are way off the mark.
What about the institunional investors, what about those shareholders who have been disenfranchised?
They will take the money and run for the hills.
This is a company that loses money every year and next year will be no different.
Only the concert party and the fans who have made an emotional investment will be left with share certificates that are next to worthless in the event of admin.
Perhaps we will have a statement from King overnight, talking up some nonsensical appeal.
They have a month to get their house in order. They have had 5 years to carry out a plan and implement a strategy,
They have failed miserably, long may they continue.
What goes around comes around. This is death by 1000 cuts no matter how often Robertson and Richard Wilson say that there will be no impact on the club.
This is the kind of wishful thinking, or pish, that has brought them to the edge.
5 months to ST renewals, NOAL not delivering on Kings promise to the auditors and another £11m plus to find to put in an escrow account.
It’s put up or shut up time.
The serious professional is saying that its a matter for Dave and will have no impact whatsoever on the club.
Wow, but excuse me, is this not the same Dave that made a £7m commitment via NOAL to fund the forecast cash shortfall?
If King turns up at the forthcoming Celtic game will that be the last time he steps on UK soil, or in a country with an extradition agreement with the UK?
The serious professional did admit that he has yet to speak to the De Facto Chairman. Can we expect another statement o clock overnight to match the bizarre and hilarious one issued in relation to McInnes not being up to the job…..but Pedro was?
I like them ! They’re a great laugh !
Genuinely pleased for Graeme Murty, who has done remarkably well in the circumstances. I hope he comes out of it unscathed, and can go on to better things !
Somers gets the knockout blow to King.
I expect Sevco Chartered Accountants to Now revisit the accounts given this legal judgement.
King cannot Fund club until June. Accounts are voided.
OFFICIALLY!!!!!!
With a cold shoulder nobody can do business with them by buying a player. It’s not on. They can’t sell.
Murty appointed so the sponsored liars on Sevco online boards putting out big names for manager have been proven as liars. Jabba bad news on bad news. Buffoon.
Merry Christmas, it’s the youth coach as manager.
Players out. Merry Christmas on that.
Lord Bannatyne decision. You’ve got to love the deliberate timing. Merry Christmas from the Judiciary. Sick to their back teeth on Sevco.
Is that 30 business days or 30 ‘I’m absolutely bricking myself’ days?
I see the BBC are pointing out / pleading that shareholders don’t HAVE TO accept any offer of 20p per share, especially not when they are reportedly – or allegedly – worth 27.5p each. I sense it will be a case of shady business as usual.
The TRFC fans on Rangers.Media are just loving the managerial appointment. Unless I’ve totally misread their comments of course!
Will the estimable Mr. Johnston be bringing his weens’ warchest?
“..other than the EBTS, this just shows that SDM was actually the guy who knew how to run a football club”
Rangermedia – another gift that keeps giving.
Merry Christmas one and all.
I guess everyone will have to address him as Mr Murty now.pmsl
So basically we all need to stock up on jelly and ice cream.
We cannot all buy it at once or we will either cause a shortage or force the price up. Oh what the hell off to Tesco.??
So Glib is to offer 20p per share that are supposedly worth 27p.
If it was me I would accept the 20p offer today rather than have worthless shares tomorrow and end up with nothing when Sevco dies (P.G.)
However Glib always uses OPM so where is he getting it from this time?
If he just bales and goes back to SA can he be arrested for contempt of court or non-compliance if he ever comes back to the UK?
They can arrest him in RSA as he has used UK courts to hide his assets, the court in RSA observed the UK rulling re the jet in the EU that got him convicted.
Will be fascinating to see who might come in for Morelos, Alves, Pena, Hererra, Candelas, Cardoso given the generous terms of their current contracts.
According to the balance sheet there was approx £7m still to be paid to their previous respective clubs.
Lets assume that figure has been reduced to £5m………so they need £5m plus before making any profit on player trading.
Also bear in mind that everyone knows it’s a fire sale so it will be an uphill struggle to generate any profit to offset the forecast cash shortfall.
If clubs come in for them will the players accept lesser deals, doubtful?
They may have to be incentivised to move on.
It’s lose/lose. Murty’s appointment and Declan signing a permanent deal has no impact on the cash flow, unless Murty gets a well deserved hike in his wages!
Off course Walter or whoever will also be pulling in a wage for baby sitting Murty.
It may be significant that the announcement said that Murty would be in charge till the end of the season. Of course by 2.30pm on the 30th December the SPFL part of the season could well be over!
They won’t see King back in Scotland ever again..He’s hung these Cheating Bas—rds Out to dry..Good enuf for them they were warned to have nothing to do with this clown but they didn’t listen..AGAIN..My only wish for these degenerates is more of the same pain they’ve been having since 2012..Have a Marvellous Christmas Phil to you and your family..????
The merest mention of “30 days to comply” conjures up a mental image of the scene from Robocop, where the big robot goes berserk, and starts shooting up at all the executives gathered in the boardroom..
I wonder if Peter Weller is an Ibrox season ticket holder? ?
The biggest problem with the first one is that the power is with the player. Unless there is some movement / pay off or continued subsidy, the player won’t go anywhere.
Next weeks meeting will be fun though – some really expensive decisions coming up…
Does he have the right to appeal this decision ? Kicks can down road (again)
No.
This is the final definitive judgement for the scallywag Cap’n King.
The Cold Shoulder means no one will deal with him and, if he hangs around Ayebrokes, his contaminating stench will make the reek of the old club’s corpse seem like lavender & roses.
They’re displaying all the characteristics of an addict who only promises to mend their ways when they see the noose is being prepared.
No. There is no automatic right to appeal a CoS judgement. You would need to petition the Supreme Court to even be allowed to appeal and that can only be on a point of law. The full judgement doesn’t leave much room for movement.
Having been blessed with really good looks …devastating wit…and loads of modesty…I do have to admit that I know nothing about the ramifications of Lord Bannatyne’s ruling.
So Phil…please clarify…
What if DCK ignores the ruling..by …let’s say…resigning and he goes back to SA…? Does that affect Sevco …or is it only him who is culpable ?
If he stays…what impact does it have on Sevco if ….once again..he ignores the ruling ?
I know that tons of stuff have been written on the subject…but there does seem to be a differing of opinion.
So when in doubt…ask the guy you trust.
HH
Unchartered waters really, but King has 30 days to comply with the court’s order after which he will be in contempt of court – and ancient wheels will start turning slowly but inexorably.
I don’t expect King to comply – because it will cost him £1m-£2m to go through the motions even if no one takes up the offer – assuming he can find a financial institution to help him with the mechanics of the process. The assertion that no one will take up the offer is unfounded, wishful thinking – the curent 27.5p share price is a hallucination based on near-zero trading – so it may cost King seveal millions more. I think King understand this and instead will dare the courts to do their worst from the safety of South Africa – no more jetting in.
The judgement does mean that no honest buisness person will go near Rangers while he is there as Chairman, shareholder or creditor – so dreams of massive foreign investment are now far beyond delusionsal. Metro Bank, credit card service providers and invoicing suppliers are now pivotal. If they pull away for self protection – Rangers becomes a cash business – greatly escalating their cash flow problems.
In a few words – a very fragile business just got much more fragile. Toys R uS is rock solid in comparison.
Also bad news for T3B because Lord B has accepted 100% that they were willing concert party participants led by King. Expect some rather unsubtle Dave-who? positioning pdq.
As for the SFA and SPFL – do they have any credibility, dignity or honour left to lose? They represent and control the former-sport you loved. Yet they remain in post earning mega-bucks and laughing at you stupid little punters.
Thanks CC…great answer.
PS: How do I buy shares in Sevco…..??
Oops…Nurse Ratched’s here wi’ ma meds…:)
Lazy journalists going for the Murty story over the King story – e.g. BBC R5 Live
Quite sad that UK MSM is so easily manipulated by someone so not-very-bright as Jabba.
And so it goes, until shock horror – how did a giant club like Rangers go bust with so many millions of fans worldwide.
Love the tweets from the curious gullible that go something like “What’s this Dave King court thing all about – is it good or bad for Rangers?”
Priceless & Delicious
(btw – that’s different from penniless & deluded)
Close their eyes, fingers buried in ears….. Bad news, what bad news?
Level 5 better get to DJ quickly before his next Clyde appearance as the voice of a football will no doubt voice his opinion that COS judgement or no Dave King will still be pulling the strings, just as he has as De Facto Chairman of the football club, and totally ignored by our shameless football authorities.
But God forbid if an East Fife or Livingston FC official had done the same thing.