This has been a difficult day for The People.
Over the weekend they had been giddy with excitement about the likely sums that were going to be coming into the basket of assets.
Today, Mr David Cunningham King announced the good news to a select wedding party at Ibrox.
The disappointment and pain on dignified message boards was palpable.
The poor dears…
What I have since learned is that Mr King was trying to wrench debt forgiveness from the hands of his fellow directors.
Indeed, these efforts went on late into the night.
However, his Blue Room colleagues stood firm.
Mr King wanted them to take a hit on the monies that they had lent to Sevco.
I think that such an idea has been permanently Parked.
One of the many squirrels that were airborne over the weekend was the one that Sir David Murray would return in some way to Ibrox.
I am now confident of the provenance of that fairy story.
It originated at a high-Level.
The utility function of that particular fantasy was to entice the knight of the realm to actually stump up!
Of course, there was never any realistic chance of this happening.
However, that it was attempted at all is an indicator of just how desperate things are in the upper echelons of Sevco.
Before he resigned Mr Paul Murray had also asked his chairman some very pointed questions about the retail distribution arrangements for next season.
I think it is fair to say that the immaculately coiffed entrepreneur did not receive an answer to his liking.
In fact, he didn’t receive ANY answer from Mr King.
I cannot confirm or deny whether or not this had any influence on Mr Murray’s decision to resign from the board of RIFC.
What I can confirm is that there are a lot of disappointed chaps in Sevcoland today.
Ah well…
Discover more from Phil Mac Giolla Bháin
Subscribe to get the latest posts sent to your email.
I love that picture of the sad wee bears. ???
Dodgy Dave makes Craig Whyte look like a choirboy. Late Friday night statements, Bank Holiday statements. These were tricks that might have worked 50 years ago when we only had a written press. Someone really should point out to them that a bad news story can’t be hidden like that anymore. A bad news story released at 11pm on a Friday night is all round the globe by the time the guy releasing it is back home. It really is hard to imagine a more amateurish bunch of chancers, and the gullibillies keep lapping it up.
The Celtic Board attracts former Cabinet Ministers, former Bank of England Board members and captains of commerce and industry.
The Sevco Board and the dead club before them attract Tax Dodgers, Fraudsters and Spivs and Conmen masquerading as businessmen.
The difference is patently obvious to anyone with a modicum of intellect.
And still the laughs keep coming.
Did you know that when Charlie Adam, linked with a return to Ibrox,
turned up at Annfield, Gerrard was genuinely in fear of keeping his place in the team.
Oh ma sides are splitting, so they are.
Makes you wonder if Scott and Murray were privy to King’s prepared Q&A nonsense in advance and that was the final straw for them.
It’s nothing short of a long suicide note begging TOP/COS to take action against him so that he can shift the blame to them when it all goes nuclear.
He wants credit for fighting off others that have tried to do him down, without mentioning the £45m that it cost him to avoid incarceration in South Africa.
Possibly the same “advisers” who told young Steve against moving to Chelsea also “advised” him to signup for Rangers. It is also possible that Mr King made overtures to these “advisers” to “persuade” the young saviour to come up to Glasgow. He did not look a happy bunny at the press conference. Perhaps he should have our sympathy.
Openly admitted they are being grilled over their UEFA licence. What a guy
I reckon Dave King should expect in conclave with representatives of both DEFRA, and the NFU. The subject of these discussions should be to seek approval from the government body, and recommendation from the National Farmers Union to their members that Mr King should become the ‘go-to” guy when it comes to the use of organic fertilisers. Big Dave has clearly demonstrated, time and again, that he can provide an endless supply of horse shit.
Think about it… when we are shopping for the weekly groceries, we buy Dutch tomatoes, Spanish oranges, Danish bacon, etc. Dave King can single-handedly solve our worries over Brexit! We wouldn’t have to worry aboutility the cost of importing our food – we could produce our own, and we could thank Dave King for it all! And, the money Dave would raise from his horse shit can be reinvested back into his beloved basket of assets. He could even repay all these soft loans back. There might even be enough left-over cash to provide his team of Galactico’s with weekly win bonuses (well, maybe not – but you catch my drift)!!
King’s Q&A confirmed that Rangers were running at present with a deficit.
The concept of spending outstripping revenue appears to be less than clear cut to many of their fans.
One of whom asked…. Why are we running at a deficit?
Swiftly educated by another fan who informed him that by running at a loss then no Corporation Tax would be payable, nor would any dividends be paid to shareholders.
I rest my case m’lud.
If King wasn’t already banned from making a share offer under the rules of the Takeover Code, he’s pretty much made it impossible by that interview. Chairmen of publically quoted companies aren’t allowed to go around giving false and made up information to the press. There is so much that is provably pish to anyone who cares to spend a minute or two on Google, that any attempt to have a rights issue could well leave him open to a charge of fraud on top of everything else coming his way.
His reinvention of the facts of his fight with the TOB (“they know that I am never going to make an offer. They accept that.” etc.) could well lead to another court appearance and the issue of a mutually agreed statement issued under threat of contempt charges.
And it will be interesting to see Graeme Murty’s response to the idea that he was the one who turned down the multi-million bid for Morelos (” If you’re not putting me under pressure to get the money I would rather keep the player,” and we told him there was no pressure, you make a football decision.”). That’s a potential libel suit, especially if Rangers do get into serious money problems in the near future and their fans start blaming him. A pretty easy win for him too, especially once his lawyers start asking the club to supply written proof of the bid and minutes of all meetings where it was discussed.
Do you have a Nomad Mr King?
To clear the soft loans and Close brothers loan and leave £6m in the transfer kitty King needs to punt 100 million shares at 25p.
Thats a lot of shares considering King is toxic in the City and the institutions will be giving this offer a wide berth.
Is King underwriting the offer?
Will Gerrard be ‘investing’ some of his own fortune?
King is in full bluster mode on how quickly the pendulum can swing.
As things stand not a single Rangers player would get a place on the Celtic bench.
Yep the Gerrard effect may attract players, but given the finance available what standard will they be?
Kris Boyd is suggesting Davis, Hutton and Charlie Adam should be brought back because they know what the club’s all about!
No Kris, the club they knew all about no longer exists and died on it’s feet.
Does this mean the broadband bill gets paid? Would hate to see the people cut off from Netflix.. Looks
like summer is on the way, jelly’s with a good scoop or two of ice cream all round..
This is drivel from a guy who clearly has a learning difficulty.
I essentially own/control a company that owns a football club. If the TOP sanctions affect only me then it has nothing to do with the football club.
The football club will profit on the pitch because I’m not involved in that, that’s the managers job.
So, when the football club that’s owned by the company I control come to that company looking for funds I will say “yes, go fourth and buy or borrow or beg or steal”
Never mind the fact that the company I control has no banking facilities and we have a dodgy overdraft from another company that will be told by the TOP to withdraw as soon as I get cold shouldered. Never mind the fact this cold shoulder effectively says that no financial succour or safe haven can be secured from the myriad of “funders” who are pouring money week in week out and dig deep to support us lest they be sanctioned.
I, DK, do solemnly swear, that everything I’ve said here is wibble.
Wibble is a South African word I made up that means “Look there’s another elephant in the room while ignoring the first elephant”
I reverted to humour as I got lost…..
Aye. You lost me as well. But I think I got the general drift and I liked it anyway!!
The amnesia of The Peepel.
They lapped up the £10m bid for Morelos, knocked back.
Followed by a Payday Loan!
Then they hope to raise £6m in a share issue. Which will no doubt leave them totally cold shouldered, if they were to go ahead somehow.
I’m trying to help some peepel I know, to try explain how they are fucked. But they won’t listen.
Just can’t wait for the GIRFUY moment if and when insolvency strikes.
Glad King staying at helm. This guy just keeps the drama coming.
No, no. Dave says that getting a loan from a 3rd party was great news and was proof that the club/company/ thingy was normalising its financial affairs.
No one asked him how pies and bovril would be served if Close Bros removed the catering equipment.
The real question is who controlled the slaughter of the Macdonnalds of Glen Coe… Billy come out come out we know it was you…. you snivelling lick spittal bastard….. right now after 300 years we have Benny Yetanyahu…. or whatever his name is.. he was brought up in Philadelphia so he is not exactly Moses…. is he….threataning the world with nuclear holocaust….. ring any bells with the various freak shows doing the rounds…my preferred option would be nuke Tehran…. by the time the fall out reaches Govan you might have patched up the legendary car park …Billy…. …. on the other hand I’m lying naked in Fort William waiting for some Worthy Oriental Gentlemen to patch up the Queens pot holes… be cause Billy has lost his work ethic… and his Protestantism… dirty snivelling puck fig….
Phil you are so, so wrong. This share issue is fantastic news. It pays off the director loans and brings six million into the bank. By my calculation, that means over forty million raised over the past six years. The six million cash in the bank could be used to cover the operating losses for almost a year or they could be used to repay the overdraft with money left over to invest in the playing squad. That could bring in a player of the quality of Carlos Pena, or alternatively buy a 1/5th share of a player like Alfredo Morelos (based on the value of the latest Chinese offers). Then, when you factor in the multi-million pound deal with Hummel, and the likelihood of further millions from the global sale of chevron-emblazoned shirts (54 Hummel chevrons would be appropriate), plus a deep run in Europe we could be back where we belong.
Aw get yer tongue oot yer cheek!
They dont have an overdraft, that would require banking facilties. They have a loan from Close brothers, who will not be messed about when repayment is due.
There is also a question of the legality of a share issue whilst the current shares are the subject of Kings requirement to place the money for their purchase in an account, in British pounds and in Britain. A transaction the old GASL seems to be having a spot of difficulty with.
No money, no banking facilities, trading at a huge loss, few players they could offload for actual cash and still no sugar daddies.
It doesn’t exactly look great for the famous Sevco Scotland.
King is a clown.
If Rangers win one title Celtic will fold, he says…. Thats a huge statement from the Chairman of the company that owns the club and is wishfull thinking of the highest order.
It’s not just CL monies that keep Celtic on top. Every other revenue stream at Celtic Park dwarf’s the Ibrox operation.
King has written a cheque to Gerrard that can never be cashed.
It’s hilarious reading gullible posts,the funniest of which took the £6m, added in the ST money, Hummel’s contribution, player sales and Europa Cup Group Stage qualification bringing the warchest to £30m.
Rangers made a loss of £6m last year on turnover of £29m whjch puts their running costs at £3m per month. The weighty payroll will have increased that number significantly.
It’s truly amazing that so many of their fanbase are so poorly informed.
The new club has never made a profit and never will without CL Group Stage qualification, thats a fact.
If we take today’s announcement at face value it would be no surprise if Gerrard walks before next season starts.
Oh to be a fly on the wall when he goes to Robertson with his first target…..£5m transfer fee and £30k per week wages!
Sorry Stevie you can’t expect us to blow the budget on one player, get real says the serious professional.
Away and find us a Bosman or loan player instead.
Don’t you know we couldn’t pay young Bates £7k per week so he’s off to Germany.
Stevie G says he’s never walked away from a challenge, then again he’s probably never dealt with the likes of Dave King before.
You get the feeling that this marriage may not last the honeymoon period.
No word yet from the SFA on Rangers eligibility for a UEFA licence for next season?
Are they crossing their fingers, hoping that Rangers get a 4th place finish and Motherwell win the cup taking the final European place?
8 months now since the Compliance Officer was tasked by Regan to review SFA licencing procedures.
What’s the problem Tony, please tell.
Last week the SMSM, BerzDen, were saying only three players were good enough. Now, with only 6 mill coming in, the same media have highlighted nine players Stevie G should keep. Bottle indeed.
Think Peter may be right, with a servile media and complaisant football authorities, there appears to be nothing to stop a convicted fraudster cashing in before jumping the ship at Sevco. A failure of the authorities to at least run a rule over what is going on is a failure too far. As for the courts and the TOP, it can only be hoped that they act stringently as would be expected. Meanwhile, as Phil sadly points out, where is the mass media? What questions are being asked? Since when did a rights issue that aims to raise £6m become something to celebrate rather than something to question? It reminds me of the scene in Austin Powers when Doctor Evil, awakened from suspended animation after forty years, makes his demands to world leaders, threatening to blow up the world unless they stump up…. £100,000…. only for his evil co-conspirators to mutter higher and higher figures under their breaths.
Six million pounds in a share issue for a holding company parading as the once mighty Rangers… now there’s a story.
I am currently counting the squadron of pink pig’s flying past
My window, I am still trying to take this in,everyone and it’s aunty told Stevie Gerrard this was an the worst team to be involved in even the great messiah souness advised him to leave well alone,now king must have told him some INCREDIBLE porkie I understand he is exceptionally good at this, but then the sons of William will be queuing up to hand over there giros and artefacts to the cause.once a zombie always a ZOMBIE.
As King is prohiited from trading, has the six million already been invested by the other shareholdrers via soft loans……………………..surely not, NO-ONE is THAT glib and shameless.
The stenographer claim that the Hummel deal will generate £3m a year for Sevco has to be another squirrel of dubious provenance. Makes no sense to me. Who is going to retail this Sevco tat? Big Mike? And even if Mike is aboard, how many Sevco replicas would that equate to? Circa 150k? Surely more High_Level mince spoon fed to Buh-ly via the likes of Mark “major investment” Guidi.
I hear Mr Gerrard has not actually signed a Contract as yet. I find that strange given the fanfare of recent days.
You’d think that once sat down and wearring the tie… that he’d have signed the contract.
Not in Govania though
Hi Phil.
Will the GASL be able to get someone to audit the accounts after last year.
Take it this was released today because it was a bank holiday and nobody from the ToP would be at work.
Surely they’ll have a big say in this new share issue.
I am interested in Phil’s legal experts’ view on whether he can get around the takeover panel and court of session by reducing the share of the concert party to less than 30% by as he says ” an immediate rights issue”. I would have thought that this would be vetoed by the courts as he has to comply with the existing court orders and offer to buy from all existing shareholders before any dilution. What do you think?
Don’t think that one would fly. It’s the percentage shareholding at the time of purchase that counts as far as I’m aware.
Seems rather like instead if hearing news of a high profile arranged marriage they’ve had to settle for Jilted John.
I finally read ‘Downfall’ Phil and I’m in the process of recommending it to other Tims I know will appreciate it. It should be required reading for everyone that follows your blogs as it provides an unrivalled level of insight into the events leading up to Rangers’ liquidation. You should do more to promote it on your site.
PS – Don’t stop, even when this incarnation goes the same way as its predecessor
Any idea what the late, late show is about?
The “cannot reveal” until after 11pm?
Is that Park’s resignation?
Tynecastle was a disgrace. Brendan should maybe rest the likes of Brown, Forrest and Rogic etc. for the Double Treble at hampden a week on Saturday?
Phil; where do you even start with this fiasco of an omni-shambles of a clusterF? Interesting that he chose to release this info to only a select few media members. I would conclude that he knew he would get a smooth pass on any real questions from them.
To me, the bigger picture story here is the continuing worsening of the financial situation. I know, sill me, I’ve not been buying the feel-good squirrel nuggets! King believes he can sell 6M of shares that no real businessman will touch. So once again it is down to the fans to stump up. Let’s put aside that TOP would stop this in a heartbeat if he attempted this BEFORE he has to buy back the shares resulting from the concert party court rulings. That means that he needs 60,000 fans to each buy 100 quid worth of shares. Maybe? Possibly? I think it may be a tough stretch given that they sharply increased ST prices.
But 4M of whatever money they do manage to bring in via a share offering or ST’s has to go to Close Bros. There are also loans galore out there, including some by the Hong Kong guy who just quit the board. There are also loans from Alastair Johnston and the Parks (and probably others. On top of all that, this club has lost money every year of its’ 6 year existence and will probably lose around 7M this year.
The real question is this: What mechanisms are in place to stop King using the ST monies that come in to essentially buy himself out at a premium on the current share price? I believe he has somewhere around 16 million shares so if he deemed that the share price value (to him) was 32p/share he could walk away with a little over 5M. Add in repayment of anything he loaned the club and he could see it as his way out. He was able to con Stevie G into buying his slick story so I would think he could come up with something that would let him walk away claiming that the TOP forced his hand. Maybe, or too far fetched?
Cheers Phil great work ?
I messaged you few days ago to ask about David Murray return which I thought was hilarious but it also made sense if you think of pish Murray’s resigning out the blue however I believe it was more a leak to gage the sevco masses reaction to the return! The only thing that’s clear is your assessment Phil it shows how desperate the folks at the top of the marble stair case have become not that the MSM would have you believe anything other than the garden is rosey,
On the 6m with close brothers ,wages ,pay offs for Pedro and the fees for last years big super stars from Mexico this surely still leaves a short fall?? I guess we would need a proper audit to correctly asses this but my bullshit radar is n over drive!
Take care Phil keep it coming ??
And of course there’s the bread man and his fellow bakers after resigning/sacking…
Do we know how much of the Close Brothers “facility” has been drawn down?