I find it deliciously ironic that a support base with a Sugar Daddy craving could end up as the funder of last resort at Ibrox.
The delusional belief that all they need at Ibrox was a rich man who would bankroll their supremacist fantasies has proven to be very sturdy.
In sociological terms it is fair to say that the home crowd at Ibrox are comprised from an evidenced resistant subculture.
Indeed, it made them vulnerable to all sorts of scam artists.
Back in 2011, your humble correspondent did point out several inconvenient truth about the billionaire with “wealth off the radar”.
I then had the Timmy temerity to suggest that perhaps Charles of Normandy might not be fully infected with Rangersitis.
All of this was a craving for the return of the David Murray cheating years when the home crowd had Ibrox saw tainted trophies won by financial skullduggery.
Even then they were warned from within the Blue Room.
It would be a decade before Hugh Adam was vindicated.
Despite this, the addiction to tainted silverware remains extant at Ibrox.
So, in the immediate aftermath of the Off License Putsch of March 2015 the settled view of the Ibrox klanbase was that Dave King was their Deliverance.
Well…
Yesterday, RIFC Director John Bennett laid it out quite clearly:
The current entity at Ibrox is loss-making and is only kept going by loans from directors.
Moreover, has stated that this situation could not continue.
Indeed, last February a life support loan had to be sourced from out with the Blue Room when Close Brothers provided the Phantom Overdraft.
In fact, it was a heavily secured loan which was called in early.
The Sevco High Command has several things going for them:
- A tragically gullible customer base.
- An absence of Financial Fair Play regulations in domestic competitions.
- A local media that does not do scrutiny on matters Ibrox.
Although there have been bumps in the road since 2015 Mr King continues to run Sevco on OPM.
The fact that he can do that while styling himself a benefactor is only possible because of the compliance of the Stenography Corps.
Now, with these TWO proposed share issues it will be made clear to The People that they will have little choice, but to stump up.
At present Mr King and some of the chaps in Club 1872 have one important thing in common.
They are both forced to borrow money at a reckless rate.
Of course, the idea that a football club should live within its means clashes with their fragile Herrenvolk self-regard.
Meanwhile, across the Clyde Celtic financially towers over Sevco.
Indeed, at the end of the season, it might even prove to have been a sporting advantage.
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I expect if we win 8 in a row the deperation to stop 9 and 10 will be fully exploited to fleece every last penny from the zombie hordes.
Expect the media to be at full tilt promoting the need for massive investment in the clubs structural debts, sorry I meant playing squad.
Phil – pardon my ignorance, but if any of the shareholders accept the 20p per share offer, does this money help to negate the toxic debt of the clumpany, or will it be used to offset the soft loans? Also, assuming no-one accepts this offer, does this put them back to square one?
I’d imagine King is hoping that at least some shares (a 50% acceptance, at least) are traded/exchanged, so that there is some sort of short-term revenue generated.
Prima facie, it looks as if Mr King has enough shareholders declaring that they will not accept his offer.
Therefore, he will NOT take have to make the offer to anyone.
However, that will become clear at his court appearance in the first week of February.
I am naive when it comes to financials/ share issues etc…but when you say , Phil , that he ( GASL ) has had undertakings from ‘enough shareholders not to have to make the offer to anyone ‘ , does that mean if for argument sake McCoist with all his penny shares wanted to cash in at 20P a share , he could not ?
I thought that the GASL was canvassing shareholders before the offer to see how little he had to pony up in the event that SOME wanted to sell at a good price ( for confetti ) of 20 P a share .
My understanding is that Mr McCoist has said that he will not be selling.
Any money paid as part of this exercise will be a transaction between DCK (Laird) and the existing shareholder concerned. None of it touches the club or holding company.
No direct impact therefore, in either direction, on the finances of Rangers (any entity). It may affect, however, DCK’s ability to continue to provide loans to offset losses.
Close bros loan called in early? I’ve never seen any evidence of that Phil, you’ve never published any evidence of that either yet you’re staying it as fact?
I hope I’m wrong and maybe you can provide a link to when and where you’ve proved that about the loan? if not I’m afraid you’ve completely lost credibility with me if you have and I’m wrong I humbly apopogise.
Apology accepted.
Use the search function…
I’d been wondering what was happening with the Close Bros loan too, can’t recall reading anything about it here or anywhere else. Searches here and on Close Bros site not revealing anything either.