I fully realise that many football supporters work to a timescale of an impatient toddler.
This site is full of questions about when the Takeover Panel would move against the Convict Chairman of Sevco.
Well, today it dropped and regular readers here will not be surprised.
You can read it here.
The full report is available here.
This process started in the immediate aftermath of the Off Licence Putsch in March 2015.
The HMRC investigation into the use of EBTs by the original Rangers started in 2004.
It was finally concluded at the UK Supreme Court in 2017.
In terms of the Cold Shoulder sanction from the Takeover Panel, it has only been applied four times in the last 50 years.
Just read these words from the statement:
Against this the Committee has to set all the factors summarised above as indicating Mr King’s propensity to disregard the Code. In short, the contravention of Rule 9 was an offence of the utmost gravity in which Mr King persisted until he was constrained by court order to comply. In the meantime, Mr King ignored a ruling of the Board. In the event, just over four years elapsed between the acquisition of a controlling stake by Mr King’s concert party and the publication of a Rule 9 offer.
Pretty damning stuff ” …an offence of the upmost gravity…”
For the avoidance of doubt the Takeover Panel confirmed Mr King’s pariah status:
“We remind all regulated firms that they should not deal with the individual mentioned above, or his principals, on any transactions to which the Takeover Code applies. We also expect regulated firms to inform all approved persons at their firms that they should not deal with this individual on such transactions.”
Now, although this applies to Mr King and not Sevco you would need to be trying very hard indeed to believe that this does not have a negative impact on the Ibrox brand.
It may also give an impetus to those in the Blue Room who are already thinking of life after Dave.
Would this have any effect on current loan deals or future transfers?
It was only King’s Engine Room Subsidiary that was affected. lol
King could be a hero on this regard with spin as the takeover panel says he didn’t do it for money or financial gain. This will be interesting how the media will dress this up.
IMO all of this is a tempest in a teapot, from a toothless tiger of a regulatory body. It has the net effect of the square root of FA. What people are overlooking is that King is the Chairman of the Holding company and not the club. Sadly, there is no impact on him unless he wants to do something in UK as an individual.
This is the reason that the SFA could get away with with the ridiculous “fit and proper” status. Since he has no official capacity at the club they can turn a blind eye to him being being the Chairman of the Holding company. The SFA painted themselves in a corner by treating clubs and holding cos as being separate entities, so even if they were inclined to go after King they can’t.
Sorry, but King has played them all so far. Some he gets away with by “handshake”, some by intimidation and others by simply playing the legal game better than most. At the end of the day, unless Close Bros call in their loan or the Accountants refuse to sign off on the annual accounts this cold shouldering means absolutely nothing.
In short, what does all this mean with regards to Sevco possibly going under before the season is out? What can they do? What CAN’T they do??
No effect whatsoever. King will carry on regardless
The judgement said: “For the avoidance of doubt it should be said that other than in the unlikely event that the holding in Rangers which Mr King owns or controls reaches a size that enables him to control Rangers personally, the sanction will apply to Mr King as an individual and not to Rangers.”
For the avoidance of doubt, was our Phil involved in drafting this statement. 🙂
Hi Phil
Correct me if I’m wrong but I seem to recall Dave King saying he would not make an offer to buy the shares from certain shareholders because they were involved in criminality and could be using RIFC to launder their dirty money.
Are these shareholders still involved with RIFC.
Surely if this is the case the Serious Fraud Office and the SFA should be investigating RIFC and the shareholders who are allegedly involved to establish if this is the case.
After all there seems to be an awful lot of money being spent at Ibrox, the source of which could be suspect.
I see the Daily Ranger running with the King story but not a mention in the Evening Ranger we need some squirrell stories to take the heat and sting out of today’s TOP statement . A nice wee player from yesteryear to shout the odds about winning the league . Fatman Traynor telling us who they have lined up for January transfer market . Throw in another fake news Ross Wilson story you know the one from last week when he was ready to stroll up into ibrox still don’t see him . But expect that squirrel story to make another special guest star appearance soon . Move along nothing to see hear .
Ross Wilson fake news…….how embarrassed must you be now?
Liquidation, now THAT’S an embarrassment, leaving a cushy EPL job to come to a 7 year old club in an attempt to flog an overweight failure, sacking the previous guy that failed to flog said overweight failure, THAT’S an embarrassment, waiting 10 days to come up with a reply, THAT’S an embarrassment
Correct me if I’m wrong but I seem to recall Dave King saying he would not make an offer to buy the shares from certain shareholders because they were involved in criminality and could be using RIFC to launder their dirty money.
Are these shareholders still involved with RIFC.
Surely if this is the case the Serious Fraud Office and the SFA should be investigating RIFC and the shareholders who are allegedly involved to establish if this is the case.
After all there seems to be an awful lot of money being spent at Ibrox, the source of which could be suspect.
Meant to say also…
Surely he will be on his bike soon…( first class saddle of course) back to South of the Limpopo…permanently.
Can he survive this..?
As I’ve admitted before…” City stuff ” flies over my head…as may be obvious per my post.
But my take on this is…
He, as an individual, has been dealt the strongest sanction available to the Panel…but it applies only to him.
I do note, however, that Phil alludes to it also impacting on Sevco.
Can someone explain to me in what way that might be the case.
The Lying King states that it will have no impact…so why would it…?
Also…if he has obtained the Club ” fraudulently”…how come he is allowed to ” keep ” it…?
It seems to me that the Takeover Panel is a toothless tiger.
Anyway…any ” advice ” would be gratefully received.
It will have a huge impact on RIFC as no regulated company will have any dealings with them whilst King is in charge. Reputation is paramount in the business world so RIFC’s association with King will be very damaging. King’s statement is a load of nonsense.
Thank you…I’ve been reading up on it since…time will tell.
He is the chairman of the club & the biggest shareholder. If no financial institution can do business with him it will impact the club as no one can do business with him.
He might have to step down from his role as chairman and take a back seat. I can’t see that happening as his ego is too big
Cheers for this.
Phil is full of shit and he knows it throw some muck and see how much sticks well so far very little rangers are top of the league and going from strengh to strength while phil blubbers away with all his nonsense and innuendo and all you spoonheads believe all his crap if phil says it it must be true no minds of your own .watp
There are none who are so blind as those who cannot see . Keep living in denial .
There’s already some spin happening to the story. Apparently he’s only not allowed to be involved in any takeovers.
This judgement should be dissected by the SFA.
This is not a witch hunt, this is about removing something toxic from our game, not just DK but the who shebang.
Spades and ice creams and jelly and popcorn and slippers and a nice comfy dressing gown at the ready.
https://rangers.co.uk/news/headlines/statement-by-dave-king-2/
He’s as slippery as a slug!
Oh dear I can see the CHISLER has been hanging around with Trump and Johnson with a script like this. It’s all fake news none of it’s real. The Klan will swallow this fake news as it’s the only hope they . Watch out for a statement from the worthless shares outfit Club 1872 . Another fake news story statement to back the CHISLER up all the way . Lol aye all the way to the bank . KERCHING.
Phil, so what the fly cnut did was wrong, yet he gets to “keep” what he purchased when he did these wrongs?
he will not be giving a flying fcuk, nor will the SFA.
That will wipe the smile off King’s coupon!
It raises so many questions…
But in the immediate term, would you want a ‘cold shouldered’, City pariah;
– signing off the RIFC accounts?
– remaining on the RIFC Board – in any capacity?
– anywhere near Ibrox: to scare off any potential, new investors and/or business partners?
…and King is simply not the sort of chap to do the honourable thing…
Popcorn XL on standby! 🙂
Dave King’s bruises should clear up pretty quickly now, since everybody has been told not to touch him with a bargepole.
I wonder if this latest judgement from the FCA will see him ‘persona non grata’ in the blue room now? We will find out soon enough, when he is seen without his club tie and his brown brogues.
And how have the SFA reacted? What is their response? Is King still fit and proper?
He never was fit and proper, but that didn’t stand in their way in the past, so I don’t expect there to be any rush for the SFA to hold an emergency meeting to discuss the esteemed chairman of the Rangers International FC.
I would draw your attention to “Disturbed’s” version of the Simon and Garfunkel classic.
This will be the SFA’s response.
Q, in saying it has no impact on the 2nd Ibrox club, with him as Chairman and shareholder, does that not mean that the club can not have any dealing with financial institutions as long as he is involved?
I could be entirely wrong in the following assumption, but if Dave King was/is a sole/joint signatory to the Close Bros. loan, then I fully expect Close to demand immediate and full repayment of any and all monies due to them, as it is extremely likely that Close Bros. are regulated by the FCA.
That’s what I am asking. It seems to me that a) they cannot become regulated while he is chairman during that 4 year period and b) no regulated company can deal with him for the next 4 years meaning that he would have to take a back seat in negotiations of any kind when Sevco are dealing with regulated companies. He won’t be able to help himself, Sevco are going to have to jettison him…..
Not strictly true, Frank. However, any regulated FCA company will be very wary of dealing with RIFC whilst they have an association with King. Reputation and trustworthiness is paramount in the business world and following recent events King’s reputation is beyond repair. For King to claim that this ruling will have no impact of the company he chairs is absolute nonsense.
Ffs go back to school and learn some sense and get over your fear of rangers being back
Worry about you’re own club n y its spent millions but at this moment in time is in the europa league n playing second fiddle to us wtf r u worried bout dk for get a life n a fucking grip of yourself u pathetic cunts getting your fucking excuses in early, Celtic since 1888 “sevco since 10 mins ago n were already above yous “
One has to laugh at the illiteracy of huns like John Smith and Gp113. I blame the schools.