When Dave King took over Sevco in the Off Licence Putsch of 2015 the basket of assets was within six months of breaking even.
General Ashley had two of his top guys in the Big House the previous October with a clear objective to reverse the cash flow position.
Derek Llambias and Barry Leach then proceeded to go through Sevco’s budgets with ruthless efficiency.
One of the first things they stopped was the expenses culture that Charles of Normandy had sued to keep everyone happy.
One chap at Deloitte had likened the situation at Sevco apropos expenses to “a Roman orgy”.
When Chairman King came in four years ago the money tap was turned on again.
The last published accounts of RIFC was train wreck material.
It remains a loss-making business without a credit line from a bank.
Moreover, those accounts are only up to June 30th this year.
Consequently, they do not tell of the current financial situation at Sevco.
For the avoidance of doubt, it is much much worse.
The main story here is that King took on Ashley and the Sports Direct guy won.
Now, the only thing to be worked out is the size of the bill for the war of Dave’s ego.
The new retail deal which will undoubtedly be signed in 2020 will be on Ashley’s terms.
It has already been ruled by the High Court in London that the third year of the Hummel deal is verboten.
Sondico kit next season?
Of course, that could lead to litigation by the Danish sportswear company against Sevco.
Long after Mr King has retired to his wineless wine cellar in Johannesburg the basket of assets will be in court because of his ego-driven capriciousness.
I realise that the Ibrox klanbase are rather fond of military metaphors.
Therefore, here is one that they just might have the collective cognitive bandwidth to be able to process:
Whatever deal General Ashley’s lawyers draw up next year it will the type of “favourable settlement” that the Empire of Japan signed on the USS Missouri September 2, 1945.
Was it always going to end like this?
Probably, because King decided to take on Ashley.
Ironically even after the Off Licence Putsch, the Sports Direct guy was still willing to do a deal with Sevco.
However, it was the war of Dave’s ego and he was convinced that he would win.
In 2015 the Johannesburg based convicted criminal had several things on his side:
A drooling media and the Ibrox klanbase.
Both had played a role in making the Off Licence Putsch in March 2015 a success.
Of course, football is all about entertainment and King’s tenure wasn’t without a few golden moments.
This one is my particular favourite.
Peace be upon him.
From the get-go King’s victory was in legal trouble.
Ousted chairman David Somers contacted the Takeover Panel.
That trundled on until King was finally cold-shouldered.
Of course, this did not come as a surprise to regular readers here.
When that sanction dropped last month it was effectively the end of the line for the Convict Chairman.
As for General Ashley well he hasn’t gone away you know.
Anyone who believes the official narrative that Mr King is stepping down voluntarily having righted the good ship Sevco has not been paying attention.
The high-Level spin from the Stenography Corps will undoubtedly be something like this:
Dave King rides off into the sunset after having saved his club. He ploughed in his own money into the club he supported as a boy.
I know, I know
Now, if anyone thinks that this is a voluntary exit then they should just keep taking the tabloids.
Today Big Mike won.
so…..why now? HMRC…why now? Gerrard on voice control …why now? you can oversee you winning the league surely…why now?
The Squirrel Selection Box with enough sugar to make anyone diabetic.
“The Club is in the best position it’s been for 40 years ” -KingOo…. he actually said that. A squad portfolio, quotation of £50-100 million from the Celebrity and the Fat Grado lookalike Ross Wilson….. no-one independent sought but pure sugary spin. Hugh MacDonald, has independently said he spoke to TWO high profile managers and asked how much for Morelos – 5 and 12 million came the respective responses.
The shareholding bucket launch will be to “square off” the position. He is to be taken at face value is a quote from Gordon Dalziel and second by Rodger Hannah on SSB tonight. Really, a Glib and Shameless liar, to be taken at face value. A character cold shouldered in the last 6 weeks from the city….. to concentrate on his other business that are not doing so well. oh my, I can feel a hit of an astro belt right there.
Llambias and leach 6 months from break even, fast forward that scenario, – losses just last year of £11mill to add to the previous 14, and say given the share to equity position and the expected position in 12 months from now, a combined operational debt of the HOLDING company. of say £ 35,40 million, yet the crowdfunding of the punters is now for the shares in the operating club- because who wouldn’t want shares in Rang3rs…. which leads to why are the shares of the holding club not already valued in the club….. are they not same thing? Again…. the sugar hit is just tow curling….. but Chris Graham (As-Salaam-Alaikum) the louden tavern, the level 5 PR team won’t let the truth get in the way of the sycophancy of the situation…..
It’s over to the Club now to deal with it…..Mr Ego will be given a budget, – oops a Lemon Sour there, someone better tell him and his representatives that one, because it’s Termeeenaddooo end of the season. He’s apparently said to Mr Let’s Go, – don’t sell El Duffalo – which is fair enough, especially when you’re getting the Chris Graham’s of the world to organise your repayment offering a gazillion shares in the Rang3rs.
Kingco…… You were a madmen, you’ve robbed Peter to pay half pay Paul, unfortunately for the new guy, Matthew, Mark Luke and John are about to turn up, and they are all wearing Big Mike, sponsored CFC 10 in A Row Winners T-shirts. Your standing ovation will actually be remembered as the day the club and the rank n file OD’d on the biggest Deflection in it’s history.
Ibrox has been Dave’s “Park” and Ride.
As you point out …(King’s script and message dutifully repeated by the media is .. it was a disaster and I have left it getting much better. ) the truth and reality is precisely the opposite of king’s script..ie it was getting much better and now it is a disaster .
I believe by listening to quite a few of them that There are literally thousands of Rangers fans who believe
1.King has fixed it and got them millions back from HMRC meaning they don’t need to sell Morelos until the summer when they will get £25/30mill..
2 their squad is miles better than CFC
3 they will get 55 titles with a treble a real possibility
4 CFC need to sell big time to pay for abuse claims and will go rapidly down the swanny
so they are in a far better place and it’s all down to King
I hear this script not just from low life gullibilly muppets but despairingly actually from professionals
For what it’s worth despite this utter delusion I don’t believe they will go bust anytime soon despite unbelievable levels of debt
Their fans won’t tolerate a board which is not outspending CFC .. they will keep on going spending and surviving and somehow probably winning the odd trophy and when down the line it duly crashes … they just reset with the help of the establishment
I think the board know they are protected by the highest powers in the land and can thus do what they like
I think the board of CFC know all of this and are fine with it as if will keep the cash and revenue flowing into CFC
Mission fail for the Glib one. Failed to get a big return on his small investment, failed to get an ongoing stream of cash out of a buoyant club, fail because it looks like he has used his own money to get useles paper in a business circling the drain.
The shares to the football club might be something to follow…
When Big Mike picks up the klub for a £1 at administration, will he call the crumbledome St James’s Park 2? HH
CC King has effectively thrown Slippy G under a bus, if Coco goes in January it will be “because the manager wanted to sell him”, even though he will have no say in the matter.
“Dave, you nearly forgot your brick from the safe”
Nice wee squirrel from Alex Rae prior to this “bombshell” though I’m unsure whether this constitutes the nobel knight falling on his sword after excising the castle and receiving multiple, unsurviveable slashes from a thousand wounds. Push or a shove it was only time.
He’s a slippery bastard as we all know, a conniving convict, a duplicitous son of a gun, a sneaky downright arrogant self serving kant.
I can’t but think there’s a boy who cried wolf story and we’ve missed something.
What was interesting, was the part of the speech that cold shoulder DK said that he gave Sevco a loan of £5million this summer which has an interest rate attached. I wonder when he’ll get that back, has the next share issue already been earmarked? Secondly, the part where he said that the holding vehicle will cease to trade and all shares will transfer to The Rangers Football Club. Kind of puts a fly in the ointment of the holding vehicle rhetoric
Lol get over to ibrox noise and read the 2 articles wee Coco has put out on the CHISLING chairman . Straight from the heart of Ralston & Jack this wee guy never let’s us down with just how stupid he can be . King is the best thing that’s happened to his club he said . He has done a superb job bringing stability back to the club etc etc . Oh dear the CHISLER has walked away leaving Coco’s club in debt to the tune of 40 odd million quid and Coco tells us he has done a great job .
A rather unfortunate time of year for the price of Jelly and Ice Cream to shoot up….but It’ll be worth the price
This looks very much like King jumping ship before it hits the January iceberg heading it’s way.
He will know the number that Sports Direct are after with possible further legal action from Hummel to follow increasing the funds required to keep the show on the road.
Presumably any further financial support from him will disappear as he does walking away.
When Morelos or Tavernier, or both, go in January to plug the cash shortfall it will have hee haw to do with the former shadow Chairman safely esconced back in South Africa.
Is this creating a gap for the new mystery investor to put his head above the parapet, cheque book in hand, ready to pay off Close Bros and Sports Direct?
Whichever way you look at it it’s a terrible blow to the UK legal establishment.
As I see it, there are only 2 possible explanations for all this; 1) someone else is taking over control on the board, maybe Alistair Johnston or Dave Murray? Or 2) the excrement is about to hit the fan and he doesn’t want the blame that will go with it. In either case, there has to be major cost cutting that is about to happen because no one can just set fire to their money by pouring it into the Ibrox furnace.
Tellingly though, King wants there to be one last big share issue to “square everything” before he departs. What’s the betting odds that that any funds raised in that share issue will be used to buy out his stock holding so that he can ride off into the sunset with his pockets full of “returned investment”?
Mike can now call it the Mike Ashley Super Stadium and we can watch all the Silly Billy’s going to Mass?
Aye but will Ashley accept the unconditional surrender?
Am I the only one who is going to miss Dodgy Dave? My sides have been sore laughing for well on five years. And the damage he has done to Sevco looks irreversible. We should send a bouquet or maybe a wreath and telegram to thank him for all he has done for the club …
Personally I wanted him there as long as the club was there.
The CHISLING chairman at his best playing the BENNY’S for what they are THICKOS. The debt he has run over the past few years is incredible and still the BENNY’S say he left the club in a better financial state than when he arrived . You want to feel sorry for the sevco fans but with people as thick and as dense as them not really . But now we wait on the THE BIG BIG BIG story that’s ready to come out now .
Mate can you calm it with the BENNYS and the CHISLING patter, its rotten
What do you want me say when I’m describing them Rangers fans , the dafties nobody is asking you like how I describe them but if it’s getting to you maybe your one of them . Oh nobody said it was patter but it does for me .
I’ll bet you’re the life and soul of the party 🎉
We know your not Benny
One story to expect in the next few days has to be that “we are not going to Dubai in January, as we’ve found somewhere with better training facilities”. This will be sevco-speak which, loosely translated, means “Allander Sports Centre has been booked”.
There are now a few possibilities for the future of the manky mob-all hail them-now that DK has departed.
1. A multi gazillionaire is waiting in the wings to take over as Dear Leader. Y’know the type i’m sure. Someone with a lot of dosh to burn, who doesn’t mind loosing 10-20 million quid per year. These chaps are of course 10-a-penny. This chap will immediately do the following.
a. Fire Gerrard and appoint a top class manager. Someone like the bold Jose…oops, hasn’t he just moved to Spurs? Ak feck it. Money’s nae problem now. Buy out his contract and bring him to Ibrox. Sorted.
b. Appoint wee Coco from IN as supporters liason officer. The job needS a cool head and a nimble brain. Again, sorted.
c. Buy every ‘Gers season ticked holder a villa in the South of France. Their loyalty should be recognised after all.
Now all of the above could indeed happen. If my Auntie had….well, yez all know the saying.
More likely in my book will be the following:
1. DK has recognised that the game is a bogie, and is getting out while the going is good. Huns2 to hit the big feckin’ iceberg in January and Huns3 coming soon, to a theatre near you.
2. SDM will re-appear as the saviour, except this time he has no line of credit to a bank, and nae f*****g money of his own. So again it’s bye, bye Huns2 and Hullo, Hullo Huns3.
3. They die altogether and disappear into the night forever. Goodnight, sweet prince.
Happy Days Are Here Again. As the Fonz would say. aaaaaay, alriiiight. Hail Hail
An ecellent summary, Magua. You had me laughing out loud with your take on things..
Nah.
There needs to be some entity out of Ibrox, as none of the other clubs will want that calibre of supporter frequenting their stadiums on an ongoing basis.
I know the general manager at my club wouldn’t want them – they’re toxic
Any truth in the rumour – that I’ve just started – that Big Mike is intending to take the Ibrox stadium naming rights for himself next year?
Ibrox would in future be known as “The Big Hoose of Fraser” ?
[Well I thought it was funny. 😦 ]
Taxi for Bob!!!!
The media (after a brief period of confusion and presumably awaiting instruction from distant Tatooine) are already spinning this as some sort of ‘Bunnetesque’ triumph .. where Mr King rode in, ousted the wrongdoers and spent over 4 years putting things right for ‘the peepul’…
Now he has finished his ‘great work’ … Rainjurzz no longer need his help and he can ride off again knowing that he has left the club he loves in a strong financial position.
The reality is that the club is on the brink of ruin….
This is the optimum time for him to go because he can argue that things are great on the pitch!
Second place to Celtic on goal difference is as good as anything will get this season, either on the pitch or off it.
When January comes around without further European football, a league cup runners up medal, a 6 point gap in the league, top striker sold and manager looking for the first championship vacancy that comes up…. It won’t be Daves fault !
…. then Mike Ashley and Lionel pop up with more bad news ..
Roll-on 2020 !
Do you mean that he’s like Nanny McPhee
Comment from TalkSport’s lifelong Rangers fan and DCK worshipper, Jim White this morning:
“Rangers chairman, Dave King is stepping down after stabilising the club following the Craig Whyte fiasco”.
No mention of Sir David Murray’s contribution to the “fiasco”, no mention of the £41m that TRFC have burned since King took over, no mention of the cold shoulder and no mention of the crippling legal fees incurred by the club’s during King’s tenure.
What is slightly worrisome about this is the possibility Big Mike could pursue his win to much more than a new retail deal. He could use the compo owed to him as leverage to regain control of the club, put his people back in and make Sevco sustainable. That second CL place would present him with the European advertising opportunities for SD which he’ll never achieve at Newcastle without spending vastly more money. That being said he’s a shrewd enough businessman to know that 2nd best will always be good enough provided the coefficient stays up.
Surely the Ibrox faithful wouldn’t allow Ashley anywhere near their club after the ongoing retail shenanigans. Mind you, they welcomed Dave King who just a couple of years earlier had helped to condemn the previous club to liquidation after he had turned down the CVA offer. I suppose anything is possible!
I never quite get the ‘European advertising’ angle argument when it comes to Ashley…
Uefa strictly control the visible sponsor names so I don’t see how he’d be able to exploit it other than as direct club sponsor. If he wants to advertise in Europe he can just pay for it any time.
That has worried me since day one. The thought of him taking over I mean. I don’t think he can advertise on CL nights though, other than on shirts.
CL advertising is controlled, SD aren’t allowed, catch up.
Ashley is not stupid. Why would he buy into an organisation which is a loss making business with that burn rate per month. It would be easier for him to let it go into administration and then pick up the assets cheaply. In any case, he has had his fingers burned with House of Fraser so will be wary about getting involved with another loss making Scottish institution.
If Ashley were to take the reins he would NOT be paying the fabled 20p per share. He would pay what they are worth. Which in January could be as low as 1p. Sevco are a loss making business because they’re at present being run by a convicted fraudster who cannot access money through normal banking channels. Ashley is NOT in that catagory. He has, and can access, as much as he needs. Properly run, by a businessman with no emotional attachment, Sevco could be a nice wee earner. And the Bennys, to borrow a term from Scud, really ARE so fuckin thick he could go from loathed to loved in a nanosecond if he cleared their debt and funded a team capable of a GENUINE challenge. It might, if things go totally tits up this season, be too late to stop the ten, but believe me if he stepped in and stopped it going further, they would still worship him. Oh aye, by that time the pendulum will have swung on the Lying King as well. He’ll be bracketed with Craig Whyte as another false prophet.
King’s statement is a masterclass in how to keep the Gullibillies onside ! It was Whyte’s fault , it was Greene’s fault , it was Ashley’s fault , it was Scott Brown’s fault …. everyone was out to do down the plucky wee club from Ibrokes until , riding over the horizon was a man on a white charger ( no , not KB ! ) whose ”duty ” it was to save the Klub he loved .
”Saviour ” King saw off the nasty men who had messed up his Klub so badly that it was making money and proceeded to run it ( into the ground ).
Picking fights that he couldn’t win ( Ashley , the Courts , the Stock Exchange , Celtic ) he pissed away all the money he could squeeze out of Douglas Park yet still managed to get the Gullibillies to buy into his numerous share issues ( not one , not two ,,, going for 55 , Dave ? ) , and each time diluted their worth until they are not even Penny shares ! WoW !
Now he is ”walking away” ( they don’t do that , do they ? )- but still maintaining that he has ”saved the Klub” ! You have to take your hat off to the sheer cheek of the man – and the utterly , mind-numbing stupidity of the Klanbase !
HH