Dave King and the Ibrox insolvency experiment

Perhaps because I’m on lockdown I’m starting to ransack my long term memory.

Unsurprisingly for a writer, my first destination was to great novels who opened up the world of literature to me at the start of my journey.

However, it also included what I picked up in several universities.

I particularly enjoyed studying for a degree in Psychology.

One snippet that remained with me was this:

“The best predictor of future behaviour is past behaviour”.

My lecturer attributed this bit of wise realism to the behaviourist B.F. Skinner.

The Psychology graduates among you will immediately be imaging pigeons confined in a box.

I have often thought that what has befallen the Ibrox klanbase since the beginning of 2011 was some bizarre experiments.

If that were so, then it would certainly breach all ethical guidelines.

Indeed, what we are about to entre could be a very cruel phase in the experiment.

I was told today by an impeccably placed source that Mr Douglas Park the main man last month when liquidity was needed to the March payroll.

Fair play.

Of course, he has stepped up before with very soft loans that he later converted into equity.

Past behaviour and all that…

Now within the same paradigm, I understand that Mr Park and his colleagues are considering a potential problem.

Currently, minds in the Blue Room are being rather exercised about what to do next about Dave.

As it stands, he is probably the largest unsecured creditor at the club.

He has left the board, but he hasn’t gone away you know.

The shutdown caused by the Covid-19 pandemic is a perfect storm for the entire football world.

However, a club with precarious finances like Sevco is especially vulnerable.

Let’s just say that an insolvency event at Sevco was unavoidable during the shutdown.

What would Dave King the creditor do?

Luckily, we have an answer to that.

In 2012 he was in that position with the original Rangers.

My information is that the consensus view in the Sevco High Command at the moment is that Dave would NOT take one for the team.

Now, at this point, it is worth remembering that the Johannesburg based convicted criminal has iconic status among the klan.

Now, if he were to be the chap who refused a CVA at Ibrox for a SECOND time, then that would a very cruel experiment indeed.

Dear reader, football clubs dying can be funny.

In the summer of 2012, I was part of an experiment in uncontrollable laughter.

However, people dying is very serious indeed.

So please please please stay safe.

22 thoughts on “Dave King and the Ibrox insolvency experiment”

  1. I see the Daily Rubbish has given a voice to Gordon Smith this morning and his radical vision of restructuring Scottish football.
    Gordon Smith, remember him? Jettisoned into the CEO job with the SFA, a job he quickly demonstrated was way beyond his capabilities.
    We can only presume he was the sole applicant for the job. At the time I tried to get an answer from the SFA as to how many candidates put themselves forward for the job and how many were actually interviewed.
    Still waiting on an answer on that one.
    Gordon Smith, former Director Of Football at Ibrox under Craig Whyte’s guiding hand.
    Who can forget him rushing through the Ibrox car park after Whyte, the ex Motherwell billionaire with wealth off the radar according to the Daily Rubbish, stood on the steps of the Ibrox main door and announced administration and that his glorious, but short lived, reign was over.
    When captured by a Sky team as he bolted from the scene of the crime who could forget his response to the events of the day when questioned ‘I know nothing about anything’ Smith replied and who are we to disbelieve him.
    Gordon Smith….radical restructuring? Gie’s a break, another one who couldn’t be trusted to be sent to the shops for a free newspaper without fecking it up.

    Reply
  2. I’m willing to put a few shekels he’s got a noose round the training ground, belt, buckle and braces. That wee piece of land would turn a tidy profit, some nice flats for any discerning builder.

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  3. With regards to companies furloughing , I would guess that the company applying to HMRC for this would have to be up to date with all their PAYE etc.
    Could this be why a certain company has not made any statement of intention to apply for this help.

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  4. There is a distinct lack of irony down Ibrox way with their fans howling at the moon at any suggestion that Celtic are awarded the SPFL title without all the fixtures being completed.
    Tainted and asteriks are the most common words being bandied about if that decision is made.
    These are the same fans that were happy for the SFA/SPFL to transfer the titles won by the previous incarnation at Ibrox to the 2012 version whilst the other slid into liquidation.
    Furthermore the SFA chose to ignore that the contracts of dozens of players with EBT’s not registered with the contracts lodged with them were not legal but instead Bryson came up with the ‘imperfect’ solution.
    A complete stitch up from start to finish and the other clubs just rolled over and accepted it, Celtic included.
    So for the Rangers minded lets void this season and similarly return the titles gifted to the new entity by the SFA to be buried alongside the corpse of Rangers 1872.
    Lets see what that does to the most successful club in the world claim!
    Seems to me a fair and equitable solution.
    However for the hard of hearing let’s be clear that with this season voided and wiped from the record books then 9 IAR and 10 IAR will still be on, just pushed back a season.

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  5. Celtic are your Championees 2019/20.

    Nine in a row. Job done.

    🏆 🏆 🏆 🏆 🏆 🏆 🏆 🏆 🏆 X 2

    SPFL Premiership 2020/21 will start late, in August/ September 2020.

    The Scottish Cup simply requires three games (two on one day). Anytime in 2020 to complete the tournament. Quadruple Treble beckons.

    The Utter desperation of the Null and Void habitual losers shown up as nothing more than losers sour grapes. But they’ll take their second place prize money immediately. Jokers!

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    • Talking about Jokers there is a belter writing for the daily ranger today some clown called Alex Dicken . Another nobody talking up 5 signings for sevco lol once again it involves Liverpool players coming onloan they never learn . One of the signings is actually there the great Ojo but he could be a permanent signing just where do they dig these two bob journalists up from .

      Reply
  6. Companies House online.

    RIFC PLC – Charges:

    Sorry, no filings in the selected category are available for this company.

    Reply
    • This is one of 5 outstanding charges from I think close Bros. I’m not an expert but I’m thinking that their loan is secured against property? Could someone explain?

      SC42 5159 0015

      Created
      26 February 2019
      Delivered
      1 March 2019
      Status
      Outstanding
      Transaction Filed
      Registration of a charge (MR01)
      View PDF for Registration of a charge (MR01) (32 pages)
      Persons entitled
      Close Leasing Limited
      Brief description
      (1) all and whole the subjects on the west side of broomloan road, glasgow registered in the land register of scotland under title number GLA68492; and (2) all and whole the subjects known as edmiston house, harrison drive, glasgow, G51 2YX, being the subjects registered in the land register of scotland under title number GLA29534 and GLA62016.
      Contains negative pledge.

      Reply
  7. No one will know for sure what the true financial state of play is at Ibrox till the full audited accounts to 30th June 2020 are released, probably around November if last year’s timetable is a guide.
    Only the sale of the likes of Morelos, Barasic,Tavernier in the next window and anyone else with a potential suitor will prevent a substantial loss.
    Even without the impact of the pandemic on football transfer fees, and the economy in general, interested clubs will know its a fire sale and the valuation of Morelos in particular with his goals drying up and suspect temperament will have bombed.
    The outside investment being trailed by the MSSM and the Rangers board is apparently on ‘ hold.’
    King may have left the building but he still has a major shareholding. He may wish to offload that holding to a 3rd party but that money will go straight into his pocket and not to the club.
    Given the financial results since 2012 any potential investor would be asking for full transparency and will have their own people ensuring that extensive due diligence is carried out before any money changes hands.
    That will include the status of any loans, legal actions current and potential, plus a full list of debtors and creditors and complete transparency concerning the merchandising shambles.
    The only way to provide a return for investors is to sell their best players for top dollar and to get CL qualification with progress to the group stages.
    As things stand with the latter it’s a minimum of 18 months down the line.
    That’s a long, long wait for any potential money men never mind the many hurdles that have to be overcome along the way.

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  8. Think the problem doesn’t necessarily lie with King’s shares. More with that pesky loan that the Sud Afrikan government forced him to make interest bearing. Oh, and the question of what he sured that loan with.

    Come on Phil, spill the beans. You know you want to! What did King get as security? 🙂

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  9. sadly in the UK,The death toll reaches 2000, and today we have Sevco launching its season ticket scheme……. nuff said.

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  10. You can’t tell CELTIC supporters how to think, they think for themselves.

    The Sevconians are told how to think and dutifully oblige.

    At this point they are told to adore King. Stroke his ego. He might still be a soft touch for a few quid.

    When they are told to despise him they will dutifully oblige.

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  11. There’s a photo missing above, after the pigeons and the new, RIFC Chairman,

    … a photo of Park spitting feathers. 🙂

    Yes, nothing has changed as King retains >25% of the issued shares.

    Who will blink first?

    Reply
      • It continues to operate because investors (mainly Douglas Park) are willing to keep putting money in. Football has always been an emotional investment and the few businessmen who do it for profit have usually been unpopular. So Park clearly loves Sevco and the concept of an eternal Rangers; and the more he sinks into the dream the more painful it would be to pull the plug on it. There’s probably some moonbeam they are chasing where the finances will all work out – winning the title; selling a star player; qualifying for the group stages of the Champions League; whatever. Normal business decision making only applies for entry – once you’re in then you’re hooked.

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  12. I’m sure everything will be fine… there are at least two investors, queueing up to buy into the dream of “owning rangers”, and Mr Souness himself, touting himself for a major role in the boardroom…

    Or, perhaps this is this is God’s judgement? We will have to wait for those words emanating from the mouth of the DUP councillor for Ballymena to confirm this.

    Reply

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