Dave King and three fans, Park, Letham and Taylor, have bought 31% of newco Rangers this week, to add to some minor shareholding previously held. King and the others are not presenting themselves as acting in union, as that would force them to launch a formal takeover bid for all shares in the club. So get it right, this is not a takeover attempt (cough).
King’s shares were acquired from Artemis and Miton Group, who were not aligned with the Easdales, Mike Ashley, or any onerous contracts, they were shareholders hooked at the IPO in December 2012.
We’ve long urged those who are seeking regime change to buy shares in newco, instead of trying to force it into insolvency, an inappropriate course of action. The actions this week confirm the view that the current regime are entrenched and only 50% + one share will change anything.
The remaining significant shareholders: Blue Pitch, Margarita, Easdales and Ashley will all have their exit price. Any one, or all of them, will go if the new investors are prepared to offer enough money – and that is likely to be considerably more than was paid to Artemis and Miton Group. The figures paid this week are relatively small beer compared to the tens of millions required to keep the financially non-viable entity afloat over the next few years.
King, of course, was non-executive director of Rangers, charged with ensuring good governance at the club which was found to have operated an illegal Discount Option Scheme and illegally paid five players through Employee Benefit Trusts, with others subject to appeal. He remained a director of the club until a liquidator was appointed to wrap-up its business.
He was also called a “glib and shameless liar” by a judge in South Africa, where he was convicted of tax evasion, so he’s pretty much perfect to take an active role in newco.
Reports suggest that there is not enough money in the business to meet January payroll, so we’ll not have to wait long to see if those currently in control are intent on remaining in control, of if they are prepared to sel-up and walk away.
My hunch – Ashley will not be usurped by people who attempted to put one of his businesses under. He has the profitable parts of newco Rangers and he’ll do whatever necessary to keep them. He also strikes me as someone who would be unforgiving in the face of manipulation.
A walk down memory lane: Fergus McCann offered bought out each member of Celtic’s old regime in 1994, no matter the price, apart from the likes of Kevin Kelly, who declined his cash but offered to vote alongside him. It cost a lot of money, but it was the right thing to do.
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Top 3
Keep it lit
Numero Uno
The bold William beats me to the tape.
Well done sir
Happy NY ..top10ish
Where’s starry?
Top ten – yipppee
Saint Stivs
A pure accident, I can assure you.
WK67
Che
In the bog as usual…
Missed Goals CSC:)))
Paul67
Just when I posted on the previous blog………… Ya rascal. Happy New Year to you and your family……………….l.l
weefrathetim
18:35 on 2 January, 2015
Fwiw, here’s my take on things………….
We’re progressing backwards. RD continually states he sees progress on the field every week. Progress! From what? If we finished a mid table team last season, fair comment. We won the league by 29 bliddy points last season. We are 2nd in this same league at the turn of the year. All the nonsense re we are still in all competitions, we will exit the EL in the next game, will we win a domestic cup??? not very sure about that, will we win this league??? even less confident about that. And before anyone asks, I will be renewing my ST next season and will continue to support the team. Stuff yer boycotts. I’ve lived through worse, just not when we are so far ahead of the whole league financially. All IMHO. Cheers ghuys. KTF like I do. Hahaha.
Weefra HH praying to Wee Oscar.
clashcitybhoy
18:29 on 2 January, 2015
Adi_dasler
Cheers bud
Paul….. do you think our game v sevco will actually go ahead?
Or do you think they will implode again?
doc
A big Happy Birthday to yer lovely lassie. :-))
Weefra HH praying to Wee Oscar.
Paul67
Was Peter Lawwell in the loop when the SFA made their decision ?
Either way it looks bad. Do you agree ?
HH
syd negakev
18:25 on 2 January, 2015
It is not outwith the realms of possibility that ming had to come in earlier than he would have preferred to prevent the 3 stooges gaining / negotiating a majority holding/vote…. etc …. looks like the crisis has just moved, or been moved, closer to the ‘home’ of the gullibles…….mmmm
WilliamKentigern67
How did you manage to get your first post third and your third post third ?
Ya big magician.
Paul67
Hoopy New Year
WilliamKentigern67
or even………..
How did you manage to get your first post third and your third post first ?
Ya big magician.
Coulda been a contender if it wizny for the cigarette’s and alcohol.
What of the fit and proper person criteria ignored or not applicable?
Good to see oor Paul no under the hangover.hh
18:39 on 2 January, 2015
che
18:21 on 2 January, 2015
Given Dungcasters statement yesterday re same club, would an administration event result in a 25 point penalty?
This is exactly what I posted this morning, I smell sh!te.
weefrathetim
18:38 on 2 January, 2015
Contrary to your opinion….
I think we will win the treble this season …
Don’t dismiss our EL campaign … jeez deidco reached a final by scoring 7 goals …. I’ll always remain optimistic.
The guy had 6 WEEKS to review work mould and assemble a side at start of season …
10 players turned us down…. hopefully this window is more productive
HH
Who cares I’m the sick of the obsession with THEM. It is an obsession that is dragging us down. How many of the Celtic support who continually obssess with them actually turn up and and support their own team. If half the folks did we would not have a half empty stadium.
Player sales will help them make payroll this month. Do they stand to make any substantial income from the LC semi final ?
HH
Phil on fire today – another article
2 days with no article then 2 articles in on day.
Crowded House CSC
Doncaster is not in charge, nor is he the sharpest knife in the drawer.
IMHO he wouldn’t dream of going on record to say something that he truly considered controversial. Thus, he must actually believe this to be true, or hasn’t the wit* to recognize what a complete incompetent he actually is.
*copyright P67
Player sales?
The players have to agree first, and I don’t see that happening till June, as most of them will walk and get there own signing on fee with new clubs, and them will get SFA.
on=one
And I think the semi final is a four way split, not sure?
Sometimes people want to believe something that isn’t true because it makes them feel better, that’s what the Huns are doing, let them live there lie because they know the truth really …..
The SFA/SPFL also need to peddle the lie because all Scotland has to offer is the ‘old firm game’, without it Scotland as a football country is as big as the Irish league.
It don’t concern myself with the lie because I know the truth and so does they HH
Awe_Naw
“McLeod SOLD – TO KEEP THE LIGHTS ON”
Glasgow Evening Times
Maths was never my strong point
but 31% of 0 = 0
If Sevco go for an administration event and the SPFL treat them as same club then they are penalised by 25 points. As things stand this would put them in the playoff position for the 1st division.
Given they are likely to lose even more players during this window then would anyone bet on them being capable of winning a playoff game?
Also as someone else already stated, if they are liquidated the prescident has already been set, they would have to start at the bottom again.
Just watching the goals on the news, the pitches don’t look any better than Partick Thistles…supposedly waterlogged…I smell s***e.
Tonyd67,
Yer bro was in fine form at New Year.. Hope you had a good one. HH
Maybe the theme of the blog could be changed from ‘Celtic Quick News: not lazy journalism’ to…..’Celtic Quick News: not Celtic news, it’s actually news about other clubs’
paulantony
Fair comment, and you are, of course, entitled to your opinion. Where you at the game against RC? If so, how can you possibly believe we can win anything this season without major investment? I cannot see it. No shape, no tactics, no plan “b” and no heart in the side. I do despair. I also don’t envisage PL will release funds to ensure these issues are addressed. If so, no one will be more delighted than me. I respect your opinion btw. KTF. :-))
Weefra HH praying to Wee Oscar.