When the Takeover Appeal Board gave Dave King 30 days to make an offer to buy Newco Rangers shares at 20p per share, I didn’t think too much of it. That was 30 days ago. So either King enjoys running things close, or he does not plan to comply with the Appeal Board. The latter would be curious, to say the least.
Making an offer to buy shares and actually buying them are two different things. If all relevant shareholders decided to sell to King, he would have to pay around £11m, but this is fanciful. It’s likely that very few would chose to sell, King is being asked to go through a paper exercise.
So why has this paper exercise it not happened? As I said, it may be that he’s about to rush through a last minute offer, but if he doesn’t, the proof of funds question jumps to mind. King would be obliged to show proof of funds to before any share offer could take place. If he cannot pull together proof of funds, you get an insight into why so many are keeping an eye on finances at Newco.
Then there is the ‘so what?’ question. If King fails to comply with the Appeal Panel he would be Cold Shouldered. This term refers to the prohibition on financial firms working in related fields with anyone who does not comply with their verdict. It is an incredibly rare punishment, which has been handed out less than a handful of times.
In this scenario, King would either have to resign from Newco, blaming everyone else, in his usual manner, and sell his shares. The latter is likely to be a painful exercise. Or, if he didn’t sell up, Newco would be unable to issue shares.
The club would therefore be unable to convert current directors’ loans into shares, leaving it in a position where it is unable to comply with Uefa Financial Fair Play rules. Before you get too excited about this matter, a breach of FFP rules would not inhibit Newco’s ability to enter European football for the first time this summer.
The process would see Uefa impose conditions that, if it complied, would see the club reduce its debt. It is only if Newco failed to adhere to these conditions that their licence to play European football would be withheld.
Failure to make a share offer, or for King to sell up and leave the stage, puts Newco in a horrible situation. It either jeopardises European football, or would lead to drastic cuts in budget – which would have the same effect on European ambitions.
I know many are exasperated at how King has been lauded without any appropriate scrutiny, never mind the microscopic type Celtic executives have had to face, but he and his acolytes are doing a wonderful job. One that no one outside of the Newco family could dream of inflicting on an opponent.
Since the hour King and his concert party of Bears failed to acquire Rangers assets in liquidation, they conspired to grab control of Newco, inflicting incalculable damage along the way. It has been the stupidest undertaking in sport.
There are a few potential scenarios covered above, but you and I know exactly how this will unfold. You don’t need to be called Sherlock to figure this lot out. Dave, you’re an inspiration, I hope you hang around forever. Or at least until the inevitable….
We have two tickets to raffle for the Scottish Cup semi-final on Sunday 23 April at Hampden, courtesy of our good friends and club sponsor, Intelligent Car Leasing. Funds from the raffle go straight to our Mary’s Meals school kitchen appeal.
To enter, make a minimum donation of £5 at MyDonate here then email me to confirm your entry with the words “Scottish Cup” in the subject line. Your money will go instantly to Mary’s Meals. Competition finishes at 12:00 on Good Friday, 14 April, so you only have TWO DAYS to enter!!! Put your contact details on the email, just in case.
Two tickets, the Celtic end, fill your boots……… and thank you!
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I wonder if Mats Nilloc/Mr Pastry has a view.
He should be changing right now…into his clown suit.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 13TH APRIL 2017 6:30 AM Thanks for caring mate. Just back in from a long day in civil defence. Big trouble predicted by the weather boffins, ex tropical cyclone Cook landed just South of Tauranga but thankfully it was a damp squid. Normal mid week game in April for Celtic fans. Quick shift in the morning and should be onto enjoying the Easter weekend. Hope you have a great one too. Hail Hail.
Wee clip on the news of some Leicester ” fans ” Sieg Heiling while chanting -Gibraltar is Ours — in a piazza in Madrid .
Followed by a wee vox pop of a young woman en route to her work telling a TV reporter —
” They probably think Gibraltar is a bar in Benidorm “
Seems Hun Media have some realistic people:
Blue Avenger
Here Lies A Soldier
Blue Avenger
Club Legend
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Posted 2 hours ago · Report post
It is clear this toxic individual and excuse of a Chairman has no money for us!
He brings nothing to the table except poision and dishonours the great name of this club.
His rise to power was nothing more than just another king con and even then he refuses to take responsibility and do the right thing when unmasked.
The gullible and the guzzlers again deflect from the truth and facts, loving this convicted conman more than the club.
There will be consequences of his actions as he further drags our name through the gutter, but that’s ok, he’s a Rangers man.
Let us not live to regret the moment this particular glib and shameless liar walked up our marble staircase.
KTF
VFR
I was just gutted they didnt appoint John Broon in some capacity…..bigoted boss in charge of the ‘freebie’ stewards.
You can imagine the scenario as ‘Ra Bomber’ gives his troops a pep talk.
JB…Never forget, yooze ur picking up rubbish for ranjurz.:)
HH
SOUTH OF TUNIS on 13TH APRIL 2017 10:21 AM
HOT SMOKED @10.01
‘Why was there a bureacratic necessity to play 2 Friendlies ( Albion Rovers / Airdrie ) behind closed doors ?’
####
The answer to that question can be found on, wait for it…………….. Follow Follow.
Posted July 17, 2012
‘I guess it is technically a joint training session rather than a friendly, because we are not yet a registered football club, so they aren’t allowed to play friendlies with us.’
http://forum.rangersmedia.co.uk/topic/231858-rangers-v-albion-rovers-this-saturday/
Tourangabhoy
I cant let the “damp squid !”) go by without comment. They live in the sea so of course they are damp.
Like my friend saying his grandfather was “as deaf as a bat” .Bats have very good hearing -but they cant see.
A firecracker(squib) thats been in the rain might not not go off and so be a great let-down .
One thing I noticed about second rangers first game at brechin was the jersey didn’t have the five stars on it just the rfc crest
THE GREEN MAN SAYS SACK THE BOARD on 13TH APRIL 2017 10:46 AM
Aye; Der Bomber and Wee Baz would have been comedy gold!
KTF
Id be interested to see some of Dave’s past publicity pics.
What kind of ‘public figure’ has he been pictured with?
Mmm, i wonder.
I believe you do meet a diverse range of people, if you happen to attend certain ‘Social functions’.
HH
VFR
Loads of mileage in this for up and coming comedians.
Frankie Boyle is a bit slow to catch on:)
HH
Ra Bomber to ‘freebie’ steward.
“Noo remember, these crisp pokes ye are picking up….ur Ranjurz crisp pokes, the hopes and dreams ah thoosands.
Noo get oot there, an pick up they crisp pokes, wi a reverence fur they wunnerful fans”
HH
Bamboo I think the squid here is a firework , glad it was damp. No injuries and as far as I know very limited damage with only minor flooding. We evacuated 2000 last week in a town in the eastern bay of plenty. Those folks will be cleaning up for a while, if their homes are not condemned. Stock bank failed. We are getting very regular hundred year weather events now. Might not be global warming but big events is the new normal. Sort of like normal east Renfrewshire Autumn rain showers. Hail hail.
BRTH 9.36.
Cheers mate. Sorry to trouble you with my Court case next Tuesday 18th April, ( I’ve got more Court cases on the go than Dave feckin King…..we’ll not quite ).
I got wind of another High Court Case ( Glasgow/Edinburgh ?) which concerned a Golf Club and a Building Firm. Apparently, the Golf Club suffered flooding damage ELEVEN years after work was carried out ?
The Golf Club attempted to raise Court action against the Builder, but the builders tried to argue about “Statute of Limitations” etc. From what I’ve been told, the Golf Club were allowed to pursue this builder thru the Court, as LIKE MY CASE ?…..the “Statute of Limitations” does NOT APPLY ?
Sorry, I’ve been trawling thru Court cases on the internet trying to find this particular Court Ruling, but to no avail as I don’t know the names of the parties involved…..yet ?
HH
POST-SPLIT FIXTURES
Saturday, April 29
Ibrox (KO: 12noon)
Rangers v Celtic
Saturday, May 6
Celtic Park (KO: 3pm)
Celtic v St Johnstone
Friday, May 12
Pittodrie (KO: 7.45pm)
Aberdeen v Celtic
Thursday, May 18
Firhill (KO: 7.45pm)
Partick Thistle v Celtic
Sunday, May 21
Celtic Park (KO: 12.30pm)
Celtic v Hearts
Got tickets for the Training Day tomorrow at Celtic Park……what position does Denzil Washington play ?
HH
Good news that with the post split fixtures out all of the tactically aware GoalsForShayers can now plan ahead with their werkly picks;-)
Barry Fergushuns pre-match talk to the ‘Freebie’ stewards.
“Noo…if ye need an example ah how Ranjurz conducted theresels….ye only need tae look at the legend that is, the one and only…John Broon.
That man went intae the lions den at fenianland, and came oot withoot a scratch, mind you, ahm no saying that his legs wurnae mangled, but he limped right through withoot a complaint.
So…go do what you do so well…..pick up rubbish:)
HH
TAURANGABHOY 1038
Glad to hear it,mate. I admit,I was asworried about the professional as the personal consequences.
Not like you could just batten down the hatches in your job!
HH,and a Happy Easter to all over there.
TGM…john brown says, “This is the stadium ah used tae play fur. As big bill struth used tae say…emmmm…as wee bill struth told me…emmmm…och! eff the pope an jist pick up the rubbish”
I think a bhoy posted that due to King Con’s latest flagrant breach of the rules, the SPFL’s own lawyers are not allowed to deal with Sevco, someone confirm this?
BIG JIMMY on 13TH APRIL 2017 11:03 AM
This one?
http://www.bailii.org/scot/cases/ScotCS/1983/1984_SC_22.html
BIG JIMMY on 13TH APRIL 2017 11:04 AM
Got tickets for the Training Day tomorrow at Celtic Park……what position does Denzil Washington play ?
HH
😂😂😂😂😂😂😂
KTF
WILLIE COLLUM will take charge of Celtic’s Scottish Cup semi-final meeting with Sevco at Hampden a week on Sunday with John Beaton taking the other semi so no final for them.
The final is traditionally awarded to the referee with the highest performance marks over the season so that leaves Thomson, Madden, Clancy, Dallas or Robertson from the FIFA listed referees. Take your pick
!!BADA BING!! on 13TH APRIL 2017 11:29 AM
Harper Macleod are covered by the FCA; however, as the SPFL Lawyers they will not be providing services to RIFC so that will not make any difference.
The bar is on providing certain services – mainly of a financial nature.
KTF
VFR- thanks.
new article posted.
With reference to the settlement reached with ex employees Templeton, Shiels etc it is likely to have reached a conclusion because failure to would have put their UEFA licence application at risk.
Art 50 requires no payments outstanding at 31 March to employees or ex employees in year ending 31 Dec 2016.
Just saying like.
The importance of obtaining a UEFA licence is not so much for the income which is 300€ k for first qualifying game (plus gate money) but to sell STs on the basis they will play in Europe this year no matter how short lived.
The lure of European football and places to visit (cough) might sell an extra 1k STs to a club were every £ or Rand is a prisoner in Sood Efrika.
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