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‘Asian money for Ibrox’ and Chinese whispers

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The Sun today presented the latest instalment of the ‘money from Asia heading to Ibrox’ story, with a figure of £20m quoted.  This has been kicking around all season and my information is there is that potential investors with cash took a look as far back as October.

The problems at Newco are clear, documented in their accounts, and by Dave King at their AGM.  The club’s annual losses run to eight figures, the liabilities of various litigation defeats could easily top £10m, it is heavily dependent on shareholder loans and the principle shareholder, Dave King, will not fund beyond this season.

What was missing from The Sun piece was specifics.  If your information amounts to “a mystery Asian investor and a Hong Kong-based backer”, you don’t have enough to substantiate the story.  Forgive the pun, but this sounds like Chinese whispers.  “£20m”, “Hong Kong”, “Asian” is all a bit generic.  If they had even given us something like, ‘A fan, originally from Paisley, who made his money in the Far East’ I would have thought their information was possibly on a par with mine.

£20m could well be the figure to plug the immediate shortfall.  I expect the globe has been searched for a funder to take advantage of this unique opportunity.  That we are four months on from the AGM and still working on hearsay is an indication of just how unique an investment this is.

Due diligence will be a problem, as we discussed last month, Newco have run out of road when it comes to Uefa Financial Fair Play regulations.  New money can pay for old debts, or failed legal cases, but it cannot fund football operations.  And who wants to pay for King’s hubris?

King looks increasingly like a motivated seller, maybe his old pal, David Murray, can give him some advice on how to find worthy buyer for an iconic football club?  If you know of anyone, drop the club a line using commercial@…..

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269 Comments

  1. Sevco will go into hysterics if they beat us on Sunday and the league is declared finished as you are afterwards.

     

     

    We nip the tainted narrative in the bud by winning on Sunday.

  2. Anyone else surprised that Sunday’s match is still going ahead as planned?

     

     

    I thought closed doors at least would have been a given

  3. macjay1 for Neil Lennon on

    PRESTONPANS BHOYS on 11TH MARCH 2020 4:39 PM

     

    Corona now a pandemic,its been announced

     

     

    ===========================================

     

     

    Blindingly obvious at least six weeks ago .

     

    Except to the info.sugar coaters of the WHO .

  4. If they tell a lie often enough! Needs to be officially challenged – in a week or two the world will think we’re paranoid.

  5. On FollowHollow they’re sniggering about the possibility of us winning the league in an empty stadium….

     

    Not getting the points now!

  6. Could the huns at the BBC be so pathetic that they can’t even use the numbers ’67’ to g along with their abhorrence of all things green (straws , traffic lights etc)? It’s so ridiculous to even ask that question and yet…

  7. Back to Basics - Glass Half Full on

    Would be wonderful if Europa League was suspended for the season.

     

     

    Presumably with no competition winners, an extra Champions League group stage place becomes available?

  8. prestonpans bhoys on

    Suddenly BBC, Sky and SPFL all make the same mistake and the Huns on 70. What’s going on do they think we are that thick, we know the Huns are😂😱😵

  9. SOT

     

    Cheers for the mention of the Gunnison Colorado.

     

    It’s formulating ideas in my head.

     

    I’d go on a spiritual retreat but I’d miss the game on Sunday.

  10. BOGNORBHOY on 8TH MARCH 2020 1:52 PM

     

    They won’t want to stay on 67 points for long..😋

     

     

     

    Don’t want to say but ….😜😜😜

  11. These are strange times. There will be no Financial Compensation for teams having to play behind closed doors, If Football closes down, no definite date for resumption.

     

    Players have contracts, they will have to be paid, if Clubs cannot afford to pay wages, Administration beckons, various Clubs could simply go out of business.

     

    We are lucky in as much we have huge cash reserves & are best placed to ride out this catastrophe,

     

    However there is no space for either mocking or gloating, this thing is bloody serious.

  12. Back to Basics - Glass Half Full on

    BOURNESOUPRECIPE on 11TH MARCH 2020 5:04 PM

     

    BBC website editor’s having a mare

     

     

    —-

     

    Aye, since his club died.

  13. Back to Basics - Glass Half Full on

    And while on the subject of Sevco ..

     

     

    Some suggestions that closed door or cancelled matches against Leverkusen and Celtic will cause significant financial harm.

     

     

    Yes when it comes to low level match day revenue – food and programmes.

     

     

    No when it comes to ticket sales as there will be NO refunds !

     

     

    Turkeys don’t vote for Christmas.

     

     

    Technically insolvent firms don’t hand money back.

  14. The Leverkusen manager does not sound too pleased about playing in a closed doors EL game and has said it would be better cancelled and said it de- values the competition, does anyone think he won’t prioritise these 2 matches??

     

     

    Jammyhunbastardfc

     

     

    D. :)

  15. Previously I had set out a few financial pros and cons of playing behind closed doors.

     

     

    Conclusion was that there’s gold in them thar hills. Maybe.

     

     

    Just realised, I forgot to factor in the cost of policing. Or in fact, the no cost of policing.

     

     

    All those polis folk losing their overtime.

  16. uefa have confirmed that next thursdays bayern leverkusen versus will be behind closed doors with no supporters, with only officials from both clubs , limited in numbers to 100 per side.

     

     

    fare also confirmed that rangers will be reported for sectarian singing

  17. Canamalar it looks like OCD obsession on

    Woe is me, forced to take a two week holiday from work but can’t leave the country

  18. bbc scotland banging on about proof that dinosaurs did live on skye.

     

     

    how did they there before the ferry and the bridge ?

  19. Would be surprised if the game on Sunday wasn’t behind closed doors. Possibly cancelled.

     

    Definitely next week.

     

    Mentioned a lockdown to the Mrs and she suggested stocking up on paint to decorate the house if were going to be off.

     

    I’ll never understand the female mind.