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Directors bail as court orders served

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Walls are closing in on Dave King with the news that the Takeover Panel were granted a court order to force the Newco chairman to offer to comply with count instructions that he buy out shareholders outside his concert party.  Money for the offer, totalling £11m, has to be in place before it can be made, which is the sticking point.

While all of this MAY be no more than an administrative oversight, Newco have just announced the resignation of two directors: Paul Murray and Barry Scott.  Murray, a director of former Rangers, has been an absolute charm.  How Newco will survive without his Midas Touch is unknown.

Directors of a business are liable for its conduct, have a duty to protect the interests of all shareholders and creditors.  If they fail in this duty, they can be prosecuted.  Paul Murray was a close ally of King, especially during the years the Glib and Shameless one agitated to get control of the club he supported all of its life.  To paraphrase Deepthroat, follow the rats off the ship.

The Newco experiment has failed.  It is a shambles at every level, drowning in toxicity, with regulatory, legal and funding challenges out with its control – and things are not going too well on the field either.

Remember, current custodians and fans groups chased the Easdales (actual benefactors) and one of Europe’s richest men (who loaned Newco five players), out of town.  For what? They knew the money they had.  They knew there would not be a Nomad in place “within 48 hours”.  They were not Fergus McCann-type newbies to football, they knew the resources required to run a football club.

They knew all of this better than you or I, but we were the ones pointing out the blatantly obvious.

Where is the Mea Culpa from those who led the fans?  Who is there left with clean hands?  When will fans be told how bad things actually are (they are very bad, btw)?

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  1. Paul Murray is a wind sock, always has been, if he’s bailed then the wind is blowing against King, let’s hope in the direction of administration…

     

     

    Behind the scenes at Ibrox must stink to high heaven, no sane manager could look at this club and think yippee bring it on could they??

  2. Haggishunter on

    This morning’s Guardian.

     

    In no particular order Rangers have an absentee chairman in constant dispute with the takeover panel; two senior players suspended after a dressing room rammy; accounts which illustrate a business kept afloat by director loans and a recently jettisoned interim manager who had been in position since October. The man now overseeing first-team affairs at Ibrox, Jimmy Nicholl, last managed Cowdenbeath towards relegation from Scotland’s second tier. Rangers were bundled out of Europe last summer by a team from Luxembourg, after which their manager ranted at supporters while standing in a bush. No wonder this is the stuff of comedy for opposition fans. ADD TO THAT THE DEPARTURE OF MURRAY AND SCOTT!

  3. South Of Tunis on

    They needed a super dodgy Conditional / Temporary Membership in order to be allowed to play a Ramsdens Cup tie v Brechin . Same scrap of paper also allowed them to play a fund raising friendly v Cambuslang Rangers . Not sure who needed the raised funds the most.

  4. ☘️.☘️☘️.☘️.☘️.☘️.☘️.

     

    .…………………….. ☘️.

     

    ……………………. ☘️.

     

    …………………. ☘️.

     

    ……………….. ☘️.

     

    ……………… ☘️.

     

    …………… ☘️.

     

    .……….. ☘️.

     

    ………..☘️.

     

    …… ☘️.

     

     

    Paul Potless CSC

  5. GlassTwoThirdsFull on

    How will they cope without Paul “the debt was coming down” Murray?

     

    At least they have one of the most sought after managers in Europe coming in……

  6. Bobbio

     

     

    Delighted you’ve managed to stop. And hugely aware of what an achievement that is, every single day.

     

     

    You’ll note I never once urged you to do so, despite/because of my job. It’s never my place and can be counterproductive.

     

     

    As a pedant I’ll not apologise for my exactitude earlier! ;-) The powers of big tobacco have been all too keen to fuel the nanny state/smoking ban narrative and fund ‘citizens rights group’ as Trojan horse campaigners. I’ll never let that go unchallenged.

     

     

    Take care pal.

     

    Proud of you. Even as a smoker of only a month as a 13 year old I still take an involuntary giant breath whenever I pass a smoker!

     

     

    HH

  7. A wee heads up. A Mass will be held in St Mary’s in The Calton on Tuesday 15th May.

     

     

    Discussions are underway to look at a permanent memorial to Tommy in The Calton and details will be announced at the Mass.

     

     

    More details to follow.

     

     

     

    KTF

  8. Just seen the stage standing section at Paradise, and it got me thinking have Sevco got a license/safety certificate for the 10 union Bears to stand ???? :))))))))))))))))))))))))

     

     

    Awre the Rangers are shite

     

     

    D. :)

  9. Celtic, on winning the double treble should,

     

     

    Announce their intention to not enter the competition for the Scottish Cup in 2018/19.

     

     

    When asked why they intend to take this course of action,

     

     

    They should cite the conduct of the SFA officials in

     

    a) denying a Judicial Inquiry requested by the SPFL, into all the Rangers EBT/liquidation/Sevco debacles and,

     

    b) The lack of progress from the Compliance Officer into the Resolution 12 issues.

     

    c) The same officials responsible for a and b remain in place continuing the lack of transparency in the SFA.

     

     

    Eurochamps67

     

     

    StrikewhiletheironishotCSC

  10. Hrvatski Jim on

    Whilst all is speculation at this stage, the resignations of Murray and Scott could signal regime change at Ibrox which would be a pity. They are King’s men and Long Live the King.

     

     

    However, Celtic is currently valued at £130m – https://markets.ft.com/data/equities/tearsheet/summary?s=CCP:LSE

     

     

    Rangers at £21m – http://www.livecharts.co.uk/share_prices/share_price/symbol-RFC

     

     

    This scenario does present an opportunity, albeit risky and it requiring cash, good management and some patience, to increase the value of the club. By modern business terms, the debts are not enormous.

     

     

    The Bears will rally behind a new investor and leader off the park and with a name like Gerrard fronting the football operations. This will minimise the requirement for short term working capital (providing that it shows some signs of success – i.e. narrowing the gap on Celtic)

     

     

    I could be wrong and they may have to go the hard road (via another administration) to recapitalise but I sense that the King era is coming to an end. Don’t discount a Murray (not Andy) being involved.

     

     

    I’ll say again – Long Live the King.

  11. bournesouprecipe on 2nd May 2018 12:39 pm

     

     

    Paul67

     

     

    Eh…………. but what about the price of pies in the Jungle

     

    ——————————————————–

     

    Jungle pies of the world unite!

     

     

    At least they seem to on ole CQN….

  12. bankiebhoy1 on

    There wuz nae pies in the Jung-goh…….

     

    …..we hud tae hunt wae wee bows’n’arras fur ivri’hun we goat..

     

    ..you name it….

     

    “MB bars, choon-guy” – whole shootin’ match……..

  13. McPhail Bhoy on

    SoT

     

    You’re not a fan of Steven Gerrard are you? LOL

     

    To be fair even if those two examples are the only times in his whole professional career when he dived it is two too many.

     

    Auguri!

  14. Brogan Rogan Trevino and Hogan on

    Afternoon Chaps.

     

     

    Life very busy just now but had to drop in when I saw Paul’s lead.

     

     

    With Murray and Scott gone that now leaves King very much outnumbered in terms of a straight board vote and this may herald some seismic changes in direction for Newco.

     

     

    However, no matter what the other board members might want to do, had thought of doing, might be even capable of doing were this any normal kind of company, The King/Takeover Panel Mess and King’s sheer inability to tell the truth and be upfront about any financial transaction might just mean that the ship is well and truly sunk.

     

     

    Don’t be too surprised if other directors walk out the door becasue, as Paul says, they are staring at Personal liabilities and they may well be professionally advised to act in their own self interests as a matter of urgency.

     

     

    In doing so, you may find that Dave is thrown under the Parks of Hamilton Bus!!!

     

     

    HH

     

     

    BRTH

  15. Paul67 67 et al

     

     

    “And not only that Stevie, you get a seat on the Board into the bargain!”

  16. Could a Park/Johnston axis remove King and try to run a more sustainable club (providing its not already too late)? Was Johnston’s ‘ahead of the curve’ spin last week a kite to see the reaction of the morons?

  17. Starry Plough,your reference to me, about having a Umbrella,yep I have 3,You see it’s fans like you,that accept everything the Celtic Board,say is fine,oh have you any spare Zip’s,do us a favour and put it you know we’re ??

  18. Directors who have made funds available and resign, are those funds now debts or loans? Por cierto

  19. Brogan Rogan Trevino and Hogan on 2nd May 2018 2:10 pm

     

     

     

    Regan – gone.

     

     

    McKinlay – gone

     

     

    Broadfoot – gone (off payroll)

     

     

    Murray – gone

     

     

    Johnson – not yet gone but not considered fit and proper so far.

     

     

    Only King and Dickson left of old Board still there.

     

     

    At this rate there will be no one left to be sanctioned when for SFA Compliance Officer report is presented to the incoming CEO.

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