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)?