Dave King yesterday announced he would resign from Newco’s board following a share issue, to take place early in the new year, almost five years since his concert party won control of the club in March 2015.
The contrast with Fergus McCann, who also stated a successful hostile takeover bid for a lost-looking football club, in 1994, could not be starker. Fergus left with the Scottish Premier League trophy in the boardroom. I looked for a photo of Fergus with the trophy, but there doesn’t seem to be one in circulation. It was not Fergus’ style to flaunt his achievements.
When a Newco historian looks for the principle achievement of Dave King’s time, the image of Tom Rogic’s penalty kick sailing over the Hampden crossbar in the 2016 Scottish Cup semi-final will be top of the list. That sent Newco into their only major final to date, they face Celtic in next month’s League Cup final.
Five years ago, King arrived with an irresistible commitment to spend “whatever it takes” to topple Celtic. When the club’s Nomad resigned ahead of him taking control, he suggested another would be in place within 48 hours (we are still waiting). Once in control he explained that Newco’s finances were the envy of the football world. Seriously.
There were mad suggestions, like taking Oldco out of liquidation, surely made after a liquid lunch, and the aborted plan to sue David Murray for £20m, which came to nowt. Where King did achieve legendary status was in Shirebrook, the Derbyshire location of the Sports Direct head office. King’s years in charge of Newco literally saw no end of legal challenges and defeats at the hands of Mike Ashley. King will continue to oversee the outstanding legal cases against Sports Direct.
The most pernicious defeat King experienced came last month, when the Takeover Panel ‘cold shouldered’ him, a punishment which forbids any entity of financial advisor can act for King on a transaction governed by the Takeover Panel for four years. This was punishment for the concert party breaking Takeover Panel rules in gaining control of the club in 2015.
While Fergus slipped away from Celtic Park unnoticed while a game was underway and the Premier League Trophy on display, King announced his departure with nothing to show but tears and a solitary second place finish. He has committed to meet this season’s shortfall, but yesterday explained his business in South Africa was in need of greater support.
On arrival in 1994, Fergus promised to leave after 5 years and did so, King chose this exit moment due to current events. You can accept his explanation, that Newco are no longer in need of his unique brand of wisdom, that his South African interests have become irresistible, or I can offer an alternative.
Celtic are about to win nine-in-a-row, King’s available money has dried up and he wants to be thousands of miles and several months away from Govan when it all goes down.
I’ll miss him, he’s been wonderful.
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Probably the best thing that’s happened to them, ever.
This has to be the biggest squirrel of them all….
Thanks for the memories Dave. You’ve been magnificent entertainment.
Can we really say that we are definitely gonna win anything?
I doubt it Paul.
A fair playing field is all I want, the end of hunned-up cronyism and knuckle-dragging knuckle-shufflers………having a (red) hand in or game.
An end to ABC thinking from the Bowling Club set…………
Fix Fitba: Empty Hampden.
HH
And anither thing……………..
Not one of scoddland’s finest has even had a go at the controversial sith-efrikan based entity.
Not one.
Shameful.
Jordan Petersen.
Very David Brent and therefore much more like Brendan Rodgers .
Good morning to all you long suffering bloggers.
I am here to apologise to one and all for the inordinate amount of shite I posted overnight or whenever.
This was all down to drinking in a variety of Rutherglen establishments from 11.00 am till sometime or other and then topping up with a further 3 bottles of Australian Merlot (for the fruit content) when I got off the bus back.
However this not being unusual and hence (I like that word) manageable, I then exacerbated my condition by eating a Ann’s fry sausage supper (and uniquely in human experience actually finding it tasty and not at all reminiscent of the bottom of a VD clinic bin bag).
I’m now aff tae East Kilbride to do another wee tour …things can only go downhill!!
Once again…SORRY!
Hail Hail
Matt
On August 6, Jordan Peterson announced that the book had sold over 2 million copies. On January 13, 2019, Jordan Peterson announced that the book had sold about 3 million copies. As of January 2019, Peterson is working on a sequel to 12 Rules for Life.
What time does AGM start ? anyone doing live reports.
Will glasgow herald do a live report???????????
MACJAY1 FOR NEIL LENNON on 27TH NOVEMBER 2019 11:19 AM
Eat. Pray. Love. sold a lot of copies.
Maybe read that one next.
FAVOURITE UNCLE on 27TH NOVEMBER 2019 11:21 AM
What time does AGM start ? anyone doing live reports.
___
Starts at 11:30
MATT STEWART
I am sure I speak for most posters, and probably lurkers too, when I say that you should never feel the need to apologise for any of the contributions to CQN.
Your piece on Jinky was exquisite and outstanding.
🍀⚽️
OOOOOOOOPS
… contributions *you make* to CQN
🍀⚽️
TIMALOY29 on 27TH NOVEMBER 2019 11:24 AM
I`m a bloke , Tim.
Matt Stewart – what HAG said.
Keep on keeping on, I for one enjoy your posts. Drunk or not😂👍
HH
D. :)
Matt Stewart
Top quality and inspirational posting last night.
You should really have told Helen Suzanne you loved her though!
Not Lazy Journalism, now where did we hear that before?
I think today’s story is the AGM, Ross Desmond, Dermot’s son is in attendance and I reckon this signals a changing of the guard in the Desmond family re Celtic. It was always rumoured that it was Desmond’s children rather than himself who were Celtic minded.
Bankier just said winning the League this year takes priority over any European success & more or less said the same would apply for next year.
Don’t think they have got to Res12 or Green Brigade yet.
What is their proposed share issue for ? To pay off King ? To plug the £10 million black hole ? To pay sports direct ?
Even if they did raise tens of millions, they’d be back losing money again until they off loaded their high earners.
Austerity is certainly on its way though I suspect they’ll try and see out this season. It’s up to us to ensure they’re attempts to stop the 9 fail.
Dearie me…..
Oh wit a tangled Web…. Inaw that.
90 Minute Cynic
@90MinuteCynic
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No movement since. £11k legal fees by shareholders group #CelticAGM
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90 Minute Cynic
@90MinuteCynic
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SFA reported to refer the case to the Court of Arbitration for Sport #CelticAGM
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90 Minute Cynic
@90MinuteCynic
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SFA found no evidence there was any wrong doing. Point made that SFA was not the competent body to hear the case #CelticAGM
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90 Minute Cynic
@90MinuteCynic
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Board agreed to take it up with the SFA instead of UEFA. There was nothing to report to UEFA and it would be timebared if there was. #CelticAGM
Celtic shareholder bemoans failure to adopt Resolution 12 for the past six years and leave things in the SFA’s hands: “is the board crazy?”
Hello again all you young rebels.
Whits appenin? any updates on the AGM or have the bored
confiscated all the mobile phones 8-))
H.H . Mick
12:29
Shareholder speaks on Resolution 12
“There are real present dangers in football
It’s been a six year wait for Resolution 12.
The joke was Resolution 12 was in long grass – it’s more like the jungle
The shareholder says the club is allowed to take on the resolution in good faith.
It’s an administrative and judicial mess from the SFA.
We have been waiting for answers in years and this board maintains we should leave this in SFA hands.
Is the board crazy?”
Via elticunderground IB – “we know how important this is. The res is about SFA licensing and effectively this res asks us to report the matter to either UEFA or City of London Police.”
Shareholder demands answers before the next season ticket renewal date and garners huge applause in the room.
“We have spoken with UEFA and they said there was nothing to investigate. After court cases of 2017 we asked SFA to undertake an enquiry. They have not and club is disappointed.”
Should’ve waited !
H.H . Mick
“SFA enquiries started in 2018 and agree they have taken some time. We have, after some time, reached a view that it would not be in our interests to take further.
This is about the governing bodies administration of another club. We need to focus on us and move on”
Res 12
In the room circa 75% for 25% against. A poll has been called. The poll will include proxy votes (therefore Res 12 will not get passed)
Bankier jokes that he needs a glass of water for this.
The representative coming forward jokes he needs more than water.
IB lying through his back teeth about speaking to UEFA about investigating the SFA implementation, they obviously did not ask the right questions
Thanks to
Celtic Underground
@celticrumours
por cierto
SOUTH OF TUNIS
You mentioned Jordan Petersen. I have read his Rules of life and thought, the guy has something different. Sure he’s a bit heavy on the self promotion but it kinda works well for him.
All the best to you my friend
KINGLuBO
Today went as predicted, worse maybe as at the last meeting the Plc exec advised they would consider their next move after the decision from the SFA on whether it was going to CAS, I expect they’ve been told its not going to CAS and decided its time to kill the whole thing in support of the SFA.
MATT STEWART on 27TH NOVEMBER 2019 11:15 AM
More of the same please
Canamalar
Well now is the time for those in the support who care about this to stop buying merchandise season tickets tickets, how many care enough or will take this course of action, from my experience of talking to people about this they would never stop going to watch Celtic folk older than me have accepted and can swallow al that has gone on as Celtic are on top, the board know this so by the only language that they understand , money, they will get away with this and probably already have. Every single one of them on that board have betrayed me and I will never accept their manipulations reasonings or answers.
So can we say persistence beat resistance
Sad day indeed