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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Missed
No we can’t
No one on here can be remotely surprised that the Board have closed this down.
And on the day it was to happen, Paul’s article is about King.
Says it all.
Paul67
Congratulations Mr King you now own 55% of the Rainjurz
Congratulations Mr Park you now own 52% of the Rainjurz
Congratulations Mr Ashley you now own 51% of the Rainjurz
Congratulations Mr Close you now own 50% of the Rainjurz
Yada
Yada
Yada
Mel Brooks CSC
Given previous comments from Auldheid and, I believe, others – this will not be the end of the matter.
It has, however, been a necessary step in allowing the Celtic PLC to confirm they will not press further for any SFA governance reforms as they pertain to Res 12.
I understand it was necessary to allow these events to run their full course before moving on to an alternative approach.
I look forward to seeing what that next approach is.
HH
BGFC
And I do agree with other’s comments – the lack of lead-article comments on this major governance issue seems bizarre. Really struggle to understand this – there may well be good and honorable reasons, but it is very hard to see what they might be.
HH
BGFC
I wonder what Fergus McCann now thinks about his liquidising of his shares to allow the power blocks to be created and completely make Celtic plc unaccountable, because that is what this now is.
BGFC
This blog has totally changed and not just recently, the owner refuses to cast a critical eye over anything this board does or has done, why only he can explain but I do not expect him to.
BGFC
Those were the days
https://www.celticquicknews.co.uk/persistence-beats-resistance/
BGFC,
The next step is QC opinion on shareholders rights to demand answers to questions from any authority the company must comply with to trade. This is the one that no club or company wants opened if I understand it correctly.
The Plc we’re advise this was the next step for us if they refuse to go further. They know this is an extremely expensive process and have obviously doubts about our ability to raise the funds, so have called our bluff.
BRTH will explain better later I hope.
So, on the day of our AGM (with some rather contentious points) the lead article on this site covers the outgoing Sevco chairman?
Will we read anything around good governance tomorrow or are we going to ignore this totally?
We criticise the huns for similar.
Oh dear oh dear.
Well one good thing out of the AGM is away tickets which is now a closed cartel:
“Shareholder complains about the difficulty in getting tickets for away games
Lawwell responds by saying he sympathises with fans who miss out on tickets. Says the club must look at same fans getting tickets all the time.”
Pity Lawwell does not sympathise with shareholders who have been shafted by the SFA and his boards actions.
Many thanks to those who provided updates from the AGM.
Was any mention made of the size of the Lindsell Train shareholding?
Hail hail
dessybhoy
supporters will only take note if we lose nine or ten in a row to rangers.
TimHorton
i completely agree.
Principal leaves town in the pursuit of bonuses.
A club like no other ?
The game is now officially, a bogey .
Canamalar. 1.19pm
If funds are the problem, I’m pretty sure that donations from supporters won’t be a problem.
We’ve payed into a sport that’s been confirmed in the High Court as being bent, and was definitely so for at least a decade.
When fans of other clubs argue that Celtic & Rangers are both separate cheeks of the same arse , its hard to argue after today’s AGM.
Our board are a bunch of shitebags…..
FFS.
I canned my 2 season books in 2013 when I sussed that we (the club) were as bad as the Huns. I’ll take some convincing that we were not on the inside track to all of this.
Integrity ma erse.
Well I am better than the Huns and I won’t be back. Gutted.
LINDSELL TRAIN. ???
Big fans of the Old Firm . There’s money to be made from its big diaspora in wealthy countries appeal .. Lindsell Train want a strong Old Firm brand -that needs a strong Rangers .
https://twitter.com/celticbible/status/1199684283780218880?s=08
Lawwell says he’s never seen the 5WA,does he seriously want us to believe this shite? He was on the SFA Board at time.
Masons on the Celtic Board, they are our enemy within.
The Board’s prevarication on this matter for the last six years, coupled with them formally moving to Kill Res 12 at today’s AGM is disgraceful. Absolutely scandalous. Whilst they prevaricated, I had somehow retained a glimmer of hope, that they would support the right thing to do eventually. Well sadly it is now very clear that this will never be the case.
Whatever it is that they are frightened will be uncovered, if any investigation into events surrounding the SFA’s granting of a Licence to compete in UEFA Competitions to Rangers in 2011 is undertaken, must now be uncovered. A light must be shone on those events.
I offer my support behind any attempt to take this forward. If the resolutioners, have the stomach for more fight, they have my support. Celtic PLC will receive no further financial support from this Celt. If crowd funding is required, count me in.
Ragin’ 🤬
🍀⚽️
While Paul’s refusal to even mention Resolution 12 over the last few months (and today in particular) is puzzling, I assuming he’s waiting until after the AGM to comment…
Peter Lawwell is a mason?
DESSYBHOY, GENE, CANAMALAR – thanks for your replies.
“…they know this is an extremely expensive process and have obviously doubts about our ability to raise the funds, so have called our bluff. BRTH will explain better later I hope…”
I think they may find they have miscalculated if that’s their belief – I’d hope that many small donations, with a process promoted via social media, could build up the funds to support the process.
Look forward to hearing from BRTH later.
Thanks again for taking the time to reply – appreciated.
HH
BGFC
Paul67 et al
Not sure that I would describe Fergus McCann’s actions back in 1994 as a “hostile takeover”.Certainly there was hostility from those on the Board who had benefited from running the Club their own way. The fact is though the choice was between Fergus or a Bank of Scotland that had just financed David Murray’s takeover of Rangers FC. No Fergus no Celtic. And no same club myth either.
Bhoy83
You will be waiting awhile longer then.
Why complain about Paul writing an article before the AGM.Last night that blog was full of comments about the GB.I am sure there will be an article soon on the farce today.Disgraceful,if not unexpected.One thing,it will never stop me from supporting the team.Boards come and go,and in my years following,I have seen plenty of incompetents sitting there.
The thing,as I said last night,is the fact they banned our own fans,yet still allow the scum to attend and give their full repertoire of filth.Denigrating Jock Stein,giving it the Paedo garbage singing about Tommy Burns and Scotts sister,yet they find ,with UEFA,chants and banners opposing Fascist offensive.To their shame many on here and elsewhere,backed these bassas in this.A con from start to finish,and so many,who call the scum,gullible ,fell for it.
Peter Lawwell and his board are relying on Emotional Blackmail .
He/They know it’s the Celtic fans that will have to take Celtic to court to make inroads to an
outcome/ soloution .
Maybe they’ve underestimated the resolve of res 12 ghuys and the wider support.
who knows , who cares , who gives a …….move along bhoys and ghirls …….where the fek is that bus.
PL is an easy target for the,let’s say,dumber Celtic fans.He is an employee of the Board.Why pick on him.Its Desmond and Banker who call the shots,not PL.This Res 12,he may have an opinion,but no say in the matter.
Think,FFS.
Canalmar, I am outraged by this and I am happy to donate my wee stipend when you need the money.
To the Resolution 12 Bhoys, well done.
To our Board, shame on you.
This is not to do with the governance of another club, this is to do with the governance of the game in Scotland. If said club were governed differently to all others all of the time would that be acceptable?
Oh, wait…………..
And when funds are required via crowdfunding, I’ll contribute what I can.
That’s not a big promise, but it’s there.
On a lighter note a message to Dave,
https://m.youtube.com/watch?v=HDEY1UeIsr4
Paul67 et al
I’m not convinced that King would have involved himself in RIFC at all had he not been shafted by Knight of the Realm Sir David Murray for £20 million. Of course he was not alone there, the Queen, HMRC, the British Taxpayer and facepainters everywhere got the same treatment. Figuratively speaking of course.
King is the only former Director of the former club listed as a creditor with BDO, but liquidation of Rangers FC (on the eve of their 150th) looks less likely to deliver pennies from heaven as pennies in the pound.
Of course King will have his memorial outside ole Ayebrokes, commemorating all those still owed by RFC.
Lest we Forget
The strategy needs to be refined and that might take a few weeks, it has been discussed but the details on how any money will be managed and implication of collecting large sums. needs to be done right to ensure transparency and legal compliance.
Oh ,… the irony and hypocrisy LOLOLOLOLOL :)))))))))
The main point I picked up on today was Bankier telling the AGM discussed it with UEFA, thing is they never told us about that, when where, what aspects were discussed and how decisions were justified.
For the last 6 years they have been making public statements at AGMs that we were working together.
Now we are being told that is/was a lie as we suspected.
As said many times, we believed they were working on an alternative strategy which turns out to be the case.
Today saw the culmination of their carefully worked out strategy.
We now know for a fact they cannot be trusted that has considerable implications on any future correspondence.
Now if they offer genuinely helpful advice we have a serious failure of trust which will impact on decision making.
He came, he saw, he won eff all.