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.
205 Comments- Pages:
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CANAMALAR IT LOOKS LIKE OCD OBSESSION on 28TH NOVEMBER 2019 10:53 AM
‘Ernie…,
Read BRTHs post of 10:05, QC opinion can open a bigger can of worms than anything they ever envisaged.’
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I foresee yet further delay and obfuscation.
CANAMALAR IT LOOKS LIKE OCD OBSESSION on 28TH NOVEMBER 2019 10:33 AM
………………
My apologises, in my long winded way earlier, I was trying to make the point that if Celtic FC and/or its Shareholders have lost money due to RES 12 etc…then the Club and its Shareholders surely have every right to demand answers “Legally”.
With the Club being aware of the complaints surrounding RES 12, especially with all the documented evidence provided over the years, and STILL continue to take no action, despite waiting for The SFA to “investigate” for two years or so, I can only wonder WHY PL apparently phoned UEFA yesterday, as i said earlier ?
Didnt Celtic/PL state that UEFA themselves had advised Celtic/him that it was nothing to do with them, and that Celtic would have to take matters up with The SFA ?
IF PL DID phone UEFA yesterday…did no one seek to ask him “WHY” ?
Again, I can only assume that IF Mr Lawwell and/or any of the Board were “Ripped Off” in some way as individuals or in any company that THEY were Shareholders of, they would refuse to be Fobbed Off, and would seek to take legal action….so why NOT Celtic FC…and its Shareholders/Res 12 Bhoys ?
I need to lie doon noo.
LOL
HH Mate.
MACJAY1 FOR NEIL LENNON on 28TH NOVEMBER 2019 10:09 AM
And then there are the rest of us simply looking forward to the game tonight.
Hail Hail
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CANAMALAR IT LOOKS LIKE OCD OBSESSION on 28TH NOVEMBER 2019 10:12 AM
macjay you were elected majority spokesman when ?
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:-)
Have Celtic EVER claimed to have taken Legal Advice on RES 12….and as a result of that “Advice” have decided not to pursue The SFA further ?
IF “Yes”…maybe that “Legal Advice”…was incorrect ?
HH
Big Jimmy,
I got the jist, i was only explaining their perspective, their priority and motive for seeking legal advise was to support their course of action only not to find out what was/is the right thing to do, they already know that and chose to go the other way.
Even although I’ve always been deeply suspicious of the Board, yesterday they hit a low of such depths it has left me sickened and shocked.
Ernie…,
We have already discussed this with a QC and are considering how forming the question as this is most the important aspect of getting the desired opinion outcome.
Of course we expect it to take time but we do not see it as delay or obfuscation, what we have suffered until now can though be put in that class.
Canamalar
I trust you are or will be retaining the services of an English QC.
Many are willing to help with the finances, as I will, but not if a Scottish QC is employed, the gene pool is far too small in Scotland, I hope you will understand that.
To CANAMALAR/BRTH/Aulheid
I applaud the work you’re doing. Please don’t give up the fight, when push comes to shove and you need financial assistance I suspect you will be amazed at the support you get.
FT
Father Jack,
My understanding is we are bound to use a Scottish QC however there is good news on that front, the gene pool is bigger than you think :)
BRTH could explain much better but i think that is the jist of it.
Canamalar
That’s good news, I imagine there must be QC’s out there who would be willing to help for a reduced fee, they can’t all be hun lovers, can they !
BRTH
Exactly. PL did not specify what questions were asked of UEFA, nor what the answers were to the posed questions. Transparency my Archie, as one might say. Glad to hear that you are not “walking away ” and are still on the case, as it were.
We need more outings like Munich, to lubricate the parts!
HH
Some great posts on here today!
HUNDERBIRDS ARE GONE
Great post and I feel the same way as you.
I will not be going back to Celtic Park whilst the present incumbents continue to treat me like shite on their shoe.
Nor will my family and my Christmas visit to the Celtic Superstore has been cancelled.
In addition, I am afraid that our board are involved in this controversy up to their necks and beyond.
Too much of what has happened suggests they are covering their own backs.
The whole thing stinks!
new article posted.
Apologies if my earlier post was confusing…
What was said at the AGM was that Uefa told PL on the phone call that they had no interest in the issue as it was an oldco Rangers and that they did not NOW exist so no sanctions could be applied.
BRTH, and the Res12 team I salute you for your persistence and efforts and hope you can continue to find a way to an honest and just conclusion, where all the cheating parties will be held to account, even if that includes Celtic Plc Board. You all can look yourselves in the mirror and be proud you stood up for integrity. Which is much more than any member of the Celtic Board can…
After yesterday meeting I am more than ever convinced our PLC’s interest is the commercial benefits that our support provide them with….They are not interested in a clean and honest Sport where all clubs are treated equally and fairly.
The CEO was asked about the answer he received from the SFA re his letter about Referee John Beaton’s performance at Ibrox… His answer was it’s private and when pressed told the meeting “I’m not telling you”….so I wonder in what capacity did he write to them? If it was us the shareholders and fans do we not have a right to know the answer he received… ?
Sadly as in the past there now exists a great rift between Fans and PLC as witnessed by the show of hands vote…I believe this board are gambling on fans support as long as we keep on winning. They better be right, because if we start loosing a few games, trophies and God for Bid 9 or 10…There will be no hiding place….