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King, the other Big House, contingency planning

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Proceedings against Dave King for Contempt of Court begin on Friday at the Court of Session.  In March, King was ordered to offer £11m for shares not already owned by his concert party, no later than 26 April.  Nearly three months later, that instruction has not been complied with.

Well in advance of the Court decision to force King to comply with the Takeover Panel instruction to offer to buy non-concert party shares, King would have been advised what requirements he would need to comply with, if he lost.  Prudent contingency planning would have averted this Contempt hearing.  But you know King.  He sat on the Rangers board which made no contingency plans to allow it to continue to trading through HMRC’s case against the club.  The consequences of that were so severe it went into liquidation BEFORE it lost the case!!

Indeed, before starting a takeover bid for Newco, King would have been well advised to have the money in place to underwrite the project.  Remember, he once suggested a £50m would be needed, this is ‘only’ £11m.  If he cannot lodge this £11m he has no chance of making good money to build the team.

During the takeover Panel’s case against King last year, King’s QC told the court “Any order wouldn’t secure compliance”.  Quite an insightful prediction.

If found guilty, these proceedings could see King reside for a while in Glasgow’s other ‘Big House’.  Even if that happens, it will be a mere blip on the ‘journey’, prepare to read that is is a ‘favourable settlement’.  The question to keep your eye on, is who will pay the bills after the season ticket money runs out?  Never mind, there will be orange strips, reduced ticket allocation to Celtic, angry statements about the SPFL and SFA, so they must be good guys.

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  1. What exactly did Dermot Desmond do ,to help Celtic,a share issue for Lennox town,which I doubt, Fergus McCann walked away with 45 Million,of the fans cash,he should have rebuilt the old main stand,the excuse was it was a listed building,so all in all everything that has been upgraded has been done through the fans putting money into the club,ie season tickets ,merchandise,etc,I’m good for a debate,on here , rather than some of the topics , that arise here now and again,

  2. That video on twitter is just disgusting. Authorities must be alerted to this type of behaviour.

  3. TIMBHOY2

     

     

    Only the Huns supporters expect someone else other than themselves to put extra money in to the club other than ticket sales and retail sales. They expect money for nothing. Fergus and DD put their hands in their pocket to establish stages of our club’s improvements. I have no problems with them taking profit.

  4. the zombies at haltime 0-0, they might even be worse than last year.

     

     

    utter merde, they really are

  5. 17:36

     

    ‘Perfect’ so far from Rangers

     

    Shkupi 0-0 Rangers (0-2)

     

     

    Billy Dodds

     

    Former Rangers striker on Sportsound

     

    Quote Message: The only thing missing is a goal from a perfect performance away from home when you’ve got a two-goal lead, and not too many worries either. It’s been perfect so far.

     

    The only thing missing is a goal from a perfect performance away from home when you’ve got a two-goal lead, and not too many worries either. It’s been perfect so far.

  6. Watching the huns on Premier Sports (just because I had paid for the month for last week’s game and my wife has headed of for a siesta). Dispite the best attempts of the commentary to build them up – both teams are really poor. really really poor.

     

    QF

  7. Murphy puts the ball out the park when trying a pass. What does the commentator say? “Murphy scored the first goal of the Gerard era”.

  8. evening bhoys, is there any way of that vile rotten video being removed, ffs they are only children scum does not cover it.

  9. Michael Johnston: Celtic manager Brendan Rodgers rules out loan move for now

     

     

    Celtic manager Brendan Rodgers has ruled out a loan move for Michael Johnston “at this point in time”.

     

     

    Reports suggested fellow Premiership sides Hibernian and St Mirren were hopeful of acquiring the 19-year-old.

     

     

    Rodgers has not dismissed a future loan move, but wants to take a closer look at the winger, who played and scored in Saturday’s 4-1 friendly victory over Standard Liege.

     

     

    “At this moment in time he’s very much in my plans,” said Rodgers.

     

     

    “He’s a very exciting young talent, 19 years of age. His best position is off the left-hand side, but the other day in the game [against Standard Liege] he played off the right, he was very comfortable.

     

     

    “He’s learning the other side of the game in terms of that tactical idea of pressing, and how to work and to recover, but there’s no doubt he’s a special talent going forward.

     

     

    “He’s the type of player a supporter loves, especially a Celtic supporter.

     

     

    “We need to develop him, we need to get him some games. If that changes then there’s a number of options for him and teams that would like to take him, but at this moment he stays.”

     

     

    Capped at under-19 and under-21 level for Scotland, Johnston is also eligible to play for the Republic of Ireland.

     

     

    His opportunities last season were limited through injury, but Rodgers remains a fan of Johnston, who has been at Celtic since the age of nine.

     

     

    “You get enough chance to show your qualities in training,” said the Celtic manager. “He’s been unfortunate that he was out for a long period with injury. But he looks strong, he’s showed up well in pre-season, and its just the continuation of his development and what we feel is going to be best for him. His game quality really excites us.”

     

     

    Jonny Hayes is yet to establish himself at Celtic and is still recovering from a broken leg, while Lewis Morgan has arrived from St Mirren with the hope of pushing for a starting place.

     

     

    Rodgers admits there is not a place for everyone, and says there are players fighting for their futures before the transfer window closes on 31 August.

     

     

    He said: “There’s some players that clearly won’t figure in the plans. I’ve spoken to a number of the people, all the players throughout pre-season, but there’s certainly players here that are fighting to stay and want to be here.

     

     

    “It’s really going to be whether they are satisfied with the number of games that they might get. We need a strong squad of players for the number of games we’ve got to play over the course of the season. By the end of the window it starts to level out what the squad is.”

  10. Well I sure know how to get some supporter’s back’s up,I like to have a debate, whether people like or not,at least I’m getting more responses,on my comments ,than the dragging of transfers, which personally I don’t think any new players will be coming to Celtic,and that’s my opinion,

  11. Hi Bhoys

     

     

    Watched 85 mins of the hun game they really are dreadful and if you pick our first eleven an take them out of our squad the next eleven would wipe the floor wi them it was like watching amatuer fitba (no offence intended).

     

     

    Is that wee video just no repulsive. As someone once said “suffer little children to come unto me”.

     

     

    God bless the children.

     

     

    KEEP THE FAITH

  12. TIMBHOY2 on 17TH JULY 2018 6:56 PM

     

     

     

    Well I sure know how to get some supporter’s back’s up,I like to have a debate, whether people like or not,at least I’m getting more responses,on my comments ,than the dragging of transfers, which personally I don’t think any new players will be coming to Celtic,and that’s my opinion,

     

     

    ————-

     

     

    Its your lack of structured sentences thats annoying people.

  13. justshatered on

    Timbhoy2 on 17th July 2018 6:56 pm

     

     

    Not sure I agree with you regarding Fergus or Dermot.

     

    First of all Fergus put £9M on the table to save us from utter collapse.

     

    His proposals were clear from the outset.

     

    He would rebuild the three sides while at the same time attempting to put a winning team on the park. He would walk away at the end of his time with a healthy profit on his £9M investment.

     

    When he arrived he gave the board a credibility that it never had before. That credibility attracted guys like Dermot, and the other billionaire whose name currently escapes me who saw that it was a reasonable business plan.

     

    People criticise the Old stand now but at the time of it’s construction it was the first non-pillar supported stand in Europe.

     

    Sure now, against the back drop of the three newer sides, it now looks out of place but at the time 24 years ago it was better than most grounds in the country and indeed still is.

     

    As for Dermot, well he put in double what Fergus asked him for in the original share floatation, because he thought that would be required to see the project off the ground. Dermot also under wrote the share floatation for the construction at Lennoxtown. To that extent he went to the City of London asking for an exemption to the 30% rule The same rule the Dave King has fallen foul of.

     

    I personally do not know whether Dermot takes his dividend in cash or in new shares. I personally opted to take mine in new shares which ensures the money stays within the club. I have no problem with any one who chooses to take the cash as they could easily earn more by putting their money elsewhere.

     

    That is reality: people ‘invest’ for a return otherwise you are simply a charity case and there is nothing surer that you will spend all of the money and then go back looking for more ‘investment’. You only have to look across the city for that scenario.

     

     

    As for the listed status of the old stand: the rumour was that the front façade of it was going to be listed that was why they quickly developed the front round about season 86/87.

     

     

     

    Remember the current old stand is almost 50 years old and even the newer sections are now quarter of a century old.

  14. ADI_DASSLER on 17TH JULY 2018 7:21 PM

     

    David Hagen has MND. 45yo. Keep the fight big man. Prayer said.

     

     

    —————

     

    God help him, a horrible disease that took my mates wife at an early age and so many others.

  15. if yyou havnt heard it before search out for the podcast of the CELTIC GRAVES SOCIETY TOMMY BURNS 10 YEAR ANNIVERSARY.

     

     

    Everyone speaks well, but the rev father is brilliant, and Brendan , well it will have you teary eyed.

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