You would be forgiven for thinking Honest Dave King is a bit preoccupied by the C word. Every time he extrapolates where the club he supports (through an accomplished undermining strategy) is heading, the subject returns to knocking Celtic off their lofted perch.
This task could take £30m-£50, King estimates, a burden he is willing to share with others, although he does not appear to put a figure on his own piece of the action. Ploughing £50m into newco Rangers over the next five years would certainly help, but it would still leave them short of Celtic’s projected income over the period, and in this town, success is a zero sum game.
Top dog gets a crack at Champions League income, which is a bit of a chicken and egg situation. For a Scottish club to get into the Champions League in a responsible manner, they need Champions League income more seasons than not. Alternatively, they can gamble recklessly, build up contractual commitments which stretch out for years into the future, in the hope that they out-perform the other would-be top dog.
We’ve seen this movie before, it is the arms race that David Murray bulldozed Scottish football into. It was calamitous for his club, which was sold for £1 to an insolvency specialist before being liquidated.
It had consequences for Celtic too. Fergus McCann build a stadium and left us almost debt free, but in the intervening 20 years Celtic lost far more than they would have, if they had copied the lavish spend (and tax) policies Murray undertook with Rangers.
Things are different now. We have cash in the bank, a winning team on the field, who have qualified for the Champions League group stages twice in succession, and we’re guaranteed to be seeded to qualify again next season. We also have a secure long-term borrowing facility, so in the event of a reversal in qualification, the club would not be put in jeopardy.
Starting an arms war with this Celtic team would be an act of remarkable courage. Observers will also note that the upper limit of King’s expected requirement, £50m, is just a little less than 10 times what the highest bidder for Rangers assets managed to clean up with, when the supporter’s need was greatest.
There is an alternative football development strategy, it’s called sustainability. Budget to spend no more than what you expect to earn, appoint good coaches and scouts, pay your tax and look the world in the eye.
Engage fans in this sustainability model. Tell them the road to the top will have twists and turns, and will take a while, but they can be sure their club will never be liquidated. This is the only way to run a football club, whether your Celtic, Aberdeen or newco Rangers. It’s not always popular, there will often be calls to speculate a little more, but it will ensure the club survives.
King is a smart guy, so he will know this. He’s even lived through all the pain and drama once before, so the sustainability question will be intimately familiar to him. The question, therefore, is why is he attempting to lead strategy into the Clyde, flute in hand, like some latter-day Pied Piper of Govan?
He seems reluctant to underestimate Celtic but I detect a belief that the hedge funds, not to mention the Easdales, can be shoved around. That is courageous.
Keep up the good work, Dave.
Here we Go for 10 In a Row!
The 10th annual CQN charity golf day is set for Aberdour Golf Club on Friday 4th July. As ever it will be oversubscribed so if you’re interested in attending drop an email to BlantyreKev and Taggsy at cqnopen10IAR@gmx.co.uk as soon as you can.
Cost for the full day’s entertainment including golf is £80. There are a very limited number of non golfer evening places at £45.
Further detail will be released nearer the date and when places confirmed.
Seville – The Celtic Movement:
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bournesouprecipe
13:52 on
25 March, 2014
What’s the collective word for convicted criminals?
–
A board :))
LiviBhoy – God bless wee Oscar………. great story about yir da.
I had to read it twice to get it right.i thought the 150,000.was the crowd in the QE2 playing cards. I used to work in GOVAN near FAIRFIELDS believe me that size of crowd skiving playing cards would be just about right.
MONTEBLANCO
Safe drinking water in London?
Even at the moment,while it won’t kill you,it is likely to cause kidney stones.
There is so much chalk in it,you have to chew it. Same in Swindon.
I’ll stick to beer brewed in Burton.
bmcuw
Very witty indeed, from ole charliebhoy – thank you for that.
FAVOURITE UNCLE
I can’t even imagine what Clydebank was like in those days. The Clyde area in general in fact. MMy dad said it was a great place to grow up. I will be in Clydebank a week on Friday for a family event and it saddens me how lifeless the place appears. It is not the image of Clydebank my dad portrays. he moved away in 1975 and says he would never move back. I think he prefers to remember it the way it was.
LB
Dave King in the latest episode of Spivs verses Divs.
BOURNESOUPRECIPE
Thought you’d like it,and glad you did.
I’m for the turnip in future,btw. It’s an education on here!
“We’re gonna need a bigger share issue..”
!BADA BING!
That won’t be a problem for them. Historically bigger boats are,as they have difficulty finding one big enough for two.
Allegedly.
Dodgy dave and sleekit ally…..
The King and Pie.
BMCUW
It will only get worse mate, sorry. If it were only chalk you’d be laughing. Did you know that when they treat the water they don’t really treat for pharmaceuticals or hormones? It really is turning into a gene pool, in every sense!
Stick to the beer :)
BMCUW-the impression i get is the Kray Twins are in it for the long haul,so more hun on hun action and admin brinksmanship to follow.
Livibhoy,
Great post about the Leeds game. Sorry I never shook your hand at CQN10
I remember your posts from St Johns hospital the night your son was born, the first baby to be born with live updates on CQN, brilliant.
I forgot about your Clydebank connections and it’s probable your Dad would have known of my Da ex Celt Charlie McGinley who when he signed for Celtic on St Patricks day 1943 was also employed in John Browns as an app engine fitter.
He moved around various yards as one by one all nine of us were born. He returned to JB as the QE2 was getting built it obviously created many thousands in employment. I can remember as a boy of 9 that ship dominating the Clydebank horizon.
On another note you will perhaps know that I work in Livingston, I also have a spare parent and child for the family section that to my frustration go unused by my own family .
I would be very happy if you could get to use them for any upcoming home fixtures including this Sat.
The last day of my holiday and the sun is shining, I’ve just finished reading the Seville book and what a read absolutely braw.
I told BRTH I would raise a glass to his old man who was buried this morning.
Rest in peace Jim McGinley
HH PB 1888
A light Insanity
My condolences on the passing of your dad.
Gordybhoy64
Best wishes to you and your future wife.
I’d also like to thank all those who’ve contributed to the referendum debate. I was very much an undecided but after all the inciteful offerings from those supporting the YES campaign I’m now almost certainly going to vote NO.
Many thanks.
Paul67
I don’t think that Dave King fits the profile to serve as the Pied Piper in your analogy (is that not the study of assholes?).
The original Pied Piper provided a service by getting rid of the vermin in the vicinity and, when the clients refused to pay him for his services, their children all became supporters of the great rivals to Hamelin FC.
Surely Craig Whyte is the Pied Piper.
Malcolm Murray is the Pie-Eyed Piper
Ally McCoist is the Pie-eating Piper.
paddybhoy1888
Many thanks for your offer of tickets. I am actually busy this weekend but hope to take the Bhoy before the season is out. I may offer up an SOS for tickets on here before then. My dad runs a CSC in Livingston. He always has tickets. He is always begging me to go. It’s a full day out from Edinburgh. My wife is usually pretty knackered from working 3 days a week and watching the Bhoy the other 2 days. Once he is old enough off to the fitba we go. Give her a wee rest.
Many thanks for the offer of tickets again. Much appreciated. Hopefully we will get the chance to meet soon. Enjoy your holidays.
LB
Bmcuw. Burton and Alloa have the best quality of water for beer. No idea how I know that. Like you I don’t trust the water…:-)
Sevco have cancelled their controversial £1m loan agreement with Laxey Partners in favour of a cheaper deal with another shareholder.
Rangers announced via the stock exchange that major shareholder Laxey had transferred the credit facility to George Letham, who had made a public offer to the club in the wake of criticism of the original deal.
Laxey stood to make £150,000 on the six-month loan while a combined £1.5m loan from the hedge fund and football club chairman Sandy Easdale was secured against the Edmiston House and Albion car park properties adjacent to Ibrox Stadium.
But Letham will now loan the club £1m in return from a smaller premium.
A statement from Rangers’ plc read: “On 24 February 2014, the company announced that it had entered into two secured short term credit facilities for an aggregate amount of up to £1.5m. These credit facilities were provided by Laxey Partners Ltd to the amount of £1m and Alexander Easdale to the amount of £500,000.
“Laxey has, pursuant to an agreement entered into today, transferred all rights and obligations in relation to the Laxey Facility to Mr George Letham including all its rights in relation to the standard security granted as security for the Laxey Facility. Mr Letham is a shareholder in the company and a lifelong Rangers fan.
“The Laxey Facility, now transferred by Laxey to Mr George Letham, remains subject to the same terms and conditions with the exception that the premium payment has been reduced to £45,000 and remains payable in shares or cash.”
Letham previously stated that he only wished to receive extra shares in return for his loan.
——-
Maybe Laxey will be providing this month’s loan instead…
MONTEBLANCO
I’ll stick with Noel Coward’s reasons for not drinking water.
Fish were involved.
I’ve long been of the opinion that the presence in the water supply of female hormones from the pill are a huge problem.
They wurnae like that when I was fourteen,etc.
And all that that entails.
paddybhoy1888
Apologies, I will certainly ask my dad if he knew of your father. I’m sure he would have.
He often talked about his teacher being John Divers sister. I’m sure it was at his primary school St Eunan’s in Clydebank. If there was a Celtic connection my dad would have been aware of the person. He is a fanatic always has been.
God bless
LB
Livibhoy,
Need to go and hit the wee white ba’,guys waiting on me obviously unaware of my scoop (40 years,jeez oh)……….hope to revisit this with you soon. He truly was a legend.Very quick story…he hated maths and wisnae very good at it.In those days at St Pats ,seating was ‘alphabetical’ with your da sitting next to the top banana ; teacher reading out the Algebra results where we were all scoring a poor mid 50’s%,then it goes ….top banana 94%…..your da 94%…..I swear he did not flinch an inch.Hilarious.
SPOOkY…….you were my first post on this site!
Sorry if I miss any thing from you as I don’t come on everyday.God Bless you.
BBB
Sir Paul
Yep, Ma ole Pardee….
Oan the wey tae building.. a Bettah , Stronger n Bigger.. Mousetrap..or..in this case..
A Fitba Team..
In These Days o’ Gallopin’ Inflationary Prices ..in..
weel… Awe things, Great n Sma’.
Ye kin .. Philosophize,Theorize, Hypothesize..n .. Yes!… even… Sanforize!
but, in the Blindin’… light of Reason..
The Search fur the Answer,
Alwiz..ends…
in This… Finality…
“Show Me the Money, Honey~”
Right?
‘ Course, Ah Am…
Ah Alwiz Am~
Kojo
Still, Laughin’…n… Like Hell.
Beebawbabbity
Enjoy your gowf!
My dad is excellent at maths. Strangely enough he was able to teach me algebra and fractions and my teachers couldn’t. I wonder what he could have done if he was at school longer. Thanks for your response today. Genuinely sent a shiver down my spine when you asked if his auntie was Sarah. Not thought much about her in a long time. A wonderful woman.
LB
Geordie Munro 14.44
Seriously funny.
BBB
A LIGHT INSANITY
I remember getting transferred to South Shields in the mid-80s. As you’ll know,it lies between Newcastle and Sunderland.
I was quite looking forward to it,an area with strong brewing traditions.
My Dad,much wiser than I then and now,advised me strongly against anything brewed by Vaux. Their lager looks like heavy and their heavy like Guinness.
“And it’s them that make Norseman Lager!” he opined as a parting shot.
I remember that stuff at 10p a can,it won’t be on draft. No-one would buy it,I thought.
Took my eye off the ball in a hotel in Roker Park,got served it. It hit my tonsils and came straight back out!
I am of the same opinion as Mark Twain,it’s surprising how smart my Dad became between my teenage and adult years…..
Paddybhoy1888
Just back from the funeral. The chapel in Partick was packed – a great tribute Jim’s dad. The closing hymn was Hail Glorious St Patrick. Jim spoke brilliantly at the crematorium – he brought laughter to the day as he said was his dad’s way.
On the Seville book – when we got two advance copies BRTH took one to his dad at the hospice and he was really chuffed with it. However when Jim came back later he discovered that his dad had sold it to one of the nurses as her husband had a story in the book!
Hope you have had a good holiday.
The big steak bake hoose – must stay open, that’s the bottom line
There’s not a team called the loan rearrangers.
If “Dave” wants to “invest” £30-£50m in Sevco, he can buy all the shares today for £20.51m, the current market capitalisation, and save himself a few quid!
I think “Dave” is ripping the pash out of the hun hordes, making promises he knows he wont have to make due to “fit & proper” persons rule.
…………then again, we’re talking SFA “fit & proper” rules!
Silly me!
HH
Mark Twain was right. When I was younger Alloa Brewery beers were dreadful. However it has good beer water and a few independent brewes have moved there – William brothers being one.
Jonny the Tim
15:22 on
25 March, 2014
Almost but he could by 1/3 at market, he’d then have to launch a takeover at the highest price in the last 12 months – or the midpoint, can’t recall which it is. Either way it would be a good deal more than £20M.
Regardless, he’s not investing. As I said this is all bluster designed to be ‘blocked’ at some level and rally the hordes into buying ST and showing ‘the enemy’ that they won’t be beaten. Idiots.
Brewers I meant.
Collective nouns theme……
A MASOCHISM of serial Sevco investors.
maestro-number8,
I beg to differ about Grant. He sold his love for Celtic to the highest media bidder. He says what is expected of him, which is to undermine the Celtic. No way do I consider him a true Celtic mhan. He even tried to promote the Old Firm nonsense recently to help out his old pal, Derek Whyte and to make a few bob.
I just had a wee look at Dave King online. Apparently he is worth somewhere between £800m and £1.2Bn. If that is the case and he loves Rangers/Sevco so much why doesn’t he buy out Green and some of the other Spivs for around £30m? He would then have control of the club. It’s a drop in the ocean if his wealth is to be believed.
It makes even less sense to me that he didn’t buy the club when it was available for a £1. He could have paid off the debts and kept the clubs history.
An educated guess would be that King was supposed to pick up the club after Whyte and Green had become the fall guys for Murray’s mess. Somewhere along the line that deal was renaged on and the Spivs wanted more of the pie. King is now trying to get the club on the cheap. He is trying to muscle his way in. It’s all very unsavoury but that is what we have to expect from Dignity FC these days. As usual our esteemed leaders at the SFA are doing and saying nothing. Surely this man is not fit for purpose anyway and is essentially a non runner in the race for control at the Debt Dome.
At the moment King is only spouting what he thinks to the media and hasn’t laid down a single penny or Rand into the club. He didn’t even take the chance to lend the club the money for equity that they needed the other month.
I only hope the SFA for the ‘good of the game’ the phrase the media love to spout are watching and investigating if this man is fit for purpose or not. It would be wise that they let it be known early in this case because once the guy gathers some momentum it will be difficult for them to veto is bid to take control.
If the SFA have learned nothing from the Whyte takeover it is that they have a duty to the other clubs in the SPFL leagues to ensure that the game is not brought into disrepute in Scotland by financial doping, cheating or bending of rules in favour of one football club.
Kings plan is to stop Celtic. What a pathetic and childish plan that is. Why would he set up his plan so blindly. There is a lack of foresight and imagination in that. Whether he is successful or not in taking over at his beloved club it would appear that he will make the same mistakes they made in the past. Throwing money at football clubs is a recipe for disaster. It has been proven time and time again and yet that is the plan he is going with and it is doomed to fail long term. Sure they may have a few years of success and they may even win a few cups but ultimately he has said it himself. Sevco will not be able to compete long term with Celtic without CL revenues. This is exactly what brought the old club down. Celtic have already said they have a plan in place to be able to cope without the CL revenues. Maybe not long term but certainly in the short term. The big money is only on offer from the group stages onwards. Sevco don’t even have a pedigree in Europe and will have a low seeding. Whether he is fit and proper or not to take over is irrelevant is plan is an old one and one that brought liquidation in the past. They will never learn.
LB
praecepta
As I said, 500 million of them wouldn’t give tuppence for their club/team &/or tribute act
Gordybhoy64
Congrats and enjoy Friday but don’t forget (ever) that it’s Saturday that’s the most important day this week. That’s if Celtic and Aberdeen both do the business tonight and tomorrow night.
bournesouprecipe
13:52 on 25 March, 2014
What’s the collective word for convicted criminals?
**********
A ‘ludge’ ?!?
;-)
HH jamesgang