Dave King and three fans, Park, Letham and Taylor, have bought 31% of newco Rangers this week, to add to some minor shareholding previously held. King and the others are not presenting themselves as acting in union, as that would force them to launch a formal takeover bid for all shares in the club. So get it right, this is not a takeover attempt (cough).
King’s shares were acquired from Artemis and Miton Group, who were not aligned with the Easdales, Mike Ashley, or any onerous contracts, they were shareholders hooked at the IPO in December 2012.
We’ve long urged those who are seeking regime change to buy shares in newco, instead of trying to force it into insolvency, an inappropriate course of action. The actions this week confirm the view that the current regime are entrenched and only 50% + one share will change anything.
The remaining significant shareholders: Blue Pitch, Margarita, Easdales and Ashley will all have their exit price. Any one, or all of them, will go if the new investors are prepared to offer enough money – and that is likely to be considerably more than was paid to Artemis and Miton Group. The figures paid this week are relatively small beer compared to the tens of millions required to keep the financially non-viable entity afloat over the next few years.
King, of course, was non-executive director of Rangers, charged with ensuring good governance at the club which was found to have operated an illegal Discount Option Scheme and illegally paid five players through Employee Benefit Trusts, with others subject to appeal. He remained a director of the club until a liquidator was appointed to wrap-up its business.
He was also called a “glib and shameless liar” by a judge in South Africa, where he was convicted of tax evasion, so he’s pretty much perfect to take an active role in newco.
Reports suggest that there is not enough money in the business to meet January payroll, so we’ll not have to wait long to see if those currently in control are intent on remaining in control, of if they are prepared to sel-up and walk away.
My hunch – Ashley will not be usurped by people who attempted to put one of his businesses under. He has the profitable parts of newco Rangers and he’ll do whatever necessary to keep them. He also strikes me as someone who would be unforgiving in the face of manipulation.
A walk down memory lane: Fergus McCann offered bought out each member of Celtic’s old regime in 1994, no matter the price, apart from the likes of Kevin Kelly, who declined his cash but offered to vote alongside him. It cost a lot of money, but it was the right thing to do.
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Will I punish celtic for the sins of SFA, spfl, Deidco, et al with some kinda boycott?
No.
Will I continue to attend matches within the structures of Scottish football that have systematically worked against my team for decades?
Yes. My club and team need my support all the more.
Will I sit idly by if my club’s custodians sit idly by act like less-than-wise monkeys on this occasion?
Nope.
Auldheid, winning captains. You Bhoys know far more than I do. I trust your integrity without reservation of any kind and hope my faith in your optimism is well placed.
As for life without the FOD, it’s coincided with my best football days….the time my wee Bhoy has discovered the game and fallen in love with Celtic.
Long may that continue.
Let the undead be granted the ‘dignity’ of a permanent passing.
Where can I find a silver bullet?
HH jamesgang
gearoid1998
23:35 on
2 January, 2015
So St Mirren lay down against us???
I am sure every hun is convinced they did,just as you mentioned Dunfermline.
Conspiracies are not for me,sorry.
Apart from JFK,Diana,Area 51,Lord Lucan,.
Who cares about the 3 bears the tax evader and the no mark club they represent?
They mean nothing to me
I don’t want Hunco back for 1 single reason
We have no obstacle to European football for life…
Wits
Regular reader or poster lol.
P’s Don’t think the pale ever left the Commonwealth association. X ( not in mind anyway)
pauloantony
90% of this blog
Love
Turkeybhoy
Your point was that it was inconceivable.
I just pointed out that it had actually happened. After all mc was just there for the party.
Agree on all the other conspiracies though.
HH
Gearoid
You know there are (or were until very recently) more ex IRA pows living on Shrewsbury Road (percentage wise per head of population) than any other road in Dublin
Come on !!!
Jamesgang
Good stuff amigo.
As for me i’ll be there
but my heart is no longer in it.
I’m a dreamer and need something
to believe in.
HH
Aberdeen had a poor start to the season, have lost twice to Celtic but are still sitting at the top of the league.
Think about it.
In the space of a week Aberdeen won easily at Tannadice but we lost.
Aberdeen are getting better 6 league wins in a row. I know it will take a tremendous effort for them to be consistent enough to win it or a Mowbray-like collapse from Celtic which is a lot more likely going on December’s form.
I’ll be much happier if we win on Monday night. If we don’t anything is possible.
Good late evening friends.
What’s in the stars,
Shame when you said Dublin 4 , I thought it would be Dermots old gaff on Aylesbury Rd
Still northside is fine which I used to visit regularly some years ago.
Now it’s Malahide Marina and Gibneys for a beer
Jamesgang@23.48
And a garlic necklace. It would be the first time a volley of shots was fired into the coffin (just to be sure, to be sure).
HH big Mhan. Hope you got through Christmas ok.
Gordon64
Try the Unicorn
Gearoid
Apologies
Shrewsbury is solid D4,God Save The Queen
Its that dame Ailesbury Road where the unrepentant Fenians live
Back to Basics
Yep that is a pretty fair summation of events.
JamesGang
Yep that is a pretty fair summation of events.
I like a pretty fair summation of events.
pauloantony @23:49
I agree. They are a 2.5 year old club that we have never played.
What does concern me is that the governors and business leaders of our game appear to not share our reality. my concern is more about the leaders of the game’s understanding of reality and what the truth means
Latchford
Malahide is nice
Summers evening,nice restaurants and bars
Jan transfer window now open
Let the fun begin
Hail hail
Kip time, night from me… Keep it nice.
Back to basics – I think administration can be triggered by shareholders to be fair.
I haven’t a scooby what the new ‘investors’ are planning.
I suspect there is some emotional investment and some of the dough is now written off as part of the plan. Of course writing off losses against tax for more profitable ventures is not beyond their accountants….
They are still fecked.
Are there even any rumours of who we won’t buy this January..?
3 top of the pages on the bounce.
Uncanny !
Robert Tressell
They are still fecked.
That just about sums them up
Its a long long road back to the top table ,the tribute act still has a long hard road to travel before they come anywhere near Celtic ,all the help and mibbery can only bring them so far
Caesar – sipsini’s feline compadre
23:59 on 2 January, 2015
Kip time, night from me… Keep it mice.
HH jamesgang
I watch AFC most home games.
They don’t need to strengthen this window.
We do
Cultsbhoy
We wont buy Robbie Keane,Steven Gerrard or Robbie Savage
FACT
Leonard Cohen on BBC 4
Wits
Was going to make the point that Shrewsbury Rd was less salubrious than it once was with the ex hunger striker living there..x
Clearly there have been prior discussions with the city investors. They need to want to sell and Goldilocks and the 3 bears have bought in concert. The timing is poor since they get shares but nothing else. In order to get board influence they need to have an EGM to oust current incumbents and put themselves forward. That will take time.
It does not help with an insolvency approach (administration), since they won’t be creditors and therefore won’t control such. Big Mike is currently in that seat with a button option he can press anytime he wants.
Following Donkeycaster’s pronouncement (irrespective of whether you agree) then any insolvency event would be regarded as strike 2 and a 25 point loss. That would make play off qualification almost impossible. I think this was planned and was designed to weaken a quick pre-pack admin go (would Mike really be bothered about a penalty?). Knowing that the share grab was coming it was designed to arrest Mike in the short term.
Have the grabbers got capital to invest? Surely they must have because Mike can now effectively shut his purse whilst still holding all the aces. The only way to control any admin is to become a creditor not a shareholder. They could buy out Mike and get that position?
And what of the chuckle brothers? They are rangersmen. Are they with the bears or are they being shafted? You could build a case either way.
And what of a man who now cultivates snowdrops? 12 months for a new regime to call him back into the hoose from the garden though the obvious time is April/May for the season ticket dosh big push.
How many of you ever new what was happening in the next episode of SOAP? I know I didn’t.
So the 3 bears move in front of the pawns. Back to Mikey boy to see if he counters. Far too early to spill the King at this point. Oh, and the wages are due…. shortly.
HH
Gearoid
i read that Kieran Conway book
Interesting
gordon64
I want to live in peace. And play football. But one of the reasons I was drawn to being a Celtic supporter was as a beacon of hope and defiance for those people in my society who were most disadvantaged and disenfranchised.
My heart will always be in that.
HH jamesgang
Cultsbhoy,
Agree, Aberdeen should not be underestimated neither should Dundee Utd, a lot of football still to be played, Ronny has to get it right, playing more than one striker at home would be a start!
gebhoy
Wits
Used to live x. Some have since moved on. HH
BRTH
Thank you Sir.
gearoid1998
Got through okay thanks pal. Probably still a subconscious disbelief to an extent.
Without planning it we honoured her in the most fitting way by having a Christmas full of love and kindness.
HH Fhriend jamesgang
All the years we knew they were cheating, the refs, the SFA, the money we stood full square beside the team, the club, each other.
I don’t get anyone who thinks a reasonable response for a celtic supporter in the face of continuing cheating is to not support the club.
And BTW while we were the targets of the hatred and cheating, every other club suffered too. Should all their fans walk away?
Support your club. Keep the weird creation from Govan in its box.
jamesgang
Best post of the year and will be hard to beat.
Happy New Year big mhan.
HH
Gebhoy
Delia is a symptom not the problem imo