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.
852 Comments- Pages:
- «
- 1
- ...
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- ...
- 23
- »
Wits
When we get that pint could set you straight on a few of the stories in it. Second hand of course.
Oiche mhaith
Back to Basics – Glass Half Full at 23:43 on 2 January, 2015
A great post there.
F.A.B. Virgil 1903 v 1909 and 1888 v 2012 at 00:05 on 3 January, 2015
A great post there
I love great posts.
jealousCSC
Gearoid
Touche
Just popped in,
jamesgang
I hope you had a fantastic New Year, looking forward to our next home game and our big meet at the coarner. Still aff the fags, 9 weeks come Monday. KTF. Away back to ma cot. ;-)))
Weefra HH praying to Wee Oscar.
Gearoid
The Touche was in relation to your “some have moved on ”
The pint and the stories is something that I look forward to
Might get to the Belfast Hootenanny
Have a few yarns myself !!!!
WITS – enjoying your contributions this evening.
They are indeed fecked….
gordon64
Love
HH jamesgang
jamesgang,
HaHa, ya big dumpling. I still think our club knows all that is going on over ipox way and doing nowt about it, night. Hail Hail.
Weefra
Every day you’re not puffing is another day in proud of you!
HH big Mhan!
Jamesgang
Sips
I fear you may be right.
HH jamesgang
Don McLean on BBC4
American Pie.
Robert Tressell
Thanks
I have a kind of New Year resolution to stop fighting with people on here
2 days in and I am doing well
Jobo
What r you doing up at this time ? You hav weather “reporting” not forecasting to do in about 6/7hrs time
The Godfather 2 on channel 4 now.
Aberdeen challenging us. Good.
Back to the future…..
Peace.
Gnight
Sips
Nae argument from me either on that one. KTF buddy. :-))
Weefra HH praying to Wee Oscar.
jamesgang
Your post should be on the Celtic shirt.
It says it all amigo.
HH
Roberttressell
I would have dismissed the prospect of AFC topping the league in January not so long ago….
RT
but in all those years we never had the chance to bury them. We chose not to. I am not saying that they would not raise their ugly heads again in some form but we never even attempted to solicit an apology. As far as I am concerned it will only embolden them. They do not need investment to get to the top. It is now clearly stated policy that Rangers cannot die. We would not be where we are today if we were bestowed with that privilege. The competition is rigged for the sake of numbers and money. The club for me is the support but if the support are prepared to accept that this is how it is then I will lose interest. I do not believe their is nothing our board can do. The present plc moved in on our dream because Fergus could not compete with corrupt billionaires. Done a good job and cashed in failing to deliver on his promise. I understood why he did this. It was ultimately to his and our benefit but now that it enshrined in the statutes and we meekly accept is not what we are about imho.
Good night bhoys …been a long day
HH
Robert Tressell
The directors or company (shareholders) can trigger an administration without reference to court order. A pre-pack comes when they have been talking to an administrator already who is on board with the plan. The problem with this route is Donkeycaster’s statement which says… you flip it…. it’s 25 points and you don’t get near the top league. That’s pause for thought. On the other hand, as a secured creditor, Mike could petition the court and nominate his man. Does he care about a 25 point penalty? No idea, but I suspect the 3 bears do!
The time to admin is close season once promotion has been secured. It’s them points off next season. Problem with that is it’s £8m short and owes £3m to Mike. Have Goldilocks and the 3 bears got £8m?
On the other hand, they could all be working together.
The good news is that whatever option they rely on the words fecked, you and are are in the equation.
HH
Gerryfaethebrig –
Not only a weather report but a potential ParkRun too.
Lost track of time and been catching up on various things computer, not least the mountains of “Last Man Standing 3” emails. Yours will be in the post I assume? ;-)
Keep the entries coming now bhoys and ghirls – cqnpredictor@gmail.com
However, it IS late so time for kip.
Play nice!
Frankmarker
“Jan transfer window now open
Let the fun begin
Hail hail”
Messi and Ronaldo spotted at Ross Hall as Scotland’s clubs embrace Doncaster’s ‘spend and be damned’ New Year’s message.
Gordon64
00:20 on
3 January, 2015
jamesgang
Your post should be on the Celtic shirt.
It says it all amigo.
Jamesgang great post mucker
And it may fit on a Gordon 64 Size shirt
kojo
17:09 on 2 January, 2015
Well said that man.
Cultsbhoy,
Absolutely Ronny is where he is, those that put him there have to give him the tools, but i am not convinced yet that he has what it takes. A few bad results and a consistent Dons side could put us a few points back, the pressure will really ramp up then.
Too many just dismissing Aberdeens challenge, i dont like it, we arent good enough to dismiss anyone!
gebhoy
WITS out
TSOAL
Cheeky bassa.
You are welcome to join the Don Quixote CSC.
beatbhoy
00:24 on 3 January, 2015
Bang on!
KDC
Ronny must stay
Jobo
I hear you calling me out, am in if I can work how to pay, by the way I might be taking up that option about paying another tenner after the first loser
SOAL
You may well be the funniest bassa on this site. That’s some going.
And it might – just might – be enough to save you when Gordon gets his paws on you!
How you say? Love
Night Timdom
HH jamesgang
Wits
That not fighting with people. You are doing very well. Keep it up.
Last comment on mc feely,next time he’s looking a plumber count me in (literally).
Keep the faith Wits.
jamesgang
That is why i am a great runner my pink shirt wearing friend
Love
‘American pi’e was never so
beautifully sang than that rainy day at
Tynecastle.
I’m liking the challenge from Aberdeen. It follows on from a recent one from Hamilton that was pretty short-lived. D Utd are pretty close too. GOOD I SAY. I want a real challenge. Whether we have gone back or they have gone forward is less important. I want excitement. I want to know we need to win all 4 games in hand to be 2 points ahead of the Dons. That makes those games exciting.
Also, I don’t want to raid these teams in the window and cherry pick their best players. Leave Armstrong, Mackay Stevens et al. Keep those teams strong and give us a real challenge.
This is Ronny’s first real window. Let’s see who he fancies and see if it works.
Cream Buns? Only good for stuffing in yer face. Long live 4 new challengers. To be strong we all need to grow together. Nothing sweeter than winning on the last day of the season.
HH
Gebhoy
Aberdeen have been quietly improving for a while now. They might now have as good players as we have but they have 13 or 14 consistent players with an excellent mix of youth and experience.
I can’t see them sustaining a challenge but then again I never imagined they would be above us in January..!
Lawwell will punt any player who attracts a decent profit so we could be further diluted this window ( as his bonus grows)….
Ronnie is getting a hard time unfairly – he was clearly a cheap inexperience choice chosen by Peter L .
We need new direction and new ambitions set from the top… By a new CEO
Gearoid
That bird has flown (Toms plumbing jobs)
However
Lets just ….Chill (2.05 Wincanton,big price,shilling each way)
Cultsbhoy
Ronnie is getting a hard time unfairly – he was clearly a cheap inexperience choice chosen by Peter L .
Of course he was,but we shouldnt just blindly support him if he is not up to it
Not his fault,he is a nice man and who could blame him for taking such a great job but …
Dare I say it
We deserve better