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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Alex O’Henley (@OHenleyAlex) tweeted at 9:46 AM on Sat, Jan 03, 2015:
Willie McStay has confirmed to me he will be returning to @celticfc on Monday as Head of Academy Recruitment.
(https://twitter.com/OHenleyAlex/status/551313756496863234)
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leftclicktic
ditto
ALWAYS try to see the best in someone.
EVEN if ultimately they are proved to be bad, they are one of us while they are here and should get our support.
Nothing wrong with criticism and id say everyone should be open to improving their faults but some of what is said here just comes across as actually wanting someone at Celtic to fail.
Cannae get my head round that attitude.
Syd negakev has it occurred to you that it is troll like to call others trolls?
1-0 Hibs
Good goal to Hibs
1-0 Hibs. Another great assist by Allan.
Nice goal
Great cross from Allen
Hibees 1 up – great ball to Cummings from Scott Allen
Roseburn will be in meltdown ….
Lovely ball in from Scott Allen. Scorer booked for celebrating too …
1-0 hiB’s
Booked for celebrating the goal
Will the return of Willie McStay mean the end for Chris McCart? We’ve produced very little in terms of first team players during his tenure.
We did not transition under Jock Stein, Jock Stein instilled belief and confidence and a wee sprinkling of blood and guts. In my lifetime of watching Celtic we have had two transitions, MO’N’s transition where he brought in, and inherited, quality, installed belief and never let the jersey fear you. A system ably replicated by both Gordon Strachan and Neil Lennon, whereby Celtic played to their strengths as opposed playing at being Brazil or Barcelona. Tony Mowbray and Ronny Delia too did not, have not, transitioned the club whatsoever, to my mind they were/are both mistaken in what Scottish football is all about.
Compare and contrast both Tony Mowbray and Ronny Delia styles of play vis-à-vis Tommy Burns style of play. Celtic were most beautiful under Jock Stein and Tommy Burns.
I’m not going to micro-analyse all the managers since I’ve followed Celtic but, hand on heart, I honestly, sincerely, believe this is the worst Celtic football team I have ever watched and I most certainly don’t blame Ronny Delia for that, not completely anyway.
If Aberdeen, or Dundee United, or anybody else wins this years league, and you are a fool if you discount that possibility yet don’t then bet your house on it…
9this is the point where you pause to think about how much bravado actually does cost) anyway, if Aberdeen, or Dundee United, or anybody else wins this years league then I’ll be the first to congratulate them, but I’ll be bealin’ inside at our collective arrogant lethargy.
neganon2
If you call someone a wife beater, rapist, beast……whatever…..does that make you one as well?
Great chance for Hibs to make it 2
Should have been the second for Cummings there
Saint Stivs
13:04
No, not a good idea. It would be a good idea to cut whatever number given before by 65%.
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Celts lost to Munchengladbach. We don’t know how to defend the boards in this format.
Stubbs has got Hibs playing some nice sweet football like we used to play!!!!
Calling someone a troll is dehumanising. Shurely….
I see there is an awful lot of ‘troll’ decrying going on. If somebody cares to cry Troll could you please name them lest you yourself be damned a ‘Troll’?
Just out of courtesy like.
Garry 67
When did that happen?
Looks to me that Hibs have this high energy pressing game sussed. Maybe they have the players for it?
Kitalba
The Neil Lennon test issue.
Daughters new boyfriend is a rugby playing Dundee high school and Edinburgh uni graduate etc.
My 18 to son at new year dinner talks about having played at tynecastle and watching there and how intimidating a stadium it is compared to having also played rugby at murrayfield.
My son says it must have been scary for Neil Lennon when the guy attacked him in such a tight space.
Without consideration my daughters boyfriend said it is understandable though as lennon riles people.
Queue tumbleweed Nd children waiting for me to explode etc etc.
I kept my dignity as it was my house but will EXPLAIN matters in due course.
gary67-i posted a few months back that Willie was possibly the best man for Lennoxtown,( i also thought RD might be better suited to that role…).We need to bring through more of our own,but we have always struggled to get 16/17 year olds to make the leap from youths to first team contenders .We are not alone in this,but to make it worth the financial outlay,we need better results.HH
jude2005 is neil lennon \o/
13:21 on 3 January, 2015
Was on Alex O’Henley’s twitter, McStay’s return as Head of Academy Recruitment will be confirmed on Monday.
Jude-he starts on Monday.
1-1 great goal from Walker
Fine equaliser for Hearts
1-1 cracker for Hearts
Another cracking goal at Tynecastle, good game this.
1-1
Screamer from Walker
Scott Allan showing one of the weaknesses in his game, very easily beaten by Walker before he got his shot away.
Score then booked
Thunder Road
13:13 on 3 January, 2015
neganon2
If you call someone a wife beater, rapist, beast……whatever…..does that make you one as well?
—–
That’s a ridiculous comment fella.
Neganon made a very valid point (important in my mind) – everyone lumping in and dismissing the likes of KevJ (or whoever their target might be, as often they fail to name who they’re attacking) as a clown doesn’t really do much for debate, does it?
Some seem keen on killing debate and discussion using this approach, all too frequently.
That should be an issue you should be concerned about, rather than making some absurd link between Neganon’s comment and wife-beating.
Burnley78
Ouch.
HH jamesgang
1-1 and the referee is shocking. Score a goal and get booked for it.
NegAnon2
Is that you admitting to being a troll then? :-)