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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Burnley78:
That’ll suffice mate, I think I know what you meant and I’m pleased you kept your cool.
kitalba
13:18 on 3 January, 2015
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.
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It’s restored some of my faith in this place that posted this. For me it’s a real issue here now. How many are scared to voice an opinion that goes against the majority for fear of being dismissed as a troll or a hun. Is this not giving agenda-driven trolling the exact result it wants?
1-1 ht
new article posted.
Cummings silly and lucky there!!!
Neganon:
Is it true, you’re not a concerned, thinking, free, Celtic Supporter, who wants only the best for his club and her Supporters, you’re nothing more than an imbecilic hun troll….
Oh! how deceived was I?
I would love too have seen lenny stay another season and ronnie graddually brought into the number 1 role.
Ronnie wanted to change things from the bottomup.. tough to do that when your number 1 I would imagine.
Burnley78 @ 13:22,
My own brother shocked me one night when he came out with the famous one, “He brings it on himself, though, doesn’t he”.
But there was good to come out of this. After I put him right about it, he is now far more aware of how he forms his opinions, and listens to the MSM with a much healthier scepticism. Hopefully you’ll have the same success with your daughter’s partner.
big georges fan club – hail, hail, wee oscar
We have put together a wee group to get this just right – there are four of us working on it at moment. Auldheid, BRTH, James Forrest and myself.
We also have a strategy to get maximum impact. We are asking all supporters’ sites to publish the feature at the same time and we will be issuing a press release – having briefed key journalists outside the SMSM – on this.
We are also looking at any international angles possible – any other ideas are welcome.
———————–
Cheers – will keep thinking.
Not met any of you guys (as far as I know), but keep chipping away.
Me and Wee BGFC did have a good chat with James’ dad on the plane back from Barcelona – very proud of his bhoy:-)
HH
BGFC
Syd negakev funnily enough I have noticed an increase in accusations of being a troll on the blog. Before Christmas I had a bit of a think about whether I was indeed behaving like a troll. So I had a wee rest. Besides I also am repeating myself ad infinitum because my views are already well known. So I will chip in occassionally.
As BCW a said calling someone a troll or a hun etc tends to be done to dehumanise that posters view. It is a very poor substitute for debate which, after all, is what the blog is really all about.
Thunder road look up the definition of a an Internet troll and you will see what I mean.m
As I am sure BCW will point out I have indeed behaved badly at times, lost my cool, got angry etc. it happens to many of us from time to time.
sid
10:54 on 3 January, 2015
Hunskelper – that should read Hunaquiescer.
“The Huns are dead” wrong Rangers are dead. The Huns will be back.
I would change your moniker, it’s not you.
Your apathy towards cheating and corruption makes me sick, let’s do nothing and blindly support a rigged game.
I come on here and get hope from the likes of Canalmar, Auldheid, BRTH, you want to go back to the good old bad days. Open your eyes.
>>>>>>>>>>>>>>>>
Absolutely spot on ……
That seems to be the answer on this blog…..someone says something you disagree with….call them a troll.
Its laughable really….hunnish in fact, to just doff the cap and believe any old nonsense.
Blind loyalty indeed.
IMO Celtic supporters have a right to complain about their cowardly board, who just keep on looking the other way.
This corruption is staggering, yet the Celtic board say nothing.
They just allow these cheats to carry on.
Anyway….all you old firm fans are truly fecked now, because sevco, or whatever horror team that plays out of ipox, will never achieve the stature of the huge scab that was Rangers….nae luck.
Id rather be the worst team in the world than tug the forelock to corrupt huns, im sure im not the only one.
PL should be held to account for failure, just like everybody else.
HH
Kitalba they are on to me ✌️
winning captains
10:23 on 3 January, 2015
moravcik
Yes it is being re-written now.
As for Herald circulation – don’t worry about that.
Anyone fluent in any of the major European languages and willing to translate our text please let me know. Email david@cqnmagazine.com
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I hope this disnae sound sarcastic-not my intention-but perhaps you should try to contact a former Celt who was robbed of trophies and kicked tae,erm,with impunity.
He might fancy a bit of putting the boot in for a change.
Dan Mastorivjic is yer man. And failing that,Rudi Vata.
Seriously,I reckon these guys would LOVE a chance to put the record straight to a foreign audience about how bent our game is.
About how pulling on The Hoops is like putting a roundel on your back.
Give it a go,you never know.
FFM. 1141
Blinkin’ flip,as if I would ever fall out wth you over a simple misunderstanding,when we can fall out about music,politics,pool,Belfast,or even when the last train is from Bath.
We’re experts at arguing some-and if you’ll pardon the expression,bearing in mind last night-shite.
But do you lap up the friction and disagreement? Course you do.
Heyho,long-standing pal. Don’t change.
Well,erm…
Yeah…..