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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sipsini
huns ralottarum
pfayr-Dungcaster’s statement,could make him party to collusion for Ashley’s rivals.
gordon64
Nobody has came out and said they were his own views. Until that happens I will assume they are also the clubs view.
Awe naw-could be right about that,they may try and blackball Ashley.Not a man to cross,i would guess,you don’t make that amount of money by not being a ruthless b…..
Peter Lawwell …is …..THE GHODFARRA. God bless im.
If Doncaster had came out with that statement 30 months ago no one would have bought a season ticket, this has to be put to bed and only Doncaster can do that no one else, I’ve sent my E mail to the SPL asking him if he speaks for all on the SPFL board, iv not received a reply yet, and if I do not get one I will send another till I get an answer.
aiden bhoy
Awe aye just assume, why don’t you send an e mail to the SPFL and ask Doncaster himself like I done, then you won’t be assuming?
League reconstruction for next season must have been agreed the crooks are coming out of the shadows they want in on the action. H.H.
The woman on stv informed us that Dave king was a previous director with rangers
The Lying King and The 3 Bears,Pixar could be interested in that one…
http://www.philmacgiollabhain.ie/an-expensive-lack-of-coordination/#more-5644
it is panto season!
Bada Bing The storyline is just to fantastic to believe even for Pixar. H.H. :-)
TBJ-‘The woman on stv….’made me laugh there…
!!bada bing!!
19:19 on 2 January, 2015
pfayr-Dungcaster’s statement,could make him party to collusion for Ashley’s rivals.
Spot on, should have his resignation by the morning
JFH-This will get interesting now.HH
http://www.philmacgiollabhain.ie/decisions-and-timing-at-sevco/#more-5640
tonydonnelly67
Why don’t Celtic say Neil Doncaster doesn’t speak for us. Then I won’t have to assume anything.
TD67….
http://www.philmacgiollabhain.ie/an-expensive-lack-of-coordination/#more-5644
Four years ago today.
http://youtu.be/ofz-EZ40_sw
Aiden
PL is in no way obligated
to respond to Doncasters gibberish.
The interesting aspect is whether or not
PL was aware of NDs pronouncement
beforehand as alluded to by Neganon.
The latest revelation from Mr Doncaster and Dave King returning to the scene of the crime a wee song popped into my head
Lisa Stansfield
People Hold On
(coldcut)
Words are quite apt about the emotions that somtimes make us as Celtic fans say things in the heat of the moment , anyhoo even if you dont give it a listen i wont hold it against yeez !!! Bunch a loser roasturs thit yeez ur
Happy New Year to all ;))) xxx
My friends in Celtic,
I for one am not obsessed by “rangers” in any way shape or form. However we have been cheated for years and taken for mugs.
That incoherent nonsenseable rubbish by Doncaster yesterday implies that we are still being taken for mugs.
I will accept a form of “rangers” as a new entity if circumstances dictate, but I will never, never accept that same club crap.
IMO it is not enough that we know the truth, everybody must know Celtic’s position. Doncaster has intentionally or unintentionally provoked the situation that if we as a club remain silent then we agree with him.
We are either with him or against him. Our custodians should now know that there is no middle ground.
On another note ; Lets see how much we want the league, our home attendances going forward will give us the answer.
Talk, talk has its place, but its “bums on seats” that will speak the loudest.
HH.
aiden bhoy
Well because Doncaster said it, get AFF yer lazy arse and e mail him at his office, and ask him if Eric Rielly is in the same frame of mind as him and if he is, THEN you e mail Celtic and get ripped into them, but to sit and assume is like being a Daily Record reporter, if you’ve got a beef with a guy, go to him, not someone else who hasent said a thing, but that suites the agenda in here for many sadly.
Apologies hadn’t finished :-)
Cowiebhoy
19:28 on 2 January, 2015
!!bada bing!!
19:19 on 2 January, 2015
pfayr-Dungcaster’s statement,could make him party to collusion for Ashley’s rivals.
Spot on, should have his resignation by the morning, once Michael Ashley makes his own move on this charade :-)
Sami’s finest hour…………yet we still did not win the league
Hamiltontim
Great team performance…
robert88
Thanks for that mate.
aiden bhoy-exactly,we are all still whistling in the dark,at the back of the bus …
cowiebhoy-hope you are well,Happy New Year
We are not interested in rangers, they are dead, anyone who says they are not dead is a dirty low down double dealing, forelock tugging, back of the bus sitting, msm dupe
We never want to play them again cos they are dead and the new team is not the old team and we don’t want them at parkhead and we don’t want them mentioned on TV unless the presenter says before mentioning them that” they are dead don’t ya know”
So am I clear, no real celtic fan ever wants to hear or see them again. Ok
Now what are we going to discuss tonight
I recall Paddy having a great game in the middle of the park that day.
http://www.philmacgiollabhain.ie/why-the-facts-about-dave-kings-crimes-are-sacred/
I agree with David Low.
All of this will be looked at by the takeover panel in the same way that they looked into the proposed sale of Dundee PLC by Angus Cook. There the proposed purchasers were sanctioned and heavily criticised for their failure to comply with the business rules.
Also look out for what happens at the proposed share issue where those with shares in Rangers International PLC can exercise their rights in a 2 for 1 share option.
Anyone with 15% or thereabouts gets to automatically go to 30% and so has to make an offer to everyone else.
It could be that Mr king could not afford to sit on his hands and allow the Three Bears to get to that situation without him having a say and so he suddenly ponies up and buys the same, or almost the same, amount of shares from Artemis plus one.
I repeat, Doncaster is a dick. His comments of the other day do not stand any scrutiny when matched up with, married to and contrasted with past words, actions and even the actual words of the flawed Nimmo Smith judgement which he quotes selectively.
However, what has changed is that those who are only interested in making a quick buck out of Ibrox are reducing in number and they are being replaced by those who actually have some interest in the entity that is Rangers.
These types will have a greater interest in seeing the Ibrox entity being “restored to its proper place in Scottish Football” than the London spiv lot, and so they will beaver away at the likes of Doncaster and Regan.
To that extent, it is now important that other clubs in the SPFL adopt a view on what would happen in the event of a new insolvency and the proper running of the game and the Ibrox entity.
There are TV contracts and sponsorship deals to be renewed in 2016/2017 and they will be getting worked on now.
With many clubs now being properly run, free of bank debt, and competing in a league without financial gerrymandering, rule breaking and at the very least attempted chicanery, it would appear to me to be necessary for the clubs of the SPFL and the championship to make it plain that the rule of law and the integrity of the game is more important in football than ever.
Just in case some still cannot access Phil’s site…
An expensive lack of coordination?
Leave a reply
If this was a military operation then it was very badly executed.
That was the assessment of my Square Mile guy today when I called him about the latest episode in this shambolic farce at Ibrox.
He told me that if the Three Bears and David Cunningham King have moved in concert then they would have got more shares for their money.
The furry chaps bumped the price up from 18p (they offered Laxey 20p and they happily accepted) when they bought 14.33%.
It is worth remembering that Mr George Taylor already had a small shareholding before this.
Now Mr King’s family has bought shares from Artemis and Milton and now they have 14.57%.
If the King clan bought the 11,869,505 shares for 23.5 (current market price) then that cost them £2,789,334.
When I told them that one the Bear fellows was a known associate of Mr David Cunningham King then he was even more puzzled.
None of this behaviour made any sense to my Square Mile guy.
At time of writing RIFC does not have extra penny towards the wage bill due on the 22nd of this month, less than three weeks.
He reminded me that now Blue Pitch Holdings and Margarita Holdings can have a major say in what happens next.
It remains to be seen if these shy offshore types will side with the new guys.
What is beyond dispute is that the company desperately needs a fresh tranche of working capital ASAP.
Whoever gives that is in the driving seat.
Today The People are ecstatic they believe they have been delivered from wherever it was they were when they were unhappy.
They’re almost as happy as when they cheered Craig Whyte down Edmiston Drive in May 2011.
tonydonnelly67
And what agenda is that ?
All I want to know is if Doncaster was speaking for himself or on behalf of the clubs. And I have contacted Celtic to ask them this.
Bada bing / Cowiebhoy
I’m very interesting in seeing what if anything comes of Doncasters statement
The interview was a platform for him to make his statement re Huns …a sham
He was not surprised by pointed unexpected questioning ……
I don’t expect him to get into any difficulties as I think he was conveying the party line.
I’ll be delighted to be wrong tho
Awe naw,
Reckon you might be spot on, something has been going down.
Ashley is no mug, but will be prepared to just milk thems for his loose change, which is plenty.
It’s time we got our act together, voiced an opinion before the sheep hang another banner up!