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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They are buying shares now because the sham that was Sally is gone – they can manoeuvre openly now..
winning captains
20:44 on
2 January, 2015
That’s you added
HH
CRC
stairheedrammy,
Thems have made their move at a specific time, knowing exactly what is in it for them.
Something has been manoeuvred to accommodate them.
I smell a rat and his name is Doncaster.HH
Did the share buying put any money in the orccy bank for this months wages or is Mike The Tim supposed to pull that up as well??
Surely, ashley could end this charade right now and put them out the geme ,if he so wished
Aiden bhoy
The shares were already bought. He was telling Ashley that liquidation is not an option. He was removing the gun from the head. It is impossible to liquidate Rangers. Hearts, Livi, Dundee, Airdrie, Gretna, Motherwell, Kilmarnock yes… Rangers No.
HH
Pedro,
No he needs the cooperation of other stakeholders still.
HH
Starry
I can’t see that it would
The purchase of shares is between the parties with the shares being the commodity purchased …..nothing to do with the football operation
Latest from James Forrest
http://www.onfieldsofgreen.com/a-prayer-for-the-dying/
Evening Paul.
Following on from the previous article… “I know I’m not the only one who was keen on a league challenge this season, preferably from Aberdeen, not the effervescent Hamilton Accies, who made some early running. Aberdeen, of all other Scottish clubs, have the potential to push Celtic further.”
Here are some interesting stats from each club’s last home game against Motherwell:
Possession:
Celtic 63%
Hamilton 58%
Shots at goal:
Celtic 27
Hamilton 20
Shots on target:
Celtic 10
Hamilton 8
Result:
Celtic drew 1-1
Hamilton won 5-0
Cost of team:
Celtic ££,£££,£££
Hamilton (£,)£££,£££ – not sure about the millions!
Perhaps Ronny could do with dropping his pants and touching his toes at a few of the Celtic training sessions. It might encourage a few of our Bhoys to improve their shooting accuracy!
Uly
Has Sally not got a few shares ?
MA
has a spare 2 million quid to play with now
captainmoonlight
20:51 on 2 January, 2015
Cheers a lot Dexter, can’t remember the last time sumbdy mentioned the darts on this fine blog,sky plussed it, just ready to press play and then find oot the score so far,cheers bud lol
——-
Sorry mate! Lucky I stopped posting! Won’t tell you how it finished!!!
“I would contact the take over panel first thing on Monday morning!”
PMg,s man in the square miles advice ….the 3 bears were really 4 bears but King was 24 hours too late …Sommers in the doo doo doo…
hehehehehe stupid stupid Huns ….
braw
http://www.philmacgiollabhain.ie/a-day-late-and-a-rand-short/#more-5649
Neganon2
Unless it was an attempt at gauging the support temperature on the matter I can see no other reason for Celtic having advance notice. The SLO will be able to give a reading after 24 hours once he has ploughed through the e mails.
Possibly they had a good reason to highlight LNS which Doncaster has provided and I welcome whatever the reason he spoke out.
It will not be the first time Celtic were kept in the dark by the SPFL. I’ve seen evidence of it.
I’d hang off before leaping to judgement.
Happy new year to all bhoys and ghirls from a long time lurker.
When one of the top men in Scottish football makes a statement then clarifies it on record, I expect my club to answer…….if they are in disagreement or feel that any part of the statement is incorrect or misleading , to do otherwise is to endorse it.
I do not doubt the boards credentials in their ability to run our club, I do question their integrity in the way they have remained silent for so long.
No other club was cheated by the dead ones more than us, to say this is none of our business is nonsense.
I do not know of the boards credentials as supporters prior to their appointment as custodians of our club but I’m willing to bet none of them were standing next to me and many others In Kerrydale St when Celts For Change fought for the life of our club.
We as Celtic fans, with the great help of Fergus and co saved our club, built our stadium and spent years supporting emotionally and financially until we reached the top again in 1998. At no point did we think it was our devine right, nor did we receive or expect others to help, the SFA done all they could to kick us when we were down.
Doncaster going unchallenged on this is not an option.
The statement the other day angered me way more than I thought possible, no one likes been treated like a fool especially by a fool.
Step up and be counted Celtic, our time has come.
HailHail
From previous:
“Anyone fretting about the prospects of Four-in-a-Row is respectfully invited to get a grip of themselves.”
With all due respect – last time that the club was going for the four,we were seven points clear at the same stage of the season.We somehow contrived to squander our lead and lose the title.
Fair play to anybody who isn’t worried about repeating the same mistakes this time, but in my humble opinion – you would be mad not to worry.
We don’t build up a good lead – other influences come into the play, MIBS, other teams rolling over to the sheep, not to mention our own team’s shortcomings.
HH.
Auldheid.
too much of a coincidence regarding the SFA board knocking Ashley back. They all work in the same floor of the same building.
HH
lennon’s passion-fed up getting pissed about by those in charge of the game,and the silence from our Club.IMO we have a Chief Exec doing all he can to help Sevco,instead of addressing our drop in football ability in 18 months,a manager hired from a league worse than ours,and drop in attendances.Guys on blogs like this,who have been going for years are ready to throw the towel in.We have to find out why,but the Club hide away from the fans’ issues.He has taken his eye off the ball for far too long.Apologies for cheeky responses.HH
….PFayr supports WeeOscar
I still can’t see anyone pulling up the untold millions “to restore the huns to their rightful place” it doesn’t make any kind of business sense to me and without a bank and a credit line even the most optimistic orc must know this game was always going to end badly.
I’m really dying to know who owns Poundland, that could be a real hoot:))
Awe Naw
A free run certainly. Covering more bets now dont you think?
auldheid
In TiIm I trust
Havent always agreed ….. But
Well done
Just in case some Fholks haven’t seen latest from Phil
A day late and a Rand short
1 Reply
Sometimes a badly executed plan can look like there is no planning at all.
My Square Mile chap just got back to me.
He made some calls and rummaged around in the hedge funds for me.
Subsequently, he is now clearer about the state of play at Sevco apropos all this share dealing stuff.
It would appear that the Three Bears and Mr King were indeed acting in concert; well that is certainly his take on it.
He told me that chaps selling the shares, Artemis, Laxey and Milton, registered theses sales simultaneously.
This would suggest that the people buying the shares had bought them at exactly the same time.
However the purchase by the Dave King family trust in South Africa came through a day later than his furry friends in the UK and this 24 hour delay cost the South African entrepreneur dear.
Essentially if he had made the purchase on the same day as them then he would have got more RIFC shares for his Rands.
I then asked my Square Mile guy what he would do now if he was David Somers and he didn’t hesitate with his answer:
“I would contact the Take-over Panel first thing on Monday morning.”
“Last man standing” competition has taken on a decisive roll…..
are you a ” Strap on” or a “strap-in” Celtic bhoy/ghirl ??
answers on a postcard to ………
braw
Starry Plough,
They will be allowed to survive no matter what they get up too.
Our problem is letting it happen.
It will come back to bite us on the arse.
sipsini
Aye looks that the way but as a football force they’re finished in my opinion..
Auldheid,
I find it completely inconceivable that celtic didn’t know all this and approve it. It comes as no surprise because celtic knew about the 5 way agreement etc and said nothing and they are doing the same here. I think celtic will stonewall all questions as will the SPFL?
I think they all genuinely think those who are unhappy are a tiny minority and the rest are comfortable living with the big lie cos we all want to return to the good old bad old days…….
Som of the guys I go to the games with are like that too.
I keep asking them if they like wrestling. I can physically see their discomfort.
Celtic believed in and still believe I’m Armageddon. They can’t give up the profitable sectarian financial drug.
They are risking the clubs very future……
Aw Naw
Indeed they do.
Celtic don’t. I’m not discounting the possibility they knew but it is not certain, nor is the motivation.
It will come out in due course.
guys
Enjoy yer night
Blog later
HH
Hell will freeze over before Lawwell goes public on the shenanigans underway.
It’s not in his personal interest.
Sir Robert Kelly would not have missed them , even standing up for the Czechs.
Ian Bankier is a mouse so nothing to see here.
Aberdeen and Dundee Utd have the integrity required.
Lawwell is silently supporting King and rejuvenation of the Ibrox club. Season Tickets, Bonus , keeping the top tier open next season….
If Lawwell had any integrity he would have sat beside Doncaster and nodded in agreement …just like the 5 way Agreement.
Our Clubs silence to me says it all
Auldheid….
In my lifetime will the truth ever come out ? Resolution 12 or whatever for a normal punter I know they cheated Mr Murray in my eyes was just a Craigy Bhoy without the bankers (insert rhyming slang)… in your esteemed opinion why has the Joanna Lumley chaser gotten away with with so much, why has not one accountant that valued snake moutain at £100+m and allowed them to borrow/steal on that basis, never be held accountable ? They have always cheated & lied, do you ever see the day when the truth could actually appear ?
Auldheid,
Peter Lawwell was not involved in anyway with the Llambias INFORMAL meeting with the SFA ?
His pique was not raised at an OFFICIAL statement been rushed out after this INFORMAL meeting ?
Why not wait until the official meeting with Ashley ?
Because they knew it would be too late by then ?
Celtic_Mac,
after three years careful planning the prospect of Sevco not getting promotion due to petty fighting and money grabbing within the walls at Ibrox can no longer be tolerated. It will scupper those plans for the new TV deal. If Celtic lose 10m what is the fixture worth to everyone else ? And not just football clubs ?
It is important that the trailer for next year goes ahead unimpeded.
HH
!bada bing!!
21:26 on 2 January, 2015
Anyone chucking Celtic due to planet Sevco needs to give themselves a shake. You had nothing to apologise for i took no offense.
Lennons passion
If I chuck Celtic it will be because not a thing has been learned by those running the game in the past three years. I will not pay to watch a game which is run for the benefit of one team.
All the Che Guevara rebels doing my nut in …..couldn’t fight sleep ya wallopers.
Celtictom@21.22
Good post fella
HH