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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VP
Are you on that aldi whiskey ?
aiden bhoy
21:53 on 2 January, 2015
You will miss Celtic. I’m more concerned about our tactics and manager.
http://youtu.be/rhbBhygJoww
voguepunter
21:56 on 2 January, 2015
Superb post
Lennons passion
I would miss Celtic.
Still think Ronny will come good although I think he has to be more flexible when it comes to his system.
doncaster…
http://youtu.be/PCGPhzWWgco
Could we set up a new forum for those who used to support celtic but have declared they will no longer do so because of the shenanigans at ibrox/ sfa etc.
Dual membership of cqn and the new forum could be strictly forbidden, then those that join the new forum can flounce to their hearts content about them wotten Wayne gers, and lawwell and the masonic cabal etc and leave the rest of us to argue about when we sack ronny
All these sevco shares that are hanging hands… are they in the club or company?
Changing not hanging
The lawwell haters need to get a grip, everything that happens in scottish football Celtic related or not is lawwell fault going by the posts on here.
Some need to give it a rest it’s boring as fcuk coming on every day reading the same shite about lawwell
Lennons Passion,
hahahaha ya mad man, away and fling pools baws through a pub windy, or empty bud bottles at a zombie mobile…..
Happy New Year mate!
as Tiny Tim has stated from the very beginning there will always be a hun horde playing out of Snake mountain, the SPFL, SFA laptop loyal will always make it happen!
I am with Lennons Passion, more interested in our team and tactics, they can feck right off!
gebhoy
G64
Still to come.
Awe Naw
That pretty much looks like the scenario from here on in.
HH
Neganon2
Agree.
Our board are playing a dangerous game.
One that i think will backfire on them.
I do not know one ST holder who wants
to see us ever play them.
What is the take over panel I ask you :))
Seen this this morning from a well respected twitterer and thought why today?
TAKEOVER PANEL RULING RE DUNDEE FC PLC. http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/12/1992-09.pdf …
LP-I will always be there to support the team,and ditto more interested in our own problems HH
Interesting to hear Hearts stance on Dungcaster’s interview.
gordon64
22:12 on 2 January, 2015
Count me in on THAT one….!!!!
yorkbhoy,
Does it really matter… The scam is on while our board sit on their erchies.
Night Night Timland.
Weefra HH praying to Wee Oscar.
Scrolling back
Captain Moonlight@20.51
Succinct and to the point. Think I will follow suit.
HH
I don’t recall Celtic PLC making any pronouncements prior to the vote which prevented Sevco getting an SPL spot. Just sayin’.
Bada
Likewise amigo.
But when we see blatant corruption
taking place in front of our very eyes
we have to say something.
‘Something is rotten in the state
of Denmark’.
Mr W Shakespeare
HH
Joe Filippis Haircut
19:24 on
2 January, 2015
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.
Joe,there will be no reconstruction next season.Not a chance in hell.
gordon64,
I’ll be going to the hun game to support Celtic, feck them, no matter how much they cheat I’ll be there for my team. HH
gordon64
22:12 on 2 January, 2015
Will that be the season ticket holders who inhabit their own wee world at CQN corner
Or
Will that be the season ticket holders who turn up in their thousands at Hampden in February even although they have hardly used their tickets to enter Celtic Park this season
neganon2
There will be no stonewalling now. There is a great deal now going on at our end – this is all coming to a head. Celtic will have to respond too – there is clearly no other option. All of the various strands that have occupied our minds online these past three years have now all come together. Celtic supporters should hold fire on hurting our club – our collective strength may well be required in the weeks ahead. Scottish football could look completely different by the time the semi final comes around.
What is the Stars,
Agree it would be great to discuss the great glasgow Celtic and their decline under Lawwell.
However the leader article is about 31% Sevco takeover and forensic analysis of said subject ensues
Celtic sitting at the back of the bus in silent acquiescence is absurd and leadership is sadly lacking.
In the days and weeks ahead this weak position will be trampled upon by SFA, Media and fans of other clubs.
Spineless Lawwell is damaging our club more than we can imagine
Sipsini & mickbhoy
Fair play to you.
I know supporters who will be going
to support Celtic because it’s a semi final
not because it is against them.
Every one of them does not wish to see
Sevco or any incarnation of them in the SPFL.
For the record I will not be using my ticket.
HH
winning captains
22:23 on 2 January, 2015
Thank you.
Ps
I have been meaning to ask as I dont do online banking when I buy CQN stuff from the Celtic shop do yous get the same amount?
mickbhoy1888 ripoffmerchant
Do not try and slag off the CQN bhoys ,they are all fine Mhen ,unlike yir Tulliallan brain dead
boys.
The Scottish Messi money will be used as immediate working capital, according to the BBC.
I think that immediate working capital means this month’s wage bill.
The bonus in this scheme is that your wage bill reduces every month as you sell a player a month to pay the remaining players.
Christ Aberdeen above us, DU next ..all well saying we’ll win our games in hand but with this manager ??!!
Anyone saying that we will have league reconstruction next season are mistaken.If you think differently,go to the bookies.Make yourself rich.
maxbhoy
22:30 on
2 January, 2015
Christ Aberdeen above us, DU next ..all well saying we’ll win our games in hand but with this manager ??!!
——————————–
Got a change of pampers mate?
rwe-400k max for Leo McLeod,other 600k is when Brentford win the Champions League HH
Can anyone see Ally being called in from the garden soon ?
I really wish everybody would stop slagging season ticket holders for not going to games, my season ticket days lapsed long time ago but the easy part is buying your ST, on the day of the game you still need a few bob in your pocket, on a freezing day in December drawing 0-0 with Ross Co how can you justify that to yourself, summer football must be the way to go, let Sky/BT fight over the rights as they both have heehaw on offer during June/July, and I can promise you during the summer holidays it will be a lot easier coaxing the kids to go to Paradise than a freezing December or peeing in the rain January, I don’t know anything about the CQN gazebo but during July you could start the barbecue about 11am (weather permitted)