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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what is the stars
22:53 on 2 January, 2015
Miss the fixture ????
Maybe the actual 90mins, miss all the shoite attached to it, no thanks, the media try to play the “it’s only a game” but they bams work and live off the hatred, the Huns were nasty when they thought they had the right too be nasty, I don’t dread the football, but is it worth even 1 fatality which actually could happen, the clowns are still marching and celebrating and think that it matters about some battle that happened 500yrs ago, so they will try and hold onto “recent” history 1972-2012…. If I never played them again it would be too soon…. Life is too short Hail Hail
“Obsessed is the new Paranoid” :)))))))))))))))))))))))))
Gerryfaethebrig
My point was that your view, my view and that of the majority of CQNers, is very much a minority in relation to the wider fanbase.
Gordon 64
I understand of course,
I remember being at one particularly highly charged derby game (werent they all)
I kinda had an out of body experience ( no I didnt but bear with me) I just stopped myself in the midst of all the mayhem and looked around me,faces contorted with rage/joy/anger,the noise etc and I remember saying to myself “this is madness” of course 30 seconds later I was back in the game so to speak
Keep skelping the bed wetters Turkeybhoy.
What is the Stars
Primal, is perhaps the word.
And Another thing…………..
Highland Speciality Shortbread Selections are addictive………….
Shouldn’t be allowed.
BCW
Primal is the word
And yet I have also been back in the pub after a celtic rangers game and had a drink with Rangers fans (mind you they had won that day)
BRTH
As with Stilton cheese.
HH
turkeybhoy
22:31 on 2 January, 2015
Anyone saying that we will have league reconstruction next season are mistaken.If you think differently,go to the bookies.Make yourself rich.,
______
If you think for a minute they hun bassas will not be in the same league as next season, you’re on a different planet, not just a different country.HH
Gordon64
With Shortbread…….yuk !
Awe_Naw_No_Annoni_Oan_Anaw_Noo
22:40 on
2 January, 2015
Turkeybhoy
did you miss my Berget question ?
HH
Sorry,I saw it but forgot to answer.Berget will be away this month I think.Think he was an emergency loan signing.Broony was out at the time I think.
A lot of”Thinks” there.
With more time to see what he has,I would expect better .
Please dont think I am blindly supporting RD.I am not.I do think he should be given time.IMHO,I think we have to go down a more modern road.
Turkeybhoy@22.58
I know.
Like teams have never capitulated before to do us a disservice.
Dunfermline (cough)
TURKEYBHOY
You can still join my Ronny Out gang before its too late
big-cup-winners
23:12 on 2 January, 2015
I cannot disagree with you at all but at what point should Celtic be blamed for the cheating bams fae Govan whatever they call themselves… Do I tell my 2 young nephews not to go to games because it’s rigged ? My father and his father knew it was rigged and they never once told me nor to go, just a pity they aren’t here to see they were correct all along, they probably already knew
Hail Hail
sipsini
23:18 on
2 January, 2015
turkeybhoy
22:31 on 2 January, 2015
Anyone saying that we will have league reconstruction next season are mistaken.If you think differently,go to the bookies.Make yourself rich.,
______
If you think for a minute they hun bassas will not be in the same league as next season, you’re on a different planet, not just a different country.HH
If you mean by reconstruction,I will take your money,forget the bookies.
Nonsense.Some of the conspiracy theorists on here have lost the plot.Calm down FFS.
Big cup winners
I also hope your prediction won’t come true, but you are probably right. A hard decision will have to be made as I have been going to games for 50 years and one of the tickets originally belonged to my grandfather and passed to my late father.
Hopefully they will go bust like the original club so won’t have to worry about it.
Any CQN’rs at the Parkville, Blantyre tonight? EnnisBhoy HH
gearoid1998
23:20 on
2 January, 2015
Turkeybhoy@22.58
I know.
Like teams have never capitulated before to do us a disservice.
Dunfermline (cough)
Like St Mirren and Dundee as well.(cough)
I recall taking to my boy to his first game
against them.
We won and he absolutely loved it.
We went to many games together after that.
He realised long before i did that it was mental
and unhealthy.
Turkeybhoy,
fine with that I just dont think he should be given carte blanche. I am still haunted my Marco Antoine Fortune. I believe the club has lost faith with its own scouting system hence the recent noises about it being overhauled. The Berget signing must also give those who approve signings the jitters. Collins record at Hibs was nothing special. This window is important. Very with regards CL. Denayer and Guidetti signing up for next season at least would be a positive. As is holding onto Virgil.
HH
http://www.dailymail.co.uk/sport/football/article-2894949/January-transfer-window-does-Premier-League-team-want-sign.html
Darren Fletcher down as £500k – would anyone sign him up for his career end?
I am still suspicious that this takeover is a planned synchronised event.
King was a director right up to liquidation. He was there through the Whyte era and would have known about the Ticketus deal.
Ticketus had no security? Are you having a laugh?
No one is prepared to print what exactly these onerous contracts are for but it’s clear they are all related to the assets.
King let liquidation happen but expected to be back sooner. Ticketus are margarita, blue pitch who are Green et al.
Everyone would have been happy in that cabal had Ticketus continued to have been paid back at the same rate post admin or liquidation but the lack of acquiesce forced a change.
Liquidation again gets rid of the onerous contracts and goldilocks and the 3 bears can only have calculated that this is the cheapest and best way to save Rangers but what have they agreed with regards the assets?
What is the Stars
23:20 on
2 January, 2015
TURKEYBHOY
You can still join my Ronny Out gang before its too late
Grrrrrrrr!!!!!.
I’m lucky to know some fine tims, none want to see the huns game back.
None.
If you see a Jesus looking fella by the main bar come say hello!
turkeybhoy,
Don’t you see it?
The fabrication of today should open your eyes, the move is on!
No matter how bad a team they become, the protection will be there, PL, get your finger out.
watsinthestars u in Dublin
Northside or
Hail hail
Awe_Naw_No_Annoni_Oan_Anaw_Noo,
No arguments from me there.If the board back him to a fair degree,remembering the very important CL qualifiers,then its down to RD to deliver.I am as nervous as anyone else.A massive 5 months coming up.
So St Mirren lay down against us???
Dundee beat hearts.
My point would be if it comes down to a contest between us and whoever do you seriously think that the level of honest mistakes will not increase???
Given what has gone on recently you are probably right…..We tims are paranoid. Trust in the Sfa and Sfpl and every little things gonna be alright now.
P’s I have some De lorean shares if your interested. All above board Guv.
garygillespieshamstring
That’s the tragedy in all this. The most likely club to suffer will be Celtic. Not the Rangers, who as a club and support have lived and prospered by lies and cheating.
The (potential) loss of core Celtic supporters won’t be felt initially.
Turkeybhoy,
Yup. I also agree with Petec that if he wins the SPL then we should keep the faith until October November next year. i.e until his second batch of signings are bedded in. I dont count last summer as one of his windows.
I also think he should stop talking in terms of a treble. Only heaps pressure on himself. Willie Collum can sort that one out with one breath
HH
Once again our beloved club has to
overcome another hurdle put down by the
establishment.
The question is have our leaders become
part of the said establishment.
If so we are heading for murky waters.
PL has plausible deniability.
But now he needs to mhan up.
What do we stand for Peter ?
brogan rogan trevino and hogan supports oscar knox, mackenzie furniss and anyone else who fights neuroblastoma
22:48 on 2 January, 2015
I get the distinct impression ming knew absolutely nothing about the 3 bears move, and that was why he was a day later with his purchase….he had to react….
Butsybhoy
A regular reader on here would know I am the KIng of The Dublin 4 West Brits (lets rejoin the commonwealth association)
I live in a large mansion on Shrewsbury Road but I can have my chauffeur collect you and bring you over
Shall I prepare a gin and tonic for you old chap and we can toast her majesty together
No actually I am a northside scanger
sipsini,
No,I honestly dont see it.I wont see it until it happens.The amount of conspiracies on here is getting ridiculous.Everyone is in on it except me.
No one has a clue what will happen.Me,as I said before,I will sit back and laugh as it happens.They are in the gutter.What happened today wont change that.£400,000 from the Mc Leod money used to keep the lights on.
Tell you something else,I have no idea why the numbnuts statement about “Same team”has any bearing on what happened today.How does that help?.
Evening. Am I missing something here?
A man most of use think is very silly recently said a very silly thing.
A company requiring c. £10 million to survive until late spring recently sold an asset for somewhere between 5% and 10% of this amount.
Two groups recently spent c. £2.5 million each on shares of this company. The sellers have decided to keep the money themselves rather than giving it to the company.
Administration and liquidation are events triggered by creditors, not shareholders.
A company has one very large creditor (refers to amount owed not waist size) and this person also has “representation” on the board.
The only way someone else can become the largest creditor is either
a) current largest creditor says “Forget about the debt – call it evens” OR
b) this someone else loans the company a very large amount of money – for talking sake lets say … oh I don’t know ….. twice as much as they have just spent buying shares
Two teams near the top of the league both won home matches yesterday
Let me know if I missed anything? Thanks & Hail Hail
Aye,these guys are spending millions on a club who will be in the Championship next season? Go figure