There may be some glib and shameless laughter if Dave King is forced to relinquish control of Newco by the court after his hearing, which takes place today and tomorrow. The Takeover Panel ruled that he led a Concert Party in the period leading up to his takeover of the club in March 2015. As a consequence, King was instructed to make an offer for the entire shareholding, which he failed to do. The simultaneous effects of ‘Cold Shouldering’ leaves the club hampered in their abilities to raise money.
None of this is welcome. I will be genuinely sorry if King is forced to relinquish control of Ibrox. His interference at the club, which started within days of Sevco 5088 being awarded the rights to buy Rangers assets by administrators Duff & Phelps, has been malignant.
Within a week of the Sevco 5088 offer being accepted, owner (disputed) Charles Green was asked to step aside. Green was quickly forced to abandon his projections, instead he had to over-promise what he could deliver, and sell cheap tickets in order to get fans, who wanted others to control the club, on board. Ever since Newco has haemorrhaged money.
It managed three promotions in four years, but now seems doomed to forever perform the role of hapless cash cow for the rest of the Premiership. They are good box office, add valuable income to the coffers of every club they visit, but are unable to generate enough money to break even.
The really puzzling aspect of King’s failure to make a share offer, following the Takeover Panel’s ruling, it that I’m sure it would probably cost buttons. If every shareholder took up the offer, there is a potential £11m bill, but surely few, if any, would exit at this stage, for 20p a share? I cannot see this being any more than an exercise of going through the motions.
Irrespective of the likely uptake of an offer, King would need to show the means to make good for the entire £11m, just in case, before proceeding. You or I could to through the motions of a meaningless £11m offer, but few of us could demonstrate the follow through. Perhaps King is in the same quandary.
I know we mock King’s pantomime PR and general ridiculous-ness, but he is perfect for the job of controlling Newco. For most people, for most clubs, this week’s shenanigans would be humiliating, but Dave and his cronies are made of stronger stuff. Hang in there, Dave, we will miss you when you are gone.
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Certainly questions to be asked of the Strong Rangers Association with regard to their granting of fit and proper status to King.
If only we had some journalists with a bit of backbone…..
Tontine Tim,
Of course, Ronnie.
He played like the archetypal “Billy”.
If I remember right, it was our lads’ ankles he did.
Was it Ormond who described Jimmy as “not mentally attuned” after the Mc.Rae intervention?
Guys n Gals thanks for all the kind Birthday wishes.
Happy birthday also to our only remaining full-time weather man Ian fae Devon .
Getting worried here no seen an update fae the Big George clan for a while, mon wee mhan keep the updates up and tell that auld mhan of yours not to be so heavy with the right foot. :-)
H.H
Alasdair Lamont
More
Counsel says information in affidavit shows link between King, Glencoe, Sovereign and NOAL. King claims not to be shareholder in Rangers.
Paul 67 et al,
What will happen if the PSG chairman is found guilty on the criminal proceedings.?
As per your article, sadly it seems the new normal.
Ps : WGS leaves their roles immediately
HH.
Strachan and McGhee sacked
Gary 67
Not sacked: mutual consented.
HH.
Tall manager wanted,apply within……………mind your head
Scotland will do well to find better than WGS
Commiserations Gordon you had the right players available but choose to pick the wrong ones when it mattered
McLeish has been clear that he wants the job, so he will get it, will help with the EBT bill and all you will hear is put the past behind us and look to the future, mistakes have been made etc.
Guess it depends how many will want to put the past behind us with all the cheating that has gone on who knows.
Alex Neil, or a similar young manager who will play the best players based on ability and form rather than the same old tried and failed who are picked based on where they play (or not in many cases)
The Concert Party
https://theclumpany.wordpress.com/2017/03/16/the-concert-party/
Paul67
From the narrow self interest of the Celtic point of view – long live the King.
However he and his thinking is only a manifestation of a mindset that runs dark and deep.
Enligthenment is unlikely to surface there regardless of any DK successo, but the toxicity of that mindset still prevails in our game and will continue to do so until light is shone on the dark places. No more putting up with shams.
Rightly or wrongly I think that enlightenment is Celtic’s job, not just from the need to protect the club from the worst aspects of wrong thinking, but to show a fearless courageous lead that manifests the benefits of right minded thinking.
To whom much is given, much is expected.
Just hearing WGS gone.
On DK & the Take Over Panel I heard for the very first time the word “impecuniosity” anyone know what this means
Well, Gordon Strachan’s gone…
Shame really, I was hoping he stayed. Not so much as he was the best man for the job, more I have no confidence in the SFA picking the forward looking, progress Manager Scotland need.
We would have been better off staying with Gordon and getting a younger assistant in, maybe someone like Ian Cathro who could help out with modern tactics while being part of the set up and future No 1.
Well done all the same Gordon, you have a proud an illustrious career to look back on.
Hail Hail
MURDOCHAULDANDHAY @ 2:58 PM,
It’s an anagram of pot to p!$$ in… Not having!!!
Hail Hail
Mcleish next manager
First squad will contain Jack, Dorrans , SuperGrass wonder kid
and suntanned skull
BArry Mckay will be kicking himself
The PR is reeking of desperate scrambling to take it out on a perceived Tim
Bad news Huns, create an event that has apparent gravity
A failing manager was pumped, or another story about further punishment relating to corruption In Scottish football meanwhile the governance of Scottish football sack the manger of the national team because that’s what’s important after all. Corruption happens deal with it, no getting into the World Cup play offs, well that just makes the executive judgement look flawed, oh wait
Im sorry it hasn’t worked out for WGS but he has made it difficult at times to defend him.
He was stubborn over Griffiths but remember LG was trying to convince BR that he was first pick at that time.
I understand his point about the role physique plays because in certain circumstances it does, but using the term “genetics” was not wise.
At the end of the day failure to keep the ball and defend resulting attack v England probably made all the difference.
He has made the margin between success and failure the thinnest it has been in a long time.
I don’t see any candidates for making it thinner, but the mention of the ex Hamilton Norwich boss Alex? Neil earlier did get me thinking. After all someone has to do the job.
MurdochAuldandHay
Impecuniosity is based on the Latin for “skint”.
Good day to bury Dave King news….
Many happy returns 50shades, have a good one.
Many thanks to you all for the kind birthday wishes.
No weather report tomorrow I’m afraid, leaving early to drive to the place of my birth and will be at the game on Saturday, must try and get to CQN corner. Hail! Hail!
Shame about WGS, perhaps Broonie will retire from international football now, hope so.
Well done Brendan on getting manager of the month despite never picking the same team as me:-):-)……
Wonder which smsm rag will link him with the Scottish job, ( haud on tae a stop laughing).
It will no doubt be a couple of skint EBT recipients hoping to bale out a couple of their pensions.
Good luck to wee Gordy in his travels, well suited to a mid table EPL club me thinks,he seems to know the market well.
Am aff oot take walk my Devil dug.
H.H
I get it now :))
Alasdair LamontVerified account @BBCAlLamont 6m6 minutes ago
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….outside family trust. Suggests all DK’s assets are family assets. Therefore doesn’t personally have £11-12m required to make offer.
Problem with International management is that its not really a young mans job and is relatively thankless if you are managing the likes of Scotland.
That given, the favourites will be either McCleish or Moyes – I would have thought that Alex Neill probably has better options and preferences.
I think that Steve Clarke is an interesting shout – looked as though he “had something” a few short years ago but maybe made a couple of bad career choices.
Good riddance Gordon is my first reaction but tempered with the thought of those corrupt failures at the sfa choosing the next incumbent.
Wee man showed no coaching strategy other than picking English based duds.
The Slovenia coach earned his pay packet the other night by altering tactics an personnel at half time.
Wee man reacted only after going behind by reverting to type and bringing on more English based duds who can’t even get a game for their own clubs.
Scotland were perfectly capable of qualifying from that group but the limitations of wee man were to difficult to overcome.
Expecting the corrupt failures to F up the next appointment so the future is not promising.
AULDHEID @ 3:07 PM,
Think you are correct, WGS’s position was as much to do with his personality as his out of date formations/tactics.
Apart from his Unbeaten record from Slovenia at Hampden, it is difficult to defend him.
Some of his decision making!? That final half in Slovenia just told us all despite appearances, he hadn’t moved on.
Having Mark McGee with him, a similar mindset was in the end fatal to the WCQ Campaign.
Alex Neil could be a shout… he has the players well above our current ranking.
Hail Hail
The state of the SFA makes the choice of manager candidate very limited at the moment, only those compromised need apply
I might be wrong but weren’t Gordon’s last 6 results 4 wins and two draws, and his last game was a 2-2 draw away from home against a half decent team?
AULDHEID on 12TH OCTOBER 2017 2:55 PM
Paul67 From the narrow self interest of the Celtic point of view – long live the King.
*reminds me of coming home from work one day with Mrs TT telling me that my mother had called earlier. My response was obviously and being 3.5k miles away, “what’s up”. Her response was “oh good news”, “oh aye what is i”t. ” john greig just got fired”, a disappointed me said “that’s not good news”.
CHAIRBHOY on 12TH OCTOBER 2017 3:25 PM
AULDHEID @ 3:07 PM,
Think you are correct, WGS’s position was as much to do with his personality as his out of date formations/tactics.
His perceived personality. He’s an extremely decent human being but unfortunately he doesn’t fit the profile that our moronic media (and to an extent our society) thinks is ideal. Contrast with Walter Smith who is seen as some sort of national treasure
So if King is too impecunious to make an offer for the shares why aren’t the other members of the concert party being told to cough up?
I’d like to see Paul Lambert, but I will be amazed it it isn’t either McLeish or Moyes.
CELTIC40ME on 12TH OCTOBER 2017 3:37 PM
I might be wrong but weren’t Gordon’s last 6 results 4 wins and two draws, and his last game was a 2-2 draw away from home against a half decent team?
****
But his earlier “sins” found him out……….as “sins” are inclined to do!
WGS did his best. His being thrawn paid for him in the end.
I would be happy with the likes of Alex Neill (if he could be persuaded) or Steve Clarke or John Collins, with that lad, Ian Cathro, who seems to be tactically aware. We have to break with the likes of McLeish and anyone else the SMSM want to foist on the national team.
Didn’t mcurine do a naesurname, chauncey and ian mcccoll and walk out of the Scotland job tae take a position elsewhere, but not before he took a junket tae SA for a WC meeting knowing he was leaving.