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We’re going to miss Dave King when he’s gone

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By on CQN BLOG & Comments

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.capture-20171009-120341

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  1. Trooncelt on

    Thanks jnp & leftclicktic for the welcome

     

    Phil Mac up regarding glib n shameless at court today,will be interesting tomorrow.

     

    HH

  4. Philbhoy on

    TROONCELT

     

     

    Welcome indeed!

     

     

    My wife and I had a long weekend at the Marine Hotel at the end of April.

     

     

    On the Saturday spent a great afternoon in the lounge of the Lonsdale.

     

     

    Pumped the mankies 5-1 and made loads of new friends that day.

     

     

    Great memories!

  5. Dallas Dallas where the heck is Dallas on

    Bobby at 6.55, I cant take the credit for my thinking about McInnes being pushed for the job by the media.

     

     

    When levein got the Scotand job, someone had posted on here it solved two ‘problems ‘ for the SFA.

     

     

    The post has always stuck with me as in my opinion , it was right.

  7. Dallas Dallas where the heck is Dallas on

    Trooncelt , welcome .

     

     

    I gather you are not that rugby playing hun apologist Broon fae Troon

  14. Trooncelt on

    Philology and dallas

     

    Thanks

     

    Phil

     

    Marine hotel very nice,good view for the 18th hole

     

    Dallas

     

    Brown fae Troon deid like them

     

    HH

  15. weebobbycollins on

    Big Packy…Jim Kennedy (the president) was a great servant to Celtic, loved dearly by the fans for his commitment…his speciality was the slide tackle. When the president slid into a tackle you could see it coming, those big long legs of his…woof!…on to the running track, followed by a great cheer from the jungle. Loved him. I think he went on to work with Celtic pools…Haffey–McKay–Kennedy–…..

  20. Trooncelt on

    Park Road 67

     

    Only there for 6months in the amerobic plant getting built,one of the grants gaffer’s (Gary)is a big Tim

     

    HH

  21. Jimmynotpaul on

    D.D.

     

    Have a blast in Munchen.

     

    My mate in the work, plus 5 all going with tickets for Bayern end.

     

    I think they are flying to Frankfurt staying there one night, travelling to Munich staying there night of game and back to Frankfurt next day for flight home.

     

    I think it will be a great trip, German fans ( except Hamburg ) are usually good ghuys.

     

    Hail Hail

  24. glendalystonsils on

    Maybe EBT Eck will take the Scotland job on the understanding that if Sevco come calling,

     

    he will be offski, just like the cardigan before him.

     

     

    I’m sure the SFA would have no problem with that.

  26. Jimmynotpaul on

    For anyone interested Glasgow City playing in champions league, lost first leg 3.0 in Kazakhstan. Were 1.0 down at home have scored 4 goals in 20 mins, so now 4.4 on agg. 20odd mins to play. They need another to avoid going out on away goals.

  27. Cowiebhoy on

    Goooood afternoon CQN

     

    Regan, Bryson, Dickson, Petrie etc, how are you all still in position at FtSFA ???

     

     

    Now, was reading Erik Svietchenko nearly fit, any word on Kouassi ??

     

    Brownie, Stuart and Jozo, all expected to fit in next few days

     

    Nearly a full squad at a crucial time for the Bhoys

     

     

    Ok sunshine, be there the noo :-))

     

     

    Oops, 50 shades and Ianbhoy, very hoooopy birthday

  29. Park Road 67 on

    JIMMYNOTPAUL

     

    I’ve been following City game , my mhate’s daughter is on the bench , some game !

  32. Jimmynotpaul on

    Park Rd 67.

     

    Time running out, hopefully not another Scottish out on away goals.

     

    How are Girvan doing?

  33. Park Road 67 on

    JIMMYNOTPAUL

     

    City missed penalty to make it 5-1 ! Aye Girvan not too bad a start in Super league , heard today the manager has been interviewed fo Cumnock job , Cumbernauld have had good start !

  34. nally81 on

    My revolutionary idea for Scotland would be to make someone like Jack Ross or someone else up and coming like that as manager and bring in an assistant on a game by game basis like BR or Mourihno or SAF but there is nothing surer it will be big Eck- Traynor and Davy Murray will be pressuring the SFA right now.

     

     

    My reasoning is the amount of EBT recipients that have been given work at Sevco and in the media lately.

     

     

    These guys agents have maybe asked Murray politely after the HMRC demands dropped and he’s politely got them jobs.

     

     

    I bet ye McLeish’s backroom team if he does get the job will be wee Barry.

     

     

    Hard game for a variety of reasons on Saturday for the Hoops.

     

     

    Bad tempered 3-2 win.

     

     

    Hail Hail

  35. Trooncelt on

    Big packy

     

    Thanks for the memories of Jim brogan a great celt

     

    Saw him play when I was a nipper,with the likes of hay,macari, Wilson,callaghan mcgrain,murdoch,kd etc

     

    What a very talented team we had in the 70s

     

    HH

  36. Hunderbirds are Gone on

    TROONCELT

     

     

    Welcome.

     

     

    First time I got sunburnt was in Troon. In the Sixties.

     

     

    Climate change eh.

     

     

    :)

  37. Jimmynotpaul on

    Park Rd 67.

     

    Good stuff with Girvan. Surely Cumnock a,step down now :-)).

     

    Cumbernauld had a poor start but have now won 3 on the bounce. I think they like Ayrshire, they beat Dalry and Largs away.

     

    They had a clear the air meeting, a player left and from then things appear to have improved.

     

    Disappointing for Glasgow City that would have been some come back. I hope the person who missed the pen doesn’t let it get to her too much.

  41. !!Bada Bing!! on

    GLENDALYSTONSILS on 12TH OCTOBER 2017 8:52 PM

     

    Maybe EBT Eck will take the Scotland job on the understanding that if Sevco come calling,

     

     

    he will be offski, just like the cardigan before him.

     

     

     

    I’m sure the SFA would have no problem with that.

     

     

    I wonder if anyone can remember the compensation Oldco paid to get the Cardigan out of his Scotland contract? Escapes me….

  42. glendalystonsils on

    !!BADA BING!!

     

     

    Yes. A bit like the condemnation of Watty in the media for leaving Scotland in the lurch. I must have missed that one too.

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