Bothwellbear 1,392 Posted February 27, 2014 Share Posted February 27, 2014 Ex-Rangers director Dave King lifts lid on his Ibrox battle plan & warns fans: Back me or watch Celtic win 10-in-a-row Feb 27, 2014 07:35By Gary Ralston17 Comments9 SharesShare Tweet +1 Email KING yesterday accused the current board of financial recklessness, secrecy and sinister media manipulation as he called on fans to withhold season ticket cash to force change. Rangers FC/Press Association Images Dave King invested £20m in the club when David Murray was in charge DAVE KING fears Rangers will stay bit-part players while Celtic hunt for glory unless fans starve the board into submission.The South African-based tycoon, who invested £20m in the club when Sir David Murray was in charge and lost the lot, yesterday called on supporters to back his vision of the future.If they don’t, he insists Rangers will remain hamstrung by lack of investment and forced to live hand to mouth.He said: “If we cut our costs to suit our present income we will remain a small club and Celtic will shoot through 10 in a row – and beyond – while we slug it out for the minor places.“That is not the Rangers I grew up with and not the Rangers we should be passing down to our children and grandchildren.”King released a 1500-word statement – each of which was like a fist to the solar plexus of the current regime.He accused them of financial recklessness, secrecy and sinister media manipulation and likened their tactics to those of former owner Craig Whyte.If the board don’t back him, he is calling on fans to ringfence their season ticket money via a trust.The money would be released to the club game by game or handed over in one lump sum in return for the major assets – Ibrox and Murray Park – being signed over to supporters.Mark Runnacles/Getty Images King wants Rangers fans to ringfence their season ticket cash King therefore has identified the soft underbelly of the current directors at the top of the marble staircase – their desperate need for fans to continue funding day-to-day operations via the purchase of season tickets.The threat of an organised boycott by up to 40,000 supporters is the blow the board fear most as it would leave them reeling financially, unlikely ever to recover.King has talked a good game in recent months although, at times, it has been too much brag and not enough swag for many of the frustrated fans he is now attempting to win over.However, 17 years after he invested £20m in his boyhood favourites and lost it, he is ready to provide the double-digit millions he reckons they need to flourish again.In outlining his bid to join with fans and seize a controlling interest in the club – the Fergus McCann move, if you like – he has placed the Rangers board between a rock and a hard place.If they accept his offer of fresh funding it’s not just their shareholding that will be diluted but their influence as well.If they don’t let King and the fans in on their terms and operate with greater fiscal clarity, they could be starved of the millions they need to keep the club afloat beyond the end of the summer.King said: “Financial transparency should now be a non-negotiable requirement prior to investing in season tickets.“Legitimate concerns about the club’s financial position have been voiced for a long time. It should have been the board’s No.1 priority to provide the comfort fans need."The board has previously dealt with queries around the club’s finances by giving categoric assurances there was sufficient funding until the end of the season.“We now know these assurances were untrue and that emergency financing has been put in place on terms that are not commercial and that indicate the desperate financial position the club is in.“The fans have no proper insight into the owners of the club and who represents which shareholders on the board. The board has strenuously resisted any attempt by the fans to find out who key shareholders are.“The big question is, ‘What can fans do to protect themselves but still assist the team and management?’“Fans must remember the purchase of a season ticket is essentially an individual loan from the fan to the company until such time as all games are played.“If the board does not provide disclosure to the fans then it is time to draw a line in the sand. I propose that the fans buy the season tickets only on one of the two following bases:“The fans pay the season ticket money into a trust and the funds are released to the club on a pay-as-they-play basis.“The fans pay the season ticket money into a trust and the funds are released in full to the club but against security of the club property until such time as all games are played.“In that way the fans will have some protection from a future event of failure if the board cannot bridge the funding gap that clearly exists.“Additionally, the fans should insist on a board appointee prior to renewing their season tickets to look after their interests.”King has also listed a number of key questions the board should answer before fans make season ticket income available to the club.They include legally binding assurances the club is a going concern and has enough funding in place for next season and there continues to be no claim on Ibrox or Murray Park.King has long been reluctant to line the pockets of the shadowy investors, particularly those introduced by former chief executive Charles Green and granted penny shares for helping fund the £5.5m buyout when the club plunged into administration two years ago.He stressed he has no interest in becoming a Govan sugar daddy but acknowledges the club needs significant investment in the short term to fund a challenge to Celtic when they return to the Premiership.Laxey Partners last week agreed to loan Rangers £1m to see them through until the end of the season in return for a reported interest payment of £150,000 and it’s that type of short-term financial fix King believes is hampering the club’s return as a major player.King is expected to further outline his position in the days ahead and added: “My prime condition is that any funds introduced by me would go into the club for the benefit of the team and the dilapidating infrastructure.“I appreciate the Rangers board has no obligation to engage with me or to agree with my vision for the future of Rangers.“My assessment is the business is not commercially sustainable in the short term and hence requires a level of soft investment.“The board is focusing on right-sizing the business, ie cutting costs to match the income. It is correct that any club must, over the long term, operate within its means but in the short term Rangers needs a significant once-off financial boost that cannot be met from the current revenue stream.“Such a soft investment will only come from a fan-based group that regard their return as winning trophies in the top flight. I have been such an investor and want to be so again.“I would like to lead a fan-based initiative to acquire an influential shareholding in the club.“I invested £20m in the club and lost it all. Like all Rangers fans I continue to support the team and manager.“I am willing to provide funding again but I do not believe Rangers should be under the control of one owner or benefactor.“I see my role as being the lead investor of a like-minded consortium that will invest in the club along with the supporters, without the short-sightedness’ of an immediate return on investment. An immediate return on investment will guarantee a non-immediate return of the team to the top flight.” Quote Link to post Share on other sites More sharing options...
Copland bear 7,966 Posted February 27, 2014 Share Posted February 27, 2014 I was renewing regardless, but now Dave King has thrown his hat in the ring, I will be holding off. At the agm, I was impressed with Mr Wallace, in fact I was about 20 feet from him, and he did say and repeated on several occasions we had sufficient funds. Now the fans must rally behind Mr King as he will plough money into the team he loves and make us a force again. Quote Link to post Share on other sites More sharing options...
KingKirk 25,631 Posted February 27, 2014 Share Posted February 27, 2014 Ffs missed all this news yesterday, no doubt this threads been a riot Quote Link to post Share on other sites More sharing options...
STEPPS BOY 73,888 Posted February 27, 2014 Share Posted February 27, 2014 I was renewing regardless, but now Dave King has thrown his hat in the ring, I will be holding off. At the agm, I was impressed with Mr Wallace, in fact I was about 20 feet from him, and he did say and repeated on several occasions we had sufficient funds. Now the fans must rally behind Mr King as he will plough money into the team he loves and make us a force again.Aye, because that business model has served is well in the past. Quote Link to post Share on other sites More sharing options...
blueoutthedome 87 Posted February 27, 2014 Share Posted February 27, 2014 Hammer on head Quote Link to post Share on other sites More sharing options...
BLUEDIGNITY 33,647 Posted February 27, 2014 Share Posted February 27, 2014 Who's going to run these trust funds ? They words 'trust fund' set the alarm bells ringing amongst fans! Quote Link to post Share on other sites More sharing options...
broomloan blue nose 91 Posted February 27, 2014 Share Posted February 27, 2014 King is right.it will take millions for rangers to challenge for titles and in europe.laxey and easdales cant and wont fund that. Quote Link to post Share on other sites More sharing options...
BLUEDIGNITY 33,647 Posted February 27, 2014 Share Posted February 27, 2014 Who's going to run these trust funds ? They words 'trust fund' set the alarm bells ringing amongst fans!ANYBODY ? Quote Link to post Share on other sites More sharing options...
Johnnyren 601 Posted February 27, 2014 Share Posted February 27, 2014 . Quote Link to post Share on other sites More sharing options...
STEPPS BOY 73,888 Posted February 27, 2014 Share Posted February 27, 2014 Who's going to run these trust funds ? They words 'trust fund' set the alarm bells ringing amongst fans!Malcolm Murray, Mark Dingwall and Craig Whytes da. BLUEDIGNITY 1 Quote Link to post Share on other sites More sharing options...
BLUEDIGNITY 33,647 Posted February 27, 2014 Share Posted February 27, 2014 Malcolm Murray, Mark Dingwall and Craig Whytes da.Least I got an answer from somebody Mate ! Quote Link to post Share on other sites More sharing options...
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