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No Green & Whyte at Ibrox


debear
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Dave King's press release:

NO GREEN AND WHYTE AT IBROX

I have continued to observe the lack of progress in the attempts to resolve the crisis at Ibrox. I hoped that a “supportable” proposal would emerge from an individual or grouping that would meet the needs of the club. I see those needs comprising of four main components;

1. Any offer should demonstrate the capacity to not only acquire the club but to invest in the club going forward.

2. Any offer should be supported by the requisite business skills to ensure that the recent crisis is not repeated.

3. Any offer should recognise that the club cannot be run on purely business principles. The club has a “soul”, a history, and a tradition going back 140 years. Our children and grandchildren are entitled to the same legacy that our father’s and grandfather’s bequeathed to us.

4. Any offer should recognise that the fans are key stakeholders in the club, whether they are shareholders or not.

In my view the CVA proposal that is being put forward for consideration by Duff & Phelps fails to demonstrate compliance with any of the above criteria. I accept the possibility that Duff and Phelps may know more than is contained in the CVA proposal, but if that is the case, why the lack of transparency? Duff & Phelps have earned enormous sums as administrators and have had sufficient time to ensure that full disclosure is made with any offer.

One practical difficulty that Duff and Phelps has is that their prime responsibility is to those stakeholders that have a legal claim on the company. This excludes the many fans who are important stakeholders but not shareholders. This leads me to some specific concerns about the CVA proposal;

1. It is clear from the CVA proposal that Mr Green intends to repeat Mr Whyte’s strategy of using season ticket sales to fund the club. This would put fans back in the position of funding the club without owning it.

2. I made it clear to Duff and Phelps that I regard the Whyte acquisition of the shares from the Murray Group as being fraudulent and that myself and every other minority shareholder (all fan shareholders) have been prejudiced by this. The CVA gives no recognition to this difficulty and to what reparation will be made to those shareholders who have been abused by the terms of the sale to Mr Whyte.

3. I also advised Duff & Phelps that I was making a claim against the club for the full amount of my investment based on the deliberate non-disclosure by David Murray of transactions that he had committed to on behalf of the club that were both risky and to the sole advantage of the Murray Group. I have made that claim but Duff & Phelps have at this stage ignored my representations.

4. If it becomes necessary for me to prove my claim I intend to enlist the support of the other fans, like me, who are shareholders in order to ensure that we are all considered and represented. I further advised Duff & Phelps that any proceeds received in respect of my claim will be reinvested, in full, back into the club. I am sure that all other aggrieved investors (that are fans) will do likewise. This will ensure that a substantial portion of the funds used to acquire the club will still be available to invest in its future.

5. Mr Whyte gave me first right of refusal on his shares on the 29th September 2011. Andrew Ellis subsequently advised me that Mr Whyte had personally advised him about my first right of refusal but that Mr Ellis had a prior right to 24,9% of the shareholding from Mr Whyte. Based on my own history of dealings with Mr Whyte I have no reason to doubt Mr Ellis’s version. Either way, Mr Green cannot acquire the shares.

It is not my intention, and I know Mr Ellis feels the same, to get in the way of a properly structured and a properly funded transaction that meets the needs of all stakeholders, including the fans.

In my view, based on previous discussions with Mr Whyte, it is unlikely in the extreme that he would sell “his” shares to Mr Green for a nominal sum (even if he hadn’t committed them to me) unless he was obtaining some benefit or retaining some control behind the scenes. Duff & Phelps non-communicative approach to stakeholders causes me further concern in that regard.

I am opposing the CVA and urge all loyal fans to do the same. We don’t want to be back in a similar situation next season. I also believe that all true Rangers fans should not buy any season tickets until full and frank disclosure has been provided by Duff & Phelps, Mr Green, and Mr Whyte, as to what is truly going on behind the scenes.

Dave King

Johannesburg

7th June 2012

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I'm amazed that King has time to issue anything! Thought he would have been in jail by now? Looks like his true colours are emerging. Just in it for himself. Minty took him for 20m.... His fault at the end of the day for giving money over to sDM.

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no real !!

i have heard all this mumouring in the back ground between all the money men surrounding Rangers

this is never gony go away till Green and duff n phelps etc

sit in an open press conference and answer every question

Dave king in my opinion is threatening the cva acceptance to protect his money not the club, as the club will be liquidated if the CVA isnt accepted full stop.

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no real !!

i have heard all this mumouring in the back ground between all the money men surrounding Rangers

this is never gony go away till Green and duff n phelps etc

sit in an open press conference and answer every question

Dave king in my opinion is threatening the cva acceptance to protect his money not the club, as the club will be liquidated if the CVA isnt accepted full stop.

How would liquidation protect his money?

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Well put your money down then Mr King.

The put up or shut up point was reached several months ago.

Dave King is the only fucking man in recent memory to have EVER put one penny of his OWN money into Rangers so you would be best served shutting up, This seems a fair enough statement to me, there is a lot of shit going on in the background we know nothing about and a lot of questions unanswered like for example why is Whyte all of a sudden willing to just walk away? All of these points seem valid to me and I have no issues with a man who has ploughed Millions of his personal cash into the club looking for some answers from relevant people as to the structure of the deal, he is after all still a director and shareholder. But yes the timing of this is suspect and should have been done sooner if he really had our interests at heart, but he is still entitled to ask these questions, even more so than you or I.

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Using season ticket money to fund the club, what a novel concept. :lol:

I wonder what the other SPL clubs do with theirs.

The south african tax service must be pishing themselves reading Kings rant about transparency.

Given he's facing a tax bill of hundreds of millions of pounds, he's hardly a model for corporate governance.

Looks like he's trying to help his TBK buddies out. Once again they are behind the scenes trying to manipulate a groundswell against green, in the hope of picking up the carcass for buttons.

I don't know if Green is a good or a bad thing for the club, but I'm certain no good will come of TBK involvement.

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Dave King is the only fucking man in recent memory to have EVER put one penny of his OWN money into Rangers ...

Apart from the loyal fans who have contributed not only via purchasing merchandising and attending fixtures, but have generously donated to the RFFF.

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Apart from the loyal fans who have contributed not only via purchasing merchandising and attending fixtures, but have generously donated to the RFFF.

An investment and a purchase are two different things entirely so your point is a waste of time.

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A bit pathetic from King; it was his choice to give his (or whoever's money it was)to Murray and now after so long he thinks it was a mistake and wants it back? More than ironic the verbal agreement between King and Whyte is a source of dispute; just goes to show there is no honour between what looks to be kindred spirits.

Is he and his mother not barred worldwide from trading in shares anyway?

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Am I the only one who is concerned by this? Everyone else seems happy just to tell King to fuck off, I am actually genuinely concerned by Kings points escpecially after we know that Whyte is still involved after his statement yesterday, fuck sake wake up bears we being led doon the garden path again.

"My shares will form part of the consortium's shareholding and after that I will focus on other activities. It has certainly been eventful year but I did what needed to be done, unpopular as it was. There was no alternative. It had to be done.”

Notice the bit he says His Shares? Doesn't sound like the words of someone who sold them for £2, that could be 3 times in less than a month Green has fucking lied to us even Whyte had a better record than that.

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An investment and a purchase are two different things entirely so your point is a waste of time.

You didn't specify an investment, you merely said King was the "only man" to "put" a "single penny of his own money" into Rangers. Ergo, my point is valid and you need to be more specific.

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