Dave kings 1m interest free loan

[gogzy 31,195]

For clarity, James Easdale is on the PLC board.

The PLC is the company you would deal with for investment and potential shareholding related matters.

It is perfectly logical for King to be dealing with James Easdale on this.

Was it not Sandy he offered it to according to the sun, who is not on the PLC board and is not someone you would speak to about ivestment?

[willygers4life 1,031]

Was it not Sandy he offered it to according to the sun, who is not on the PLC board and is not someone you would speak to about ivestment?

That's exactly what I said earlier and was told that sandy would pass it onto his brother, so that the board could get the info

[Johnnyren 601]

.

[trublusince1982 768]

Was it not Sandy he offered it to according to the sun, who is not on the PLC board and is not someone you would speak to about ivestment?

would be who you speak to if you contact the club asking for a meeting and thats who they send. Doubt DK sought him out.

The meetings where asked for by DK and took place in oct think both Easdales where there and they even commented as such in the press.Easdale said they got on well with DK and talks where constructive.

[eskbankloyal 19,446]

Statement by Dave King on Rangers FC

Because of my ongoing interest in the future direction of the club I have deliberately avoided immersing myself in the day-to-day "noise level" that is being played out in the media. By doing this I had hoped to serve as a bridge between non-aligned stakeholders and the club, as well as seeking a way forward that could accommodate all interests. I no longer believe that I can achieve this with the board that is presently in place. I consequently wish to update the fans on my current position.

Late last year I travelled to Scotland in an attempt to find a way forward that would accommodate all parties and ensure sound corporate governance and sound financial planning for the club. Unfortunately, my efforts were in vain. During this period I made it clear to the board that I am a potential source of funding by way of a new capital injection. 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.

For the avoidance of doubt, I appreciate that the Rangers board has no obligation to engage with me or to agree with my vision for the future of Rangers. My assessment is that 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 anyclub 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. Without this we will not get back to where we should be. 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 that I grew up with and not the Rangers that we should be passing down to our children and grandchildren.

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 hope that the board will belatedly recognise the importance ofcommunicating with fans on the true state of the club's finances.Financial transparency should now be a non-negotiable requirement of the fans prior to investing in season tickets. It is an easy deflection for the board to suggest that it has had insufficient time or that it is restricted by AIM regulations. That is simply not true. Legitimate concerns about the club's financial position have been voiced for a long time. It should have been the board's number one priority to provide the comfort that the fans need - if it is able to do so. Craig Whyte employed exactly the same reasons for avoiding disclosure of the true financial state of the club during his ill-fated period of ownership.

The board has previously dealt with queries around the club's finances by giving categoric assurances that there was sufficientfunding until the end of the season. We now know that 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 that the club is in. This lack of transparency on the present and projected funding position isextremely worrying. The Craig Whyte purchase would never have happened if the true source of "his" funds had been known. Similarly, the fans would not have purchased season tickets at that time if they had known that their funds were going out of the club. The fans lost their cash and almost lost their club. So now, at this critical time, I remind fellow supporters of the old adage - fool me once shame on you, fool me twice shame on me.

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. What is known is that the current board members have a very minor stake in the club. Rangers has also developed an extremely un-Rangers like culture of "turning on its own". It is not in Rangers culture to have spin-doctors that feed information to the media in an attempt to damage our own players, management, potential investors, and supporters. Much of what has been fed to the media is clearly untrue or exaggerated.

Ultimately, it is in the hands of the existing shareholders (through the board) to decide to issue new shares to investors. There is a clear reluctance to do this at the present time and the reasons for this can only be speculated upon. Undoubtedly, the club requires a significant injection of new equity from existing or new shareholders but this will take some time to put in place. A proper financial evaluation will have to be undertaken and all the necessary AIM requirements etc. complied with. Clearly, by not having acted sooner the board is making it clear that it has decided to rely on the fans' cash once again.

The big question is- "What can fans do to protect themselves but still assist the team and management"? Fans must remember that 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. No banker would lend money to a company without knowing its true financial position. Unless the board departs from its present stance of opacity the fans will be asked to lend money to the company with no security and with no comfort that the loan advance is not going into a financial black-hole. It must be stressed that the board was happy to give security to Laxey Partners for the recent facility as well as a massive return on this short-term loan. It seems wrong that, if the board gets its way, these new loans will be repaid from interest free and unsecured loans provided by long suffering fans.

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;

1. 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.

2. 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.

I also suggest that the following questions be put to the board on condition that satisfactory answers must be given prior to fans agreeing to make cash from season ticket sales available to the club.

1. Will the board provide legally binding assurances that the club is a going concern and has sufficient funds and/or facilities in place for the 2014/2015 season.

2. Will the board undertake that none of the proceeds from season ticket sales will be used to settle any financial obligation that arose prior to receipt of the season ticket monies by the club.

3. Will the board confirm that the club assets continue to be unencumbered.

4. Will the board explain its previous statements that the club had sufficient cash resources to last until the end of the season.

I previously invested 20 million pounds in the club and lost it all.Like all Rangers fans I continue to loyally support the team and the manager. I am willing to provide funding again but I do not believe that Rangers should be under the control of one owner/benefactor. We have already seen the damage that has been caused at Rangers (and many other clubs) when the club becomes a hostage to thefluctuating whims and wealth of a single owner. 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-sightidness" of an immediate return on investment. An immediate return on investment will guarantee a non-immediate return of the team to the top flight.

The fact that it believes it can proceed as it is doing without financial transparency makes two major statements about the board's thinking. First, they have correctly understood the fierce and unbending loyalty that Rangers fans display towards the club and the team at a time of common difficulty. Secondly, they have seriously misunderstood this loyalty as being something they can take for granted and offer nothing in return. We shouldn't allow that to continue. At this critical juncture, the fans control the funding that the board is relying on. How we proceed will determine our club's future.

[stu43rigger 327]

yeah the guy at Man city the guy at chelsea.... could go on and on.

not to say i think dk wouldnt want a return of some sort.

both Abramovich and Monsour received equity to write off their loans, plus they actually own their respective clubs so your point is irrevelant

[trublusince1982 768]

Sandy Easdale said, “I had a very pleasant meeting with Dave King at McGill’s Buses in Inchinnan. He’s a very interesting man and I enjoyed his company. However our discussion was private and I will be saying nothing further.”

[simplythebest 11,453]

I think your dislike of other Rangers fans is clouding your judgement.

No Rangers fan wants admin 2 and to write some might want this just for petty point scoring (I'm right your wrong) is totally wrong.

To be fair I have seen that comment online a few times about admin 2, much as I'd question whether anyway who says that really is a Rangers fan.

[gogzy 31,195]

would be who you speak to if you contact the club asking for a meeting and thats who they send. Doubt DK sought him out.

The meetings where asked for by DK and took place in oct think both Easdales where there and they even commented as such in the press.Easdale said they got on well with DK and talks where constructive.

If I wasnted to give Rangers a 1 million pound interest free loan. I would make sure I spoke personally to the CEO.

[trublusince1982 768]

both Abramovich and Monsour received equity to write off their loans, plus they actually own their respective clubs so your point is irrevelant

they both gave money through sponsership in the millions with no return other than on the park.

[trublusince1982 768]

If I wasnted to give Rangers a 1 million pound interest free loan. I would make sure I spoke personally to the CEO.

probably why it hasnt happened the ceo is not allowed to meet him.

[gogzy 31,195]

Just read the DK statement. Did I miss the part of it where he said he offered a million quid interest free?

[thehost 11,061]

Unlike you, Dave, i can see th emanager is a major stumbling block.

I also don't need you to tell me what to do.

Thanks for your input.

PS aligning yourself with a small rump of malcontents and never will be's does you no favours

[Guardian 4,281]

I think your dislike of other Rangers fans is clouding your judgement.

No Rangers fan wants admin 2 and to write some might want this just for petty point scoring (I'm right your wrong) is totally wrong.

The ones who constantly spin everything the board does usually followed by a mention for DK certainly do.

It is veiled as questioning but we all know the questioning and vigilance woukd stop the minute they get their way.

The ones arguing to starve the club of funds by not renewing are directly SEEKING to put the club into admin or at best wreck it so DK can steal it for buttons.

They can dress up their sleekit actions as much as they like but that will always be their undoing.

You are quite correct I dislike former gers fans who are putting the club at risk.

So should you.

[gogzy 31,195]

probably why it hasnt happened the ceo is not allowed to meet him.

haha fucking hell the CEO is not ALLOWED to meet him, what a lot of tosh.

[bawsburst 1,381]

haha fucking hell the CEO is not ALLOWED to meet him, what a lot of tosh.

[stu43rigger 327]

they both gave money through sponsership in the millions with no return other than on the park.

you don't expect a return on sponsorship money, you pay it to have you company name on a shirt or rename a stadium etc

DK wasn't offering to sponsor us so another irrelevant point

[Guardian 4,281]

By the Eck...

DK didn't miss a single theme to try and get fans behind him.

Wild promises, vague fan ownership, staying a wee club behind big bad Celtic, them getting 10 in a row, admin 2, and then invoking the bogeyman.

I now know one thing. This lying weasel should never get near our club.

The minions will devour and lap up every word without question. Vigilance out the window.

Not one will even ask how he is going to go about it.

They don't care as long as he is in. A new Craig Whyte. See what i did there.

No wonder the board don't want this looney in.

[gogzy 31,195]

So can anyone point out where he has said he offered us a million quid?

[9forme 5]

DAVE KING has gone to war with the Rangers board and called on fans to unite with him and seize control on a manifesto of sweeping change at Ibrox.

The South African tycoon has finally made his move to win hearts and minds via an explosive statement as he called on fans to starve the current directors into changes that would safeguard the long term future of the club.

The gloves are off and King is calling on fans to ring-fence their season ticket money into an independent trust as he pledged to pump millions into a consortium with supporters and like-minded investors in a bid to restore Rangers to the top of Scottish football.

The Glasgow-born entrepreneur has launched a scathing attack on the current Rangers regime in the statement, expected to be released in full this afternoon.

He has accused them of financial wrecklessness, shameful secrecy, sinister media manipulation and of taking fan loyalty for granted as he likened their tactics to those of former owner Craig Whyte.

King, who invested £20 million in the club when Sir David Murray was in charge, claims the time to act is now or else Rangers will forever be second rate in the Scottish game to arch rivals Celtic, hamstrung by a lack of investment and forced to live a hand-to-mouth existence,

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 that I grew up with and not the Rangers that we should be passing down to our children and grandchildren.”

King has piled the pressure on the board by calling on fans to ring-fence their season ticket money via a trust unless the current directors agree to his vision for change.

Season ticket money would be released to the club on a game-by-game basis, or handed over in one lump sum in return for the club’s major assets - Ibrox and Murray Park - being signed over to supporters.

He is calling for a fan to be elected to the board before season ticket money is released to “look after their interests.” He also demanded a series of probing questions are answered in full by the board before the fans commit to investing in the club via season ticket sales.

King added: “For the avoidance of doubt, I appreciate that the Rangers board has no obligation to engage with me or to agree with my vision for the future of Rangers. My assessment is that 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.”

King travelled to Scotland from his Johannesburg base in October in a bid to engage with the current board but claims his vision for change was rejected.

He has long been willing to invest, but has been reluctant to enrich, in particular, penny shareholders in the club. He has also railed against the secrecy surrounding some of the club’s financial dealings and the identity of institutional investors, such as Blue Pitch and Margarita Holdings.

The Ibrox board have consistently refused to name the individuals behind the groups, much to the disgust of fans, and King believes a tipping point has now been reached among the rank and file.

He added: “The fact that it believes it can proceed as it is doing without financial transparency makes two major statements about the board’s thinking.

“First, they have correctly understood the fierce and unbending loyalty that Rangers fans display towards the club and the team at a time of common difficulty.

“Secondly, they have seriously misunderstood this loyalty as being something they can take for granted and offer nothing in return. We shouldn’t allow that to continue. At this critical juncture, the fans control the funding that the board is relying on.

“How we proceed will determine our club’s future.”

King is expected to outline his ambitions even more fully in the days ahead

[elephants stoned 2,994]

DAVE KING has gone to war with the Rangers board and called on fans to unite with him and seize control on a manifesto of sweeping change at Ibrox.

The South African tycoon has finally made his move to win hearts and minds via an explosive statement as he called on fans to starve the current directors into changes that would safeguard the long term future of the club.

The gloves are off and King is calling on fans to ring-fence their season ticket money into an independent trust as he pledged to pump millions into a consortium with supporters and like-minded investors in a bid to restore Rangers to the top of Scottish football.

The Glasgow-born entrepreneur has launched a scathing attack on the current Rangers regime in the statement, expected to be released in full this afternoon.

He has accused them of financial wrecklessness, shameful secrecy, sinister media manipulation and of taking fan loyalty for granted as he likened their tactics to those of former owner Craig Whyte.

King, who invested £20 million in the club when Sir David Murray was in charge, claims the time to act is now or else Rangers will forever be second rate in the Scottish game to arch rivals Celtic, hamstrung by a lack of investment and forced to live a hand-to-mouth existence,

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 that I grew up with and not the Rangers that we should be passing down to our children and grandchildren.”

King has piled the pressure on the board by calling on fans to ring-fence their season ticket money via a trust unless the current directors agree to his vision for change.

Season ticket money would be released to the club on a game-by-game basis, or handed over in one lump sum in return for the club’s major assets - Ibrox and Murray Park - being signed over to supporters.

He is calling for a fan to be elected to the board before season ticket money is released to “look after their interests.” He also demanded a series of probing questions are answered in full by the board before the fans commit to investing in the club via season ticket sales.

King added: “For the avoidance of doubt, I appreciate that the Rangers board has no obligation to engage with me or to agree with my vision for the future of Rangers. My assessment is that 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.”

King travelled to Scotland from his Johannesburg base in October in a bid to engage with the current board but claims his vision for change was rejected.

He has long been willing to invest, but has been reluctant to enrich, in particular, penny shareholders in the club. He has also railed against the secrecy surrounding some of the club’s financial dealings and the identity of institutional investors, such as Blue Pitch and Margarita Holdings.

The Ibrox board have consistently refused to name the individuals behind the groups, much to the disgust of fans, and King believes a tipping point has now been reached among the rank and file.

He added: “The fact that it believes it can proceed as it is doing without financial transparency makes two major statements about the board’s thinking.

“First, they have correctly understood the fierce and unbending loyalty that Rangers fans display towards the club and the team at a time of common difficulty.

“Secondly, they have seriously misunderstood this loyalty as being something they can take for granted and offer nothing in return. We shouldn’t allow that to continue. At this critical juncture, the fans control the funding that the board is relying on.

“How we proceed will determine our club’s future.”

King is expected to outline his ambitions even more fully in the days ahead

Already the mhedia are spunked their grubby loads over Kings statement. I despair i really do.

[stu43rigger 327]

By the Eck...

DK didn't miss a single theme to try and get fans behind him.

Wild promises, vague fan ownership, staying a wee club behind big bad Celtic, them getting 10 in a row, admin 2, and then invoking the bogeyman.

I now know one thing. This lying weasel should never get near our club.

The minions will devour and lap up every word without question. Vigilance out the window.

Not one will even ask how he is going to go about it.

They don't care as long as he is in. A new Craig Whyte. See what i did there.

No wonder the board don't want this looney in.

this is my biggest bug bear, those that keep reminding us to remain vigilant don't question King at all and just believe every word he says

[geronimoo 1,570]

No matter how mad a story is if it involves our current board I could believe it.

[9forme 5]

They wanted us to surrender.

There will be NO SURRENDER on our watch.

Time to get rangers back in safe hands.

If you don’t understand that then your part of the problem.

[elephants stoned 2,994]

They wanted us to surrender.

There will be NO SURRENDER on our watch.

Time to get rangers back in safe hands.

If you don’t understand that then your part of the problem.

Safe hands with the tax evader, the alky failed chairman and the potless failed director. But their pure Rangers men so its all ok right?