king statement

[trublusince1982 768]

Season ticket move as predicted de javu ala mini.

u sure they didnt give the statement to the club first and jack got u on the case as usual?

fuck off back to ff.

[Carson's cat 744]

great then he can shut the fuck up until we have a new share issue.

Oh the irony. For months folk on here have been urging DK to tell us what he intends to do. He makes a lengthy statement and what's the reaction? Shut the fuck up. Brilliant.

[MaddistonKnight 1,567]

For this Knight, the King is dead.

The ideas are not feasible for any publicly listed company to follow, and he knows this. That is poor on his part.

Remember at the end of the day any company is beholden to its shareholders. Much of what he is suggesting would not be in the interests of the shareholders. End of.

[Bothwellbear 1,392]

FUCK YOU KING , dont try and tell me what to do with my money that i give to my club , almost 30years a season ticket holder how long or have you ever purchased one. You and the murrays and the rest why dont you all fuck off and let the present board work for the good of Rangers.

He isn't telling you what to do. Its his suggestion.

[trublusince1982 768]

And how is the club meant to make any plans without up front cash?

thats the point they cant plan without us agreeing to the plan first

[Livi-Loyalist 46]

What the fuck is the typical hard working loyal rangers supporter supposed to think these days.

All this is doing my fucking head right in.

[bawsburst 1,381]

has this sentance not already proven to be a lie?? I thought King received about 11 million back from Rangers

No he didn't receive anything back and he didn't invest it in the club.

[BlueSuedeSambas 53,775]

If we're talking sums of money here I think 20m outstrips 30 years of STs and all the associated costs.

That was my first thought too when I read that post

[Carsons Dog 9,878]

I predict the pish stained bed sheets will be getting another run out

[simplythebest 11,453]

thats the point they cant plan without us agreeing to the plan first

So we hold the club we're meant to love to some sort of ransom?

Anyone who does that is worse than any taig

[Carson's cat 744]

And how is the club meant to make any plans without up front cash?

Unless we intend to splash out on the transfer market, a steady flow of income is just as useful.

[simplythebest 11,453]

Unless we intend to splash out on the transfer market, a steady flow of income is just as useful.

And how do you handle people deciding they're fed up with the football, can't be bothered going on a cold rainy day, want to stay in the pub etc? Least with season tickets the club already have the money.

[bawsburst 1,381]

So we hold the club we're meant to love to some sort of ransom?

Anyone who does that is worse than any taig

and a spacker

[mrmojorisin 13,613]

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.

GIFSoup

[gogzy 31,195]

Oh the irony. For months folk on here have been urging DK to tell us what he intends to do. He makes a lengthy statement and what's the reaction? Shut the fuck up. Brilliant.

The bottom line is he says he wants to invest in a share issue, that is great and when it becomes his time to invest I am sure we will welcome it.

What I dont expect us to do is wrtie up a new share issue BECAUSE dave king said so.

I expect us to wait till the right tim, then offer current investors and shareholder, THEN Dave King can have his peice, not until.

And until we have the share issue he should shut up. If he had come out in his stateent and said " I want to invest in a new share issue and I want the club to have one as soon as possible" I would have backed him completely.

Instead he spouts pish about the getting 10 in a row to try and scare the fans into seeing things his way.

another mouthpiece using scaremongering to try and secure fans to his side.

pathetic.

[elephants stoned 2,994]

I said a few days ago it was getting like pre AGM again and this really kicks it off. How long before mini and malky pop up again supporting King in a new takeover saga? Not long i bet, we knew it would be only a matter of time but even i though 2 months was pessimistic before all the shite started again. When can we have a season without this bullshit?

[simplythebest 11,453]

The bottom line is he says he wants to invest in a share issue, that is great and when it becomes his time to invest I am sure we will welcome it.

What I dont expect us to do is wrtie up a new share issue BECAUSE dave king said so.

I expect us to wait till the right tim, then offer current investors and shareholder, THEN Dave King can have his peice, not until.

And until we have the share issue he should shut up. If he had come out in his stateent and said " I want to invest in a new share issue and I want the club to have one as soon as possible" I would have backed him completely.

Instead he spouts pish about the getting 10 in a row to try and scare the fans into seeing things his way.

another mouthpiece using scaremongering to try and secure fans to his side.

pathetic.

This is it in a nutshell.

[sandyinroyalblue 16,478]

Dont doubt dave king is a rangers man but cant help thinking that if king has the finances why not put in a concrete offer for the club alongside other like minded people and put a stop to the mud slinging which isn't helping anyone

[willygers4life 1,031]

It's a vicious cycle, withhold season ticket money players and costs get cut, club closes the door. But this is a bullying tactic, and king is trying to bully his way in, now you got folk saying e put money in the club before but in reality he invested in the company, this is a new company but old club he has no rights now. Cause if that is the case then so does DM have a right going by that logic. And has Dave king actually said what his plans for the club is cause I didn't actually notice anything saying that, all u noticed was do this and do that, the bogeyman is at the club again. Heard this before and we will hear it again in the future, the time is now for assurances and a written statement from the club that they can't back away from. But if Dave king wants a say then he will need to buy up shares to get his say.

[stu43rigger 327]

No he didn't receive anything back and he didn't invest it in the club.

King's tax assessment is made up, among other things, of a R4,8m tax bill on his Sandhurst house,

R101,44m on a Falcon 900, R188,47m on a Talacar shareholders loan account, R2,1m on a Ferrari,

R17,24m for living expenses and - his largest single tax claim - R200m income from Rangers Football

Club, as well as R281,28m in penalties and R20m in taxes on income from the Amazulu Football Club,

which King insists he bought for R1 in return for paying outstanding salaries and financial obligations for

the club.

The above would suggest otherwise

[simplythebest 11,453]

I said a few days ago it was getting like pre AGM again and this really kicks it off. How long before mini and malky pop up again supporting King in a new takeover saga? Not long i bet, we knew it would be only a matter of time but even i though 2 months was pessimistic before all the shite started again. When can we have a season without this bullshit?

A brand new board from Green's original, give them a fair chance? Nah of course not

[Bothwellbear 1,392]

Ex-Rangers director Dave King launches scathing attack on current regime in new call for change at Ibrox

• Feb 26, 2014 14:45
  
• By Gary Ralston
  
• 1 Comments
  

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KING has piled the pressure on the Ibrox board and called on fans to ring-fence their season ticket money as he pledged to pump millions into a consortium for change.

Phil Dye/Daily Record Dave King

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.

[SteveJ 743]

I read that statement whilst agreeing with most of it - including the trust idea.

I then stopped working and came on here to find out out how my fellow fans were thinking and I have just realised that I am sick fed up of hearing the same shite, from the same people - people who are quite happy for this glorious club to glide along with no financial security and none the wiser as to where the next coin is coming from.

I have refrained from saying this but wise the fuck up!

We were all united when we lambasted Whyte for taking a loan on season ticket money with NO security other than his personal security, yet some of the current support are happy that the current board have taken a short term loan to bridge the gap until the season ticket money is in. That is essentially the same damn thing as Whyte did, on a lesser scale. The difference? The current board have put up Rangers' property as security - not even Whyte did that!

[TheBluebells 6,898]

When will it ever end

[simplythebest 11,453]

I read that statement whilst agreeing with most of it - including the trust idea.

I then stopped working and came on here to find out out how my fellow fans were thinking and I have just realised that I am sick fed up of hearing the same shite, from the same people - people who are quite happy for this glorious club to glide along with no financial security and none the wiser as to where the next coin is coming from.

I have refrained from saying this but wise the fuck up!

We were all united when we lambasted Whyte for taking a loan on season ticket money WITH no security other than his personal security, yet some of the current support are happy that the current board have taken a short term loan to bridge the gap until the season ticket money is in. That is essentially the same damn thing as Whyte did, on a lesser scale. The difference? The current board have put up Rangers' property as security - not even Whyte did that!

Trying to even compare this to Whyte is either complete lies or delusion or both.