Virtuoso 27,180 Posted September 13, 2016 Share Posted September 13, 2016 Quote EXCLUSIVE: £50m! That’s how much King says it will take to rebuild Rangers — and he’ll put up lion’s share By MARK WILSON FOR MAILONLINE PUBLISHED: 23:00, 24 March 2014 | UPDATED: 23:13, 24 March 2014 Dave King has revealed he is ready to spearhead a £50million plan to rebuild Rangers with at least £30m of his own money. The South Africa-based businessman believes it could take that sum spread over the next four years to make the Ibrox club genuine competitors to Celtic at the top of the Scottish game once more. Despite losing a £20m investment made during Sir David Murray’s tenure, King is willing to take on the burden of the funding. And he wants it to start with a £5m war chest for Ally McCoist to ensure Rangers win the Championship and are ready for top-flight football. Investment: Former Rangers director Dave King has pledged £30million from his own fortune to ensure the Ibrox club return to the top flight at the earliest opportunity The 58-year-old has given the current Ibrox board until the middle of next month to come up with a credible plan to restore the club at the end of chief executive Graham Wallace’s 120-day business review. That outcome is key to what happens next – and whether a proposal for supporters to withhold season-ticket money in a trust account is pressed into action. King’s desire is to lead a new share issue that would see him acquire a position of significant boardroom influence, with other wealthy fans also investing substantially. And he has now detailed the huge amount he is prepared to remove from his family fortune - in the knowledge he may not see a penny of it back. ‘My view of what it will take to make Rangers competitive again is bottom end £30m but probably £50m — over the next four years,’ King told Sportsmail. ‘From the discussions I have to date I think there are other people who would come with me. ‘But I would say I would probably have to put in £30m of the £50m over the period of time. And I could probably get other people to put in £20m. ‘Would I be willing to invest £30m despite what happened previously? Of course. Sure.’ King’s public statement of intent piles further pressure on the board ahead of Wallace revealing the long-awaited results of his review. The Castlemilk-raised entrepreneur believes a share issue should be part of the plan and insists it should take place this summer. McCoist is currently waiting to discover whether he will be able to strengthen his squad for a tilt at the Championship, but King is adamant the manager needs significant financial help. ‘It (a share issue) is going to have to happen at the beginning of next season,’ he continued. ‘As things stand at the moment with the club, and from the terms of the money that has been borrowed from Laxey Partners, it’s clear there is financial distress. ‘You have to invest quite a bit in the current squad ahead of getting to the top division. That would be in the hope it could be a relatively seamless process. ‘I would think Ally needs a minimum of £5m for next season. No disrespect to the current squad, they have won League One by a mile and done very well. But that squad might not win the league next year. Hearts might be there and other strong clubs. ‘If we want it to be a seamless process to make sure we not only win next year but have a squad that can begin to compete, then I think Ally needs a minimum of £5m in wages and then a very big chunk the following year to compete with Celtic.’ Quote Link to post Share on other sites More sharing options...
RDFM 3,809 Posted September 13, 2016 Share Posted September 13, 2016 You do know Dave King doesn't read RangersMedia right? Quote Link to post Share on other sites More sharing options...
trueblueal 2,117 Posted September 13, 2016 Share Posted September 13, 2016 Oh goody another negative thread Quote Link to post Share on other sites More sharing options...
B1872 20,992 Posted September 13, 2016 Share Posted September 13, 2016 Getting a bit boring now FS! We all know what he said. Get yourself back into the boardroom section. Quote Link to post Share on other sites More sharing options...
Virtuoso 27,180 Posted September 13, 2016 Author Share Posted September 13, 2016 Just now, trueblueal said: Oh goody another negative thread Kinda difficult to find any positives. Quote Link to post Share on other sites More sharing options...
Deanzmeanzheinz 4,312 Posted September 13, 2016 Share Posted September 13, 2016 Whether it's a negative thread or not he said it. His honeymoon is all but over too you wouldn't be mendacious with the Rangers support, would you? Quote Link to post Share on other sites More sharing options...
bob1873 417 Posted September 13, 2016 Share Posted September 13, 2016 Was the £50m not to cover everything? The stadium was a mess and needed remedial work as did the training ground. Then the team, the staff, the scouting etc etc. So much was ripped off by the previous regimes that I doubt £50m would be even close to what we needed. Quote Link to post Share on other sites More sharing options...
BridgeIsBlue 66,639 Posted September 13, 2016 Share Posted September 13, 2016 Aye but didn't you know it was £50m on wages,agent fees and a few billboards around Ibrox that nobody ever asked for? Shame on you. Quote Link to post Share on other sites More sharing options...
Dutchy 1,200 Posted September 13, 2016 Share Posted September 13, 2016 It doesn't matter what was said, it's what's happening now and going to happen in the future. I don't see King diving into his wallet anytime soon so we have to make the best of what we've got. Quote Link to post Share on other sites More sharing options...
Virtuoso 27,180 Posted September 13, 2016 Author Share Posted September 13, 2016 Just now, B1872 said: Getting a bit boring now FS! We all know what he said. Get yourself back into the boardroom section. He lied and has subsequently not been held to account. Shoehorned in by a select few, who did so at the thought of their own betterment. Any notion of C1872 asking pertinent questions won't be happening any time soon either. Quote Link to post Share on other sites More sharing options...
gj923 1,457 Posted September 13, 2016 Share Posted September 13, 2016 FFS he has put over 30M in already In Rands that is Quote Link to post Share on other sites More sharing options...
Teddybear123 215 Posted September 13, 2016 Share Posted September 13, 2016 Does anyone actually know a rough figure for how much he's put it in that's gone towards things other than players? Quote Link to post Share on other sites More sharing options...
Courtyard Bear 41,357 Posted September 13, 2016 Share Posted September 13, 2016 29 minutes ago, Teddybear123 said: Does anyone actually know a rough figure for how much he's put it in that's gone towards things other than players? We've paid for the players, he's put around 1.5 of his own money into keeping the lights on at the end of last season. Quote Link to post Share on other sites More sharing options...
Drunk and disorderly. 14,604 Posted September 13, 2016 Share Posted September 13, 2016 What's King's username and why isn't he allowed in the Boredroom section? Quote Link to post Share on other sites More sharing options...
ElBufalo20 7,936 Posted September 13, 2016 Share Posted September 13, 2016 1 hour ago, Courtyard Bear said: We've paid for the players, he's put around 1.5 of his own money into keeping the lights on at the end of last season. Did he? I thought he got that from Douglas Park? Quote Link to post Share on other sites More sharing options...
GWR1979 1,970 Posted September 13, 2016 Share Posted September 13, 2016 Did I stumble into the Boardroom section, We should have strengthened the defence in the Window and we haven't, we are now left with a raffle at CB. MW deserves criticism for the defeat at the weekend and the poor form for the later part of last season and the start of this one. I didn't think we would win the league this year but I thought we would mount a challenge. MW needs to get us back on track and quick. Quote Link to post Share on other sites More sharing options...
K.A.I 36,183 Posted September 13, 2016 Share Posted September 13, 2016 He's spent it silly .. Stadium improvements, legal fees, shares, lawyers and the ten players we signed don't come cheap - aside from their wages there's agent fees, taxis from the Airport to Ibrox, bill for dinner including wine after the medicals ... it all adds up you know ... add the 2 million short fall from big bad Ashlay's retail deal that's your wack fellow customer ... now sit down and listen to fucking Penny Arcade or I'll remove your season ticket and sell it Quote Link to post Share on other sites More sharing options...
Courtyard Bear 41,357 Posted September 13, 2016 Share Posted September 13, 2016 45 minutes ago, Sasa'onlyPLGsuccess'Papac said: Did he? I thought he got that from Douglas Park? They all chipped in with the first set of loans. He put nothing into paying off Ashley. I take it they will all need to chip in again come the end of this season to keep the lights on again Makes no real difference anyway, he lied and there's nothing we can about it. So we are stuck with him unfortunately Quote Link to post Share on other sites More sharing options...
cstamomusa 3,811 Posted September 13, 2016 Share Posted September 13, 2016 4 hours ago, In Dungeons Deep said: You do know Dave King doesn't read RangersMedia right? ...but his minions do. Quote Link to post Share on other sites More sharing options...
KingKirk 25,780 Posted September 13, 2016 Share Posted September 13, 2016 back to the board room section with this stuff it's negative enough in here atm Quote Link to post Share on other sites More sharing options...
TMB 14,167 Posted September 14, 2016 Share Posted September 14, 2016 31 minutes ago, K.A.I said: He's spent it silly .. Stadium improvements, legal fees, shares, lawyers and the ten players we signed don't come cheap - aside from their wages there's agent fees, taxis from the Airport to Ibrox, bill for dinner including wine after the medicals ... it all adds up you know ... add the 2 million short fall from big bad Ashlay's retail deal that's your wack fellow customer ... now sit down and listen to fucking Penny Arcade or I'll remove your season ticket and sell it I don't think a taxi from Glasgow Airport to Ibrox is that expensive. I'm guessing £30 would cover it. Not sure we're buying the players wine after the medicals either, mate. Quote Link to post Share on other sites More sharing options...
K.A.I 36,183 Posted September 14, 2016 Share Posted September 14, 2016 Just now, THE_MIGHTY_BEARS said: I don't think a taxi from Glasgow Airport to Ibrox is that expensive. I'm guessing £30 would cover it. Not sure we're buying the players wine after the medicals either, mate. This is a revelation to me Quote Link to post Share on other sites More sharing options...
RDFM 3,809 Posted September 14, 2016 Share Posted September 14, 2016 7 minutes ago, K.A.I said: This is a revelation to me Duhhhh ffs, the money isn't spent on the wine itself it's flown over in a private jet from his cellar. I thought you were clued up on this sort of stuff Quote Link to post Share on other sites More sharing options...
ritchieshearercaldow 22,241 Posted September 14, 2016 Share Posted September 14, 2016 I wonder If King remembers his wedding anniversary ? he seems very forgetfull Quote Link to post Share on other sites More sharing options...
big blue Fin 3,724 Posted September 14, 2016 Share Posted September 14, 2016 Just remember how king was described by a South African judge... "A glib andshameless liar" He's only living down to his reputation. Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.