Dave King Full Q&A

[stewaj3 1,446]

Some decent points in there.... But my god some awful ones too...

If we reached the champions league final and lost they'd be accused of being unambitious?

Aye because when we reached the uefa final on a shoe string everyone was moaning. We look back now and hate the fact that we weren't ambitious enough to win it.

We run at a defecit until we reach the champions league

Terrible business model, especially when they clearly don't have the means to back us to do that.

The takeover panel and it takes time to open a UK bank account.

That's a load of nonsense, if you are well connected and have funds here then it shouldn't take that long. Especially when you are chairman of Rangers. Dragging his heels and the club through the mud.

We don't want the foreign investment in the club right now

Yes having extra money to spend is an awful thing. Surely when you've just appointed a manager who is attracting global interest, this is absolutely when you want investment. Sounds like no one he knows wants to invest to me.

The murty situation

The board haven't hung him out to dry but the players have? Ok first off murty had to go, but if you ask me the board handled it badly. The players hung him out to dry, yes probably as they are spineless and not good enough however, they were also handed a (or another) manager from this board that wasn't up to the job. I'm guessing this was aimed at miller and Wallace, I've said it before, but this wouldn't have happened under Walter Smith. Give them a proper manager and they won't feel the need to do this. I'm biased as I like millers attitude, he's past it, but he's one of the few that I wouldn't call spineless. We need more characters like him, not less. The board put murty in his position and then took it away before the season's end. It wasn't done with dignity in my opinion.

[harry handsome 629]

Depends whether you are sitting with a half full or half empty feeling when you read this.

I read it twice, once from each perspective - its never really gets above 70% pass marks with the positive head on.

 

[With Heart and Hand 8,951]

"we dont want money"

is he actually trolling ?

[AM1872 92]

Its worse. He's played the Takeover Panel for fools and is making a mockery of the Takeover Code quite deliberately. The man's a sociopath and he's got the Takeover Panel looking silly. 

He knows The Easdales, Beaufort Nominees, Margaritas, Blue Pitches all want to take his hands off at 20p but he's deliberately lying about it to the UK Press and trying to make his Offer look like some sort of technical exercise to appease "the idiotic in King's mind" Panel. 

He also says The Offer will never happen quite openly and threatens The Panel back when the journo suggests he will be cold shouldered. Proper mad man but I have to say I'm fucking impressed. Fuck em he's brought SG in   

[K.A.I 36,183]

24 minutes ago, AM1872 said:

Its worse. He's played the Takeover Panel for fools and is making a mockery of the Takeover Code quite deliberately. The man's a sociopath and he's got the Takeover Panel looking silly. 

He knows The Easdales, Beaufort Nominees, Margaritas, Blue Pitches all want to take his hands off at 20p but he's deliberately lying about it to the UK Press and trying to make his Offer look like some sort of technical exercise to appease "the idiotic in King's mind" Panel. 

He also says The Offer will never happen quite openly and threatens The Panel back when the journo suggests he will be cold shouldered. Proper mad man but I have to say I'm fucking impressed. Fuck em he's brought SG in   

Please tell me that last wee bit is sarcasm mate

[TheHammer_WATP 332]

3 hours ago, Jb85 said:

That’s what I thought was strange also.

Why can’t it just sit in the accounts and make us look healthier than we are? 

Because then you’d pay Corporation Tax at 19% and shareholders would be looking for dividends. 

Thats the whole point of running at a deficit. It means we don’t have tax to pay, and there are no dividends. 

We’re running at a deficit out of choice, not because we don’t have enough income.

 

[bennybongo 111]

Sounds to me like the TOP is a paper tiger, and King doesn't give a fuck what they think. Am baffled by today though. It doesn't sound good. I'd assumed SG coming meant investment in the team, but that angle is being played down too much. 

[Carsons Dog 9,878]

Did he not tell the court he was penniless?

Now he's telling the media he will underpin the club with cash if necessary 

I wonder which one he is lying to

[willygers4life 1,031]

Shocking from king. Starting from he saved the club to not wanting outside investment in. The top ruling is straight down to him and his greed, he was advised what to take in regards timeshares and he openly chose not to listen. 

 

Then you have the bit about the board setup and needing independent directors, when before he said it was better to get Rangers men on board. He knows he has fucked it and trying to cover his arse with this, rather than come clean and admit they failed

[Carsons Dog 9,878]

Oh and the bit about Paul Murray?

Comedy Gold

Does he think we all zip up the back?

[Young Bob 1,360]

Totally inspirational.

[backup 4,724]

18 minutes ago, Carsons Dog said:

Did he not tell the court he was penniless?

Now he's telling the media he will underpin the club with cash if necessary 

I wonder which one he is lying to

Both ?

[AM1872 92]

1 hour ago, K.A.I said:

Please tell me that last wee bit is sarcasm mate

The tinge of madman in me is impressed if also concerned. You need big blue balls made of blue Samurai steel to be doing what he's doing to The Panel. He's publicly mocking a regulatory body or at least thats what they will feel after reading that DR piece. They'll be a fucking hornets nest this morning.

On the money side once loan and cash go in via Rights Issue I think our paper (equity) will be worth roughly £50m with King owning 15%. I can't understand how this would happen though as its strictly against Blue Book (ironic) or Take Over Code rules to do anything to frustrate an offer and this is right bang in the middle of that territory. In fact i think it may now be the Yellow book ie Takeover code or at least Mr King thinks the TOP is yellow. He's wrong. They're as obsessed about Rule 9 as we are about Rangers.

If you then bring in whats needed to get to CL which in my opinion is another £30-£50m of new money from new investors Mr King would go down to 7.5% (if he didn't keep his corner). I don't think he wants to be diluted at the current price but a few fans wouldn't understand much of what I'm talking about in this post so imagine how difficult it is for Mr King to get this across without potentially having 50,000 wanting to lynch him because they can't understand what he wants to say. If I'm wrong and Mr King  wants money all he has to do is ask David Mason - he is a wealthy man. As things stand we'll barely struggle to 2nd place next year and carry on limping on. No chance of CL thats silly talk. He then says he's underpinning the finances of The Club but doesn't really want to. I'm a bit lost by the mixed messages. 

Maybe Mr Kings banking on Liverpools starlets and Gerrard making a difference? I'll quote what Watty has told us all publicly many times. "You cannae win the SPL with kids." That man knows his stuff about Scottish Football. I also think only maybe at a push 2-3 players in our first team squad are fit for purpose and thats probably as reserves. I think we need 15 new first team players minimum. The club should be restructured 1st team in every position, reserve in every position, apprentice in every position. You can't talk about our rivals "falling like a pack of cards" its disrespectful even more so when they're tanning our hides every week 9-0 aggregate and only one thing matters at Rangers. Beat celtic. 

I'm still over the moon SG here! He'll close the gap for sure but he needs proper money to buy players of the type of quality and technical ability pace Sinclair, Edouard , Dembele have. Different class.

[backup 4,724]

2 hours ago, AM1872 said:

Its worse. He's played the Takeover Panel for fools and is making a mockery of the Takeover Code quite deliberately. The man's a sociopath and he's got the Takeover Panel looking silly. 

He knows The Easdales, Beaufort Nominees, Margaritas, Blue Pitches all want to take his hands off at 20p but he's deliberately lying about it to the UK Press and trying to make his Offer look like some sort of technical exercise to appease "the idiotic in King's mind" Panel. 

He also says The Offer will never happen quite openly and threatens The Panel back when the journo suggests he will be cold shouldered. Proper mad man but I have to say I'm fucking impressed. Fuck em he's brought SG in   

I wonder if anyone thinks he hasn't played everyone (at least those who swallowed and still do his narcissistic fairy stories) non-buffoon Park included for the fools they obviously are.

 

[backup 4,724]

1 hour ago, TheHammer_WATP said:

Because then you’d pay Corporation Tax at 19% and shareholders would be looking for dividends. 

Thats the whole point of running at a deficit. It means we don’t have tax to pay, and there are no dividends. 

We’re running at a deficit out of choice, not because we don’t have enough income.

 

I can't quite believe I read that, unfortunately I did.

[backup 4,724]

6 hours ago, Gandhi1872 said:

That is where we are stuck right now. I have gone back to them and said: “I am going to take that under review because this is something you only asked for two weeks ago.” I am not a UK resident...my business interests are not in the UK therefore I have to open bank accounts and that does take time. That is really where we are right now. They have proof of funds in rand in South Africa, but they want it relocated to the UK. That is where we are at the moment.

Where we are right now is that king is subject to a CoS injunction ordering the funds to be held here, also any amount of money can be transferred to lawyers escrow account from near anywhere in the world in a matter of hours, king after all does have a Lord as his QC.

Just maybe the SA gov are enforcing the terms of the plea bargain that kept him out of jail.

[backup 4,724]

6 hours ago, Gandhi1872 said:

In terms of the share issue, where are we with that? Will some of the soft loans be converted in that issue?

Just to finally cover the Takeover Panel, it is important to stress this has absolutely nothing whatsoever in any way to do with the football club, directly or indirectly. It makes no difference to the football club, it makes no difference to the funding of the football club, it makes no difference to the ownership of the football club. This is an issue between myself and the shareholders of the holding company. It has got nothing to do with Rangers, it has got nothing to do with the team, nothing to do with funding. Really, all that happens at the end of this process, when it is completed, if it is completed, is the extent of my shareholding in the Rangers International Football Club. That’s all it affects. It has got nothing to do with the football team, it has got nothing to do with the funding of the football team, it has got nothing to do with the funding of the football team. It is really a personal matter between me, the shareholders and the Takeover Panel. The rights issue? I met with (club secretary) James Blair on Saturday. We have now given the go-ahead for the rights issue, the share issue, to commence immediately. We were holding it off because I was hoping to get the offer out, but there was no indication from the Takeover Panel at that time that the relocation of the funds was going to be an issue. We thought: ‘Let’s get the Takeover Panel issue out of the way first, then get the share issue’. Because it would affect my ability to participate in it. I just said to James: “Let’s accept the fact the Takeover Panel will not be resolved in the next couple of weeks. Let’s just go ahead with the rights issue as it is with the restrictions that I have currently got on participating.” Yes, there will be a balance of conversion of loans versus raising of new cash.

Have a read dave, it has everything to do with the club and RIFC.

"During an offer period, the offeror and persons acting in concert with it must not sell any securities in the offeree company except with the prior consent of the Panel. The Panel will not give consent where a mandatory offer under Rule 9 is being made."

[Jb85 1,783]

2 hours ago, TheHammer_WATP said:

Because then you’d pay Corporation Tax at 19% and shareholders would be looking for dividends. 

Thats the whole point of running at a deficit. It means we don’t have tax to pay, and there are no dividends. 

We’re running at a deficit out of choice, not because we don’t have enough income.

 

Thanks for clearing that up. 

[OhW 4,679]

Why must he say these things?

[thehost 11,061]

You read it and you think, from a business perspective, its a bit bizarre. Then you get to his close bros description and think.... well that is just a pile of shite. You then immediately err from a bit bizarre to congenital liar..... It's like he cant help himself

[thehost 11,061]

15 minutes ago, Jb85 said:

Thanks for clearing that up. 

He has cleared up fuck all. We are running at a deficit because our spending outstrips our revenue.

 

The end!

[BareGrills 145]

7 hours ago, Siwel said:

Can’t believe we’re only giving G-string a £6million transfer budget ?

I can't believe any of it

[Boyd9her 307]

My take on everything that happening, Dave King is gambling this season and we need to win the league. That’s why some directors have walked away. Kings got no for it 

[K.A.I 36,183]

3 minutes ago, Boyd9her said:

My take on everything that happening, Dave King is gambling this season and we need to win the league. That’s why some directors have walked away. Kings got no for it 

I don’t think he is gambling though - that’s not the impression I get at all from that 

a gamble is finding mega bucks and front loading it to our rookie manager - if Gerrard fails he is made to look ambitious and a hero for recruiting a name like that despite him being unproven

anyone should be able to see through all his shit by now but they don’t - alarmingly 

[Guardian 4,281]

King is blowing smoke up everyone's ass with that nonsense. 

To sum up.... "shut it, I've got yeez Gerrard, what more do yeez want?" 

Flicking the bird at the TOP will open up another can of worms. If that's been his attitude its no wonder they're sticking it to him. I dunno why he would say all that as it will just provoke them. It's like he's trying to look the victim. 

He will point to this later and say where did I say I would put money in. There are no guarantees there just jam tomorrow hints. 

If you strip out his smoke and mirrors, we have Gerrard and much the same budget as last year, maybe even less. We will get nowhere near enough to narrow that gap. 

Our only hope is that Gerrard’s presence attracts someone to buy the club who will make proper investment in the team. This dribble of money from King is simply not enough. 

Once folk have given up their season book money and see little is being spent on the team they are going to be pissed off, but that won't bother King. The ratbag will have the money in and will go silent for another year. 

The curve is definitely still ahead of us.