Thursday, 15 November 2018

Dave King, Rangers and the court block


As regulars to the site will know, we’ve focused almost entirely on football in recent times, both the positive and negative. Sure, we’ve covered the shirt saga a little, but as far as the politics go, we’ve generally left that side.

However, while we’re not going to go into huge detail, we do wonder exactly what chairman Dave King’s position with regards the legality of his loss in court actually is.

To sum it up, Mr King tried to force an injunction against a financial authority who wanted to find him in contempt of court over his share offer. Or lack of. And failed.

Late last year the chairman was ordered to make a full bid for the club’s shares, to become the outright owner, of course. His ordered offer was said to be at the base minimum of share value, which, while fluctuating of course, is around the 20p-30p mark.

This would have been a grand total of sub-£14M to become the outright owner. Now of course, few holders would have sold for such a small amount, but King had to make the offer anyway and prove he had the capital to back said offer.

That he didn’t engage in the court order led to the Panel on Takeovers and Mergers taking him to court again on breach of this instruction, and his failure to have their action voided has left us in a pretty curious position.

We just don’t know how serious it is, nor how it affects the day-to-day running of our club. Given he is only one facet of the corporate mechanisms behind Rangers it’s not like King’s fate is tied irreparably to Rangers, but we would not pretend to be lawyers and we can’t know exactly what implications his court case has on the club.

We suspect not a lot – he was ordered to make an offer, didn’t, and as long as Rangers’ running isn’t affected significantly and the rest of the board continue to make funds available, including himself, we don’t really feel a sense of worry about all this.

End of the day Dave King’s fate will be presumably decided in the courts, and that’s between them and him – that he hasn’t followed court orders will affect only him, and we would certainly assume he will be burdened with the legal costs, unlike the Sports Direct fiasco which has cost us millions.

What we’re saying is, naivete or otherwise, we’re really not that bothered what King does or does not do in the eyes of the law with regards to his own personal life and an offer on our club which may or may not materialise.

As long as Steven Gerrard can spend money in January and that money is sourced within our means, there’s really not a lot we can think of seeing here.

28 comments:

  1. Just another battle but I'm sure the war isn't won. Loads are happy to slate him but where would we be without him? Who else was willing to come in and go toe to toe with the fat man? Yes, I'm sure he will once again make more funds available in January. No surrender Dave King! #55

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  2. , we’re really not that bothered what King does or does not do in the eyes of the law 

    SERIOUSLY????

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  3. As long as our club is 'safe' financially, then i'm ok. Dave King, like or loathe him, is a very shrewd businessman, He's a Rangers man and i agree with Stevie. I'm sure he'll have a few cards up his sleeve.

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  4. This just goes to prove as Oscar Wilde said :THE LAW IS AN ASS" (ass as in donkey). With all these stupid court cases the only people who are making money is these crooked lawyers.

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  5. Within certain limitations yes. These are legal and financial matters and as long as they affect King personally and not Rangers, which appears to be the case here, then let them get on with it. No one is being hurt by what is happening. When it starts to affect what is happening on the pitch then that will be the time to worry.

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  6. Come on guys get serious here this guy is toxic for our club. He drags the Rangers name through mud just about every other week. Court case after court case this guy has a season ticket for courts. It's almost like heads in the sand here and we continue to back this Chisler to the hilt. To think nothing or no damage can come to our club through this is bizarre. Name me another chairman from any other club in Scotland that's at court more than ours. He is to held in contempt of court jail time for him is possible and you think this can't do harm to our club grow and wake up and smell the coffee the guy is a chancer half of our fans know it the other are are to stupid or blind to see it.Only my opinion guys and you all know my punchline for that.

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    1. Scud, if it's only your opinion why are the other half of Rangers fans stupid or blind because they don't agree with you? Is your opinion sacrosanct? Can it not be challenged? Are you the master of everything to do with Rangers? I can assure you I am neither blind or stupid.

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    2. Scud, have you never had a parking ticket (or something similar) that you felt was unjust and challenged it through the relevant authorities. I have and I didn't consider I was dragging my families name through the mud in doing so. Sometimes the law IS an ass and I presume King thinks the same way. It's all corporate law and its best just letting them get on with it.
      And don't forget many of the court cases you refer to is King trying to get a just deal for Rangers, e.g. Sports Direct.

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    3. Robroy, I think you fall in the stupid half of the support acid was talking about.
      1. Dave king manipulated the share price of the club before investing by going to the media and telling the fans to boycott the buying of club merchandise.
      2. He also paid for hacked information from craiC whites laptop and then had the information released on twitter.
      3. It was Dave king and HMRC who knocked back the CVA putting rangers in liquidation.
      4. He hadn't invested in the club get, just gave loans that he expects to get back.
      5. He lied to the fans by saying he had got rid of Mike Ashley. When infact he gave him 3 million and then signed a worse deal with fat Mike.
      6. How much of the club's money has been spent on king's court cases. It's over 500k just in the last few months with Mike Ashley. So yeah it does really affect the club.
      7. If he found in contempt of court how can he then be chairman of our club. He would hardly be classed as fit and proper.
      I can go on robroy if you want or can you tell me some of his good points. A debate is always good. But please don't say he's a real rangers man. He's never at any games

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    4. Bigbaws spot on mate every single word. But some people on here jump down your throat when people like me and you true blue fans who can see the bigger picture here. And more will still have their say and shoot us down in flames these are the kind of people King just loves to preach to. It's good to have someone thinking the same as myself .

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    5. So to summarise, I and half the Rangers support are stupid and blind and Scud and bigbaws are true blue Rangers fans. Everybody got that?

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    6. BigBaws I am clearly too stupid to have a debate with you and your ultimate true blueness clearly out shines mine.

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  7. "continue to back this chiseler to the hilt"?? You mean back him the way he backs rangers? I ask again, who else put themselves forward to spend their money and time on sorting out our club? Do you really think he's not got better more financially rewarding things he could be doing for himself??

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    1. He doesn't spend his money. It's always other people's money. Namely the fans money or other directors money. Remember last year he said he would cover any shirt fall but instead went to wonga , sorry close brothers

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    2. How did he get the shares?? Did he not buy them? The fans money doesn't come near what's been spent. He has put his money in from day 1. January will see more cash available, just wait and see talksbaws, sorry bigbaws

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    3. Stevie mate you need to stop smoking they funny fags and stay off the buckie. Are you related to the CHISLER by any chance. If he had 50 million quid to put in at the start of him being chairman where has it gone please explain how that 50 million got spent. And then he has to go and tap 4 million from Close brothers so again break down the 50 million and tell me what it got spent. Myself and other true Rangers fans would love to know mate.

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  8. Great comment Stevie Mr David King George Taylor and Donald Park took back control of our great club from the disgraceful scum charlatans that had infiltrated our midst . He and those other Honerable Board Members have put Thier money where thier heart is . He is a very rich man and could easily walk away ...Please real Rangers People Do not slip into the horribleness that pollutes the Rotten Mob and it's following

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    1. How rich can he be. He told the court in the summer he couldn't make the offer for the share as he was PENNYLESS. HIS lawyers exact words

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    2. Penniless, aye he's penniless. His lawyer said that in court so it must be true! Fuck, maybe he will have to start signing on! Food banks. Jeez talksbaws, you think he will be ok? No surrender Dave King, looking forward to a January spensspe spree #55

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  9. Stevie Colin and Joe I rest my case with you 3 as to the blind and stupid King really has got you all eating of his hand. That's the reason this chisler is still at our club people like you 3 parting with your cash to this conman.

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    1. Scud the spud picker and talksbaws...blind, stupid and completely deluded! Still waiting to hear the alternative to King that was there to get rid of Ashley and provide transfer funds not to mention the stadium improvements? Name this mystery person? No surrender Dave King and I'll happily continue to spend cash to support the club...just like King! #55

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    2. Why do we need some rich guy to come in and spend all his money on the team.
      How about getting a business model set up were the club is profitable.
      But no, so called supports like yourself would be happy for any shyster to take control of the club as long as he says the right things.
      So me in the accounts where Dave king has put all this money in. The others have such as Park.
      Think about this for a minute.
      Fergus McCann was at Celtic for 5 years. Built a new stadium, transformed the club and stopped us from getting 10 in a row. And walked away with a £36millon profit.
      Dave king has been in charge for nearly 4 years.
      The club is posting losses of nearly 50% on turnover. This is not sustainable. Plus it will get us kicked out of European competition

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    3. How much money was owed or debt did we have when Fatman Ashley was in charge tell me that. We were on the verge of breaking even. Now we are weighed down with mountains of debt which only increase year in year out. Do you like our club being in debt don't you want to us making a profit every year or just continue to build up the debt. It's like the provie man from years gone by the debt just goes on and on and on.

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    4. So let's go back to the Fatboy days. How much did you enjoy watching Kevin Kyle and Ian Black. Sure we are in debt but as long as it stays manageable debt then it's not a problem. Would you rather we didn't sign better players and break even? If making a profit means going back to some of the rubbish that has disgraced the jersey over the years then I would rather take a punt and go bust than go through that again. And you should ask Newcastle fans what they think of the Fatboy.

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  10. Joe 90 you say as long as our club is safe financially all will be ok. How can you say this as our debt escelates through the roof I do wonder about your thoughts on our club to make that statement.

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