Once again Rangers’ diabolical board is under the spotlight, with Danish ex-partner Hummel and their exclusive partner Elite suing the club for around £10M over kit sales.
This deal, carried out under the ex-chairman Dave King, harks back to the infamous Sports Direct clash, where Mike Ashley’s group demanded the right to match the existing deal, and claimed it was contractual.
Rangers of course denied this and it ended up in court, Rangers losing this one to the tune of £10M in an out-of-course settlement.
And the whole ugly dealing and shady mess the board made back then is under the spotlight, as yet more incompetent dealings by our board, both past and present, end up in court.
Rangers fans have long-since dumped the ‘everyone is out to get us’ mentality which used to be prevalent over the first few years of King’s reign, and have instead realised that both King and the rest of the board, all of whom moved on, including his successor (we can see why now) were instrumental in making bad deals which are now coming back to haunt us.
Rangers’ return to the Scottish Premiership has been littered with bad deals and dodgy contracts, and Elite are the latest ones to take action against the suits running these arrangements.
It’s just poor – other Rangers groups with more accountancy-minded analysis will explain the numbers, but the buck ends with the chief executives, the chairmen, the bigwig board chiefs who pored over these deals and gave them the ok.
The amount of times poor diligence has come back to bite us in the rear end is ridiculous, and this is the second time a Dave King-led deal of this nature has ended up in court – in total his dealings at Ibrox landed us in court at least four times, and his successors not only find themselves cleaning up his mess, but making yet more of their own.
We lost £10M last time, we’ll probably lose this one as well to about the same amount, and it’s absolutely money we don’t have to waste.
Michael Beale’s summer budget is already going to be modest, losing another £10M from the coffers hurts Rangers where we simply can’t afford to be hurt.