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Dave King: From fit and proper to doolally

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Just days after being approved as fit and proper by the Scottish FA, the Rangers chairman Dave King has made the astonishing and frankly unbelievable claim that Rangers are one of the financially strongest clubs in the world.

Three years after Rangers plunged into liquidation and started life again in the old Third Division, King has implied that the Ibrox side are the envy of world football.

Only minutes after stating that he had not looked at the club/companies accounts nor knows how much money is in it, King claimed: “If you look at Rangers, even in terms of the financials, Rangers is in an incredibly strong financial position. It has got shareholders who can fund it, it has got virtually no debt. How many clubs in the world don’t have debt? Our balance sheet is incredibly strong for any football club in the world.

“We have really just got a little cash squeeze where for the first time now Rangers have got people who are coming in to bridge that gap. So, if I look at Rangers financially, we are one of the strongest clubs in the world.

“How many clubs are sitting with £5m of interest-free debt and that is all they’ve got? We’ve got the fans, we’ve got the season ticket money, we’ve got the stadium, everything all paid for. There’s not many clubs in that position. We’re incredibly strong financially at the moment.”

At least we know now where King has been since toppling the previous board at March’s EGM – the same asylum as the one that Charles Green was bed ridden in when Jim White came calling. Does King honestly think that everyone is zipped up the back and believes such a wild fantasy?

King’s comments are in stark contrast to director Paul Murray’s claims at the same press conference that ‘literally every part of the club is broken’.

In fact the South African businessman alluded to the behind-the-scenes chaos that is still evident at the Ibrox club. He added: “There is a lot happening at the club. It is in a kind of fragile state in that we are only probably five or six weeks away from pre-season and we don’t have an executive team in place. I’m talking about the CEO, the commercial director, the financial director, we don’t have a long-term manager in place.

As King claimed that Rangers were one of the financially strongest clubs in the world, Murray revealed that they received a further £1.5 million short term loan from the ‘Three Bears’ consortium for working capital taking their total loaned to the Ibrox side to £3 million. Along with the 5 million owed to Newcastle United owner Mike Ashley, that takes the loan amounts to £8 million.

On top of that Rangers are without a banking facility that most other clubs can call upon, with no banks willing to do business with the Ibrox side following their recent financial calamities.

While they were also delisted from the AIM after a potential NOMAD was advised by the stock exchange that they wanted shot of this ‘financially strong club’.

Has King found the old press releases written up by Charles Green in the boardroom by chance?

The Scottish FA make think of him as fit and proper, but that statement is doolally.

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About Author

scotzine

Andy Muirhead is the Editor of Scotzine and the Scottish Football fanzine FITBA. He is the Scottish Football columnist for The Morning Star and has written for a number of other publications including ESPN, Huffington Post UK, BT Life's a Pitch and has had his work featured in the Daily Record, The Scotsman and the Daily Mail.

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