The Dave King Show was back in town last week and as ever he said an awful lot but in reality he offered very little, writers Rangers supporter Ninjaman.
Oldco resurrections and challenging Celtic for the Scottish Premiership title next season were talking points, but the most notable aspect of what he relayed to us was again his deliberate mention of any investment required will come from fans. (ignore the fact it’s September and Rangers are six games into their Championship season. Or the legal gymnastics ‘deliquidating’ entails, this ‘prophet’ appears once in a while to predict the future).
This investment from fans equates to season ticket sales, match day tickets being snapped up on a large scale and the fan ownership schemes dipping into their membership funds to keep the wolves from the door.
One thing that seemed to have gone relatively unnoticed is that King hinted that he along with the Three Bears and the Rangers supporters could be loaning the club money for up to two years.
This from a guy that promised the now famous £30 million of his children’s inheritance. There doesn’t seem to be any real intent to spend any of his own money at all at this moment in time really, does there?
The man said there would be a Nomad within days of taking control, he claimed there was huge investment waiting in the wings. He criticised the previous (Sandy Easdale) regime for lack of investment, in reality he; and his board of directors are doing exactly the same things as they had to do, minus the King led boycott of season tickets and the “starve ’em out” slogan advocated by King and his Trust Fund, of course.
The hinted two years of soft loans in exchange for equity sounds to me like this new Real Rangers Men board of directors are waiting to try to do a deal with BDO, the liquidators of Oldco Rangers. It’s been suggested that by the time all legal issues are resolved there could be as much as £50 million in the liquidation fund. Maybe he wants to get control of the oldco and amalgamate it within the Rangers Group.
I’ve been banging on for months that this was King’s grand plan. Get a major foothold in the new company all the while being a major creditor in the oldco [which BDO have reportedly rejected King’s claim]. Some might say he’s smart here, I’d be more inclined to use other adjectives but I’ll restrain myself.
This guy kept at it for over a year in his ultimately successful coup. He said what the Rangers fans (that didn’t like the old regime) wanted to hear. Promised a bright new future and Real Rangers Men in control of their club again. The PR extravaganza is/has been truly astounding. You can’t dare speak a word of criticism, or voice a note of caution, for fear of being shot down in flames by a ‘staunch’ hardcore faction in the Rangers support.
Every time Dave King has sat down and enlightened us at press conferences the words that jump out at me every time are “fan investment” or “co-investors. That, and a constant referral to Celtic and Celtic supporters …He really should write a note to self about those continual soundbytes about our Glasgow rivals, Rangers fans REALLY don’t want to hear it!
The fans have backed him here. Season ticket sales are hitting the high thirty thousands mark, that according to Level 5 press releases meant £9 million has been brought in.
Now here’s the thing, the crux of the situation Rangers Football Club finds itself in here.
It costs £1.5 million a month just to keep the lights on. The cash from ST’s has VAT to deduct so only £7 million or so will be usable.
That’s five months of liquidity, then in March loans from the Three Bears and fan ownership schemes will no doubt see them through to the end of the season, so; much of the scaremongering is unjustified but curiously warranted.
The Rangers fans bought into a promise. A promise of security and an end to the dark days. Fear and loathing has made for a desperate animal in respect of the Rangers supporter base.
They bought into a promised investment, they believed that if they got Real Rangers Men back in situ at the club then their problems would disappear. They haven’t. It’s just not being reported in the MSM the way it should be, are the sports journalists in this country petrified to ask questions that are of major importance and relevance?
This ‘plan’ is completely dependent on the fans buying into it, simply due to the fact that they are the ones that are predominantly and substantially ‘feeding the bear’ here. If they stop believing then it goes belly up very quickly. The same as the last regime, all he’s done here is use certain fan groups to his advantage. It’s the Rangers fans that are carrying the financial burden here more than any other supposed co-investors.
He’s promised the fan groups that they will continue to be involved with the running of their club, admirable maybe but a load of old tosh. Those fan groups will be squeezed out when the last of their cash has gone, make no mistake about that. When they have nothing to offer they will become an irrelevance. Sad bit inevitable in my opinion. Their money is essential right now but once it’s gone, it’s gone …
£9 million, plus the fan ownership schemes accumulation of subscribers cash is the minimum of what Rangers supporter’s have put into their club here, King and the Three Bears (by King’s own admission) have put half that in. Co-investors he said. The Rangers fans are allowing this to happen, after ALL that they’ve been through and after demanding transparency for years why are Rangers fans not asking vital and important questions?
Dave King contradicts himself continually. If he had been up front and open at the beginning then there would be no raised eyebrows, but he wasn’t and he still isn’t being. All he’s doing is saying what he thinks his co-investors want to hear.
Many Rangers fans are buying into what he says, but for me if a man says there’s £30 million waiting in the wings and six months later we’ve seen only a tiny fraction of that figure then it’s correct and justifiable to demand answers, after all its all in aid of that ‘transparency’ issue so many of the blue half of Glasgow wanted clarified. It was continually brought up by King and his cohorts. A stick to beat others with, so if it’s good for the goose….
The bottom line here is that King can bluster away till his heart’s content. Every single financial expert I’ve spoken to predicts a hazardous few months ahead for Rangers, for me so far King has got one thing right and that is the appointment of Mark Warburton. Football fans are a fickle bunch, if the product on the park is good and entertaining to watch then all your problems seem to disappear in an instant.
That doesn’t mean they’ve actually gone away though, they just get pushed aside until one day Pandora’s Box is opened up. That day may well be sooner than a lot of Rangers fans are expecting. Until there is a serious injection of cash then Rangers predicament will be precarious. No amount of spin can make that not be true, all that they are doing is sugar coating things for the masses.
At the end of the day King would do best to stop holding press conferences and contradicting himself, time and again. It seems to me that it’s only those hardcore devout backers of Dave King genuinely believe a word that comes out of his mouth.