The Return of the (Dave) King – Coming Back to Raise Money For Rangers

And so the white smoke comes from the Ibrox chimney.

Dave King is heading to Rangers to be Chairman of Rangers Intergalactic Football Club PLC.

He has issued a statement via the official Rangers website tonight confirming that this is the outcome of his discussions with Messrs Mather and Stockbridge in South Africa.

There is one gem hidden (well, not really hidden) in the statement.

“It was also made clear by Mr Mather and Mr Stockbridge that Rangers are not in need of an immediate financial injection but we agreed that now is the time to commence a new round of funding to ensure that it is available in an orderly and cost effective manner when required. I wish to lead that fund raising exercise and being on the Board will greatly assist me in that regard.”

One might describe this as a very prudent tactic – after all, as Mr King says, there is no IMMEDIATE need for a financial injection. That implies that there IS a need for a financial injection however.

As he then goes on to say, “NOW IS THE TIME TO COMMENCE A NEW ROUND OF FUNDING”.

Anyone who suggests that in some way it seems not to match the plans at the IPO stage ten months ago to be commencing a new funding round now is clearly malicious and unfairly doubting the word of the Rangers executives.

It is also an excellent decision to look to obtain new funding, presumably from shares being issued, rather than to look to overdraft or loan funding from a bank. Rangers is undoubtedly in such a strong financial position that any bank would clamour for their business, but why pay interest and arrangement fees on debt when, for a measly 25% in the costs of raising funds, one can have another share issue?

Sorry - this picture relates to another "Return of the King" and has no connection with this post

Sorry – this picture relates to another “Return of the King” and has no connection with this post

And in Mr King we have a man who is extravagantly skilled in generating money, although the South African Revenue Service is not as generous in its assessment of Mr King’s abilities in this area as they should be.

So Mr King comes back to take the Chairman’s role – he says he will invest – he denies being involved with anyone else – what now for the Rangers Rebels?

Posted by Paul McConville

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381 Comments

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381 responses to “The Return of the (Dave) King – Coming Back to Raise Money For Rangers

  1. And the theives of baghdad grass each other up

  2. mick

    “the law of the land applies in insolvency situations. Prima facie, Mr King is debarred from becoming a director of Rangers Football Club. We await the outcome of any application to court that Mr King might make before considering the matter further”.

    the above is a highly respected BLOGGERS answer from company house about king he has to apply by law prima facie
    GET TEXTING ON LINK BELOW AND SAY NO TO TAX CHEATS AND PHOENIX COMPANYS IN SPORT

    http://www.companieshouse.gov.uk/contact/index.shtml

  3. mick

    http://www.amazon.co.uk/Minority-Reporter-Scotlands-Attitude-Towards/dp/1904684734/ref=sr_1_1?s=books&ie=UTF8&qid=1381693836&sr=1-1&keywords=minority+reporter

    thank Phil for all his hard work and continued support towards the Scots Irish by buying and promoting his book to friends family and work mates also Xmas pressies start here

  4. Monti

    HALLOWEEN IS COMING
    THE GOOSE IS GETTING FAT

    Sevco

  5. mick

    getting back on topic “The fraud charges against King were not pursued by the State and King accepted liability in respect of 41 lesser counts of contravening section 75 of the Income Tax Act. “so he has 41 convictions for tax fraud and was on old board its a disgrace if he gets on he should have no place near any company

  6. Monti

    IF rangers (IL) ARE THE SAME CLUB AS BEFORE, WHY ARE THE ‘MOST HAUNTED’ TEAM, INVESTIGATING THEM?
    JOIN YVETTE & THE MOST HAUNTED TEAM THIS HALLOWEEN!

  7. mick

    heres green on kings liquidation call of the most corrupt soccer club ever listen to the bit about history

  8. mick

    who placed the duck sale item the fans have the right to know I hope we Quack this case said sally mcmoist lol

  9. Monti

    MOST HAUNTED BULLSEYE
    ” Stay out of the black & stay in the red
    Celtic fans are laughing, coz rangers are dead
    Rangers f.c. at one time most vaunted
    Not any more though,
    Their a Halloween special
    With Yvette on ‘Most Haunted’ 🙂

  10. mick

    well in monti great funny read its lol everyday at the dead club and lol at the zombie phoenix tribute they call sevco 10 names 5088 scotland international etc etc etc

    • Monti

      @Mick
      It’s not fair that we only have one name, Celtic, and the the sevcovites get ten or eleven names, I mean what are they moaning about?
      We’ve had the same name for 125 years ffs 😀

  11. mick

    29 Aug 2013

    Mr David Cunningham King, the accused in the case of The State versus DC King (Case no.: CC257/2005 – otherwise referred to as the King 1 case), today entered a plea of guilty in the South Gauteng High Court held at Palm Ridge, on 41 counts of various contraventions of section 75 of the Income Tax Act 58 of 1962, as per the indictment.

    The said plea is in accordance with a plea and sentence agreement in terms of section 105A(1) of the Criminal Procedure Act 51 of 1977, entered into between the accused and the National Prosecuting Authority. The High Court was satisfied that the aforesaid agreement complied with the requirements of the provisions of section 105A(1) of the Criminal Procedure Act, that the accused admitted the allegations in the above-mentioned counts and that he was guilty of the offences.

    The Court was moreover satisfied that the sentence agreement was just, whereupon the Court proceeded to convict the accused of the offences and sentenced the accused in accordance with the sentence agreement.

    In terms of the agreement, the accused was sentenced to a fine of R80 000.00 or 24 months’ imprisonment on each of the 41 counts, being the maximum sentence provided for in the Income Tax Act read with the Adjustment of Fines Act 101 of 1991. The effective sentence, as confirmed in the agreement, is a fine of R3 280 000.00 or 984 months (82 years) imprisonment.

    The accused has, moreover, agreed to pay to the Criminal Assets Recovery Account (“CARA”) the amount of R8.75 million as contemplated in section 64(e) of Act 121 of 1998. This payment will be effected within 30 days of the plea agreement having been finalised today. The plea and sentence agreement was entered into having due regard to the following factors, as stipulated in the agreement:

    the State consulted with the complainants, being representatives of the South African Revenue Service (“SARS”) and representatives of the South African Reserve Bank (“SARB”), and afforded them the opportunity to make representations; as required by the law.
    the said complainants, namely SARS and SARB, are satisfied with the agreement as entered into
    SARS has instituted various actions against the accused relevant to the offences and will (in terms of the actions and by agreement with the accused) recover an amount of R 706.7 million (figure verified by SARS)
    the accused has reached an agreement with SARS and SARB to settle all disputes between them. In terms of the agreement with SARS, the accused has entered into an agreement to settle his tax indebtedness with SARS and has reached a settlement with SARB
    the length of the trial should the accused plead not guilty, and the consequent burden on the criminal justice system
    the trial related prejudice by virtue of material witnesses who have passed away or have become unavailable or unable to testify
    the expense to which the State would be put by such a trial, which would be lengthy and require the testimony of experts and witnesses based in foreign countries
    the nature, aggravating circumstances and facts relating to the offences
    the personal circumstances of the accused
    the fact that the accused has no previous convictions
    the interests of society.

    fit and proper my back side (sourced via online media blog)

    • Eastside

      In all honesty, as a Celtic fan I find it amusing and rather happy to see Spivs like Green, Whyte and King being applauded up the marble staircase by the Orcs. But if you really think about, these are some really unsavourary characters being welcomed into our Game in their droves. These men would have no qualms about stinging Taxpayers for millions if they could get away with it, as D Murray and Whyte have already done.

  12. Monti

    IBROX SCRABBLE!
    Y. E. R. D.E.A.D.

    🙂

  13. mick

    the trial related prejudice by virtue of material witnesses who have passed away or have become unavailable or unable to testify

    was he bumping of witnesses lol

  14. Monti

    IBROX CLUEDO

    It was David Murray, with a pound coin, in the blue room, with Craig Whyte.

  15. mick

    a see bearsden has a topic up and running about king being blackened

    “Their jealousy knows no bounds and simply ignoring them is not enough, fight every lie dispute every “fact” we all know the more something is said it is taken as the truth and we can’t let them get in our way back to the top.” “dispute every “fact” lol mad or what

  16. mick

    it was murray then it was whyte but jabba said in the record its all whytes fault so me being a silly billy am saying its whyte but ma da says it was liewell lol

  17. @officer dibble…. regarding clarkeng, “Mac, please don’t reply to this goon”
    No worries OD mate, he’s off my Christmas card list….. jingle bells, jingle bells …..oh what fun it is to ……………………

  18. Another hot shot emerges 🙂

  19. JOE

    LlIFTED FROM THE BEARS DEN
    Posted Today, 02:21 PM
    I fully expect that over the coming days and weeks we will see the usual suspects begin a campaign to stop King becoming the chairman of Rangers.

    In many respects the opening salvos have already been fired with the failed lawyer and fatzine already devoting their energies in to attempting to blacken Kings appointment as Chairman.

    Make no mistake about it these people wouldn’t have batted an eyelid had Murray joined the board as he simply doesn’t have the financial clout, however King does, they know it and will spin the usual bile, focusing on SARs and that King was a director of the Oldco.

    This will intensify over next days and weeks and you can bet your bottom dollar they will try to assert their pressure on the SFA to stop King joining.

    Their jealousy knows no bounds and simply ignoring them is not enough, fight every lie dispute every “fact” we all know the more something is said it is taken as the truth and we can’t let them get in our way back to the top.

    • Big L

      They are deluded cretins, or is it desperate ?
      They’re trying to put a positive spin on a tax cheat that ‘might’ be the sugar daddy and fire in short term cash to prop up their dying Club/company whatever ?
      He cannot be ratified by the SFA as a ‘fit and proper person’ to be associated with this ‘club / company’ that controls the ‘ member club/ company’ in any way.
      If Doncaster or Regan are complicit in this being passed they should be hounded out.
      If he isn’t passed as a fit and proper person then Lawell will take the fall.
      seemples.

    • how desperate are these peeple for a sugar daddy,

      how much are they going to demand from King,

      when this poster said
      “attempting to blacken Kings appointment as Chairman.”

      did he mean “block” Kings appointment,
      dispute the facts, LOL

  20. Monti

    ARMAGEDDON ON BBC 1

    Wasn’t aware the SPFL had it’s own channel?

  21. mick

    the handshake is losing its grip hail hail

    demand merit and rules applied hailhail

  22. Niall Walker

    Let us have a look at how out of the ordinary Rangers, its owners and its fans are in the wider scheme of things:

    Rangers have a section of supporters who are ethno-religious bigots, as do Celtic.
    Rangers have had owners who have indulged in tax avoidance, so do Celtic.
    Rangers fans believe they and their team are the best, so do Celtic fans.
    Rangers have a dark history of anti-Catholicism, to its shame so did Scottish society.
    Rangers and their fans think the press and the SFA are biased against them, and so do Celtic and their fans.
    Rangers have been run by spivs, so have Celtic.
    Rangers were liquidated, as have been many football clubs.
    Rangers left unpaid creditors including HMRC, join the queue.
    Rangers is the same club with the same history, as Leeds Utd.
    Rangers fans deny they are as bad as Celtic fans, and Celtic fans deny they are as bad as Rangers fans.

    So this what I believe is out of the ordinary about Rangers:

    Up to 3 years ago, Celtic fans ribbed and gloated over beating Rangers at football, it was all about the football, the whole Catholic vs Proddy thing had become a wind up parody. It only got out of hand if one side took it too far, then the atmosphere and mood would darken. Civilization is only a thin veneer, it does not take much to tip us back into old mind sets, just look at the former Yugoslavia.

    3 years ago two new phenomena entered the arena, Phil and blogs, within a year the wind ups and gloating were not about football at all, they were about death, history,thuggery, honesty, integrity, spivdom, cheating and ethno-religious bigotry.

    Now I am going to ask all Celtic fans to imagine 3 years ago having a wind up in a pub with their Rangers mates about football, when suddenly Phil recites the above catalog of horrors into the face of your proddy mates.

    Do you think the atmosphere and mood would change?

    I am afraid what is ordinary about this return to old attitudes is civilization is two steps forward and one backward, and we are going backwards. I don’t blame Phil, the Celtic fans nor the Rangers fans, it is the way it is, sometimes dying embers reignite.

    • Big L

      Ah it’s Phils fault.

      • Niall Walker

        If it wasn’t Phil it would have been somebody else, the collapse of Rangers in the midst of a blogging explosion was certain to create problems.

        • Big L

          Rangers 1872 died no problem.

          All the malarkey afterwards is a problem.
          Governing bodies bending over backwards to try and fit a dead club into their plans .
          A complicit MSM trying to put a sticking plaster over a festering sore, kiss it and make it better.
          A club devoid of any remorse, shame or guilt trying to reinvent itself while still having the same for every pound the 3rd division teams spend we will spend 10 to get back to battle in the SPL.
          I think the major fear driving ‘Rangers’ on and I use that description as a catch all, (is it the club, the institution or the company), is the fear Celtic will win 10 in a row.

      • here we go again, shoot the feking messenger,
        RFC 1872 self destructed, as they did, the banter dried up,
        as the RFC fans could not take what was happening to their corrupt failed football club,

        it’s the Neil Lennon defence, he brings it on himself, getting bombs and bullets in the post, why ?
        was it something to do with his place of birth and his religion,or just his red hair, he brought it on himself FFS

        plenty of SO do Celtic

        not for this though
        “Rangers have a dark history of anti-Catholicism, to its shame so did Scottish society.”
        what happened to………. so do Celtic ?

        or these two, no……… so do Celtic, here for some reason

        Rangers left unpaid creditors including HMRC, join the queue.

        Rangers is the same club with the same history, as Leeds Utd.

        Name any liquidated football club that is still playing in professional football,

        RFC and Leeds are not the same, Leeds never got liquidated.

        • Niall walker

          “look at the former Yugoslavia”.

          a cobbled together country, rips itself apart.

          RFC 1872 goes bust, a football club,
          only in the mind of the bitter and twisted buffon in the west of Scotland would parallels like this get drawn, dreamed up by those that need to defend a failed football club,
          the sirens are wailing,
          the blogs demented troll is trying to instil fear into that section of the population that was excluded from RFC on sectarian grounds,

          the troll is issuing veiled threats of social unrest, will this come to pass if King is challenged as a FPP to run a football club

          ” Civilization is only a thin veneer,”
          It is for some,
          for those that live in the past, 1690, that think they hold a religious and social supremacy over their neighbours

          but as Steerpike here said, it’s all Phils (and Neil Lennons) fault, they brought it on us all

    • Monti

      @Niall
      Celtic won the European cup

      Rangers didn’t!

      Night Night!

    • Not quite sure what your position here is Niall, are you suggesting that the nature of the Internet which can provide anonimity is adding fuel to the fire?. That people on both sides are using this to indulge their spite in a way that would otherwise be unacceptable in everyday behavior?… To a point I would agree with that.
      The thing about football rivalry is there is an unwritten contract between supporters of all teams, to experience the highs you must endure the lows, & part of the low’s are having the “Pish ripped out of you” by your fiercest rivals. Schadenfreude is a vital component in the experience of football fans. I agree with you that with Celtic & Sevco there are “cultural” & political add on’s, but the same can be said for Barca – Madrid, Roma – Lazio, Red Star Belgrade – Zagreb, & many others, & in South America fans regularly take guns onto the streets & actually shoot each other.
      You mentioned Phil Mac Giolla Bhain’s observations might be the cause of friction. I agree, however people are uncomfortable with them because
      A, they think he is making stuff up, or B, he is revealing a truth about Scottish society that they simply do not want to accept.

      • Niall Walker

        @Mac,

        Blogs are just internet pubs, we have changed our way of socialising, things we would never say to someone’s face becomes the norm, it is like an overreaction to all the socially acceptable rules being removed.
        But no holds barred socializing in the public regime is like fan to a flame, it can spread bad ideas and attitudes very quickly,and increase the heat between the two parties.

        Do you really believe something good and noble is going to come out of this fire?

        • maybe you don’t have the baws to say what you think, don’t tar every one with a big yellow streak down their backs because you have one,
          if i have an honest opinion,i will express it, you don’t have to like it or agree with it, but it’s mine,
          try to man up Niall, get out your “house”for a while,close the computer, try your ideas out down the pub, tell them down the pub how the board room infighting at Ibrox was all Phils fault, try buying your own dinner once in a while,

          do you honestly think that people never expressed their opinions to each other before these blogs appeared, cowards like you may have found their “voice” on the likes of this place,
          many,many MEN have always spoke up.
          =======================================

          yet another post from the troll hinting in a very dark way about social unrest, trying yet again to control and quieten the voices that don’t agree with his latest quest to divide and disrupt the blog, that’s why your here,after all,is it not.

        • Niall, Blogs have changed the way we socialize, but they are still a novel form of communication, we will simply have to wait & see if on line behavior deteriorates or improves. The law has yet to get to grips with the internet & in a way I think we all struggle it at times, the whole thing is still in it’s infancy… relatively speaking
          “Is something good and noble going to come out of this fire”… The thing about fires Niall is that they tend to burn out. I have had a lifetime’s experience of Glasgow’s big two clubs, we are in a heated period at the moment, but there has always been an ebb & flow regarding the intensity of animosity..
          Once again regarding, Phil Mac….Please read the book Niall, then judge his thinking.

    • Fra

      Phil was only doing what the SMS wouldn’t or didn’t want to do. He told us, with others, just what was going on. He has embarrassed the MSM and shown them up to be useless. Not happy with Phil’s news, his name was blackened, so who enters the arena but Mr Thomson, a world renowned journalist with impeccable credentials. He goes on to ridicule our so called hacks and ripped Keevins a new arsehole on Clyde. Keevins stuttering and deflects were embarrassing for a so called journo. “It wasn’t my area or call” bleated Keevins. Result: Thomson was a rangers hater. Now to blacken the name of a world renowned journalist who had the audacity to come up here and tell it like it was. Unbeleivable .

      You seem to be trying to blacken Phil’s name Niall. Is there an agenda at hand. If the MSM had listened to Phil and his investigative qualities, then just maybe, the outcome could have been different.

      Stand and take a bow Phil. You did your job. Unfortunately others didn’t and to this day , for whatever reason, are still not doing theirs

      • FRA

        You need to always remember that Niall Walker is a self proclaimed KING of trolls,
        his stated aim is to bring about disruption and to deflect from the issues posted on the blog,

        rip it out of him,but he is a pathological liar,
        why try to get an honest answer from this fool

        he is trying to equate a failed football club (RFC 1872) and a war torn country like Yugoslavia,
        he said this
        “So this what I believe is out of the ordinary about Rangers: ”

        he then went on to post a lot of shyte, all he needed to do to show what was/is out of the ordinary about Rangers is to scroll back up to this

        “Rangers have a dark history of anti-Catholicism,”
        “Rangers left unpaid creditors including HMRC”
        “Rangers were liquidated”
        Rangers are been run by spivs, these spivs are not just trying to force the same club argument down the throats of fans of all the other clubs, whether those fans believe it or not,
        Newspaper journalists and TV media journalists have also come under sustained fire if they express an opinion that differs from the spivs and the fans of this newco,

        these fans are yet again trying to bully and coerce everyone to do their bidding, it’s the year 2013 and it’s the same old same old,
        freemasonry and orange order secrecy behind closed doors,
        religious and social supremacy ideas, yet again getting forced down the throats of a whole country, that turns up to watch football,
        while the tribute act and it’s followers as it’s predecessor did,

        yet again these “fans” turn out to indulge themselves and spout sectarian bigotry,anti Irish racism,aided and abetted a couple of weeks ago by the British armed forces,
        Protestantism and rule Britannia and the Saxe-Coburg-Gotha royal family*, King Billy and Ulster Unionism and loyalism, all wrapped up in a football club.

        Civilization, as other understand it, has always only been a thin veneer, for those connected to IBROX

        *Saxe-Coburg-Gotha,
        was Media house on the PR job to change it’s name to the English sounding WINDSOR ,lets all forget the roots name change,

        • Fra

          Coat, as I have stated, the truth will out. Niall has given us this veneer of acceptability in his make-up and I prefer it to the odious Steerpike.

          My views may not be palatable to many but they are mine and I will stand and defend them because I believe them to be right and justified. (Cue the onslaught of terrorist loving scum)

          I may be wrong but I don’t believe Niall to be a football fan at all. He sounds like the school swot who couldn’t play football so had to find a voice. Not a dig Niall, don’t take it as so. Nialls contribution are to be controversial and stir the pot. Well, he’s came to the right place.

          Cams a funny bigot at times and has had me laughing out loud (Gort would disagree). He tries to twist melons and I’m pissing myself how anybody could take him seriously, never mind get upset.

          Phil showed the succulent lamb brigade up for what they were. Cams big colouring book would be better sent to them as they would have more use for it.

          Anybody, and I mean anybody, who has dared to tell the truth has been savaged. Chris McLaughlin (Catholic name so he’s a Taig bas**rd) is ridiculed as a rangers hater as was Mark Daly. These guys may have went to a catholic school and for all I know may be staunch Celtic supporters, but do these sevco fans really believe they don’t want to appear professional.

          If it was me, I would be adorned with my Celtic scarf, my Republican badge on my lapel and a smile you couldn’t remove with a chisel and Bhoy would I be ramming it down their bigoted throats. This I may add, would only be on a professional basis.

          One of the most renowned journalist of our generation dared to dip his toe into the murky world of bigotry and freemasonry which enthrals our every societal sinew. He stood tall and made them look like the pricks they were. They tried everything to smear him but facts beat them every time. They were shown to be relics of a bygone age who couldn’t move on from a once superior stance they believed was rightfully theirs.

          I honestly feel for the minority of decent supporters of the dead club and the shit they’ve had to contend with. For the bigots, I hope it goes on forever.

    • Ian4300

      I know Niall,

      as you say that bad Phil telling the TRUTH about RIFC(IL) then the Sevco Shambles & spivs, can come to no good. It will wind up all those Catholics.

      Considering you are NEVER wrong & as you have already used your phenomenal brain to prove that all those Catholics are potential Mass Murderers those poor wee Sevco supporters must be quaking in their boots.

      🙂

  23. Lex McLean

    I think we all accept that Irish immigrants were discriminated against, and probably the Catholics more than the Protestants. And this is something we can learn from.

    Nowadays the Africans trying to get to Europe are suffering discrimination on a horrific scale, leading to the deaths of hundreds of what are ordinary people like youze an me who just want to improve their and their families lot in life.

    We sure learn from our lessons.

  24. Monti

    IBROX MONOPOLY
    David Murray ‘go direct to jail’ do not pass ‘go’ & do not collect £1…….from Craig Whyte!

  25. Monti

    IBROX MONOPOLY
    Ally McCoist is said to be deeply ( fried ) unhappy that there isn’t a ‘ Greggs the Bakers ‘ property, on the new Sevco edition board game, Monopoly.

  26. Pingback: “Black Monday” For Rangers’ CEO Craig Mather | Random Thoughts Re Scots Law by Paul McConville

  27. lordmac

    i don’t see why the rangers fans are happy with the rebels
    the fact of the matter is quite simple, should the rebels gain entry and they do not improve the situation in say 6 months to a year, the real owners will brake up the assets, sell them of for development. End result the Blue nights will have to pay top dollar once more, there is three stages of owning a club, you by in at 51% or 90% or 100%
    the thing rangers fans don’t realize, when you have soon to be new directors in charge they will stripe away with your assets in wages, say 4 directors at £400,000 plus perks upping it to £500,000 each £2 million per year they have no money of there own to add to your cause, yet will take more out than put in, they are the only winners here the only way King could be King is if he buys rangers out right, and then lets rangers rent from him £4million a year all inclusive deal, what use would there be for a board of directors at rangers if that was the case. the limpets are just wanting Dave king in so as they get a free meal ticket, and organize your season ticket money, making sure its your money they are using. come Saturdays they sit in the best seat in the house and its warmed up, get free food and drink all day so if you have to pay rent the way i see this heading as you cant have enough money to keep your ship afloat any other way, why would you want to get rid of guys that put money into your club, to then allow new guys in that had put nothing in. leaving king to the one side.

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