eyesandears Posted March 27, 2020 Share Posted March 27, 2020 What a failure he has been. - No trophies in the cabinet since the club formed. I'll save them the embarrassment of the Challenge Cup. - A club with an extraordinary debt pile mounting by the week - even before the Covid-19 crisis - Shares worth diddly squat due to umpteen dilutions - A ragtag Board of Directors presiding over a club that cannot secure external credit facilities - Their nearest rivals continuing to show them a clean pair of heals in league and cup competitions - Being beaten off us twice in our worst season in decades Ta ta Dave. Been nice laughing at you. Quote Link to comment Share on other sites More sharing options...
Beast Boy Posted March 27, 2020 Share Posted March 27, 2020 Does look a bit ominous for the peepul actually. Quote Link to comment Share on other sites More sharing options...
JamboAl Posted March 27, 2020 Author Share Posted March 27, 2020 50 minutes ago, Footballfirst said: King's statement from the Record. (can also be read as "The club is in financial trouble. So am I, therefore I'm off before the merde hits the fan") The words shit fan hit all come to mind. Quote Link to comment Share on other sites More sharing options...
EH11 Posted March 27, 2020 Share Posted March 27, 2020 1 minute ago, Special Officer Doofy said: Does look a bit ominous for the peepul actually. Self isolating in the big hoose. Quote Link to comment Share on other sites More sharing options...
Beast Boy Posted March 27, 2020 Share Posted March 27, 2020 Just now, EH11 said: Self isolating in the big hoose. Maybe... looks more like he just doesn’t want to be the boy at the reins when the wheels come off the wagon to me though. Quote Link to comment Share on other sites More sharing options...
husref musemic Posted March 27, 2020 Share Posted March 27, 2020 5 minutes ago, Special Officer Doofy said: Maybe... looks more like he just doesn’t want to be the boy at the reins when the wheels come off the wagon to me though. David Murray the second "doing what's best". Quote Link to comment Share on other sites More sharing options...
Beast Boy Posted March 27, 2020 Share Posted March 27, 2020 Just now, husref musemic said: David Murray the second "doing what's best". Just now, husref musemic said: David Murray the second "doing what's best". Wonder if they’ll still worship King like they do Minty? 🤔 Quote Link to comment Share on other sites More sharing options...
eyesandears Posted March 27, 2020 Share Posted March 27, 2020 how convenient for him that the SA authorities have locked everything down for three weeks. You'd think he'd still have conference call facilities like everyone else or is he just quietly glad to scarper and disappear to leave others to clear up his mess? Quote Link to comment Share on other sites More sharing options...
sadj Posted March 27, 2020 Share Posted March 27, 2020 25 minutes ago, eyesandears said: how convenient for him that the SA authorities have locked everything down for three weeks. You'd think he'd still have conference call facilities like everyone else or is he just quietly glad to scarper and disappear to leave others to clear up his mess? id suggest that the media will forget ppl have internet and video conferencing call abilities for now and say we should feel sorry for Dave Quote Link to comment Share on other sites More sharing options...
Lovecraft Posted March 27, 2020 Share Posted March 27, 2020 In other words **** this shit, I'm off Quote Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted March 27, 2020 Share Posted March 27, 2020 Bwaaaaahhhhaaaaaaa...... go on kris with a k comment please. This is walking away in true Sevco fashion Quote Link to comment Share on other sites More sharing options...
Lovecraft Posted March 27, 2020 Share Posted March 27, 2020 (edited) 57 minutes ago, Special Officer Doofy said: Maybe... looks more like he just doesn’t want to be the boy at the reins when the wheels come off the wagon to me though. Yep. The Chairman that watched Celtic get 10 in a row and a second Administration. Sorry.. Liquidation. Edited March 27, 2020 by Lovecraft Quote Link to comment Share on other sites More sharing options...
1971fozzy Posted March 27, 2020 Share Posted March 27, 2020 Could he not just sell Morellos and Tavanier for £80m ? easy peasy Quote Link to comment Share on other sites More sharing options...
Five to One Posted March 27, 2020 Share Posted March 27, 2020 The Empire Strikes Not Back Quote Link to comment Share on other sites More sharing options...
RobboM Posted March 27, 2020 Share Posted March 27, 2020 2 hours ago, Footballfirst said: King's statement from the Record. (can also be read as "The club is in financial trouble. So am I, therefore I'm off before the merde hits the fan") True leadership 😂 "My warmest regards to all our supporters at this difficult personal time for many of you." Quote Link to comment Share on other sites More sharing options...
Mr Elwood P Posted March 27, 2020 Share Posted March 27, 2020 1 hour ago, eyesandears said: What a failure he has been. - No trophies in the cabinet since the club formed. I'll save them the embarrassment of the Challenge Cup. - A club with an extraordinary debt pile mounting by the week - even before the Covid-19 crisis - Shares worth diddly squat due to umpteen dilutions - A ragtag Board of Directors presiding over a club that cannot secure external credit facilities - Their nearest rivals continuing to show them a clean pair of heals in league and cup competitions - Being beaten off us twice in our worst season in decades Ta ta Dave. Been nice laughing at you. How much debt are they in? Quote Link to comment Share on other sites More sharing options...
Footballfirst Posted March 27, 2020 Share Posted March 27, 2020 11 minutes ago, Mr Elwood P said: How much debt are they in? We won't know until the produce their next accounts. What we do know is that they owed £3m to Close, £5m to King himself, £9.6m due in transfer installments during this season, £3.7m in future seasons, then they committed further spending of £11.5m in transfers fees after their financial year end. Quote Link to comment Share on other sites More sharing options...
Footballfirst Posted March 27, 2020 Share Posted March 27, 2020 A photo of Dave King's successes. Quote Link to comment Share on other sites More sharing options...
Footballfirst Posted March 27, 2020 Share Posted March 27, 2020 Another RIFC statement RANGERS Football Club is delighted to announce that Douglas Park has been appointed as Interim Chairman of Rangers International Football Club PLC. Furthermore, we can confirm the appointment of John Bennett as Deputy Chairman of RIFC. Douglas Park has decades of experience as a successful businessman which is invaluable to Rangers, as we continue to work towards our 150th anniversary. We are indebted to Douglas’ financial backing and support with fans fondly recalling his part in the “Three Bears” takeover of 2015. John Bennett joined the RIFC board in March 2015 as part of the regime change when he invested substantial funds in Rangers. His consistent investment in the club is set to continue, with further funding in the coming months. Mr Bennett has over three decades of experience in investment management with a specialism in European companies. RIFC is pleased to confirm that the funding plan announced at the recent AGM is well advanced, with significant investment already received and further commitments in place. The elevation of Douglas Park and John Bennett is another significant step forward for Rangers FC and is a sign of intent by the club. Mr Park highlighted, “It is a privilege to take on this position at the world’s most successful football club. We have experienced some difficult days but have emerged stronger than before. “On behalf of the Board of Directors, I welcome the continued enthusiasm towards contributing to the future success of the company and club. We will make further public comment in due course.” Furthermore, Deputy Chairman, John Bennett commented on the outgoing Chairman, “I want to place on record our sincere thanks to Dave King for the important contribution he made as Chairman of Rangers FC.” In closing, Mr Park highlighted the current health crisis throughout the world, “I know what an institution Rangers is and what it means to our loyal fans. However, football is secondary at the moment. It is vital that we follow the advice of the government and medical experts to beat this virus. “Please look after yourself and your loved ones. Thank you to the medical staff, and all key workers who are working tirelessly across the United Kingdom.” Quote Link to comment Share on other sites More sharing options...
brunoatemyhamster Posted March 27, 2020 Share Posted March 27, 2020 Specialism? Quote Link to comment Share on other sites More sharing options...
Glamorgan Jambo Posted March 27, 2020 Share Posted March 27, 2020 Looks like the new PR guy has already made an impact and written a statement in plain English. Quote Link to comment Share on other sites More sharing options...
Jambo-Fox Posted March 27, 2020 Share Posted March 27, 2020 Made me laugh, in the statement; “the worlds most successful football club”!!! Sevco since their formation have won nothing 😂 Quote Link to comment Share on other sites More sharing options...
Fozzyonthefence Posted March 28, 2020 Share Posted March 28, 2020 5 minutes ago, Jambo-Fox said: Made me laugh, in the statement; “the worlds most successful football club”!!! Sevco since their formation have won nothing 😂 They hardly make a statement without referring to this or the nearly 150 years old thing to pretend they’re not a new club. Not sure why they feel the need to repeat it every statement - your average knuckle dragging Orc was gullible enough to believe it the first time. I wonder if Celtic will spout this shite too when they get to 55 titles or whatever the magic number is. I somehow doubt it. Unlike Sevco, they don’t need to try to justify how old they are pretending to be each statement they make. I don’t think it could have been the new PR man though - there wasn’t a “ftp” or “no surrender” at the end of the statement. Quote Link to comment Share on other sites More sharing options...
East Lothian Jambo Posted March 28, 2020 Share Posted March 28, 2020 1 hour ago, 1971fozzy said: Could he not just sell Morellos and Tavanier for £80m ? easy peasy Keith Jackson will have them worth £100M before the weekend is out This is a big big problem for Huns. Park has already maxed out his capability to inject They could very easily be ducked Quote Link to comment Share on other sites More sharing options...
beavers Posted March 28, 2020 Share Posted March 28, 2020 At their last AGM it was stated they needed another £10 million to see the season out and that was before covid-19 stopped play. I wouldn't normally wallow in other clubs misfortunes but they have overspent yet again trying to chase the league. No doubt the next PR spin will be players volunteer to take a pay cut....... Quote Link to comment Share on other sites More sharing options...
busby1985 Posted March 28, 2020 Share Posted March 28, 2020 Just now, beavers said: At their last AGM it was stated they needed another £10 million to see the season out and that was before covid-19 stopped play. I wouldn't normally wallow in other clubs misfortunes but they have overspent yet again trying to chase the league. No doubt the next PR spin will be players volunteer to take a pay cut....... From what I know, the players have all ready spoken amongst themselves, after the Hearts announcement as well, saying they’ll not take pay cuts, they’ll accept deferrals or cuts with guarantees that the monies owed will be paid back. Quote Link to comment Share on other sites More sharing options...
Shanks Posted March 28, 2020 Share Posted March 28, 2020 They will be one of the hardest hit clubs, it's funny how almost every ex pro has an opinion on Hearts financial situation but not a peep about the world's most successful club TM Quote Link to comment Share on other sites More sharing options...
Beni Posted March 28, 2020 Share Posted March 28, 2020 7 hours ago, Fozzyonthefence said: They hardly make a statement without referring to this or the nearly 150 years old thing to pretend they’re not a new club. Not sure why they feel the need to repeat it every statement - your average knuckle dragging Orc was gullible enough to believe it the first time. I wonder if Celtic will spout this shite too when they get to 55 titles or whatever the magic number is. I somehow doubt it. Unlike Sevco, they don’t need to try to justify how old they are pretending to be each statement they make. I don’t think it could have been the new PR man though - there wasn’t a “ftp” or “no surrender” at the end of the statement. They managed to crowbar the word 'loyal' in as a nod and a wink to the knuckledraggers. Quote Link to comment Share on other sites More sharing options...
Bainy Posted March 28, 2020 Share Posted March 28, 2020 Cant wait for the papers and ex pros to jump on this one. Without this investment they must be completely screwed. Even with it the fact that by novemeber they were stating they need 10M investment just to get to the end of the season is startling and how the fans are sitting back and allowing the club to be run like that when they have just come back from the dead is mental. I will be surrprised if they survie this shut down. Quote Link to comment Share on other sites More sharing options...
Footballfirst Posted March 28, 2020 Share Posted March 28, 2020 Their EL run will probably have reduced their £10m requirement by a couple of million. Quote Link to comment Share on other sites More sharing options...
jock _turd Posted March 28, 2020 Share Posted March 28, 2020 Know what? I am no lover of the outfit BUT I am fed up hearing people wishing ill of them now. It is unfortunately no different to what we are feeling when our team is taking a hammering in the press just now and other teams fans wishing us ill. If they were actually going tits up that would be different but the constant revisiting of the financial position they are in and all the hope that they are going to go bust is just dragging on. We have been predicting their demise now for an age and yet nothing has happened at all... could this be the point in time though? I want results not just speculation Quote Link to comment Share on other sites More sharing options...
buzzbomb1958 Posted March 28, 2020 Share Posted March 28, 2020 The rats always jump before the ship sinks I hope this is the case Quote Link to comment Share on other sites More sharing options...
Ex member of the SaS Posted March 28, 2020 Share Posted March 28, 2020 King's statement is a big red flag. The club has no money the board has no money and King never had any money. I get the feeling that when the players fees and the close bros loan comes due they will fold. Never want a club to fold but make an exception here as they had the chance to start again and play fair. They didn't and shafted the rest again. By sevco and thanks for all the laughs. Quote Link to comment Share on other sites More sharing options...
stuart500 Posted March 28, 2020 Share Posted March 28, 2020 So. I await the headline 'Dave is fu King off!!' Quote Link to comment Share on other sites More sharing options...
Doc Rob Posted March 28, 2020 Share Posted March 28, 2020 1 hour ago, jock _turd said: Know what? I am no lover of the outfit BUT I am fed up hearing people wishing ill of them now. It is unfortunately no different to what we are feeling when our team is taking a hammering in the press just now and other teams fans wishing us ill. If they were actually going tits up that would be different but the constant revisiting of the financial position they are in and all the hope that they are going to go bust is just dragging on. We have been predicting their demise now for an age and yet nothing has happened at all... could this be the point in time though? I want results not just speculation Many of us are still smarting at the way they have been allowed to sweep years of cheating under the carpet and carry on as if nothing ever happened - in fact, the authorities have all but begged them to do so. They have leaned absolutely nothing from their experience and behave in the exact same way. What we are looking for is a little long-delayed justice. Quote Link to comment Share on other sites More sharing options...
AllyjamboDerbyshire Posted March 28, 2020 Share Posted March 28, 2020 1 hour ago, Doc Rob said: Many of us are still smarting at the way they have been allowed to sweep years of cheating under the carpet and carry on as if nothing ever happened - in fact, the authorities have all but begged them to do so. They have leaned absolutely nothing from their experience and behave in the exact same way. What we are looking for is a little long-delayed justice. Pretty much sums it up for me, too. I used to laugh at Celtic and their supporters with their conspiracy claims but it turns out that they were only wrong in thinking it was only their club that was being cheated! How anyone who supported any of the cheated clubs can have sympathy with the old or new club is beyond me. It's like scraping a turd off your shoe only to find that you've instantly stepped into a freshly laid turd with your next step. Quote Link to comment Share on other sites More sharing options...
colinmaroon Posted March 28, 2020 Share Posted March 28, 2020 5 hours ago, Doc Rob said: Many of us are still smarting at the way they have been allowed to sweep years of cheating under the carpet and carry on as if nothing ever happened - in fact, the authorities have all but begged them to do so. They have leaned absolutely nothing from their experience and behave in the exact same way. What we are looking for is a little long-delayed justice. When the core is corrupt, it doesn't matter what's done outside that core. Quote Link to comment Share on other sites More sharing options...
DesertDawg Posted March 28, 2020 Share Posted March 28, 2020 6 hours ago, stuart500 said: So. I await the headline 'Dave is fu King off!!' MOTORING group executive Douglas Park has been placed in interim charge of the Rangers board as Dave King officially stepped down as chairman. The move came as the club said investment plans have been put on hold in the wake of the coronavirus pandemic. The Johannesburg-based entrepreneur announced at the club’s AGM in November he would be giving up the role to focus on his business interests back in South Africa. And on Friday he confirmed he has stepped down while confirming that all of his businesses in South Africa had been "signficantly impacted" by the coronavirus pandemic. He has now left it to motor group tycoon to steer Rangers through the coronavirus crisis after announcing a task team had been set up at Ibrox to deal with the fallout of the pandemic. Douglas Park, head of Park’s Motor Group, who has a 14% stake in Rangers and has been a principal source of soft loans that has supported the club, had been favourite to take over. The announcement marks the end of Mr King's five-year reign, which began when he and the Three Bears group of investors made up of Hong Kong-based investment banker George Taylor, Park's Motor Group founder Douglas Park and investment banker fan George Letham bought up shares and went on to take over the club from a group said to be allied to Sports Direct founder Mike Ashley in 2015. When in November, at the Rangers’ AGM, the club’s biggest shareholder revealed he was intending to step down, he said there was “no longer” a need to continue with what he described as an “ad hoc funding approach”. At that point the Rangers International Football Club plc was predicted to require £10 million by way of “debt or equity funding” by the end of the season while announcing an annual loss of £11.3m. In a lengthy statement the Castlemilk-born businessman said that the coronavirus crisis had thrown the football and business world into chaos and that investment plans had been 'put on hold'. The 64-year-old said the club has formed a special "task team" to look after the health and wellbeing of club employees during the virus crisis and to mitigate the financial impact of the pandemic on the club. Mr King said he had considered staying on as Ibrox chairman during the pandemic but revealed he was now self-isolating at his home in South Africa and would need to focus all of his energy on his business interests there during the global crisis. Mr Park will now take up the reigns as interim chairman until a permanent appointment is made. Mr King said: “I thank all supporters, club management and the board for the magnificent support I received while guiding the club post regime change to put that specific crisis behind the club. “It is a great pity that we now find ourselves part of this global crisis. The task team will continue to navigate the club through this difficult time while reporting to the full board. “The deputy chairman Douglas Park will chair the board during the interim period and a new permanent chairman will be elected by the board at the next board meeting and will be announced immediately thereafter.” Mr King admitted he had almost had a change of heart after the scale of virus’ threat became clear, but decided he could not continue leading the club after being forced into self-isolation on his return to South Africa following a board meeting earlier this month. Dave King with Douglas Park (right) “I considered the possibility of extending my time as chairman until the coronavirus crisis is over but that is not practically possible,” he added. “After I returned to South Africa last week from the board meeting, I was mandated by the South African authorities to go into self-isolation for 14 days – which I am presently undergoing.” He added: "We presently have extremely limited visibility on how the landscape will develop in the coming months but we will continue to keep our supporters and other stakeholders updated as matters progress. We are all in this together. "I thank all of my colleagues for the time and effort they continue to devote to our club - particularly when they are all dealing with their own family and business concerns arising from coronavirus. It is unfortunate that my stepping down has coincided with the coronavirus crisis but I am relieved that our club has such stalwarts in place to deal with whatever comes our way." He explained that many local businesses in South Africa have not paid their employees - or have reduced payments at the end of March, while others had also terminated the employment of large numbers of their workforce. "I decided to pay all employees in full in order to reduce the financial hardship to them," he said. He said he had put together a task team that communicates on a daily basis to find ways to make arrangements with landlords, suppliers, creditors and other stakeholders to restructure his businesses "for as long as is necessary" and in doing so, "prioritise the wellbeing of our employees and their families". He said: "This is a full-time task that leaves me no free time to make meaningful input to the Rangers task team - which, in any event, is dealing with a more structured and more benign local environment due to the ability of the UK government to offer meaningful financial support to distressed businesses and individuals. "In closing, I thank all supporters, club management and the board for the magnificent support I received while guiding the Club post regime change to put that specific crisis behind the club. "It is a great pity that we now find ourselves part of this global crisis. "The Task Team will continue to navigate the club through this difficult time while reporting to the full board." In the latest accounts, which include reports by Mr King and the club’s auditors, the Castlemilk-born Rangers fan’s Laird Investments company was quoted as providing loan facilities to meet a predicted shortfall in funding for this financial year “and further amounts that may be required”. It agreed to provide a £5m facility to October 2021. Mr King’s report also admits that “uncertainty over the level of additional funds that will be required and a lack of a binding debt facility indicate that a material uncertainty exists which may cast doubt over the group’s ability to continue as a going concern...” Rangers’ auditors, Campbell Dallas Audit Services, echoes this, saying the risk of key cash flows not being achieved as forecast, along with the absence of a binding debt facility for any shortfalls, “indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern”. However, Mr King also said that his report was prepared on a “going concern” basis and that the board believed there is a “reasonable expectation” it will “at all times” have adequate resources to continue in operation for the foreseeable future. It is understood that Mr King still retains a 25% stake in the club. Mr King's five years was not without its faire share of controversy, dispute and courtroom battles. He previously asserted that the previous board “and other parties” agitated with the Takeover Panel to have him excluded from assisting in Rangers’ recovery and created “many personal complications” with exchange control authorities in South Africa that cost him more than a million pounds in wasted legal costs. And he said that the South African exchange control authorities’ involvement in reviewing what was going on at Rangers had a “subsequent negative impact” on the club. Quote Link to comment Share on other sites More sharing options...
Lovecraft Posted March 28, 2020 Share Posted March 28, 2020 This is just speculation.... but what if the latest sucker... I mean latest investor...... said he wasn't putting a penny in till dodgy Dave was nothing to do with club/business? Rangers are not a serious business. They are a joke. Quote Link to comment Share on other sites More sharing options...
DesertDawg Posted March 28, 2020 Share Posted March 28, 2020 Doesn't look like a happy boy about it all. Rangers appoint Douglas Park as interim chairman Quote Link to comment Share on other sites More sharing options...
Don Dan Posted March 28, 2020 Share Posted March 28, 2020 The Rangers Hot potato gets passed on. Quote Link to comment Share on other sites More sharing options...
132goals1958 Posted March 28, 2020 Share Posted March 28, 2020 13 minutes ago, DesertDawg said: Doesn't look like a happy boy about it all. Rangers appoint Douglas Park as interim chairman Remember when he was a Director with us. Did he not lock a referee in the dressing room Quote Link to comment Share on other sites More sharing options...
sac Posted March 28, 2020 Share Posted March 28, 2020 19 hours ago, Footballfirst said: Another RIFC statement Brilliant, excellent news, well done. But you’re still f*****. Quote Link to comment Share on other sites More sharing options...
Footballfirst Posted March 28, 2020 Share Posted March 28, 2020 (edited) 36 minutes ago, 132goals1958 said: Remember when he was a Director with us. Did he not lock a referee in the dressing room Yes, it was David Syme (totally understandable) in 1989. He was fined £1,000 for his indiscretion. Quote Bus tycoon Douglas Park, then a director of Hearts, was fined £1,000 for locking referee David Syme in his dressing-room at Tynecastle after a bruising contest against Rangers that the visitors won 2-1. Park insisted he was acting in the best interests of the ref following that particularly contentious game. He wanted to buy time to allow tempers to cool and prevent a major incident. Park also pointed out he returned the dressing-room key as soon as he felt the tension had been defused, and that Syme could then press the alarm bell inside his room to attract attention. Unfortunately, neither Syme nor the Scottish League Disciplinary Committee saw things that way, hence Park’s fine. Edited March 28, 2020 by Footballfirst Quote Link to comment Share on other sites More sharing options...
Shanks Posted March 28, 2020 Share Posted March 28, 2020 Has a similar feeling to when Murray passed the sinking ship onto Whyte.... Quote Link to comment Share on other sites More sharing options...
DesertDawg Posted March 28, 2020 Share Posted March 28, 2020 43 minutes ago, 132goals1958 said: Remember when he was a Director with us. Did he not lock a referee in the dressing room That was his faither wasn't it? Quote Link to comment Share on other sites More sharing options...
132goals1958 Posted March 28, 2020 Share Posted March 28, 2020 59 minutes ago, Footballfirst said: Yes, it was David Syme (totally understandable) in 1989. He was fined £1,000 for his indiscretion. Cheers --Recall the incident now Quote Link to comment Share on other sites More sharing options...
132goals1958 Posted March 28, 2020 Share Posted March 28, 2020 54 minutes ago, DesertDawg said: That was his faither wasn't it? Quote Link to comment Share on other sites More sharing options...
Paolo Posted March 29, 2020 Share Posted March 29, 2020 On 28/03/2020 at 07:19, beavers said: At their last AGM it was stated they needed another £10 million to see the season out and that was before covid-19 stopped play. I wouldn't normally wallow in other clubs misfortunes but they have overspent yet again trying to chase the league. No doubt the next PR spin will be players volunteer to take a pay cut....... They were spending ridiculous amounts when in the 2nd Division. Quote Link to comment Share on other sites More sharing options...
The Future's Maroon Posted March 29, 2020 Share Posted March 29, 2020 Seen something in the Daily Rag about another rich guy possibly wanting to takeover, mentions of £800m wealth? I smell a rat. Quote Link to comment Share on other sites More sharing options...
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