STEWART Robertson, the Rangers managing director, may well have been technically correct yesterday when he insisted the Court of Session ruling against Dave King, the chairman and major shareholder, would have no impact whatsoever on the Ibrox club going forward.
The soft loans which King has, along with other wealthy benefactors, been providing will certainly still be forthcoming. Funds will be made available to strengthen the squad too. The proposed share issue will also proceed as planned.
Yet, Judge Lord Bannatyne siding with the Takeover Panel and ordering the South Africa-based businessman offer his fellow stakeholders 20p a share – something which would, in the unlikely event they all accepted, cost him a cool £11 million - leaves both him and the football club facing an uncertain future.
Should King refuse to comply with this latest decision he will face further sanctions from the panel. The most stringent of the disciplinary measures available to them involves him being “cold shouldered”. That will prevent any company or individual regulated by the Financial Conduct Authority from acting on his behalf.
How could Rangers continue with a figurehead who is effectively a pariah from the financial establishment? It would do untold damage to the reputation they are desperately trying to rebuild following years of the most heinous mismanagement never mind that of their most prominent director. He would surely have to stand down.
Rangers need to be run by individuals whose integrity is beyond doubt. There must be complete transparency in their business dealings due to the actions and motives of many of those who have occupied the boardroom in the recent past. Can that be said of King in this unfortunate affair?
The argument that his legal team put forward to Lord Bannatyne - that he had no control over the funds in the New Oasis Asset Limited trust and was in fact “penniless” – was dismissed as being “not tenable”. The same will be true of his own position now if he fails to act as he is bound to.
The Glasgow-born financier still has the gratitude of the Rangers support for helping, along with many others, to oust the hated former regime nearly three years ago. He has done much to repair the damage done to the club since, including reducing the annual losses, renegotiating the prohibitive retail deal and appointing a much-needed director of football.
The vast sums of his personal fortune which he promised to part with may not have materialised – perhaps not surprisingly given the almighty mess which he his associates found after they had inherited after they assumed control – but the last set of annual accounts showed he had parted with £6.7 million to date which is significantly more than any other individual.
But would many among the fanbase mourn his departure now? The unedifying manner in which Mark Warburton departed at the start of the year reflected poorly on him and the rest of the club hierarchy. The appointment of Pedro Caixinha beggared belief. As did backing the Portuguese coach with around £8 million in the close season following months of alarming and inept displays.
The fact that King left the recruitment of Caixinha to others led to justifiable concerns being expressed about how the club is being run. Rangers need a strong and visible leader to take them forward following a period of complete upheaval. He is not that man.
In March King gave an interview which did little to suggest he had a long-term commitment to Rangers.
“Have I had any fun or enjoyment from being involved in these part two years?” he asked. “No. There is nothing fun about what I’m doing.”
It was hardly a positive and upbeat message. It left the distinct impression that he would be quite prepared to sell up and move on. But who would be prepared to buy him out?
King was one of just a handful of people who stepped up when Rangers was hurtling towards the abyss once again three years ago. It is difficult to see how he and the Ibrox club go forward from here.
