Time for Dave King to depart Rangers

[Fallintrueblue]

I'm a modestly well off person. I have a couple of properties, a pension pot, some investments in shares, a small side-business and a little bit of cash savings. My cash savings might be about 5-10% of my net worth, the rest is pretty much tied up and would take a bit of effort to liquidate.

Humour me for some finger in the air stuff, since this is not public knowledge. Let's say Dave King's net worth is £200m and he's similar to me, has cash reserves of 5-10%. That would mean he's about £10m-20m liquid available at any one time. He's just been told he has a potential liability of £11m (albeit likely to be much lower).

Imagine this just happened and he is trying to recruit a manager of a football club, who will need a transfer war chest, and possibly his existing contract bought out. At the same time he's running a football club which will need an imminent cash injection to maintain it as a going concern. Ideally he'd find the right manager who could turn the football club around, so that it doesn't need a cash injection again in the medium term.

He'd want to make sure he had the liquid money to buy out the other shareholders if it comes to it, plus pay off Pedro, plus pay off the new guy's previous employers, plus keep the football club running costs being paid.

£10-20m liquid cash is not enough to see all this through. Even with a great net worth you'll need time to liquidate other assets - or you'll need to find investors who will loan you cash (guaranteed by your own assets). Maybe Murty getting the contract until the end of year is the stalling tactic needed so that when the next guy comes in it's not another Pedro, there will be guaranteed money to spend on transfers and that the club doesn't find itself scrambling around looking for cash in a similar position a year further down the line. Why else was Murty given the job right as the court case was lost?

I agree with a great number of your points but the biggest mistake you and others seem to be constantly making is We as a club are not controlled financially by Dave King. It's not his own money that pays for a single thing. He personally won't be paying off Pedro or a new managers club or finding a war chest or whatever. The club itself has to come up with the money. If or when King does make the offer to all shareholders the money he is forced to spend leaves his pocket and doesn't help him or the club. If he ends up with more shares it will cost him even more money at the share offer in March. Or his own shareholding will be diluted. But again we need a good share offer from outside investment to give us any decent revenue, but then again if it's only half of the % of shares we currently have at the current rate your only looking at £10 million coming in through a share offer. Unless somehow they make a share offer with a lot higher price.

It's not Kings job to fund all this. He only has what 16% of Our club

 

[Irvinebear]

It's all very well saying King needs to step down but there does not appear to be anyone waiting in the wings to take until that changes we will have to carry on as is.

 

[sapper]

It's all very well saying King needs to step down but there does not appear to be anyone waiting in the wings to take until that changes we will have to carry on as is.

I'm sure that there will be a Charlie Chuckles or another waster waiting in the wings. Ready to step in and rescue us from the guys who actually put their own money into our club.

 

[wilton99]

Because as far as

Bit of a chicken and egg tbh. Do we just accept King's failures will go on indefinitely until there's a queue of buyers waiting for him?

If he can see that his departure would be in the best interests of the club, why can't he work with the board to source a suitable replacement for himself before he goes?

Because as far as I know, no one actually wants to replace him at this stage. I would imagine the board, including King, will have been trying for a long time to find a buyer, but we are a struggling club stuck in a footballing backwater, so we do not exactly appear as an appealing financial proposition to prospective buyers. That, I think, is the reality of our situation and I also think that many of us need to get used to that fact.

 

[DJ Blue]