Dave King has warned that Sevco will be in administration by Christmas time.
The South African based billionaire poured £20m into Rangers under the Dave Murray regime only to lose every penny.
In March 2012 his prediction that Rangers were heading for liquidation was rubbished by Duff and Phelps- three months later the club went into liquidation after failing to achieve a CVA.
King has watched from afar the actions of Charles Green and has no doubt that it is all bound to end in tears- again.
“There is an inevitability to the fact the people currently operating Rangers are going to run out of cash,” he told the Daily Mail.
‘The club raised £22m via an IPO (Initial Public Offering) and that was whittled down to virtually nothing.
“I think it was down to £5m or £6m in the bank and has now got a boost via season-ticket sales but the way directors are spending money on Green’s consultancy fees and other things, I don’t think they will make Christmas.
“The question then is: when they go to the markets again, are they going to find other investors willing to put more money in the club?
“We had all these guys come in and buy into Green’s business plan. They paid 70p a share and witnessed those shares lose value very, very quickly.
“They are not going to increase their holding and other investors are going to be very, very wary.
“So if they get to the point where they are close to administration again by Christmas and the season-ticket money is gone and they have the same high overheads and are running out of cash, they will be faced with administration again.
“And what that will mean is all the shareholders — including Green — losing all their money. In which case, they will have to be realistic about their demands at that stage.
“The club is being run on the basis of protecting shareholder value — particularly by those who paid nothing for the shares and want to make something.
“It’s a question of Green making £2m, £3m or whatever. He regards that as his compensation for what he thinks he has achieved.”
Carmunock-based billionaire Jim McColl has called for an EGM to remove three current directors in order to provide greater corporate governance.
The audited accounts for Sevco/Rangers International have still to be published.
Joke of a club. Enough said.
i would love tem to go into admiistratiion on the 23rd of december as that would give me a very happy birthday
not to mention a very merry xmas.
loadsa jelly & ice cream again.
GIRFUT
Con men criticising con men….
You couldnae make it up….
Financial advice from Dave King?!?
That makes about as much sense as giving Peter Sutcliffe a job as a door-to-door knife salesman in a town full of spinsters.
Dave is a financial genius and a billionaire, I read that in a Scottish newspaper and have no reason to doubt it,
BOOOOOM!!! again.
I know you can’t be liquidated twice, but this mob of thieves and shysters have been allowed to set up shop as if nothing has changed, the fact that they were given any type of license after what they done is nothing short of a national disgrace, but worse is that after all their past financial shinanigans they are being allowed to opperate outwith the laws, rules and regulations that everyone else has to opperate within, whether it’s a football club or a bisiness, is shocking.
The fact that they have never produced any audited accounts as the sfa, and all authorities it seems, are looking the other way allowing these despicable bastart to do what they want is beyond disgraceful.
Even after the shocking news this week that they STOLE almost two hundred grand from their ‘charity game’ against AC and yet again everyone’s looking the other way whistling and doing absolutely nothing I s an embarrassment to every right thinking person in the country.
I mean just what is it this showr of despicable thieving bastards have to do before someone in authority takes action?
Beyond shameful!!
HH
Would it not be fairer on the new club and better for Scottish football if they were not required to adhere to rather strict financial laws ?
Well said Sweeney. HH.
That would be a nice Christmas present Here hoping it come truth
Sevco still think that they are a big club and cannot get their tiny brains around the fact that they have to budget to survive. looks like they are dooooooooomed . . .just like that other club that used the same park to play on . . .what was their name again?
My mind goes back to Marlon Brando’s classic line in the movie “Apocalypse Now,”
“I’ve seen horrors….horrors that you’ve seen….the horror….the horror….”
Wee prediction ! Sevco get to the end o their tether,McColl,King & D.Murray(Surprise!!!) get their numbskulls together and decide to ”work together to bring Ra Gers ”upto wer we belong!” ………..oops ! …forgot to start that wi ….”Once upon a tim ”………oops another typo …
Rangers won’t win a premier league title in next 10 years. Fancy a loan rangers ask the boys 45m in bank in 15 month.boom boom.
They’re F..ked, Simples.
Hail hail
I didnt think you could kill zombies
“If you havin girl problems I feel bad for you hun. You got 99 problems but a bitch aint one”
Hail Hail