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Dave King own goal as he sets himself up as trust director

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Image for Dave King own goal as he sets himself up as trust director

Dave King newsThe troubled Sevco saga took a new twist when the under fire Union of Fans announced that a ‘company is now in place with Dave King as a director’ ahead of tomorrow’s 128 day business review update from Mr Wallace.

King is apparently in the process of setting up a trust fund for supporters to invest their season ticket money but seems to be taking longer to set that up than the club is to publish their business review.

With King’s credibility being questioned and with no alternative to renewing season tickets being offered the UoF issued their latest statement last night announcing that King has set himself up as a director.

The man described as a glib and shameless liar by a South African judge was a non-executive director of Rangers under Dave Murray and Craig Whyte as the club went into liquidation owing millions to HMRC.

King’s position as a director is bound to be challenged by the current board with the uk.gov website explaining that: “You can be banned (‘disqualified’) from being a company director if you don’t meet your legal responsibilities. You can report someone if you think they should be banned from being a director, or if they’re breaking the conditions of a ban.

“You can be disqualified from being a director of a company if an insolvency practitioner or a member of the public reports your conduct as being ‘unfit’.

‘Unfit conduct’ includes:

  • allowing a company to continue trading when it can’t pay its debts
  • not keeping proper company accounting records
  • not sending accounts and returns to Companies House
  • not paying tax owed by the company
  • using company money or assets for personal benefit

King appears to fall foul on at least three of those charges from his time in the hallowed marble blue room.

Undeterred by rules and regulations the Union of Fans announced King’s new directorship although it’s unclear whether the trust will be based in the UK or overseas.

Last night’s statement read: “For our own part, the UoF have been making steady progress on the setup required for the season ticket fund. We understand the frustration of fans who wish to contribute to this but we would ask them to understand that we must ensure it is setup properly, legally and with total transparency.

“We thank them for their patience and can assure them that an alternative to placing blind faith in this board will be in place shortly.

“A company is now in place with Dave King as a director and Richard Gough and others to follow shortly. This will be the vehicle to hold the security should the board see fit to grant it.

“We will have a website in place within the next 10 days, ahead of the May 6th deadline, where fans can register their details and securely place their season ticket money. This money will only be passed to the club in return for season tickets if security is granted over Ibrox and Auchenhowie. Those are our only conditions. If that security is not granted then fans will retain their money and can decide themselves how to proceed at the start of the new season.

“The payment mechanism we are using means that although fans enter into a binding commitment to have their season ticket money debited in the event of security being granted, no money will be removed from their account until that security is granted. We will provide full detail of this on the website when it launches.

“In the meantime, we would ask fans who are considering using their season ticket money to try to secure our vital club assets to hold off renewing. We understand the pressures being applied both emotionally and otherwise, in terms of payment mechanisms, but it is time for us to take a stand against two years of corporate pillaging of our club. We can secure our club’s home against a backdrop of further financial uncertainty, but only with the help of the supporters.”

Rather than offer supporters an alternative to backing the current board it seems certain that the delay in setting up a trust and creating a company with King as a director will reinforce the position of the current board as the only option for fans to back.

Despite King’s involvement in the insolvency of Rangers in June 2014 the SFA aren’t expected to comment on his continuing bid to become involved in another football club.

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