Shameless Dave King last night began his retreat from Sevco.
Twenty-four hours after declaring a landslide victory the South African based tax crook revealed that he won’t be able to take up a directorship following Friday’s EGM.
Adding to the chaos Mr King stated that blazer chaser Paul Murray would be appointed chairman if the EGM vote is indeed a landslide.
Mr King’s decision not to become a director came shortly after WH Ireland resigned as Nomad to the company with share dealing suspended
After privately buying a 16% stake in the company for 20p per share at the end of 2014 the South African based tycoon encouraged supporter groups to buy shares forcing the price up to 35p as most of those that bought shares for one penny cashed in.
In another of his infamous statement last night Mr King announced: “An important issue that was repeatedly (and correctly) raised by the previous board is the need for the regulators to be given time to complete the necessary due diligence on myself – given my intended role as chairman of the company.
“However, engagement with the regulators can only commence at the specific request of the company and that process can only be initiated on conclusion of the general meeting.
“It is important that I lead by example following my commitment to transparency and accountability.
“I will therefore delay acceptance of my appointment as director until the regulators have completed due process.
“Paul Murray has agreed to act as interim chairman of the company until this process has been concluded. Additional board appointments will be announced in the near future.”
That statement is completely at odds with the bold declarations at the invite-only media conference staged by Jim Traynor’s Level 5 company in January where Mr King brushed aside any issues with his appointment.
“There are no problems regarding the Aim regulations and the issue with the SFA is simple,” the magnate who was once described as a glib and shameless liar by a South African judge declared. “Only once a director is appointed is an application made to the SFA by the club.
“Both myself and Paul will have to deal with our previous directorship at the time that Craig Whyte got involved.
“Additionally, I will have to deal with my reasons for staying on the board and trying to impose some level of governance during the Whyte era.”
Having gone through four Nomads in just over two years there is little appetite in the stock market to deal with the toxic Sevco brand as chairman Dave Somers parting statement illustrated.
If King is successful one of his first tasks is likely to be a demand to repay Mike Ashley’s £5m loan with a similar sum needed to keep the lights on through to the end of the month.
With almost all revenue streams tied in to Sports Direct and securities held over all of the assets Mr King and Mr Murray will only have the fans to turn to as a source of finance.
Despite being directors of Rangers in the period leading up to administration and liquidation the SFA have yet to make any comment on the seemingly inevitable appointment of Mr Murray as a club director.
