Dave King has urged Sevco fans to boycott the sale of season tickets and the clubs’ retail products.
The dramatic development seems certain to plunge the League One champions into crisis and bring forward administration before the season ends.
On Wednesday, the custodians of the two year old club, turned on a charm offensive to get fans to renew season tickets before the publication of the revered 120 day review initiated by Graham Wallace, who used to work for Manchester City, ahead of the December 2013 AGM.
Mr King claims that the review won’t be published until after the May 6 season ticket deadline has passed, forcing him to press the nuclear button and tell fans not to renew season tickets.
Late this afternoon, the man, described by a South African judge as a glib and shameless liar, stated: “I believe that it is vital that fans now withhold season ticket money from this board and similarly refuse to support the club by way of the purchase of replica kit or any other retail product.”
King plans to set up a trust fund for disillusioned fans to donate their season ticket money into but how that is created and approved by the Financial Services Authority remains shrouded in moonbeams.
“An announcement will shortly be made providing details of a bank account that season ticket money can be paid into as an interim measure,” Mr King added. “The specific terms and conditions of this account will be made available to fans, including the basis on which funds will be advanced to the club and the basis on which funds will be returned to fans.
“As a minimum, the board must provide the club property as security against the season ticket money.
“I recognise that fans will have anxiety about “betraying” the club and the risk of loss of a cherished seat at Ibrox. However, the time has come when the trade-off is a potential loss of a seat against the loss of the club. That would be the real betrayal. This board has lost its right to be dealt with on a good faith basis.”
Earlier to explain his call to arms Mr King revealed: “Despite strong reservations from fan groups I asked the fans to give the board time to honour this commitment.
“Part of my motivation was that any public company board is bound to act in good faith and that breach of such a share price sensitive commitment would be an ethical, moral, and probably criminal breach.
“I followed up on this commitment with the board after the recent announcement on season ticket renewals. The Chairman has advised me that the board will now only issue the review at the end of the season ticket renewal period and it will consequently not be timeously made available to fans.
“Disturbingly, the Chairman has advised me that the true intention of the board had always been to delay issuing the review until funds had been largely collected.
“Richard Gough has agreed to join me as a custodian of the bank account that will be established and fan groups can nominate additional members.”
King served as a director of the old Rangers (IL) under Sir David Murray and Craig Whyte with the SFA reluctant to confirm that he is barred from holding a directorship in a Scottish football club.
Campbell Ogilvie is the president of the SFA.