Dave King has admitted that he won’t be rushed into buying back Broxi Bear and the historic Ibrox trademarks.
Confirmation last week that dozens of trademarks and logos were held as security by Sports Direct was met with a standards ‘we’re looking into it/studying it closely’ response from the blue room despite sweeping to power five weeks ago.
Mr King has issued statements over the past 18 months about how he is prepared to invest sums ranging from £10m to £50m but has still to put a penny into the club let alone come up with the £5m needed to repay Sports Direct loan that covered the January and February wage bill.
Over the weekend claims appeared on social media that Sevco had defaulted on paying back the loan which is likely to incur swinging penalties for the cash strapped League One champions.
Taking a break during his annual trip to The Masters Mr King, who was recently described as a glib and shameless liar by a South African judge, told the Daily Record: “Prior to the General Meeting we were as much subject to speculation and rumour as anyone else because only the board really knew what was going on.
“So certainly we are a lot better informed than what’s going on so in that sense I think we are very much closer to getting it resolved because at least we know what we’re dealing with now.
“I can’t put any timescale on it because due process can happen in different ways. A lot of things can happen so we have to take everything as it comes.”
After the abusive campaign to remove the old board from Ibrox it’s believed that no one from Sports Direct is prepared to discuss their commercial contracts with the new regime at Ibrox.
With almost all of the non football revenue streams owned by Sports Direct the leisurewear giants are in no rush to hand any profits back to a regime headed up by Mr King.
The South African based millionaire admitted: “We are looking at all of the commercial contracts that were put in place with the club, that exercise has not yet been completed but once it has been completed we will proceed as what we think is in the interests of Rangers Football Club.
“But it’s certainly not something, as I’ve said before, that should be debated in the media.
“It’s time that Rangers operated board issues at board level. In previous regimes the board has spent more time in the media than the football team. I think we’ve got to reverse that, we’ve got to become professionals.
“Yes, there are issues that we are looking at just now with all these contracts – but it’s got to be done properly.”
Since taking control of the blue room Mr King has lost the Sevco auditor with the company running the football club booted off the Alternative Investment Market because no Nominated Adviser would touch them with a toxic bargepole.
