As he celebrated clearance from the Edinburgh based Court of Session to become a director of Rangers International Football Club PLC there was one subject Dave King refused to discuss- investment or donations as it’s known at Ibrox.
After being shunned by any Nominated Adviser, fearful of being associated with a known tax criminal, Mr King launched into a lengthy statement on the club website.
Blaming the previous board for all that is wrong at the club there wasn’t a single mention of his own investment plans to provide the club with a summer warchest.
Over a month after ‘regime change’ only the reluctant and low profile Douglas Park has come forward to sit alongside King and provide a £1.5m loan to meet the March payroll taking the club’s debt to £6.5m- with Mike Ashley able to recall £5 anytime he likes.
The day before the company EGM Mr King had reduced his own personal investment from £50m to £10m but so far the man described as a glib and shameless liar by a South African judge has yet to put a pound into the troubled company.
Arriving at Glasgow Airport on 5 March Mr King said: “I don’t have [all the money required] but I think if you look at money I have agreed previously is that I would go 50/50 with other investors. Between myself and the other investors I think we have sufficient to take it forward in the medium term.
“It’s difficult to say [how much]. I said about £20m in the short term but I’m concerned there’s other areas of the club where money’s needed to be spent as well. I think it’ll be north of £20m in the short- to medium-term.
“The arrangement that I’ve had in the proposals that I gave to the boards was that I would take on 50% of the funding and that I expected other individuals to take on the other 50%. That’s where your Paul Murrays, George Lethems, Brian Kennedys and Douglas Parks all come in.
“It would be a 50/50 split but I don’t see me as carrying the sole burden. Initially we thought £16m to £20m would be the right level for the next couple of years … but right now my indication is that the figure would be higher.”
Since that interview Paul Murray has stated that Mr King’s investment is dependent on getting clearance from the SFA to become a director.
With no NOMAD, auditor or audited accounts the only likely source of fresh ‘investment’ in the company will be from the supporters who shelled out 70p per share from Charles Green in December 2012. Mr King bought his shares for 20p each in December 2014.
Despite having been a non-executive director for over a decade of financial doping including right up until liquidation started, and being convicted of 41 tax offences each worth a two year jail term, it’s expected the SFA will approve Mr King to take up a directorship at Ibrox.
CLICK HERE for Mr King’s promises from Glasgow Airport.