Desperate King goes to war with Sports Direct!
Despite various promises, pledges and threats the South African based tax crook but been unable to set up a face to face meeting with anyone of significance let alone renegotiate the retail and merchandise deals that allowed Charles Green to get the tribute act up and running.
Incredibly Mr King also reverted to mud slinging criticising Sports Direct’s corporate governance!
Should the glib and shameless liar care to check out some facts he’ll see that Sports Direct shares are traded on the FTSE (no need for a Nominated Adviser), share holders have been issued with audited accounts within the last nine months and they also have an overdraft facility with their bank.
Once Mr King has completed that check list perhaps Mr Ashley may be prepared to allow one of his minions to answer the phone calls from South Africa
In a club statement tonight the non-billionaire from Castlemilk said: “Sports Direct continues to litigate with the Club in an attempt to enforce its wishes and demands. This seems based on the simple logic that Sports Direct can outspend the Club in legal fees and thereby deal with the Club as it pleases. I assure supporters that the Club will not be cowed by this threat and the recent lack of communication (as a result of the gagging order) belies the level of robustness with which the Club’s interest has been and will be protected.
“Furthermore, I have sent letters to Sports Direct in my capacity as a director of Rangers Retail Limited taking them to task for poor business practices and corporate governance failures. The Club believed that it was entering into a joint venture with a large public company that would behave as a partner should and would conduct its business affairs in an appropriate fashion.
“In my 40 years of business, I cannot recollect having dealt with a public company that is run more like a wholly owned family business and appears unconcerned with other stakeholders – partners or otherwise. It remains my intention to ensure that Sports Direct is legally and financially held accountable for its failures.”
Mr King swept to power nine months ago on a ticket of accountability and transparency.
Since taking control at Dignity Drive he hasn’t invested a penny with Sevco booted off the Alternative Investment Market after failing to find a Nominated Adviser willing to be associated with the toxic company.
Mr Ashley could call in a £5m loan at any stage plunging the company instantly into administration but rather than be portrayed as the villain the Sports Direct guru has taken a step back waiting for the new regime to run out of money.
With less than £10m raised from season tickets sales it’s believed that Thursday’s payroll will clear out the remainder of that money leaving the club in need of fresh funding to see in the new year and provide Mark Warburton with his January war-chest.
It’s believed that former Derby County ace John Eustace will sign a long term contract within the next 48 hours.