Has Mike Ashley taken the badges off Dave King’s beloved shirt?
On Tuesday night Dave King fired off another angry statement using the usual sound-bites to reassure the gullible and easily led of his true blue credentials.
Since taking control of the troubled club in March the South African based criminal has produced a number of similar comments in an attempt to break the deal with Mike Ashley’s company.
While Mr King tries to force his way out of that contract Sevco have yet to repay Sports Direct the £5m loan given last January that kept the lights on until the end of season Premiership play-off’s.
Since giving the club that loan Sevco have been kicked off the Alternative Investment Market after failing to find a Nominated Adviser prepared to work alongside Mr King.
With his shares now virtually worthless, Charles Green due to be paid his legal costs and an upcoming trial questioning the validity of the assets ‘owned’ by the company running the club it seems that Mr Ashley has decided to flex his muscle to finally bring some level of financial responsibility to Ibrox.
Last month fans of the Ibrox club were outraged to find their club not featuring on FIFA 2016 as a result of Sports Direct refusing to give permission to use of the club crest, it seems that further restrictions are about to be applied to use of the iconic trademarks.
In Tuesday’s rant Mr King stated: “Sports Direct continues to litigate with the Club in an attempt to enforce its wishes and demands.”
No sign of court action against the club has been noted but as ever some pesky internet types have been digging around to uncover what may be happening behind the scenes in the blue room of unsurpassed dignity.
In April of this year it was discovered that the majority of the club trademarks, as well as Murray Park and the iconic Albion Car Park, had been signed over to Sports Direct as security for the January crisis loan.
Responding to that speculation a club statement admitted: “It has been widely reported that the trademarks, the iconic symbols of our Club, are now in the possession of Sports Direct.
“Although the trademarks are registered in Sports Direct’s name, the position is not as alarming as it may first appear.
“Let us all be absolutely clear on this matter. Rangers remain the rightful and legal owners of their trademarks and Interim Chairman Paul Murray has clarified this position with Sports Direct. In fact, both parties will come together within the next two weeks for talks.
“Confusion over ownership arose last week when it was noticed on a Government Intellectual Property site that they appeared to be the possessions of Sports Direct but this was as a consequence of the loan facility entered into by the Club’s previous Board in January of this year. In return for the loan, Sports Direct took security over all Rangers assets – but not Ibrox – including intellectual property owned by the Club.”
Tellingly that statement ended saying: “Rangers supporters can be reassured that Sports Direct fully accept that all of the IP rights registered in their name will be returned to the Club when the loan facility – the previous Board drew down £5m – is repaid.”
Having blown the season ticket money on the Warbo Revolution and first class worldwide travel for directors Sevco are in no position to repay that £5m loan.
With the iconic symbols of the club controlled by Sports Direct Mr King faces the embarrassment of his beloved institution playing in unbranded kit until he stumps up £5m to Mr Ashley.
Sunday’s match against Hibs may be the last opportunity for Rob Kiernan and Wesley Fordingham to kiss the iconic symbol of the club as Mr King pays the price for refusing to pay back the £5m Sports Direct loan from January while the vultures circle around the old lady of Edmiston Drive.
In other news John Eustace has returned to Murray Park with Warbo hoping to complete a deal for the former Derby County enforcer in the next 48 hours.