Three weeks after Dave King told Sevco shareholders that the £5m Sports Direct loan would be repaid the money has still to be transferred over.
Friday’s courtroom revelation from London confirmed the thinking of most internet bampots that nothing the South African based criminal says should be taken at face value.
Taking the exact opposite view on anything that Mr King utters seems to be a resonable starting point.
Under the bizarre headline of ‘Rangers insist £5m Mike Ashley loan will be repaid by end of December’ the troubled club told STV on Friday: “The matter is in hand, the money is there. There is a commitment for a bank transfer for the remaining £500,000.”
The chances of the club putting together £4.5m seem highly unlikely. According to Phil Mac Giolla Bháin the £5m loan is now in default with north of £6m required to settle the debt. Mac Giolla Bhain was mentioned in court on Friday and has been ahead of the pack as the Ibrox dramas unfold.
Incredibly after his surprise AGM announcement the South African based criminal claimed that it had only taken him one hour on a conference call to raise the £5m needed PLUS the £2.5m required to see out the season as highlighted by the going concern warning in the accounts.
Among those alleged to be contributing to the £5m are Paul Murray, John Gilligan, George Letham, Douglas Park, George Taylor and John Bennett. South African exchange controls rule King out from contributing anything worthwhile with the combined wealth of Murray and Gilligan is unlikely to match the EBT payment made to former SFA President Campbell Ogilvie.
Go to 8 min 20 seconds for confirmation of the conference call that raised £5m
fter the AGM pledge Mr King told STV: “We’ll make the money available immediately and then it’s a question of the legal transfer. There’s obviously securities and so we pay the money and they release the securities, that’s the legal process. The main thing is that we say to them the money is there, it’s in the bank and just for the lawyers to sort out.”
Now, three weeks down the line it is claimed from within Ibrox that only £4.5m has been pledged. With Mr King’s colourful background that yarn has to be taken with a pinch of salt, it’s more likely that only £500,000 has been made available.
None of the alleged co-investors has made any sort of statement to back up their chairman’s story about the hour long conference call that produced £5m.
Despite being in London on Thursday and Friday Mr King avoided watching his beloved institution draw 2-2 at home to Morton yesterday.
With his co-investors starting to doubt their leader it seems only a matter of time before King is held in the same esteem as Mr Green and Mr Whyte.
Fruit of the loom. PMSL
When is anyone going to ask or investigate Sevcos finances, or is it just Livingston that get hammered by the SFA. Has King ever said anything that’s remotely true, thank god for Fergus.
HH
although i am a celtic fan i would like to see rangers pay this loan asap. the sports direct cretan needs taken down a peg or two. hurt fatso where it hurts and DO NOT buy his products. get your club back into the prem and let battle commence.
Other than a very one sided League Cup semi final Sevco have never battled with Celtic, there is no battle to commence.
Like the old Rangers (IL) club they don’t like paying bills, they seem to think that they have an entitlement denied to other clubs.
If it wasn’t for the generosity of Mike Ashley Charles Green’s club would never have got off the ground. Bringing in £3m a year from retail won’t plug the £10m a year funding gap, Warbo’s Allstars are toiling to compete with Hibs, Morton, Livi and St Johnstone, challenging for real honours in the Scottish game is as much of a moonbeam as the six star hotel, hover pitch and Govan helipad.
Actually, there is. Commence means begin. Re-commence is to continue.
Brian is in fact correct.
Fool, I smell a rancid zombie
I think you are absolutely correct Sands1888. Well spotted.
A major clue is the mis-spelling of the word cretin.
BC
IN MIKE ASHLEY WE TRUST !
I would buy my Christmas dinner from sport direct if I could, Saint Michael is indeed the man, long may he reign over and torment you
A Celtic fan that misses their particular brand of bile ? you are in an extreme minority.
How can they come back somewhere they have never been?
Bollocks!
Sevco don’t have the wherewithal to pay off the loan, so they won’t because they can’t.
I sense more trouble at mill…
Brian you are definitely not a tim
Hey Brian go and wash the dishes like a good boy,do not come on Celtic sites,while your at it think about all the bad things that are coming your clubs way,it’s worse than your worst nightmare
King stood in front of his shareholders and claimed to have the £5m in the Metro bank account.
He was lying through his teeth, as he often does.
His QC promulgated this lie further in court last week by declaring that the loan had been repaid.
Another downright lie.
We are now being told that the minted board are £500k short………believe that if you will given the other lies that have been told.
Yet the media seem unperturbed. ….is this the norm, is this where we are? Murray, Whyte, Green and King,all liars on different levels. Is this a qualification for the post, does lying need to be on the CV as a pre requisite qualification?
Oh I do hope Jackson and King get their day in the witness box, I would pay money to hear them give evidence under oath……yes under oath Mr King, that will be priceless.
So it’s a given that a Rangers Chairman can lie through his teeth without hardly a murmur from those who profess to be journalists……….they are to a man craven cowards.
Perhaps one of them could have a wee look at how Mr King’s progressing with another of his AGM pledges…………the introduction of the living wage rate, I wonder how that’s progressing.
Suggested questions for the journalists……..
Is Rangers registered with The Living Wage council?
How many employees will be affected?
Will the rate be paid to both full and part time employees?
When will the new rates be introduced, if not already?
What will be the annual financial cost to the club?
Given the criminal Chairman’s ability to put his foot into it every time he opens his mouth surely we have one intrepid reporter out there who values truth and integrity above succulent lamb and red biddy? Or because it’s Rangers we shoukd leave well alone and move on for the sake of Scottish football……neither the football authorities nor the journalists actually have the guts to say it how it is………….move on for the sake of Rangers, they have been punished enough.
Joe don’t take the risk of developing rsi on the living wage red herring.this club doesn’t honour pledges(charity games anyone).also you are glorifying muck rakers by calling them journalists.promulgated??? Love it.HH
Just re watched the Craig Whyte hero welcome to Ibrox………….an absolute belter.
Unless I’ve missed it I don’t see Rangers on the list of companies accredited to the Living Wage Foundation, then again I don’t see Celtic ‘ s either?
Can someone clarify.