The tide turns against King and his promises
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.
