It’s the perfect combination to reassure the gullible and easily led, unaudited accounts being discussed by a glib and shameless liar. Step forward Mr David Cunningham King.
Un-audited accounts aren’t worth a button, they are the equivalent of an in-house statement from the Titanic reassuring passengers about the weather conditions ahead in New York. Or the document you prepare for a judge to reassure him that you can pay off the wi-fi bill.
The only relevant question over yesterday’s Ibrox statement is why wouldn’t an accountant, like Paul Murray, stake their reputation on it by giving it their professional seal of approval?
When you feed the state broadcaster the headline that losses are down from the equivalent period 12 months ago it’s virtually mission accomplished. With BBC Scotland performing cartwheels as they attempt to earn a return ticket to Ibrox they’re not going to ask why the accounts couldn’t be audited or why with Real Rainjurz men in charge and the finest young coach in Europe they managed to make a six month loss despite the boost of record breaking season ticket sales.
Tellingly, among other omissions, there is no mention of any stock market listing, finding a NOMAD or having a share issue. With a convicted criminal in charge the plea for season ticket money will continue to be matched by the search for secretive loan deals with the City of London, despite Mark Warburton’s extensive list of contacts, out of bounds for propping up the most toxic of brands.
Painting Mike Ashley as the pantomime villain will always sit easily with the gullible fan groups who can be counted on to stage a protest outside of the club shop on demand.
Calling Mr Ashley, a founding father of the club alongside Charles Green and Ally McCoist, a bully is just the job to prompt another deflection protest as Mr King refuses to hand over his promised £30m.
Right on cue the statement from Mr King claimed: “In particular, the arrangements with Sports Direct remain problematic. The Club and I were compelled to deal with a number of legal attacks from Sports Direct in its attempt to reassert the dominant relationship that it enjoyed prior to regime change.
“The new Board and I stood up to this corporate and personal bullying and achieved resounding success in the court applications, including substantial cost orders in our favour. I have already expressed my personal views on the relationship with Sports Direct and its so-called management of the Club’s retail activities. There is no need to repeat them.”
Despite the name calling Mr King made yet another pleas to Sports Direct to renegotiate the merchandise contract asking: “There is a far better alternative if Sports Direct recognises that the present arrangements are not working for either party and agrees to renegotiate the present arrangements to create the win-win situation that should have been reflected in the original agreements if Rangers had an effective negotiating team at that time.
“It would be an immediate boost for Rangers if the Board can be put into a position to endorse a revised deal prior to the launch of new kit for the coming season. It would be great to see our supporters once again being able to wear kit at games while being certain that their purchases will benefit the Club and the team.”
That wish can be filed alongside super-casino, hover pitch and six star hotel with helipad facilities #moonbeams.
Confirming that he will continue to avoid investing in the car crash company King concluded with: “ I will continue to look for like-minded investors who can share the financial burden. The recent history of Rangers has shown that it is better to have more investors than few. Hopefully, in time, we will see the broad-based supporters group having an increased stake in the Club.
“I am also pleased to report that Rangers now has no third-party debt whatsoever. There are not many Clubs in the world that are in that enviable position.”
Four years after seeing the light of day no bank has been convinced into offering an overdraft facility with Metro Bank providing the most basic of banking facilities.
In the accompanying un-audited statement the club claimed: “The total interest free funds provided by shareholders at 31 December 2015 is £9.25m. Additional funds have been committed to cover the balance of the financial year to June 2016.”
No details are made about the terms attached to the additional funds with informed opinions suggesting that a large slice of next season’s season ticket money will be used to repay Mr King’s new co-investors in Hong Kong.
Despite granting the new club membership in 2012 it seems that the SFA are taking a hands off approach to the finances at Ibrox that are penalising every other club in the country. After Rangers went into liquidation in 2012 with debts of £55m lending facilities to all Scottish clubs was tightened up by banks.