Dave King has claimed that he has delivered on his Sevco investment promises!
Before forcing through regime change in 2015 the South African based criminal promised an era or transparency, accountability and in one interview £50m of investment.
Central to his plans was a new share issue which would require a NOMAD.
With King’s toxic business reputation no NOMAD will touch the Ibrox company while the company has twice won the AGM backing of shareholders for new share issues but King has declined to carry through those motions.
Two years down the line the company owes £17m in soft loans to the three bares/bears with King having to fund a takeover bid or face the cold shoulder from the few remaining institutions prepared to trade with his company.
Other than buying shares at 20p a time in January 2015 that rewarded another investor Mr King hasn’t spent a penny of his own money on the club.
Explaining his broken promises he told The Sun: “You can’t say we have spent nothing. More than half of the £30m has been spent already.
“You have to split it into two. I have a responsibility, I am the chairman of a company and that company has many shareholders.
“The focus is always on the supporters because they are the key constituent and they are the one we all pay attention to but as a company I don’t have the right to say ‘Let’s borrow £100m’.
“I have to go to the other shareholders and they would say ‘We don’t want you to do that’. Why would they want that?
“Mike Ashley wouldn’t allow us to do that. You’d need to pass resolutions.”
SPORTS DIRECT AND JAIL TERMS
Having withdrawn goodwill from the Rangers Retail agreement with Sports Direct, King and Sevco face court action.
The company and King face questioning about breaking the contract as they attempt to re-negotiate the deal set up in 2012 which gave the new club from the bottom tier of Scottish football a high street profile.
With fan groups openly pushing for a boycott of Sports Direct and picketing stores, Ashley has been forced to take legal action for compensation with King refusing to comply with the business agreements that he inherited.
Discussing the constant legal issues he faces King told The Sun: “There is nothing fun about what I’m doing. There’s litigation, being sued by Sports Direct and having people trying to put me in jail. What is fun about that?
“I now spend a huge amount on things like litigation, and there’s no fun in litigating with Mike Ashley.
“There’s nothing fun about that at all, nothing enjoyable or satisfying about it. but I have to do it. Anyway, I didn’t do it for fun. I did it because I felt at that time there was no one else willing to step into the breach.
“I travel to Scotland more often than I’d like to. People say I’m absent, but I’m here far more often than I’d like to be. Sometimes I fly into London for one day to meet on litigation and fly home the same evening.
“It’s actually taking up more of my time than I’d like, and it’s not fun, but I signed up to do it.”
And a 33 point deficit to Celtic?