The Daily Record has delivered the devastating news that Dave King is penniless.
For three years tales of war-chests and over investment have provided a comfort blanket as Celtic rack up titles while facing Barcelona, Manchester City, Bayern Munich and PSG in the Champions League.
Every close season has brought fresh stars to Ibrox from Martyn Waghorn to Joey Barton and Nico Kranjcar with this summer seeing Carlos Pena and Graham Dorrans adding to the galaxy of stars.
Little comment has been offered on how this has been funded with the club dependant on soft loans with no high street bank prepared to touch the toxic brand.
King’s promises of a share issue and having a NOMAD have proved as realistic as the hover pitch and super casino with reality finally delivered at the Court of Session today.
Yesterday the reputation of the South African based criminal was trashed, today the reality of his finances came out into the open.
The Record reported Lord Davidson, representing King saying: “Mr King is penniless. Any order wouldn’t secure compliance. It won’t. It is pointless.”
Having promised investment of £30m and £50m in the past it’s unlikely that the Court of Session will take pity on the Ibrox supremo.
If he fails to provide the £12m required to underwrite a share offer to existing shareholders Mr King could be hearing of Celtic’s seventh title success from a prison cell.