While the people are being fed fantasy stories about signing Jamie Murphy some very serious talks are going on in the Blue Room of Dignity.
The 30 day period of Grace for Dave King to comply with the Takeover Appeal Board, as reinforced by the Court of Session, has put the five year old club in a state of crisis.
Stewart Robertson may think that the ruling only applies to the South African based criminal but that won’t wash when he gets contacted by the Institute of Chartered Accountants, Paul Murray will have similar issues although King’s ‘accountancy’ qualification won’t be effected.
Since they were set up by Charles Green in 2012 the Ibrox club have held their account with Metro Bank with none of the mainstream lenders prepared to be associated with the tribute act.
The full impact of the Court of Session ruling has still to be determined but with King determined to stay involved unless he is paid off the consequences could be far reaching for the club and those sitting beside King on the board.
Explaining the consequences in the Scottish Football Monitor David Low writes: “Given The Takeover Panel’s success in procuring a Court of Session order to compel Dave King to make an offer for all Rangers International Football Club Plc shares not owned by the Concert Party it would be impossible for King to remain a director unless he complies with that Order.
“The co-option of Barry Scott to the board and the elevation of Alistair Johnston as a person with significant control could be construed as repositioning, however it will be whether King makes an offer of 20 pence per share to all the shareholders not included in the Concert Party or not that will determine what happens next and we shall know later this month.
“(King resigning) is the correct thing to do and should have already occurred. Instead, Rangers financial reputation has been dragged through the mud by association.
“Irrespective of whether King complies with the Court Order or not this story is far from over, and it will continue to hamper Rangers’ prospects until it is conclusively resolved. A King resignation as a director of RIFC would reduce the prospect of contaminating the club, its directors and advisors from the full effect of cold shouldering should he decline to make an offer.
“That would mean that King, as distinct from RIFC, had financial pariah status and not the club. That is the correct thing to do and should have already occurred but, instead, Rangers’ financial reputation has been dragged through the mud by association with King.
“What should not be underestimated is the reality of cold-shouldering, not for just the offending party, but for those involved in business with the offending party. The consequences are dire for the individual or organisation who falls foul of the rules, making it impossible to carry out normal business activities within the sphere of influence of The Panel, and the same consequences face those who shelter the cold shouldered.
“It should be appreciated that there are members of the RIFC that are members of regulated financial professions who would be further prejudiced through association with a cold shouldered non-resident King.”
Unless King can come up with £11m to fund a share offer he will have to resign or send Sevco into meltdown before the transfer window closes.
