Dave King has admitted that there is no more Magic Money Tree at Ibrox in a remarkable interview with Sky Sports.
The South African based tax criminal laboured his way through a carefully scripted speech in front of shareholders before revealing that this would be his last AGM.
A £10m funding black hole, a sum of many millions owed to Sports Direct and no retail income next season along with an expected compensation claim from Hummel ensures that King leaves a daunting legacy for his successor.
— Sky Sports Scotland (@ScotlandSky) November 26, 2019
I went to the board meeting yesterday and I said ‘Guys the days of running losses and me making all the decisions based on whether I can write a cheque or not, it can’t continue’. We’re beyond that so let’s just do one big fund raise, square everything off and then say guys you’re now on your own, come in, give us your budget and go run the business, like every other club quite frankly, we just couldn’t do that because of the way we funded the business
There has been no comment from the club following King’s announcement this morning with the comments above confirming that there will be no money in the January transfer window for Steven Gerrard.
With the club having to operate ‘like every other club’ Jermain Defoe, Allan McGregor and Steve Davis can forget about new contracts while Ross Wilson attempts to cash in on any players that attract an offer from elsewhere. Andy Halliday is also out of contract at the end of the season.