The Daily Record has raised the prospect of Dave King walking away from Ibrox.
Tomorrow the South African based tax convict will attend the club AGM which is likely to be another rallying call for fans to continue pouring in money in the desire to stop Selik.
Five years ago, King and the Three Bears were preparing to buy into the club with a friendly local media rolling out the red carpet treatment with little in the way of questioning as company shares disappeared from the various Stock Market exchanges.
Football club AGM’s are heavily stage managed with dissidents getting little opportunity to ask follow up questions on the rare occasion that board members are called to account.
Losses of £11.3m for last season, a black hole of £10m for the current season and the prospect of paying out ‘many millions of pounds’ to Sports Direct in January would be a cause for concern but with fans paying homage to a perceived Sugar Daddy owner those matters will be less important than pledges not to sell Alfredo Morelos for less than £30m.
In today’s 7-point preview of the AGM Ralston, a former colleague of James Traynor, tells Record readers:
Rumours are rife that Dave King may step down as chairman, but if that’s the case he has yet to tell anyone on the Ibrox board. King has always maintained he would not be at Ibrox for the long term, but stepping down in the middle of the season when the club is finally mounting a title challenge would surely be too de-stabilising.
King has done everything he promised for Rangers financially and has incurred significant losses for the last five years in a bid to play catch up with Celtic. However, the days of ad hoc spending are nearing an end – Rangers have over invested in players and facilities since 2015 and the time is fast approaching for a sustainable business model to be put in place.
King has underwritten losses until the end of the season and, by then, a new shares issue – which has long been mooted – is likely to put the club on a firmer financial footing.
With a multitude of problems facing the company and King’s cold-shouldered status in the UK fresh investment will be difficult to find with various share dilutions completed in the last 18 months to keep the lights on.
The John James website has also hinted at significant developments at Ibrox relating to the AGM:
The word on the street is that Cold Shoulder King is being cold shouldered by his own board. I have been informed of a surprising development.
If King does walk away Douglas Park would be the obvious successor but being associated with bad news at Ibrox could have devastating consequences for someone whose business is rooted in west/central Scotland.
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Last week on Radio Clyde’s Super Scoreboard programme Alex EBT Rae predicted significant new investment coming into the club early in the new year.
