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Has Dave King’s Ibrox loan actually been repaid?

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One interesting aspect of last week’s ‘Rangers International Football Club’ accounts has been picked up by Celtic Quick News.

While other ‘investors’ were happy to see their cash returned as worthless shares Dave King’s loan had to be repaid with interest by the end of October 2021.

A premium of £832,000 had to be added to the £5m loan but the timing of the accounts and date of publication caught the attention of CQN.

At the year end (30 June 2021), a Dave King loan of £5m was outstanding, due to be repaid by October 2021.  I know what you are thinking.  Newco released these accounts on 5 November, surely, Dave King had his money if it was due by October?  The first thing that struck me when I read the accounts is that date Douglas Park signed the accounts; 26 October.  Accounts are usually dated the day they are released, why were these dated 11 days earlier?

You need to read to page 60 of the accounts to read that King’s loan is discussed as “due for repayment in October 2021”.  If it was paid, why not just date the accounts the date they were issued and clarify this point?  These things are never random.

Basically when Park added his comments to the accounts the loan to King wasn’t overdue, on November 5, when the accounts surfaced, King should have been repaid. Was he?

It isn’t yet known whether the South African based businessman will attend the club AGM later this month.

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0 comments

  • Dora says:

    Funny money trees receiving a proper rattle lately from wangers international footy klub but only toilet paper and piles of gik trundling down these days….what a klub!

  • Charlie says:

    If King was paid in full,do they not then have to pay £3 m loan from the Scottish Goverment or is it a different rule for Sevco?

    • REBELLIOUS says:

      That’s an interest free 25 year loan, very nice of Nicola and Co. eh?
      That loan was 1.5m£ and they also took Celtics share and that made it up to 3m£.
      Celtic declined the loan as it was meant to help with the financial affects of COVID-19.

      • Charlie says:

        That’s correct but I’m sure a condition of the loan is, if you pay any directors loans back then you must pay back the govt loan.
        That was my understanding

  • Dave Mac says:

    If the King loan is repaid does that not immediately call in the Scottish Government loan for repayment?

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