Dave King’s vanishing stake in the Ibrox Tribute Act

In March 2020 Dave King announced that he was walking away from Ibrox, standing down as chairman with a 25% stake in the club formed by Charles Green in the summer of 2012.

Just over three years later with just a few small sales to Club 1872 King’s stake has almost been halved with today’s announcements taking his holding down to 14% of the shares in the company.

Last week King claimed that he had turned down an offer of 40p per share that would have earned him £25m with his favourite reporters printing his comments without asking an questions.

With two share issues this month King’s stake is slowly being eroded while John Bennett firefights to keep the invoices down before the Season Ticket money starts to trickle in.

Micky Beale has been promised an unrestricted transfer budget in the summer, if he fails to deliver Champions League football there could be an end of August fire sale at Ibrox.

While King sits on the sidelines issuing statements almost as frequently as the company convert loans into shares.

After paying Mike Ashley 27p per share for the Sports Direct shareholding Club 1872 held 11% of the shares in the company, that has been diluted down to less than 5%.