Dave King and the Board

M

Midfield General

Well-Known Member
Has there been a disagreement between Mr King and the Board. He made a unilateral statement in which he mentioned that new funding was on hold only for the Board to come out and say funding was in place and further funding was close to being agreed.
Also by retaining his shares he would appear to want to keep a measure of control.
This could have been handled so much better by issuing a joint statement explaining how far we have come and where we plan to go and the reigns are now being handed over to other right minded people.
Is this just another example of our poor PR ?
 
I've never seen this happen. I've seen the inverse occur.

Wrong room mate.

I doubt/hope he has fallen out with them, he is very to the point our Dave.
 
Its a rare thing to find a thread in the Lounge that should be in the Bear Pit. Normally the other way around.;):)

And no to answer your question. I think the position is that the massive injection from Hong Kong is gone but other funding from other sources is in place and they are looking for more, with some promises made but not delivered on yet - probably from existing investors. The statements could have been better worded but I don't see any real ambiguity.
 
Valley Bluenose said:
Its a rare thing to find a thread in the Lounge that should be in the Bear Pit. Normally the other way around.;):)

And no to answer your question. I think the position is that the massive injection from Hong Kong is gone but other funding from other sources is in place and they are looking for more, with some promises made but not delivered on yet - probably from existing investors. The statements could have been better worded but I don't see any real ambiguity.
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Hope you are right mate,finding £20 million at short notice is a tall order.
 
Midfield General said:
Hope you are right mate,finding £20 million at short notice is a tall order.
Click to expand...

My understanding was that Gibson was coming in with £10m and the rest was from 'other sources'. For some reason the media seemed to go with the story that it was all one source.

Nobody in their right mind would invest right now, given the value of their other companies and investments will be plummeting. The statement by the Club about some funding already being in place, hopefully, means we got some in before this kicked off. At the end of the day though, we all know it will be existing investors and the fans that will have to see us through this. Difficult one for existing investors, of course, who will have seen their wealth diminish - but they won't want the Club to go down the pan and thereby see their previous investment in it wiped out.
 
The obvious conclusion is that the original plan made at the March 14 board meeting was to announce the new chairman and new investment simultaneously at the end of March.
Within a week of that board meeting the world was facing an unprecedented crisis and global stock markets crashed.
A few of the investors will have had to delay their investment so the club decided to delay that announcement.
Clearly DK wasn’t prepared to delay stepping down as outlined in his statement so that went ahead.
The rumoured £20m investment will come from a large number of smaller investors with no one individual providing more than £5m.
Any press reports suggesting otherwise are nonsense.
 
Valley Bluenose said:
My understanding was that Gibson was coming in with £10m and the rest was from 'other sources'. For some reason the media seemed to go with the story that it was all one source.

Nobody in their right mind would invest right now, given the value of their other companies and investments will be plummeting. The statement by the Club about some funding already being in place, hopefully, means we got some in before this kicked off. At the end of the day though, we all know it will be existing investors and the fans that will have to see us through this. Difficult one for existing investors, of course, who will have seen their wealth diminish - but they won't want the Club to go down the pan and thereby see their previous investment in it wiped out.
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The accounts said that Laird would provide funds.

At the time of preparation, the forecast identified that the Group would require £10.0m by way of debt or equity funding by the end of season 2019/2020 in order to meet its liabilities as they fall due. The first tranche of funding is required from investors in November 2019. However, the final amount required is dependent on future football performance, European football participation and player trading amongst other factors.

The Board of Directors have discussed the Club’s forecast cash flow shortfall and have reached agreement with Laird Investments (Pty) Limited whereby it will provide additional loan facilities as necessary to meet shortfalls to the above requirements and any further amounts that may be required a result of variances to forecast cash flows. Further to this, Laird Investments (Pty) Limited have agreed to provide a £5m facility to October 2021.

The Board has considered the level and timing of additional funding that may be needed and is satisfied that any such amounts will be made available as and when required.
 
boracay ranger said:
The obvious conclusion is that the original plan made at the March 14 board meeting was to announce the new chairman and new investment simultaneously at the end of March.
Within a week of that board meeting the world was facing an unprecedented crisis and global stock markets crashed.
A few of the investors will have had to delay their investment so the club decided to delay that announcement.
Clearly DK wasn’t prepared to delay stepping down as outlined in his statement so that went ahead.
The rumoured £20m investment will come from a large number of smaller investors with no one individual providing more than £5m.
Any press reports suggesting otherwise are nonsense.
Click to expand...

Is this something you know to be the case, I haven't seen it anywhere else.
 
I was at the AGM, this was all explained when Dave King announced he was retiring, money was in place and new investment was coming.
 
Midfield General said:
Has there been a disagreement between Mr King and the Board. He made a unilateral statement in which he mentioned that new funding was on hold only for the Board to come out and say funding was in place and further funding was close to being agreed.
Also by retaining his shares he would appear to want to keep a measure of control.
This could have been handled so much better by issuing a joint statement explaining how far we have come and where we plan to go and the reigns are now being handed over to other right minded people.
Is this just another example of our poor PR ?
Click to expand...
King has invested a lot of money into Rangers in order to save us but at the end of the day why would he sell his shares and significantly lose out on his investment? The boards long term plan is to create a valuable stable business and raise the share price for more than they paid for it. This is their family's inheritance they are playing with.
 
Took the “on hold” remarks to mean once the season has a definitive start date and the world is mostly back to normality then potential new funding would happen.

That funding was probably for the large part towards next season anyway.

If the worst case scenario happens and we don’t see any football at all in 2020 then every club from top to bottom will be the same boat and it won’t matter much then anyway.
 
supersonic said:
King has invested a lot of money into Rangers in order to save us but at the end of the day why would he sell his shares and significantly lose out on his investment? The boards long term plan is to create a valuable stable business and raise the share price for more than they paid for it. This is their family's inheritance they are playing with.
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Don't get me wrong,I am very pro King,without his leadership and financial backing we would still be in the hands of the spivs or worse.
I don't think he put his money in to make a profit,he did it for the love of our Club.I think at best at some stage in the future he may want to cash in just to get some of his money back.He would only do that if he thought the Club was safe and stable.
 
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