Collateral damage

I doubt that regular readers here will have been surprised by the latest twist in the Ibrox omnishambles.

Mr Dave King wants security of assets before he hands over other people’s money (OPM) to the people who run the Holding Club.

OPM played a major role in the death of Rangers.

Sir David Murray bankrolled his vanity project on cheap credit.

When the cash spigot was turned off in 2008 the party was over.

Craig Whyte then bought Rangers (1872-2012) with OPM in May 2011.

Not just other people’s money, but The People’s money!

It was just that they didn’t know it at the time.

Now Dave King wants to use The People’s money once more, but this time to gain control of the new club.

This isn’t what Fergus McCann did in 1994.

The Bunnet used his own money.

He bought out the old board, saved Celtic from liquidation, paid off all the debts and then, as owner of the club, he launched a share issue.

There is also the small matter of the Contingent Liability of Ibrox and Murray Park from Sevco 5088 aka Mr Craig Whyte.

Auditors Deloittes insisted that this be included into the accounts and it certainly proved to be an obstacle to get distressed finance for RIFC earlier this year.

It is, of course, no coincidence that the assets that securitised the Laxey loan were the unencumbered Edmiston House and the legendary Albion Car Park.

Dave King can only get control of the stadium that John Brown played for by either buying lots of shares in RIFC or dealing with an Administrator.

Regular readers here will also not be surprised that the assembled hack pack has so far not pressed the South African based entrepreneur on just how much of HIS money he is putting into this misadventure.

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