Serious people

So the RIFC board want Dave King to answer their questions.

However undoubtedly he will have a few of his own.

When he introduces his own interrogatives to the chaps in the Blue Room, they should know that the South African based entrepreneur speaks for many current season ticket holders who might not make that purchase for the next campaign.

What Dave King should know is that Laxey Partners are serious operators.

Moreover, it would be a crass mistake to see them in the same mould as Craig Whyte or even Charles Green.

They have the best fund managers available.

Their MBA intern programme is large and much sought after.

Anyone who wants to know how serious and diligent Laxey are at going about their business should read this in the FT from 2009.

Their board room manoeuvrings also touched an old company in Dundee.



This is the first time they have made a foray into the world of professional football.

However what is certain is that they won’t catch Rangersitis.

They are about making money.

They turn loss making companies into profitable enterprises or they liquidate and sell the assets.

Either way they make money.

For the avoidance of doubt I have no reason to believe that their current strategy is the latter.

Everything they have done so far suggests that they are preparing to turn the good ship Sevco around before it hits the rocks.

No matter how RANTY AND SHOUTY THEY GET IN THEIR PRESS RELEASES to the contrary I am convinced that a pre-administration report has been prepared.

It is the only play that makes sense.

In three weeks from now the company will have to have another £1,000,000 (approximately) to meet payroll.

Laxey partners can certainly access that type of funding if required.

However it will not be a gift or a “soft investment”.

If it is true that the £1,500,000 was required THE SAME DAY on Thursday 20th February then that is very serious indeed.

Since I began writing about the financial problems at Ibrox (January 2009) I’ve become accustomed to a Pavlovian response from the home support.

Heroically anonymous on social media they snarl and smear.

The clear objective was to deride and dismiss what I have been reporting here.

Back in the day they scoffed at the idea of the Big Tax Case, that Craig Whyte was no billionaire that the club had run out of money that Sheriff Officers were on their way and that once into Administration there would be no chance of the CVA.

Now that noise level has been reduced to a whisper, or perhaps it is a whimper.

It would appear that The People finally get it.

Culturally they are still thirled to the idea of a saviour, a powerful leader and now that is Dave King.

Jim McColl has left the stage and Paul Murray isn’t even a Craig Whyte type of billionaire.

Now Laxey Partners are on the cusp of having a controlling interest in RIFC.

They can do that in much the same way as Dermot Desmond calls the shots at Celtic.

Now the Irishman really is a billionaire, but he is no benefactor to the Parkhead club.

He is, in extremis there as a backstop, but he wants his shareholding protected.

Mr King is about to come against some folks who know business every bit as much as he does.

There can be some educated guesstimation as to Dave King’s net worth after SARS took what they were due.

However my investigations into Laxey came up against some pretty high walls.

All of the scuttlebutt points to serious money, major clout and a high degree of professionalism.

One thing is certain these Hedge Fund chaps are not investing in RIFC to run The Rangers Football Club (formerly known as Sevco Scotland Limited) as a vanity project a la Sir David Murray.

That is the major difference between them and Dave King.

The Laxey people are all about business, but the South African based Glaswegian really wants a top team on the turf at Ibrox exciting the home crowd.

This really is game on.

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