We are now led to believe that Mr King’s selected NOMAD has done Due Diligence on “the individuals”.
Is that why the South African based entrepreneur isn’t going to accept his board seat at this moment in time?
Of course I am sure that mystery NOMAD will be well aware that acting as a shadow director is treated the same in UK law as acting as a director.
I thought that something did not add up in Mr. King’s statements, but I am sure he will clarify these matters in the days and weeks ahead.
His EGM resolutions are being voted on today by many fan shareholders who are perhaps under the impression that King is going to bankroll the mighty Glasgow Sevco to safety and success.
His answers at the airport yesterday could be viewed as geared towards breaking the bad news slowly that neither of these are in his plans. A subtle low key admission in the middle of so many other statements will mean many of those who dream of Mr King the saviour will simply not hear the signal for the noise. Yet Mr King will remind The People in the coming weeks and months that he told them so before the EGM vote. However, perhaps Mr King has forgotten that in the last two years he has told The People lots of things which are prima facie mutually exclusive. Ipso facto not all of King’s pronouncements can be correct.
However I am sure that everything will be clarified in due course.
In the meantime he can depend upon the local media to accommodating and understanding towards him.
Currently the stenographers are all giddy in anticipation of a return to the good old days of Sir David Murray’s circulation boosting moonbeams.
Mr King has said that he does not have the money to support Sevco on his own and he has also said that he plans to put in 50% of the £20m needed “in the short term”.
No one present thought to ask him what time period constitutes “in the short term” or how much will be required in the long term.
I was disappointed that not one of the journalists present seems to have wondered aloud in the presence of His Glibness as to whether this £20m needed “in the short term” includes repayment of the Sports Direct debt.
Mr King has also stated during his presser in February that he did not intend to repay the Sports Direct loan immediately.
He conceded that RIFC was not a realistic proposition for City investors.
Rather his task will be to convince those with high net worth and with an emotional investment to the Ibrox culture to part with their cash. Mr King will have to try to convince them to give him money in the knowledge that it will be highly unlikely they will ever get it all back never mind see a profit.
I thought that Mr King looked drawn and tired when he arrived at Glasgow airport. Perhaps even he is realising the truth of what this blog has been warning about since the RIFC IPO in 2012.
This is a business that currently loses £8-9m a year and does not have a credit line from a bank. Mr King and friends have spent £5.5m to get seats at the top table only to discover that Big Mike can shut down their beloved 3 year old club at very short notice. Not only does King carry the responsibility for finding people who are not overly concerned about getting their money back, he has to keep the doors open on a business very close to insolvency. That means doing unpopular things like cost cutting and increasing prices.
Sometimes people buy football clubs because they seek adulation. We will find out in the coming weeks how long the hero-worship phase will last at Ibrox. All the while, Mr King has to keep the payments going into the Sevco Triangle and to honour the merchandising and advertising deals his predecessors did with Big Mike.
For the avoidance of doubt failure on these last points will mean closure of Sevco on Mr King’s watch.
Blame for the failure of the second Rangers club would rightly fall in the lap of the man who promised so much to those who would urge him force out a genuine billionaire.
At another interview at Glasgow airport, this time in 2012, Mr King said it was good to be away from “the noise level” of Glasgow.
Perhaps when Mr King realises what Charlie and the boys created when they bought the body parts of Rangers then he too will contribute to the decibels around the Big House.
If you are not of the Ibrox culture then your schadenfreude could soon be off the radar.