Ibrox Stadium

Next Game

Rangers v Peterhead

Sunday, 02 August 2015, 15:00

Scot League Cup First Round

Last Game

Hibernian 2 - 6 Rangers

Saturday, 25 July 2015, 12:30

Petrofac Training Cup First Round

King hits back at Ibrox board

Former Rangers director Dave King insists the Ibrox board were fully aware of their financial predicament when they refused his offer of help towards the end of last year.

Last Updated: 05/03/14 at 14:57 Post Comment

Dave King: Heading to Glasgow for showdown talks

Dave King: Heading to Glasgow for showdown talks

The Scottish League One side are reportedly going through up to £1m a month in running costs and were forced to borrow £1.5m of 'working capital' last month to help see them to the end of the season.

The crisis loan followed the refusal of the first-team squad to accept a 15 per cent reduction in their salaries, a move which prompted King to call on fans to withhold season-ticket money due at the end of the current campaign.

King, who invested £20m in the club before it was consigned to liquidation in June 2012, called on supporters to put their cash in a trust fund and hand it over to the club on a game-by-game basis fearing they would not see out next season without the need of further substantial investment.

His rallying call was met by a furious Rangers chairman David Somers who summoned him to a meeting to explain his actions and outline exactly why he is attempting to 'damage the club'.

But speaking to Sky Sports News, the South Africa-based businessman said he could not sit idly by while the current board continued to bury their heads in the sand over the parlous financial state of the club.

"As someone who has been around the club as long as I have, I know they are running out of money hence my approach to them late last year," he said.

"I said then 'it's now early enough to anticipate you will not make the end of the year on your current cash balances and let's now try, and in an orderly fashion, go about a new fund-raising exercise'.

"I was happy to be a significant investor, in fact a leader of a consortium putting new funds into the club with the only condition that the funds went into the club. I wasn't interested in taking on existing shareholders and buying their shares out.

"I was looking for a new share issue and for those funds to go into the club and into the team and really all that's happened is they have adopted a 'Nero fiddling while Rome burns' approach where the inevitability of the next couple of months has come to pass.

"The board has done nothing, has not been transparent at all with regard to the finance and we now know as a matter of fact that the club has run out of funds and is trying to shuffle on in the hope that the fans will once again come to their rescue.

"They are looking for them to give enough money for season tickets so they can continue for another couple of months before again ending up in another financial crisis. That is what I am trying to avert at this point.

"The board has said my intentions are nothing other than damaging but in fact the opposite is true. The board should go to the fans and say 'this is the true state of the position at this club'.

"Yet they will be relying again on the fierce loyalty of the fans in the belief that they will once again stump up their season ticket money, give them a windfall of cash for the next couple of months to shuffle away with no questions asked.

"What I am saying to the fans is 'ask the board why they are not being transparent?' It is something you would expect of any public company and more particularly a company where they themselves are admitting they are in financial trouble by admitting they want the fans to bail them out once again.

"I will now meet the board as requested. I will visit the institutions in London next week and put a schedule together with some of the existing shareholders to understand where they are and how they would feel about a rights issue.

"Also, whether they would participate, whether they would give the rights to someone like me and I would like that out of the way before I meet the fans.

"Then I will stay up in Scotland for as long as it takes until we have a definite gameplan as to how we will go forward from there."

Related News

Most Commented

Readers' Comments

I

t's wrong to be making a joke out of Bender's name at the expense of gay people. It's the kind of childish, uncivilised thing that Football365 would deride and ridicule if it was another media outlet saying. Why is there a need for jokes like this? Does it make your writers feel like men? F365 might suggest that I 'lighten up', but it is genuinely traumatic for people who have been oppressed all their lives to be the butt of jokes, and to be told...

anamsport
The Beeriod Gossip

Y

ou can't blame De Gea for wanting to leave, he has enough to do in front of goal as it is as well as taking on the role of Man Utd's version of Derek Acorah in trying to contact and organise a defence that isn't there.

rodger's gusset
Van Gaal downbeat on De Gea

I

f you want to take six points off Arsenal, then that's a great strike force. Can't imagine either of them showing much for the rest of the season though...

foot in mouth
Adebayor & Berbatov: You Have To Admire The Balls

Footer 365

Mourinho plans to manage into his 70s

Chelsea boss Jose Mourinho believes he is a better manager than he was 10 years ago - and he wants to continue until he's in his 70s.

Mesut Ozil set to shine for Arsenal, says Arsene Wenger

Arsenal boss Arsene Wenger expects Mesut Ozil to be one of the Premier League's leading stars during the 2015-16 season.

Jose Mourinho says 'Premier League will be more competitive'

Jose Mourinho has stressed Chelsea's need to strengthen their defence but hinted they may be ready to give up on Everton's John Stones.

Mail Box

Neville Has It Wrong On Chelsea...

One Mailboxer says that the Neviller has it slightly wrong on Chelsea. Plus thoughts on sexy Saints, pre-season reviews, Connor Wickham and televised analysis...

De Gea Disrespectful? Remember RVP...

We got dozens of mails from people pointing and laughing at Brian D for suggesting David de Gea has acted disrespectfully; we printed some. And there's more...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company