“It’s okay, Steven Gerrard has friends,” Derek Johnstone stated on Clyde Superscore Board this evening.
Dave King had had his press briefing and there was to be NO new investment, NO billionaire on the horizon, no energy drink company or whisky giant ready to chip in huge sums of money to take Rangers back to where they belong.
Instead there was an explanation of sorts about his failure to comply with the Court of Session ruling in his dispute with the Takeover Panel. King, apparently, has been having trouble opening a bank account in the UK in time to meet the deadline set by the highest civil court in the country.
Until this is all resolved, King is prevented from attempting to participate in any other share issue – although that is exactly what he claims will be happening and he hopes that it will raise up to £6million.
Previous loans supplied by directors – that’s money already spent – will all be converted to shares. And additional funds will be forthcoming – presumably from the supporters – which will be used to shore up future losses or spend in the transfer market.
The long term institutional investors, who invested in the Charles Green share offer in the early days of the new club, will of course all see their shares diluted by this latest proposal if it is ever to proceed so are perhaps even more likely to take the 20p share that the Court of Session has decided that King must offer. Many of these institutional investors as well as a series of leaches such as former manager Ally McCoist have a considerable number of shares they picked up for 1p so the 20p figure could be regarded as attractive to say the least.
Two pro-King non executive directors resigned last week, just hours before Steven Gerrard was unveiled as the successor to Pedro Caixinha. It was spun that these resignations was to make room for new investors to come onto the board but just a few days later, with King himself ruling that out, we have to ask why did they resign?
The other day we wrote about the appointment of Gerrard as being the last throw of the dice for Dave King. At season ticket renewal time every season since he wrestled control of the club from the so-called Spivs (non Real Rangers Men), King has been able to concoct a sales pitch that has the gullible Rangers supporters buying into his spin.
Joey Barton was all about selling tickets, a loud mouth who was happy to sign into twitter for his supper and have a dig or two at Celtic. It sold the season tickets along with the ludicrous lie of going for 55.
Then it was Pedro and his Foreign Legion last summer and whatever real money was actually spent on that collection of duds and in one instance a drunk, it was wasted.
King was at it again over the last few days – apparently Rangers were the best team in Scotland at the start of the year after they had won the Florida Cup. They weren’t and they didn’t but King can and does drop this soothing nonsense into the general conversation – as the renewal letters sit on the Rangers supporters mantlepieces.
Now he’s outdone himself with the biggest bluff of all. He has sold his Rangers dream to Steven Gerrard, a man of genuine wealth but perhaps not the smartest cookie in the Merseyside box.
Gerrard has had an indifferent season as Under 18s coach at Liverpool, indeed results have been up and down enough that had he not been the former club and England captain, the Liverpool board may have had a decision to make. King perhaps has saved them the trouble.
Yet he has taken the job, and in doing so will go up against a world class manager and proven winner in Brendan Rodgers.
Gerrard needs no-one to tell him that Rodgers is a top manager who has had two years absolutely dominating Scottish football and is 90 minutes away from achieving a double treble.
He was at Ibrox for the 3-2 win for Celtic and would have noted that Rangers were competitive in the game but lost narrowly. He will be well aware of the 9-0 aggregate win for Celtic in the next two games when Rangers surrendered on each occasions. Had these been boxing matches neither would have gone the distance.
He will be aware that Celtic accounts are hugely impressive and may even have some inside knowledge from Anfield that Celtic are due £9.25million as their share of the Virgil van Dijk transfer from Southampton to Liverpool in January.
He knows that Celtic have won the league and are a few qualifiers away from the another £40million – ironically a Liverpool win against Brighton this week will make Celtic’s route a little bit easier.
And what has he got to play with?
Promises from Dave King.
The proceeds from a share issue that may happen if King keeps his word elsewhere.
And of course, as Derek Johnstone pointed out tonight, he has his own friends that he can rely on.
Celtic must be shaking in their shoes, Derek.
Anyone wanting to consider the actual gap between Celtic and Rangers, and indeed the rest of the clubs in the league should read THIS – it is highly recommended.
For those who haven’t bothered clicking on link above – and you really should yo know – here’s a quick look at the gap between Celtic and the side Steven Gerrard is taking over:
On that basis, let’s take a more detailed look at the financial league table:
2016/17 Celtic Rangers The “Gap”
European Football £38.5M – +£38.1M
Domestic Football £30.5M £25.2M +£5.3M
Merchandising £16.5M £2M +£14.5M
Commercial £5M £1.9 +£3.1M
Total Revenue £90.5M £29.1M +£61.4M
Player Trading £9.6M (£0.4M) +£10M
Total Income £100.1M £28.7M +£71.4M
And all that before the VVD cheque is banked!
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