Dave King to Sell Shares to Club 1872

[rbr 1,256]

1 hour ago, ranger_syntax said:

The one where he demands an immediate rule change so that he can get on the Club1872 board and block any progress?

 

What progress is he blocking ? 

[ranger_syntax 4,330]

2 hours ago, rbr said:

What progress is he blocking ? 

None if he is unsuccessful. 

 

However please see point 5, of 14, in his, ahem, narrow manifesto.

 

"Immediate temporary suspension of the Club1872Legacy scheme to be sought."

[the gunslinger 3,366]

I think we should either bring over all the info or stop discussing this part of things. 

[PoohBear 1,148]

To be honest I'm pretty annoyed by this whole thing. Not sure why we need this kind of news whilst we are in our best position of the last decade. Why couldn't this all wait until the off season?

[ranger_syntax 4,330]

7 minutes ago, PoohBear said:

To be honest I'm pretty annoyed by this whole thing. Not sure why we need this kind of news whilst we are in our best position of the last decade. Why couldn't this all wait until the off season?

People who are opposed to it will repeat the same stupid sob story at any point of the year.

[buster. 5,200]

19 minutes ago, PoohBear said:

To be honest I'm pretty annoyed by this whole thing. Not sure why we need this kind of news whilst we are in our best position of the last decade. Why couldn't this all wait until the off season?

If you are trying to sell something then timing is important.

 

General economic carnage will only get worse in the short to medium term (perhaps beyond that) and with that in mind, for DK, the quicker the better. Then of course, you have the current general feel good factor around the club.

 

From the outside, looking in from afar, ye auld gut feel is saying...... the Club 1872 / Chris Graham / Dave King relationships aren't as transparently healthy and what you'd hope for. 

 

 

Edited December 8, 2020 by buster.

[Bluedell 5,627]

"Pressed on whether he should be profiting from the fans’ £13 million, King said there were no plans for further share issues and that his was the only option available to Club 1872. He said he would delay the sale if Rangers gave the fans group an “unconditional undertaking” that they would be allowed to acquire shares directly in the club.

 

“All it would take is the club to turn round to Club 1872 and say, ‘We will issue you shares over the next three years for all the money you raise’. That could solve it from that point of view. My understanding is that the club is not going to do that.”

 

https://www.thetimes.co.uk/edition/scotland/dave-king-there-is-no-fallout-with-rangers-board-w67w2qnft

 

A game changing comment?

 

It will be interesting to see what is said at the club's AGM, and I'll not be happy if the club aren't interested in a sizeable investment from the support.

 

However it's not great that C1872 didn't fully explore this option first before announcing the King deal.

 

[Frankie 8,570]

That's the kind of follow up I'd like to ask (if we get the chance)...

[buster. 5,200]

26 minutes ago, Bluedell said:

It will be interesting to see what is said at the club's AGM, and I'll not be happy if the club aren't interested in a sizeable investment from the support.

 

However it's not great that C1872 didn't fully explore this option first before announcing the King deal.

 

If it looks like a duck, swims like a duck and (doesn't) quack like a duck, tis probably a duck.

[der Berliner 3,747]

Well, as expected, after few days and podcasts, some more info comes out that is more interesting than outside opinions and conjecture - no disrespect to anyone, BTW:

 

 

Quote

 

Dave King provides Ibrox board with alternative Rangers investment plan after agreeing Club 1872 share deal

 

By Christopher Jack  @Chris_Jack89Senior Rangers Writer

 

DAVE KING has offered to delay his share sale to Club 1872 and allow fans to put their money straight into Rangers if the Ibrox board require external investment in the coming years.

The former Gers chairman has agreed a £13million deal with Club 1872 that will see them purchase his major stake in RIFC plc and become the largest shareholders at Ibrox.

Critics of the blueprint have pointed to the fact that none of the money raised by supporters will benefit Rangers as King is paid an average of 20p per share on his 20.37 per cent stake.

The South Africa-based businessman is committed to handing over his major influence at Ibrox to the fans to protect Rangers for generations to come, but will alter his plans if the board require funds donated by supporters to be used by the club.

“Regarding the comment about whether the money should go into the club or not,” King told the Four Lads Had a Dream Podcast.

“At the last board meeting that I chaired earlier this year, which was at the end of March, the position of the board, and I believe remains, that after the current share conversion that is being finalised at the moment is completed, that there is not the intention for further share issues.

“If such is required in the future, it will certainly not be at 20p. Therefore, to my knowledge, the opportunity for Club 1872 to acquire the shares at this level is not going to exist.

“I would go a step further and say, for example, that if the club decide they would like access to the £13million, I would be happy that if the club gave an unconditional undertaking to Club 1872, that over the next three years it would allow it to acquire shares directly in the club and the money goes into the club.

“I would be willing to delay this deal with Club 1872 for another three or four years because I have no intention to sell. All it would take is the Club to turn round to Club 1872 and say ‘we will issue you shares over the next three years for all the money you raise’ and that could solve it from that point of view.

“My understanding is that the club is not going to do that, does not want to do that and that the club, in future share issues, will be looking to do it at levels far higher than 20p.”

Fans have been asked to donate £500 as part of the ‘legacy member’ scheme that has been launched by Club 1872 to allow them to raise the funds required to complete the deal with King.

Shares will be purchased in tranches and Club 1872’s stake will rise as more supporters sign up and King is eager to see the fans make the most of the chance to move above the crucial 25 per cent threshold.

King said: “My consideration of the issue was how can I take my shareholding and ensure, if I wasn’t around, that it would end up in safe hands? I think the safe hands should be the supporters and in my view Club 1872 is the right supporter group.

“They have got good representation, they are already the sixth largest shareholder, and I see it being right for the club going forward.

“I think it is right for the supporters to have a responsible group like Club 1872 representing them and certainly in my experience of dealing with them, it would be a strong preference for Club 1872 to be successful.

“I repeat, if for whatever reason we couldn’t do this deal at the end of the three years, I would keep it open for Club 1872 as long as they were making meaningful progress. I really believe this is the right thing for the club.”

 

https://www.glasgowtimes.co.uk/news/18926815.dave-king-provides-ibrox-board-alternative-rangers-investment-plan-agreeing-club-1872-share-deal/

 

 

Quote

 

Dave King opens up on fall-out rumours, relationship with the Ibrox board and Rangers share sale to Club 1872

DAVE KING passed the baton to Douglas Park. Now the finishing line is in sight for him at Ibrox.

King has almost run his race at Rangers as he prepares to cut what remains of his ties and sell his major shareholding in RIFC plc. He is content for those that he leaves behind to lead the charge for the medals in the coming years.

The announcement last week that King was selling his 20.37 per cent stake to Club 1872 provoked an array of opinions, arguments and theories. In typical King fashion, he has an answer to each.

On the topic of his relationship with the board that Park now chairs, King has no issue discussing the situation as he dismisses hearsay and conjecture of a breakdown in their communication and understanding in recent months.

“I certainly haven’t heard any rumours in that regard and there has been no fall-out between myself and the board,” King told the Four Lads Had a Dream Podcast. “I stepped down at the end of March, which was consistent with the statement that I made at the AGM to step down once we had the funding secured so that the legacy of the financial deficit that I had been party to incurring was properly squared away.

 

“At the time when I stepped down, I did say that Douglas did ask me at the end of March if I would consider extending my stay on the board to see the club through the Covid crisis. I said ‘Douglas, I just can’t do that’. There was an intention, from a board point of view, to keep me on the board a little bit longer.

“But I felt that the Covid crisis was a new crisis and probably best dealt with by those on the ground in Scotland given the travel restrictions. It was an issue that the people in Scotland should deal with. Plus, from my own perspective, I had some very challenging, and continue to do, times for my business in South Africa. I was not able to agree to the request of the board to extend beyond March.

“I think they were looking at it saying ‘it is another crisis, Dave, can you come and help us out with this?’ I just couldn’t do it, but I don’t think there was any falling out with that. It was just a request from the board that I was unable to comply with.”

 

The decision from King to sell his major shareholding to supporters has been viewed with suspicion in some quarters but a long-held belief is behind his plans.

If the £13million deal is completed, the crucial 25 per cent threshold will be reached and Rangers will be protected for generations to come. As King thinks into the future, he has no worries about the present.

“Not at all. Absolutely not,” King said when asked if there was any issue between himself and the board. “The board members… it is the same board that I chaired, the same individuals who were part of the recovery process and, as I see it, they have continued with that process and certainly, for my part, I am delighted with the way that the board has continued.

“The board are safe pair of hands for the club right now. But this is something for the future.

“We thought we had a safe pair of hands when David Murray was in charge and it didn’t turn out that way. So we have got to make sure that the supporters have a level of influence that is independent of the board at any given time.”

It is a week since the announcement was made and Club 1872 started the ball rolling on the process that asks fans to donate £500 as part of their ‘legacy membership’ scheme.

Rangers were informed of King’s plans on the eve of the launch, but no feedback was sought before then as the two parties reached consensus on a deal.

“No, this is a shareholder issue,” King said on whether he discussed this deal with the board beforehand

“From the time that I left the board, I have just been another shareholder, I have not had access to any information from any director given the affairs of the club.

“I am just another shareholder and this was a confidential discussion between myself and Club 1872. It was very tightly managed in terms of confidentiality because one knows in all things Rangers that these things can leak and develop a life of their own.

“We maintained very strong confidentiality between ourselves up until the time we reached agreement and were going to make the announcement. In advance of that, I let the board know as a courtesy that I was going to make an announcement.

“There was no discussion with the board and there was no reason to discuss it with the board. It is a shareholder issue, not a board issue.”

The influence and importance of King at Ibrox in recent years cannot be underestimated or understated. Now it is those that he served with that will lead Rangers into what he is sure will be a bright future after the most tumultuous years in their history.

His share sale is his parting gift to supporters, the final piece of his legacy. It is an opportunity he hopes those in the stands and boardroom make the most of.

King said: “Not only is there not a problem, but I would be very surprised if the Rangers board weren’t delighted at this development.

“I guess they would have some concern over what was going to happen with my shareholding some time in the future if I wasn’t around.

“I think what this has done is take away a lot of uncertainty and at least the board can now look forward and say ‘well, we now know where Dave’s shares are going to end up’. They are going to end up with the supporters.

“This board certainly is very alert to the fact that supporters have been key in getting the club back to where it is at the moment and very alert to the need to retain a close relationship with supporters and avoid the disconnect we saw from the Ashley/Easdale era.

“So I would be very surprised if any of the board members were not happy and didn’t welcome this initiative from me.”

*Dave King was speaking exclusively to the Four Lads Had a Dream podcast. For more information visit https://fourladshadadream.blog/ or @4ladshadadream on Twitter.

 

https://www.glasgowtimes.co.uk/news/18927220.dave-king-opens-fall-out-rumours-relationship-ibrox-board-rangers-share-sale-club-1872/

 

Now off to the podcast itself.