So it finally happened. Dodgy Dave King, who has spent the last few years waiting on his big Club 1872 pay-day finally did walking away.
He’s had a deal with them to enable them to buy his shares for quite a while now, and today he’s released a statement terminating that agreement because they have yet to take him up on it and he sees no prospect that they will.
Where this leaves him now is anyone’s guess but he has finally twigged to the fact that all that equity confetti has come at a cost. To him. Which to me is quite amusing for any number of reasons. What that man has done is as close to a con on the folks at Club 1872 as you will ever see, and he’s not alone in that but he bears much of the responsibility.
Those guys should have a shareholding well above 15% right now, and King’s shares should have enabled them to move into a position where a quarter of the club was under their control. But every time they issued shares – and much of that was done under him no matter what he blames the current board for – the strength of Club 1872’s holding went down.
I hold to the view that Club 1872 was, at the very least, woefully let down. I think that in fact they were probably wilfully misled at a time when the club wanted their money.
There was never any intention on the part of the directors to let these guys acquire that sort shareholding and those at the top of the club knew full well that their intention was to fund the club using equity-swap deals, and so every person who put money into Club 1872 was, in my view, done up like a kipper. I’m not alone in believing it.
A lot of Ibrox fans believe exactly the same thing. There were thousands of them putting their money into Club 1872 at the start; when they realised what was going on they stopped doing it pretty damned quickly. They know that buying shares means nothing when the club directors can, and do, dilute the value of them with such regularity.
And so King departs without getting his cash, and his statement basically blaming fans for not showing intent, the economic climate for not being kind to him and his fellow directors is hilariously self-serving, as per usual. Even funnier, he does not believe that opening up the sale to the wider Ibrox support would make any difference.
He knows what their board still has trouble grasping; these fans have been used and abused to the point where they are completely tapped out.
Still, what is hilarious here is that King is flinging around enough blame to blanket Glasgow South and he cannot grasp that he is partly responsible for the mess he finds himself in. The board won’t have him back and now, with shares he doesn’t want and which are essentially useless to him he’s trapped as someone with authority but no influence.
I find it deliciously funny. What a shambles, and his own damned fault.