King offered interest free loan but was snubbed

[Steve1872 4]

taken from FF

King offered interest free loan but was snubbed

---

By ANDY DEVLIN Published: 34 minutes ago

 

DAVE KING offered Rangers an interest-free loan and was SNUBBED.

The South African-based tycoon was bewildered when Ibrox chief executive Graham Wallace assured supporters there had been board contact with him and he would only invest in Gers if there was a new share issue. King said: “I can’t believe Mr Wallace would have said that.

 

“Mr Wallace has never spoken to me or even attempted to communicate with me in any form whatsoever.” SunSport can reveal King is ready to blow the lid off his dealings with the under-fire Ibrox hierarchy.

 

A planned statement will include the revelation he offered the crisis-hit club a loan of around £1million WITHOUT looking for the £150,000 interest that hedge fund firm Laxey Partners will pocket.

 

The only person King has spoken to is Sandy Easdale and he is NOT a member of the board.

 

The refusal to take KingÂ’s interest-free loan will trouble Gers fans.

 

FansÂ’ favourite King approached Easdale last month and set a deadline of February 7. But he has never heard back from anyone at Ibrox.

 

The suggestion he was in talks over a return was made by Wallace on Monday in a series of interviews designed to allay supporters’ fears over the recent £1.5m short-term loan.

 

Chief executive Wallace claimed the board had been in contact with would-be investor King in recent weeks. Wallace is adamant he can win the trust of the Gers fans. But with continued chaos and confusion behind the scenes, heÂ’s facing an uphill struggle.

 

And the news KingÂ’s cash has been snubbed will send shockwaves through the Ibrox support.

 

A joint statement from fans this week condemned the terms of the deals with investors Easdale and Laxey Partners.

 

Easdale has handed over £500,000 in the form of an interest-free loan, whiles Laxey are believed to be demanding 15 per cent APR.

 

Both loans are also secured against Edmiston House and Albion car park facilities adjacent to Ibrox.

 

The cash is repayable by September 1, but Laxey can opt to take repayment in the form of fresh shares at a knockdown price, as long as the club receives the approval of the shareholders.

 

However Castlemilk-born KingÂ’s loan would have been interest free and would not have been secured against any of the clubÂ’s properties.

[Steve1872 4]

[Frankie 8,148]

What King needs to do (as touched on in the article) is release a no-holds barred statement; not only detailing his discussions so far but outlining his plans for investing in the club.

[andy steel 0]

At the very least, if we know what is fact from bullshit we can make an informed decision on investment in the club.

 

But it's all very dispiriting.

 

On the plus side for Wallace, he probably thinks both Easdales are on the board, since they are patently running the place ona day to day basis. On the downside, he doesn't look very competent.

[Doc 280]

On the downside, he doesn't look very competent.

 

That's an understatement. He looks like another chancer aiming to enrich his mates at the expense of the club.

 

King however is just being another "Prince across the water" at the moment. If you're serious Dave, instead of feeding titbits to the papers, tell US the supporters what you would do in a clear and unambiguous way.

[chilledbear 16]

King has to make a full statement soon.

[der Berliner 3,239]

Chief executive Wallace claimed the board had been in contact with would-be investor King in recent weeks. Wallace is adamant he can win the trust of the Gers fans. But with continued chaos and confusion behind the scenes, he’s facing an uphill struggle.

 

Much of that chaos is hyped up media-hysteria as far as I am concerned. The way it is all handled by the club as well as the media makes you think it is just mayhem. If you take a step back, put the blue glasses off and leave the resentments aside, you'll probably realise that this is pretty much "normal" business- and hedge-fond people's behaviour. That we abhore it does not make it any worse.

 

As for King's "attack" on Wallace ... how is he going to win any favours from the board about investment and share issues when most of what he does is slagging the board with statements in a rival paper?

 

So Wallace has never spoken to him? Would the (or any club (company) / board invite loans from people outside the club/board or by a non-shareholder?

 

However Castlemilk-born King’s loan would have been interest free and would not have been secured against any of the club’s properties.

 

And that would be as warmly welcomed by the support as Easdale's loan, I assume?

 

Now, I don't take sides here. When this whole 20-shareholders stuff came about, this whole scenario is essentially very much like I expected it to turn out. People where oh so against a chairman who owns the club. For we had the SDM/Whyte fiasco. Still, how many clubs in Britain are run (efficiently) by single/majority owners? Something that would sure have brought some stability to the rebuilding process. You would have hoped King had his money handy when the CVA was being discussed. He did not for certain reasons and that do not make him a prime candidate for Ibrox' top job. He had all the chances to turn his money into shares and take up a position as a shareholder - like Kieron Prior et al. All he does now - good intentions or not - is fueling the media circus that makes the club look like idiots time and again. We are left with reading between the lines and have to try and keep a cool head here.

[Crimson Dynamo 128]

I'd love to think King can back up his statement

 

But it seems more likely this will turn into a he said, she said situation

[BrahimHemdani 1]

 

But it seems more likely this will turn into a he said, she said situation

 

Unless Wallace has had a sex change op; more likely he said, he said or he said they said

[calscot 0]

I find it hard to believe any good businessman would genuinely give us an interest free loan with no catches. It's a lose-win situation and most businessmen these days seem to usually go for a win-lose situation even though that's not supposed to be the in the mantra of good business, as long term and sustainable, where win-win is the aim. A win-win situation would be if they offered the loan at the kind of rate they would receive if they put their money somewhere to accumulate interest. Say 4% apr.

 

That would work out at 1% for three months and so £10k instead of £150k.

 

We were supposed to be debt free forever according to our mission statement and so shouldn't really need it at all, but if we're going to use an overdraft, we should be sorting out a proper one with a bank or establishment, at a proper rate of interest and charges and have our "benevolent" board members just guarantee it.

 

The way things are going the only interpretation we can make of the board members is that they are either completely incompetent and stupid, or they are at it.

 

King is playing to the gallery and it's easy for him to do so. I'm not sure what to make of him. However, I doubt there is an successful businessman in the world who you can truly believe.