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KING STING Rangers chairman Dave King set to take £19MILLION hit.


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KING STING Rangers chairman Dave King set to take £19MILLION hit as oldco payouts are revealed

 

South Africa-based businessman King would get back £782,000 - but that's a tiny fraction of the millions he will have lost

By Robert Collins

2nd November 2017, 10:04 am

 

 

DAVE KING stands to lose more than 96 per cent of the £20million he ploughed into Rangers in the David Murray era.

 

Documents recently released show that unsecured creditors of oldco Rangers are in line for a 3.91p in the pound “interim dividend”, according to the Daily Record.

 

Dave King is the current Rangers chairman

 

Under the term “directors” club liquidators BDO put a value of £20,030,000, which is understood to be the money current Ibrox chairman King put in 17 years ago.

 

King would get back £782,000 – but that is a tiny fraction of the millions he will have lost.

 

King’s cash injection saw him made a non-executive director back in March 2000 with the bulk of the money believed to have been used to pay down the club’s debt at the time.

 

Five years ago the club plunged into liquidation under the ownership of Craig Whyte.

 

Sir David Murray sold Rangers to Craig Whyte in 2011

King has since become the club’s largest single shareholder, taking a 15 per cent stake in 2015 and becoming club chairman.

 

Other major oldco debts are £27m to Ticketus, £10.8m to “ordinary shareholders” and £7.7m to Ibrox debenture holders.

 

Many small creditors are furious at the paltry payout of 3.91pence.

 

While liquidators and big law firms have raked in more than £12m from the club’s financial demise, many small businesses have been left out of pocket.

 

The fees these law firms get is totally crazy. years ago my wife got a pay-off from her boss. A lawyer wrote one letter and took 10% of her pay-off. The tax took 50% so we were left with a slashed amount.

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Another non-story, intended only to waft more negativity about Rangers. Does Robert Collins really believe Dave King has been carrying that £20m debt as an asset all these years in the expectation of full recovery. Any hit (if there actually is one) was taken long ago. Journalism in this country seems to cater only for the profoundly uninformed and the terminally gullible.

Edited by Bill
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" The fees these law firms get is totally crazy. "

The whole financial thing baffles me mate. Look at interest rates going up today - because of inflation we're told.

With nobody receiving wage rises, what the feck has caused inflation ?

Rising petrol, energy and food prices, that's fecking what. higher mortgages next month will cause inflation to go up again. Just wait and see.

So because of greedy bastards controlling everything we consume receiving low returns on their personal investments the rest of us have to pay.

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so much for the arseholes who claimed King had not put that money in (and that includes Rangers "supporters")

He lost £20 million then came back to pump in more....THAT'S a supporter!

Thanks Dave King

 

He didn’t.

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