Dibbles old paperboy Posted January 18, 2016 Report Share Posted January 18, 2016 While the Scottish media have avoided using the exact phrase some of them used in describing a previous chairman of oldco as having "off the radar wealth", they have still been happy to give the impression that the current chairman of newco is extremely wealthy and set to invest something like £20m of his own money over the next few years and get other wealthy fans to match his investment as newco try to a) stop losing over £0.5m every month and put a transfer war chest together to take the club from the Championship league to the Champions League in a few seasons and c) repair a crumbling Ibrox. The track record of the Scottish media accurately reporting the wealth of oldco and newco chairmen in recent years has not been good. Sir David Murray's reported wealth on paper and debts in reality are a case in point. And then there is Craig Whyte. One of the striking things about the John James site blog (written by a Rangers fan and with many comments from other newco supporters) is how scathing they are about King's criminal convictions, record of lying and speculation that he has no real pot of money that he can readily invest. The suggestion is that, as with David Murray, most of his reported huge wealth stems from how his companies are valued, in other words it is a wealth on paper. If he sold his companies or his own sghares in his companies he wouldn't get anything like the money they are supposed to be worth. One article which looks into the issue of how much is King actually worth goes into his 13 year legal battle in South Africa on charges of fraud, tax evasion, money laundering, racketeering and evasion of exchange control regulations. He had £30m of assets seized during that trial, and paid £40m in fines after pleading guilty to 41 charges and having another 280 charges dropped. A condition of his sentence also preventing him moving his money / investments out of South Africa without prior permission from the South African government and who would levy a decent percentage of the amount being invested and require him to pay tax on it. If King wanted to invest £20m in newco, SARS would be expecting him to pay them over £2m first before the money reached Govan. This article, is from a Celtic supporting website, and they obviously take glee in recounting King's criminal convictions and in speculating that in reality he may have very little of his own money he could invest at Rangers: http://www.onfieldsofgreen.com/the-wealth-of-kings/ Quote Link to comment Share on other sites More sharing options...
Dibbles old paperboy Posted January 18, 2016 Author Report Share Posted January 18, 2016 This article on a newco forum estimates that King has about £26m he can count as his. How likely is he to spend almost 80% of all his own cash investing in newco over the next 3 or 4 seasons when he has estimated it could take that long to get promoted and challenge Celtic for the title and there could be a few seasons where newco have to fight to be no.2 team in the spl. http://forum.rangersmedia.co.uk/index.php?showtopic=283958 Quote Link to comment Share on other sites More sharing options...
saintnextlifetime Posted January 18, 2016 Report Share Posted January 18, 2016 Whilst there has been speculation about King's money from day one and in particular around the time they failed to get promoted, if there is no money from him then who is keeping them afloat? Whilst we all expect another crash at ipox , why has it not happened yet ? Am I just too impatient. . I don't have any interest in what money King has or does not have or how much it costs to keep that mob going on a week to week basis , I just want them to disappear. . Quote Link to comment Share on other sites More sharing options...
slapamythighs Posted January 18, 2016 Report Share Posted January 18, 2016 who cares.............. Quote Link to comment Share on other sites More sharing options...
Seaside Nipper Posted January 18, 2016 Report Share Posted January 18, 2016 Maybe an idea would be for King to take some advance borrowing against anticipated season Ticket sales from the Bears for next season............. Quote Link to comment Share on other sites More sharing options...
melmac Posted January 18, 2016 Report Share Posted January 18, 2016 Who really cares what money he's got, if the people in charge at the club and at the governing bodies believe he's got wads of money and it turns out he hasn't, then hell slap it into them - the club deserve all they get. Once question is though, why did they ask "associates" of King to pony up to the money to pay back Ashley? Robbing Peter to pay Paul? Quote Link to comment Share on other sites More sharing options...
Kemp Posted January 18, 2016 Report Share Posted January 18, 2016 With the Rand pushing 24 to 1 against the Pound, whatever wealth he had left has basically been halved over the past few years! What a shame. Quote Link to comment Share on other sites More sharing options...
melmac Posted January 18, 2016 Report Share Posted January 18, 2016 Zimbabwe has no currency of its own, its US Dollars. I'm not long back. Quote Link to comment Share on other sites More sharing options...
saintnextlifetime Posted January 18, 2016 Report Share Posted January 18, 2016 Nae good will come of it. . Quote Link to comment Share on other sites More sharing options...
Dibbles old paperboy Posted January 18, 2016 Author Report Share Posted January 18, 2016 (edited) https://johnjamessite.wordpress.com/2016/01/18/a-nuclear-winter-of-discontenthis/ The share value in King's company has dropped 45% since 2014... Edited January 18, 2016 by Dibbles old paperboy Quote Link to comment Share on other sites More sharing options...
Sonny Posted January 19, 2016 Report Share Posted January 19, 2016 who cares.............. Good point. However I do have a mild interest I must admit. Amateur football is all about the love of the game and football is all there is. I loved just spending time kicking a ball about whether it was 11 a side on a pitch or 15 a side in the local park or waste ground. Professional football is a lot more however. Politics plays a major role and the politics around the OF stink. In particular the blind bias of the media. King is a newsworthy story that is not being properly investigated and reported by main stream media. 'Fit and Proper' anyone? I only ever hear Tom English comment on the politics at Rangers while those other poor excuses for journalists like Chick Young just ignore the whole thing or give interviews that are glowing. (Note to Chick: You cannot say you you only report on what goes on in the field of play then have 3 page interviews with owners after having been wined and dined by them with no decent questions being asked of them). My other interest is that I would like to see this establishment of intolerance and bigotry ground into the dirt so I shall pop into this thread from time to time to see if we are any further forward in this achievement. Quote Link to comment Share on other sites More sharing options...
Stu Posted January 19, 2016 Report Share Posted January 19, 2016 The cynical part of me thinks it suits Rangers and King to have this Mike Ashley/Sports Direct nonsense going on. It means when anyone dares suggest that his £5million transfer war chest may not exist, he can point to the big bogeyman and say he has arrested some of their cash, or they're keeping it aside incase he wins, or they need it to pay legal fees. The triumphalism when King ousted Ashley in the media was incredible. Ashley is a successful businessman, King is a convicted criminal - yet the media and Rangers fans decided the second guy was better. The whole approach to King was summed up when Graham Speirs said that as King had been done for millions in unpaid tax, think how much he must be worth and how much he has to throw at Rangers Quote Link to comment Share on other sites More sharing options...
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