It had occurred to me that the three week Scottish Football hiatus could have been used to focus on serious issues. Issues of more import than the vicissitudes of Rangers Lite. However when I’m provided with two pieces of exclusive information I owe it to my well-informed readers to keep them up to date. One other strand in this article is in the public domain. The challenge faced by your humble correspondent is to thread all three together.
Murphy’s Law – anything that can go wrong will go wrong – does not apply to the unraveling debacle that is Lite’s bid for Jamie Murphy. I note that Phil Macgiollabhain has referred to this clusterfuck of an omnishambles but I’m not riffing off a fellow award-winner. My sources are two football agents who have apprised me of the fact that Murphy is ‘in limbo.‘ Seagulls’ Chairman Tony Bloom has advised those close to this putative deal that the terms offered were risible. The bid of circa £600K had accelerators which could yield a seven figure fee. One of these accelerators is Europa League Group Stage football participation. Forty per cent of the Lite bid, £240,000, which would ordinarily be paid upfront, would, should Bloom have accepted the deal, be paid prior to season’s end.
Bloom made a couple of calls to movers and shakers in the City who informed him that Lite are trading whilst insolvent and are teetering on the brink of Administration. He was also informed in no uncertain terms about the Takeover Panel dispute and that the club will be a financial pariah as its Chairman will soon be subject to The Cold Shoulder. He has insisted that his valuation of £1.2m is paid up front. Unless the ‘penniless’ King brings that quantum to the table, minus accelerators, all bets are off.
The realpolitik is a far cry from the Doctor Feelgood fantasy being peddled by Traynor and his SMSM lickspittles.
In jj passim: Red Flags & Sunsets I outlined my rationale for a pre-pack administration and the ousting of King. This prompted some interesting correspondence:
” It occurs to me that King might be better off with a full insolvency for the Club. That way he presumably only loses his share value and some portion of his loans. His mates would lose £10-15m, but this may not concern him? It would certainly muddy the waters regarding King having to find £12m plus to stage an offer for the shares. Not sure what can be done if the company has already gone bankrupt and (whether this) might give King something to argue in court.”
Phil Macgiollabhain can be inordinately cryptic. However when he refers to The Serious Professional one assumes that he is referring to Stewart Robertson with his tongue firmly in his cheek. The source of the comment is the real deal. He’s from the top drawer. Unlike King, NOMAD are climbing over themselves to work with him.
As is always the case with my sources and those who engage in private correspondence, he will remain anonymous. His point is well made. King has the board over a barrel. His ursine chums are holding £13.1m in chits. Given the burn rate at Ibrox, one would be surprised if Johnston and Scott had not ponied up £1m per skull. NOAL has loaned the beleaguered board £2.8m. This loan is secured. What is not known is whether it’s secured on the stadium/Murray park, season ticket revenue or the intangible assets being shown the door in the transfer window.
King could burn all five, be first in the queue for the CVA and as his initial share purchase was made via a loan – probably from Ross or Scott in Hong Kong – he could walk away from the carnage with less of a hit than the others.
King is a master of the dark arts. His £2.8m loan salted the mine. The Three Bears obliged with a quantum north of £13m. When their pips squeaked, Johnston & Scott took the strain.
King is in the box seat. He can pull the house down. If the board attempt to oust him his ICBM, like those of Trump, will hit home harder that those fired by the North Korea of football clubs.
This ‘Cold War’ is playing out in full view of those who have bent over backwards to appease King. These odious venal individuals, namely Stewart Regan and Neil Doncaster, created the laboratory conditions in which King’s Doctor Frankenstein gave birth to this monster. Scottish Football’s leading stem-cell protagonist, the equally odious Rod McKenzie, has accepted a part-time gig at the SPFL. One laughs out loud when the SPFL states that his appointment resulted from a rigorous selection process. Did this process have all the rigour of two men shaking themselves dry at the SPFL executive urinal and shaking hands on the deal once they had washed them?
Doctor Strangelove McKenzie wants to finish what he started. Should one ‘Learn to Stop Worrying and Love the Bomb’ that he has created at Ibrox?