FANS ARE KING’S ARMY AT IBROX
Tycoon says club wouldn’t be where it is today without devotion of fans and protests that drove the old board out
DAVE KING might have had the pounds but it was the fans who had the power.
That’s why the wealthy businessman believes the supporters who helped save Rangers from the clutches of hated leaders should now have their say in the Ibrox boardroom.
King swept to power in 2015 after a litany of powerbrokers stood accused of not putting Rangers first. You’ll remember the names – Charles Green, David Somers, Derek Llambias.
But they were ousted as fans helped bring about change with protests, something King will never forget.
Now it’s payback time, he says. The South Africa-based tycoon has offered to sell his 20.37 per cent shareholding to Club 1872 in a discounted deal.
The former chairman has offered the group that helped put King in command four years ago his shareholding at a discounted price and if they manage to take that up over the next three years then they would hold more than a quarter of the club’s shares.
King said: “Everyone recognises that without the supporters we wouldn’t be where we are today. I had an impact because I put some money into it but it wasn’t just about people with money. y.
“If it wasn’t for the supporter boycotts I called for, if it wasn’t for the supporters buying season tickets in their numbers and d being very patient with the e retail activities, we wouldn’t n’t be here.
“This is a great combination on and a great recognition to the supporters for what they have ave done.
“And I repeat: being inn a position never again to be as disconnected and disempowered red as we found ourselves six or seven years ago.”
King is very much part of the Rangers family but he didn’t n’t want his shareholding to fall into the wrong hands after he was gone.
He explained: “One of my concerns was what would uld happen if I was not around, it’s not as if my family are ardent Rangers fans.
“Thinking through that I realised one of the things I could still do is share it back to the supporters while I still maintain influence over my holding.
“I am particularly mindful of the supporters, the part they played and especially Club1872.
“I don’t think we would have got regime change and be where we are now without them.
“At every single AGM I have made it quite clear I would like to see increased supporter influence at the boardroom level.
“This is my way of ensuring that my shares are now in a safe pair of hands and we don’t have a situation in the future where my family might sell them to the highest bidder, someone who had a different interest in the club going forward.”
King is adamant this move has nothing to do with money.
He explained: “It’s an asset, I have invested the money in the club and I am happy not to make a return.
“But I don’t think gifting them is appropriate. I have put in a lot of time, money and effort and it’s not unreasonable that I at least cover my costs.
“My family may well have done it in the future, I am trying to exert a level of influence while I have still got it to try to work with Club1872.
“I’m really hoping that the supporters do get together and understand this is a genuine once-in-a-lifetime opportunity to start to take ownership and to be the biggest influencer in the club going forward.”
If Club 1872 can get to 25 per cent then the supporters would become major players on and off the pitch.
The group has set a goal of getting 20,000 members in place over the next three years but King would love to see them getting over 50 per cent.
He stated: “I’m hoping that the present board and any future board works with Club 1872 to maintain the shareholding at above 25 per cent.
“That really is in the hands of the supporters that once they get above 25 per cent they stay there because it does give that
I am particularly mindful of the supporters, the part they played and especially Club1872 DAVE KING
negative control. If from time to time they drop below that for whatever reason, at least they would still be the single biggest individual shareholder.
“It really is a chance for the supporters to make of this opportunity what they will, going forward for themselves and future generations.”
Rangers are currently top of the table and despite announcing an operating loss of £15.9 million he believes the club is in a good financial place. He accepts that further down the line the club will need to sell players as part of the model they have in place.
He confirmed: “The club is well-funded and it is in a position I believe where if I look at the level of value of the player pool I think for the first time in probably 10 years we actually have a squad where there is genuine transfer value.
“Player trading is going to have to be part of the business model going forward. I think the club is in a position to run itself, being reasonably cash neutral as long as it performs reasonably well on the field.
“Having said that, we all know there will be time when the club needs funds and I do think Club 1872 will have opportunities going forward, if it has access to funds, to become an increasingly significant shareholder.
“In an ideal position I would like to see Club 1872 being the controlling shareholder above 50 per cent. At least negative control is a good place to start.”