Last night really was a Good Friday as penniless shareholder Dave King presented himself to become a penniless owner, he has found 11 million pounds in a family trust and will make an offer to the rest of the Newco’s shareholders.
The company was valued at 21 million at the IPO and should a large amount of those offered the 20p for their shares accept, King will have spent a large chunk of his family estate to own a club which still is straddled by 17 million pounds in soft loans.
This is to say that millions will be spent on buying out worthless shares, not on buying players, it will centralise his control from afar and keep him within the rules meaning he can stay at the head of Sevco.
This is a fantastic bit of news for Celtic, simply it means that the mismanagement continues, the excuses continue, the lack of investment continues, the hand to mouth culture of living month to month continues.
This will ultimately lead to no new manager, no new players, no renovations to Ibrox, no NOMAD, no trophies and no bother for Celtic.
Bampots across Twitter are wondering why he left it so late, I have a theory.
With the Scottish Cup Semi Final coming up he is gambling on a Sevco victory so that those offered the money for their shares decide to keep them and therefore not cut into his personal stash.
Had he complied outright, the offer would have already been made and accepted, this way he can drag it out until after the Cup semi and pray for victory.
Should Sevco be beaten at Hampden however it will be a hammer blow to his trust fund, the Peepul who are thinking about it will be tipped on this result and King may find himself holding the lion share of the Newco’s shares once the offer is made once another trophyless season is confirmed.
With King at the helm, nothing will improve over there, I wish him well, stay for another 3 years at least Dave, you”re the best thing that ever happened to us.