King still in play as financial chess game rumbles on   

Tuesday 12 August, 2014

Hugh Macdonald (a journalist that the Monkey has a lot of respect for), purports to analyse the financial machinations at Ibrox with a feeble chess metaphor to describe the potential re-emergence of Grandmaster Dave King as a knight in shining armour to save a company facing checkmate.

King has been working the City since at least March. His initial strategy was to canvass support for his plan to take the proxy vote for significant shareholdings and force change. This, increasingly, has been seen to be impractical, perhaps even unworkable, as long as the major players remain united within the Ibrox boardroom.

The pressure must be applied to the Beaufort Group that holds the majority of shares. This has been applied effectively by the strategy of some fans to withhold season ticket money. There has been much argument over whether this constitutes a boycott but it would be much more instructive to investigate the action’s consequences.

It has brought King back into play, despite the reluctance of some on the Ibrox board to deal with the South African businessman. King’s patience was criticised over the summer but he may just have played his cards astutely.

Rangers are searching for money and King claims he has it. This seemingly straightforward case of demand and supply, however, founders on the rocks of implacable politics at Rangers.

In some circles, King is viewed as a criminal and a tax-dodger – rightly so, since being convicted by the South Africa Prosecuting Authority after pleading guilty to 41 contraventions of section 75 of the South Africa Income Tax Act 58 of 1962 and being sentenced according to his plea agreement.

However, make no mistake – King has money; lots of it. And he is no pawn.

Expect a Zwischenzug sometime soon.

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