Outpourings of joy have come flooding in down Govan way as the unpopular board which had made Fred Karno's army look professional was voted out at Rangers' EGM meeting.
Yes a new regime is heading up the marble staircase. Gone is the blundering buffoon that was David Somers. Gone are the gruesome twosome that were the Easdale brothers. And gone is the man who made Fagin from Dickens' "Oliver Twist" seem like a nice chap - one Derek Llambias.
The King has claimed his crown.
It's because the ogre at the top of the beanstalk, one Michael Ashley, who is of the parish that is Newcastle United, still hovers over the freshly-installed monarch and ready to grind his bones to make his bread.
King might have the throne, he might have the keys to the castle but he knows fine well that at any given time, Ashley can roar out "fee-fi-fo-fum" and pull the rug from under his feet.
Fairytale metaphors aside, as victories go, Dave King's one ranks highly in being one of the most pyrrhic.
While King spent most of the past year grandstanding and tyre-kicking, Ashley got in the door ahead of him. While King was preening himself for the cameras, Ashley was making his presence felt. And while King was being Mr Rent-a-quote for any dictaphone that was passing by, Ashley was securing the loot - not to mention chucking some banknotes of his own at the club in the form of loans to ensure that they are currently in hock to him.
Merchandising, advertising, future shirt sponsorship income and the club's registered trademarks are all in big Mike's portfolio and unless Mr King can make the Newcastle owner a very attractive offer to get them off his hands, his reign is snookered before the first frame even starts.
As Irish journalist Phil Mac Giolla Bhain wrote in "The Belfast Telegraph" on Friday (http://www.belfasttelegraph.co.uk/sport/football/scottish/rangers/rangers-saga-at-ibrox-is-far-from-over-31044724.html):
"Ashley... currently controls the lion's share of the club's merchandising through the corporate vehicle Rangers Retail Limited (RRL). The owner of Newcastle United has let it be known within business circles that this is the best retail deal he has ever had. As part of the £10m loan, Sports Direct have another 26 per cent of RRL for the duration of the loan."
The remaining sources of revenue from Rangers that would be open to King wouldn't exactly fill the grand war chest he had in mind to enable him to offer the fans all those moonbeams and trophies he's been promising.
He had his chance to ensure that this situation would not be the case.
Instead of spending the best part of a year posturing, King had ample time to get in ahead of Ashley and snaffle all of this up for himself.
Mike Ashley though is well known for getting his business done quietly and quickly. He tried to ingratiate himself with the public once during his early days as Newcastle owner.
While that backfired, largely out of his own making it must be said, he quickly realised that playing the populist card only takes you so far.
Look at the many club owners who have come and gone. Tom Hicks at Liverpool, Vladimir Romanov at Hearts, Peter Ridsdale at Leeds and Angelo Massone at Livingston. All tried to court the fans' popularity and all were run out of town once that waned and they were subsequently exposed for the useless incompetent imbeciles that they were.
Ashley is far from popular at Newcastle. In fact, the most ardent Sunderland fan has more chance of being bought a pint on Tyneside than him.
However, while he can be criticised for not investing enough to have that club challenging for honours (the fanbase and subsequent merchandise sales is already there for him to take that leap), he has got them ticking over nicely on the financial front.
Uninspiring on the pitch but Newcastle United's balance sheet would take a few trophies were they to be awarded for keeping a club afloat and well away from financial ruin.
It is the subject of financial ruin that Rangers themselves are experts on. Dave King should know all about that.
King was part of David Murray's board when the latter piled on huge debt upon the club and played fast and loose with the infamous EBT scheme that caught the ever-alert eye of the taxman.
Mr Dave King was also part of Craig Whyte's board when Rangers not only went into administration but were liquidated soon after.
Mike Ashley has had no such scrapes while at the helm of Newcastle United.
Another thing that Mike Ashley cannot claim to have experience with is brushes with the law.
King knows a thing or two about that.
The Glaswegian pleaded guilty to 41 counts of tax evasion in a court in South Africa and had to pay a whopping fine or face 82 years in the clink. He coughed up.
Before he did, he was referred to in court by the judge as being "a glib and shameless liar".
It is this little matter that King wants you all to forget. He would like the Scottish Football Association and the Stock Exchange in London to erase it from their respective memories too.
The SFA have yet to give him the green light to take over as he has to pass a 'fit and proper person' test. He may do that given the Hampden beaks' previous in trying to cosy up to Rangers when they tried to carpetbag the post-liquidation new version of the club into the top flight only for the other teams to reject their big plan.
A prospective non-Old Firm club buyer might have trouble passing this test - especially if he has one let alone 41 counts of tax evasion to his name.
But given the SFA are so short-sighted in thinking that there is no life in Scottish football beyond Rangers and Celtic, they may well roll over and have their tummies tickled.
That would be a dangerous precedent to set as it would give a loophole for the next chancer with criminal convictions to his name who wants a Scottish football team to jump through.
Whoever that Walter Mitty may be, he can say, "you let Mr South African Tax Dodger take over Rangers, why can't I have a team?"
With their hands tied because the prescription of their spectacles was not thick enough, the SFA would be rendered powerless to stop this if challenged and God help the team that this charlatan of the future may take over and ruin.
As for the city boys in London, Mr King may well be keeping the makers of aspirin in profit right now given the amount of headaches he's having because of them.
For a man who once hoped to boost the coffers of his recently-acquired toy with a share issue, annoying the chaps with red braces was a plan not even Icarus himself would have carried out.
The Nominated Advisor (NOMAD) for the stock market that had been minding Rangers' affairs in the stock market, WH Ireland resigned ahead of King's paper coronation.
That firm was probably not wanting to besmirch their own reputation by representing a convicted tax cheat but even if they were (stop laughing at the back and stay with me on this), for King to say that he would be dismissing them anyway was a foolish thing to say.
Why? Because at the time of writing, and contrary to his claims that he has one, King has yet to name his new NOMAD. If he has one, why not name the firm in question?
I'll retract the following should he get himself a NOMAD in due course but could the delay be down to the fact that he's been chapping on various doors only to be told that there is 'NOMAD at the inn'?
A big clue to this being the case was King openly expressing the option of delisting Rangers 2012 from the stock market.
This would mean that Rangers shares in the future could only be traded privately and at a lower value from what they would have been worth were they available to buy on the public stock market.
Now I don't know how Mike Ashley would react to his shares dropping in value due to any potential delisting but I would hazard a guess that it would make Yosemite Sam look like Rip van Winkle.
Even if big Michael was prepared to let this one ride (although you'd be better advised to look out of your window for flying pigs than that being the case), how on earth is King going to raise the loot needed to bankroll the pursuit of Celtic without the stock market?
Not surprisingly, this has led to many thinking the King is making it up as he goes along. A move to delist would surely be his 'let them eat cake' moment.
This saga is by no means over and, barring an amicable financial settlement with the Laird of St James' Park, it looks likely we are set for Govan's version of 'Gunfight At The O.K Corral'.
Only the King with the thorny crown had better not be surprised that when he pulls out his gun, he finds Ashley facing him with a tank.