Dave King facing court action over £11m Rangers shares offer - report
Rangers chairman Dave King is facing renewed court action over his failure to make a mandatory offer for shares in the Ibrox giants – according to a report.
The Herald claimed that the Takeover Panel has brought a fresh action after the South Africa-based businessman failed to make a court-ordered offer for the remaining shares in the club not held by him or the directors known as the Three Bears.
King had been told to make the offer after it was ruled he had acted in concert with Douglas Park, George Letham and George Taylor to buy more than 30% of the Gers – triggering an offer for the remaining shareholding.
The Gers chairman failed to meet the deadline set by the courts and the Takeover Panel will now look to have the ruling enforced.
Football Insider verdict:
King has offered up a few different excuses for not getting the offer made and he is running a dangerous game which could see the club punished. Whether he believes the offer will be taken up or not is largely irrelevant just now and the Gers chairman needs to just put money into an account and satisfy the court. The sooner it is over and dealt with the better and everyone can move on. The Ibrox giants have had far too many distractions over the last five or six years and the board should be doing everything they can to keep the club’s name out of the front pages of newspapers. There might be some sort of ulterior motive for King delaying the process so long but whatever it might be it doesn’t appear to be having much success. With the new season just a few weeks away it’s another unnecessary distraction the Gers can be doing without.
Subscribe to Football Insider TV now
In other Rangers transfer news, Steven Gerrard has revealed the Gers ‘love’ this Ibrox star.