By Matt Farr
Rangers chairman Dave King must make an £11million offer to buy the remaining club shares after being found guilty of breaching rules during his takeover, according to a report.
The Glasgow Evening Times claim that King was adjudged by a panel to have been in cohorts with trio George Letham, George Taylor and Douglas Park during a controversial bid to wrest control of Ibrox in 2015.
The Takeover Panel has reviewed the case and decided that King acquired control of Rangers by forcing his way into the Ibrox boardroom, and that a formal takeover should instead have been triggered.
As a result of the ruling, King must now pay out for all the shares in the club owned by shareholders other than himself, or his three associates, which stand at 20p each.
Under the code of takeovers and mergers, the businessmen should make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced.
King must therefore fork out a mammoth £11million to buy the remaining club shares by April.
The Takeover Panel had said that “the case for concluding that…Mr Letham and Mr King, at least, were acting in concert in purchasing the relevant shares becomes overwhelming”.
However, in a statement issued on the Rangers club website, King has stated he does not agree with the panel ruling, or on the 20p-per-share price he will be expected to pay out to the remain shareholders.
He added that he will now take the time to reflect upon the decision, before taking further action.