Report details major Dave King development at Rangers
Rangers chairman Dave King has lost his appeal against a mandatory £11million bid for shares in the Ibrox giants at the Court of Session in Edinburgh, according to a report.
The Scottish Sun claim King was told by judges to make an offer of 20p per share in the company which operates the Glasgow club after being found to have breached rules on concert parties.
King and investors known as the “Three Bears” – George Letham, George Taylor and Douglas Park – seized control at Ibrox in March 2015 after an extraordinary general meeting ousted Mike Ashley’s placemen on the Ibrox board.
The South African-based business man had previously disputed that he controls New Oasis Asset Limited – the trust fund who hold the shares King controls according to Rangers’ website – however the Court of Session rejected that claim out of hand and will force King to cough up for the remaining shares not held by New Oasis or the Three bears.
The Ibrox chairman already owns 15% of the Gers making him the largest individual shareholder in the Light Blues.
If King refuses to comply with the major development of the court’s order it could lead to the Gers being cold-shouldered which is a particularly rare step with only one previous instance.
The Gers chairman had also tried to argue that he personally doesn’t have the funds to comply with the ruling and that New Oasis is a family trust and not solely his.
In other Rangers news, Graeme Murty has revealed this Rangers star was angry and frustrated after the win over St. Johnstone
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