Former Rangers director Dave King faces tax probe

King's offer to invest in Rangers remains on the table. Picture: SNS

King's offer to invest in Rangers remains on the table. Picture: SNS

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FORMER Ibrox director Dave King could have his hopes of taking over at Rangers scuppered by renewed investigations into his tax affairs.

The government of South Africa - where King is based - have ordered that all tax settlements from the last 10 years be re-investigated after they found a rogue unit of South African Revenue Services (SARS) had been illegally spying on targets.

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Just last year King reached a settlement with SARS where he paid £44 million of the £149 million it was claimed that he owed, and in return money laundering and tax evasions charges against him were dropped.

However, it is now possible that such a decision could be reversed following this latest investigation.

King had his offer of a £16 million investment in Rangers rejected in favour of a loan deal from Mike Ashley. Despite the snub the offer remains on the table and may tempt the Rangers board after Ashley’s bid to increase his stake in the club was blocked by the SFA.

Openness to such an idea has been encouraged by supporters’ group Union of Fans who want the board to consider the option in the wake of the SFA decision on Ashley.

Spokesman Chris Graham said: “We welcome the decision by the SFA and have always made clear our wish for them to block further Ashley influence.

“The board knows there is nothing wrong with the King proposal but they simply wanted to go with Ashley.

“We now hope the board will approach alternative sources for funding and secure the long term future of the club.”

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