DAVE King’s bid to become chairman of Rangers will first need to be ratified by the Scottish Football Association, it has been confirmed.
The South African-based businessman, who is reported to have already lost £20 million when the club went into administration in 2012, released a statement over the weekend in which he revealed that he had been involved in talks with Ibrox officials over plans to invest in the club. “I confirm that I held talks with Rangers chief executive Craig Mather and finance director Brian Stockbridge in South Africa,” said King.
“The discussions were, to my mind, very positive and it was agreed that subject to the normal regulatory approval I would put my name forward to join the board and to serve as chairman.”
“The recent settlement of my litigation in South Africa removes any impediment to my appointment to the board,” he added, with reference to a long running battle with the South African government over a tax claim thought to be worth as much as £230m. It was recently settled for around £44m.
However, King will need to pass a “fit and proper” test ordered by the SFA if he is to return to Ibrox as chairman. His presence on the Ibrox board when the oldco was liquidated during Craig Whyte’s spell as owner is one issue that will be addressed by the SFA board.
“You need a formal application from the club if he [King] is going on the official return and then it will go to the SFA Board for discussion,” said an SFA spokesman. The next Rangers annual general meeting is scheduled for 24 October, when King could return to the board. However, the agm could be delayed following a hearing at the Court of Session in Edinburgh today, after a group of rebel shareholders, led by former director Paul Murray and former chairman Malcolm Murray, sought to obtain an interdict to stop the agm from going ahead until a vote has been held on their admission as directors.