Dave King could be hit with bill after Rangers takeover ruling

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Rangers Chairman Dave King is set to have to pay £11m for remaining shares in the club’s holding company after a ruling from the independent Takeover Appeal Board.

The board ruled that Dave King had been working ‘in concert’ with the so-called Three Bears group of investors when he bought shares in the Ibrox club.

Rangers Chairman Dave King. Picture: John Devlin

Rangers Chairman Dave King. Picture: John Devlin

King could now be liable to buy all the shares he doesn’t own in the holding company (Rangers International Football Club) at the rate of 20p a share.

The Board ruled that King hadn’t acted as an individual when he, George Letham, George Taylor and Douglas Park bought shares in the company.

In a breach of financial rules, South Africa-based King planned the purchasing of 33 per cent of shares with the other three businessmen and should have bought the other shares at that time.

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The purchasing of the remaining chunk of the 87 million shares in RIFC could cost King over £11 million.

King hit out at the ruling in a strongly worded statement posted on the Rangers website, which also defended his role in ‘rescuing’ the club.

He said: “Today’s decision by TAB is part of the price I have had to pay for being determined to rescue Rangers Football Club from its previous regime and the drastic consequences of their actions. I do so willingly.”

King added: “I do not believe that there is any substantial group of RIFC shareholders that would be willing to sell its shares in RIFC at the price at which the TAB has determined I should make an offer.

“20p is not a price that I personally believe represents a fair price for RIFC’s shares, nor is it the price at which shares in RIFC are currently trading.”