Rangers chairman Dave King faces possible contempt of court proceedings after failing to comply with a Takeover Panel order.
A document released by the independent body indicates that papers were served on King last month.
The South African-based businessman has so far failed to launch a compliant offer for the remainder of the club’s shares, after the Takeover Panel ruled he had acted in concert with other investors ahead of boardroom regime change in March 2015. The chairman of the Takeover Panel hearings committee, Michael Crane QC, rejected King’s request to convene a hearing to review a decision to refuse to grant him more time to produce proof of funds. Rangers’ biggest shareholder has previously claimed his offer had been delayed amid difficulties in securing clearance from the South African authorities to move money needed to underwrite his £10.75 million bid to the United Kingdom.
The decision states: “In the event, process in the contempt proceedings appears to have been served on Mr King in South Africa on 8 June 2018.
“This seems to have prompted Mr King’s request of 11 June 2018 to have the committee convened for a review of the Executive’s refusal to grant an extension of time. In the meantime, Mr King had produced no evidence to show that he had instructed Investec to seek the necessary exchange control consents or to confirm its willingness to receive the consideration monies into a UK account with a view to giving the requisite cash confirmation.
“It is noteworthy that, in his submissions of 18 June 2018 Mr King does not maintain that he has now instructed Investec to do this.”
King earlier lost two challenges to the panel’s order in the Court of Session in Edinburgh.