'How the board would react' - Dave King rejects £25m offer for Rangers shares as he makes ticket price point
King accused the club's hierarchy of having “squandered the advantage” the club had following the Premiership title win in 2020/21. He also posed the question to the board to how they would react if supporters demanded a 40 per cent discount on next season’s ticket prices following a recent issue of 7.7million shares which he felt undervalued the share price.
Speaking to the Scottish press, including the Herald, he confirmed he “recently turned down an unconditional cash offer of 40p from a group other than” businesswoman Kyle Fox and that he was “demoralised by the continuation of the Douglas Park led board - he was chairman at the time - to look after their personal interests ahead of the club”.
King had previously pulled the plug on an agreement with Club 1872 over a plan which would have seen the group take control of his shares, while the new bid was not from Fox.
“No sooner had the board rejected a fully-funded offer of new shares at 40p than they issued substantial shares to themselves at 25p,” he said. “This is after previously stating that shares would no longer be issued at the low price of 25p. 25p is the price that prevailed before 55, before the Europa League final, and before the re-emergence to Champions League football. It massively undervalues our club and our recent achievements.
“25p undervalues the price of the shares by almost 40% and I wonder how the board would react if supporters asked for a 40% discount on next season’s ticket prices as an equivalent?"
He added: “It is the supporters, not the directors, who should be prioritised. Hopefully, the removal of Douglas will allow the board to put supporters first once again. By doing so the board commit to ensuring there will be no repeat of this season.”
Want to join the conversation? Please or to comment on this article.