According to a report in The Herald, despite the South Africa-based businessman avoiding having to shell out up to £19 million on the mandatory offer he will still have to pick up the bill for financial and corporate broking advice as well as legal advice in connection with the bid.

It emerged last week that King’s offer narrowly failed to secure enough acceptances from club shareholders to become valid.

The bid’s failure means that those who accepted the 20p-a-share offer, such as former board chairman Sandy Easdale, will keep their shares with King holding onto his cash as well.

Rangers chairman Dave King will have to pay out a six-figure sum in legal costs. Picture: SNS Group

Under Takeover code rules, King and the Three Bears investors group were obliged to make a written offer to buy shares from other shareholders at the time of the takeover in 2015, having had control of more than 30 per cent of Rangers International Football Club plc.

King’s offer was only made last month after a lengthy legal process with the Takeover Panel financial regulator. He had claimed he was unable to make the offer due to the heavy financial pressure it would place him under.

The Herald reports that the total sum includes £435,000 for financial and corporate broking advice; £75,000 for legal costs and £96,000 in other expenses.

An expected bill of £52,000 incurred by RIFC plc is mostly made up of financial and corporate broking advice (£40,000) and legal expenses (£10,000) with around £2,000 in other costs.

Rangers and Dave King face combined legal bills of over £650,000 after failed shares buyout