Rangers chairman Dave King to challenge £11m court ruling

Rangers chairman Dave King. Picture: SNS/Alan Harvey
Rangers chairman Dave King. Picture: SNS/Alan Harvey
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Rangers chairman Dave King plans to appeal against the court ruling which has ordered him to make an £11milion share offer, Press Association Sport understands.

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King was told to make an offer for most of the club’s shares after he lost a court case against the Takeover Panel on Friday.

He now must submit an offer within 30 days after a written decision by Lord Bannatyne following an earlier hearing at the Court of Session in Edinburgh.

But Press Association Sport has learned the South African-based businessman is determined to fight the ruling.

A source close to the club said: “The court has been notified of the chairman’s intention to seek leave to appeal.

“That is likely to be granted and Dave’s advisers believe he will win that appeal.”

King was ruled to have acted in concert with George Letham, Douglas Park and George Taylor when they bought a combined stake of 34 per cent of the club in early 2015.

The Glaswegian is now liable to make an offer totalling almost £11million for the remainder of the shares.

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King owns about 15 per cent of the Rangers International Football Club plc shares through his family trust, New Oasis Asset Limited, and the judge rejected his claim that he did not have control over its assets.

Lord Bannatyne also dismissed King’s argument that he could not afford to buy the shares and his assertion that the 20p share price set by the Takeover Panel was so far below the market price that shareholders would not accept it. Both arguments were deemed “irrelevant”.

Rangers managing director Stewart Robertson insisted the decision would not impact the club’s plans to hold a fresh share issue early next year.

He said on Friday: “It doesn’t impact the club and its day-to-day business. It will be business as usual for the club and the PLC so we will just continue with the plans we have got in place.”

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