DAVE King believes the Scottish Football Association should now give him the thumbs up take control of Rangers after judges backed his application to become a club director.
The last remaining legal hurdle blocking King’s path to the Ibrox boardroom was removed at the Court of Session in Edinburgh yesterday morning.
The South Africa-based millionaire led the charge last month as he swept David Somers, Derek Llambias and the Easdale brothers out of the club. But he postponed his coronation as chairman while he set about proving he is fit and proper. King has been forced to defend his credentials after being convicted on 41 counts of breaching South African tax laws in 2013. He was also a Rangers director when former owner Craig Whyte plunged the club into liquidation 12 months earlier.
The SFA has yet to decide if he is suitable enough to take office but King is confident he will pass their test.
In a statement, he said: “I am delighted that at a Court of Session hearing this morning before Lord Woolman my application to become a director of Rangers International Football Club PLC was granted. Today’s decision has removed the final legal hurdle for me to take up my role on the board following the overwhelming mandate at the General Meeting.
“The previous board had raised a little-known legal provision stating that because I was a director of Rangers Oldco within 12 months of its liquidation that I must obtain court sanction before becoming a director of RIFC because the word ‘Rangers’ is in both company names.
“A court would not grant leave to an applicant unless it is satisfied that the circumstances warrant such approval. Any affected party, eg the liquidator or an aggrieved creditor of the previous company, has the right to be heard at such a hearing.
“The liquidation of Rangers Oldco and the formation of Rangers Newco were not conducted clandestinely but in the full glare of publicity. However, being aware of the provision I sought leave of the court to accept my board appointment.
“Hopefully, this endorsement will also provide the SFA with additional comfort to complete its consideration of my fit and proper status.
“I must be the most scrutinised candidate in Scottish football history but accept this as being preferable to the lack of scrutiny that has been the case in Rangers’ recent past – and possibly other clubs. I hope that matters can be swiftly concluded now that, with the permission of the court, I can take up my role as a director of RIFC.”
Rangers were officially de-listed from the AIM market yesterday and King added: “I also take this opportunity to confirm to all Rangers supporters and shareholders that, despite the ill-informed commentary on the subject, the loss of the AIM listing was all to do with the prior Rangers board and nothing to do with the current board.
“It is clear to me that the AIM regulator simply lost patience with the embarrassment that the company has been to AIM since it was listed. The board is currently exploring options that I believe will be a better solution, both short and long term, for the trading of the company’s shares and that will provide a more conducive environment for the rebuilding of the club – both on and off the field.
“Finally, although standing back from the board to respect the processes of the authorities, this has allowed me time to review some of the commercial transactions and arrangements that have been concluded by the club over the last few years. This is a process that will continue to be undertaken in a structured and professional manner and in the appropriate forum.
“Previous boards, unfortunately, leaked and debated board and shareholder issues in the media to the point that boardroom issues often took up more media space than the football team – hence contributing to the AIM rejection.”
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