KING I did it for the king love of Rangers
Ibrox chairman out in the cold after takeover panel ruling BACK PAGE
DAVE KING insists he has no regrets over the way he took control of Rangers despite being “cold-shouldered” by the Takeover Panel. But the Ibrox chairman faces a fit-and-proper discussion at the next board meeting of the SFA who were informed by the club – as they’re obliged to do – of yesterday’s ruling.
King, left, insists though that the measures he took were
necessary to remove the despised former regime who were destroying the club he loves during his battle for control of Ibrox in 2015.
The South Africabased businessman was found to be in breach of the rules governing takeovers.
And he has effectively been banned from working with any business regulated by the Financial Conduct Authority – “coldshouldered” – for four years.
The Takeover Panel found he had acted jointly with the Three Bears investors group to gather a level of shareholding that should have required him to launch a full bid for the club.
It’s only the fourth time such a sanction – which is only applied to King and not to Rangers as a business and was last dished out to Dundee – has been issued in the last 51 years.
The 64-year-old opted not to appeal the decision but remains unrepentant with the complaint from the despised former regime that he had seized control from.
In a statement on the club website, King said: “Supporters already know my problems with the Takeover Panel arose directly as a result of the steps I took to protect and safeguard Rangers FC from the forces that were bent on destroying it at that time.
“Indeed, the complaint against me was initiated by the RIFC Board at that time (chaired by David Somers) in an attempt to prevent my efforts – along with other notables – to bring about regime change.
“Despite this latest sanction (and having to spend more than £1million in litigation costs) I have no regrets whatsoever that I chose to follow this path.
“The present resurgent state of Rangers is sufficient reward for me. In terms of its practical impact, the ruling of the hearings committee does not impact upon my personal or business activities – including RIFC.
“It applies solely to dealings in companies that are or are to be listed on the UK exchanges.
“For that reason alone I decided – even though I consider I have strong grounds for appeal – not to appeal this ruling.
“This now allows myself, RIFC and its shareholders to draw a line under this long and much protracted saga.
“It is important to note that in its findings the hearings committee found no evidence of detriment to RIFC’s shareholders.
“And further noted that any non-compliance by me with the rules of the Takeover Panel was not motivated by financial gain or commercial advantage.
“Quite the opposite. My investment was motivated – to quote the hearings committee – ‘solely for the love of the club’.”
In the 88-point ruling of more than 9000 words, the main contravention alleged is that: “King acted in concert with others to acquire shares carrying more than 30 per cent of the voting rights of Rangers.
“In contravention of Rule 9.1 of the code he then failed to make an offer to purchase the shares of Rangers not owned or controlled by himself or by those with whom he had acted in concert.”