IHAD DUTYTO BATTLEBOARD
attack on the “shameful and disloyal” treatment of Club 1872 as he accused his one-time Ibrox allies of marginalising the fans’ group.
King raised eyebrows when it emerged he used his 15.45 per cent stake in the club to vote against Park – son of current chairman Douglas Park – ahead of the AGM.
His vote was not enough to oust Park Jnr from the boardroom, with the 37-year-old keeping his blazer after receiving the backing of 81.1 per cent of shareholders.
But King says he has an obligation to the Rangers support and shareholders to vote against a man who was first made a director while he was chairman back in August 2015.
He told Record Sport: “I have a fiduciary duty to vote my shares in what I consider to be in the best interest of myself and my fellow shareholders.
“I also believe that I have a continuing moral obligation to consider the interest of supporters at all times.
“I voted in accordance with the knowledge I have.”
King – who holds more than 65 million shares in Rangers International Football Club plc – also used his stake to vote against a motion which would allow the board to issue further new shares to hand-picked investors.
It still carried, however, and now raises the prospect of King’s holding being watered down in future.
But King – who has struck a deal to sell his shares back to Club 1872 – insisted: “I am completely at ease with dilution as long as it is done at the right value and is necessary to continue improvement at the club.”
King’s fall-out with the current board will concern fans who remain thankful for their combined efforts to return Rangers to the top of Scottish football.
It was with Park Snr’s help that the Castlemilkborn millionaire was able to wrestle the club away from Mike Ashley’s clutches in 2015. With other investors like the Three Bears, they laid the foundations which led last season to the title triumph the Gers faithful had waited a decade for.
But relations have broken down since King abdicated his Ibrox throne in March 2020 to focus on his South African business interests.
He slammed “incorrect” information in Gers’ annual accounts after it was revealed he had made £832,000 in interest on a £5million loan to the club.
Now he has taken another swing at the board over the treatment of Club 1872.
Last year, King lined up a controversial £13m deal which would have seen him recoup much of his investment by selling his shares to the fan group.
However, with many supporters uncomfortable about shelling out cash to King instead of the club, Gers announced their own share issue which filled the Ibrox coffers with £4.5m in fresh investment.
King is still hopeful Club 1872 can raise the money to buy out his stake after the group announced a shake-up on the back of member complaints over its leadership.
He added: “All signs are that greater supporter influence is becoming increasingly important.
“But I’m concerned about the disconnect between Rangers and Club 1872, who represents thousands of supporters who rallied behind the club in its time of need.
“To see them marginalised by the club and their officers unfairly subjected to a coordinated attack was shameful and disloyal.”