LET’S PARK IT

King cools all talk of fall-out with Rangers chairman

DAVE KING insists he has not fallen out with successor Douglas Park and the Rangers board. The former Ibrox chairman has also offered to delay the sale of his shareholding to Club 1872 if directors create a facility that could allow the £13million cost to be invested into Rangers.

Rumours have persisted of a schism between King and his ex-boardroom colleagues ever si nce he stepped down as chairman in March.

The South Af r i c a - b a s e d businessman (right) admitted there had been little contact between the two parties over the last eight months and that he did not discuss the plan to sell his 20.37 per cent stake.

However, he does not believe there is animosity between him and t he men now r unning Rangers.

‘I certainly haven’t heard any rumours in that regard and there has been no fall- out between myself and the board,’ said King.

‘At the time I stepped down, I did say that Douglas did ask me at the end of March if I would consider extending my stay on the board to see the club through the Covid crisis.

‘I said: “Douglas, I just can’t do that”. I felt that the Covid crisis was a new crisis and probably best dealt with by those on the ground in Scotland given the travel restrictions. Plus, from my own perspective, I had s ome very challenging times, and continue to do so, for my business in South Africa.

‘I think they were looking at it, saying: “It is another crisis, Dave, can you come and help us out with this?”.

‘I just couldn’t do i t, but I don’t t hink t here was any falling out with that. It was just a request from the board that I was unable to comply with.’ Pressed on whether there was any issue with him and the board, King r epli ed: ‘ Not at al l . Absolutely not.’ Speaking to the Four Lads Had a Dream podcast, King claimed the ‘confidentiality’ of discussions with Club 1872 meant the board had only been given short advance notice of the deal announcement. But he said: ‘Not only is there not a problem, but I would be very surprised if the Rangers board weren’t delighted at this development. ‘I guess they would have some concern over what was going to happen with my shareholding some time in t he f uture if I wasn’t around. ‘ I think what this has done is t ake away a l ot of uncertainty. ‘ They are going to end up with the supporters.’ King has been criticised over the timing of his sale, with opinions expressed that £13m of supporter money would be better going to the club in light of a £15.9m loss for the 12 months to June 30.

While he doesn’t expect to be taken up, King says he would stall his sale if Rangers offered to guarantee the issue of a similarlysized shareholding to Club 1872.

‘If the club decide they would like access to the £13m, I would be happy if the club gave an unconditional undertaking to Club 1872 that, over the next three years, it would allow it to acquire shares directly in the club and the money goes into the club,’ he said.

‘I would be willing to delay this deal with Club 1872 for another three or four years because I have no intention to sell.

‘All it would take is the club to turn round to Club 1872 and say: “We will issue you shares over the next three years for all the money you raise” — and that could solve it from that point of view.

‘My understanding is that the club is not going to do that, does not want to do that and that the club, in future share issues, will be looking to do it at levels far higher than 20p.’

King also confirmed he has a £5m loan due for repayment by Rangers next year.

‘It was a two-year loan and it is probably due around October 2021,’ he said.

‘It is within the club’s current cash requirements to repay that loan, so I would expect it to be repaid on time.

‘There is interest on that loan. With my increasing restrictions and exchange control, it had become increasingly difficult to make interest-free loans because they weren’t being approved by exchange control.’

Asked if he could return as an external investor in the future, King said: ‘You don’t know what is going to happen in five or ten years’ time, but, certainly, if you were to ask me at the moment, I think it is over.

‘And it is over in the sense that the club just don’t require it any more.

‘It does require some short-term loans and Douglas and John (Bennett) have kindly stepped in to fill the role that I was doing previously by advancing that money.

‘But they could have done the alternative and sold Alfredo Morelos.

‘They have now got that level of financial flexibility where they can decide whether to trade players or not.’