King set to face contempt of court proceedings

Rangers chairman Dave King faces possible contempt of court proceedings after failing to comply with a Takeover Panel order.

A document released by the independent body indicates that papers were served on King last month.

The South Africanbased businessman has so far failed to launch a compliant offer for the remainder of the club’s shares, after the Takeover Panel ruled he had acted in concert with other investors ahead of boardroom regime change in March 2015.

The chairman of the Takeover Panel hearings committee, Michael Crane QC, rejected King’s request to convene a hearing to review a decision to refuse to grant him more time to produce proof of funds.

Rangers’ biggest shareholder has previously claimed his offer had been delayed amid difficulties in securing clearance from the South African authorities to move money needed to underwrite his £10.75 million bid to the United Kingdom.

Bruno Alves is close to a Rangers exit after lining up a move to Serie A newcomers Parma.

Reports in Italy say the Portugal defender is in Parma for a medical after both clubs and the player agreed a deal.

The 36-year-old joined Rangers from Cagliari last summer and made 25 appearances but new manager Steven Gerrard has signed two other centre-backs – Nikola Katic and Connor Goldson.

Rangers chairman Dave King.