Rangers chairman King told to comply with Takeover Panel order
Rangers chairman Dave King has been told to comply with a Takeover Panel order to make an offer to buy out the rest of the club’s shareholders.
Lord Bannatyne issued the warning at a hearing at the Court of Session in Edinburgh yesterday.
King has so far failed to make a £10.75 million offer to the Rangers shareholders.
“The Takeover Panel has no interest in how he goes about it – it’s just so long as he does it,” said Lord Bannatyne.
King could face possible contempt of court proceedings after failing to comply with the order, after he was ruled to have “acted in concert” with other investors when leading a boardroom takeover in March 2015. The South Africabased businessman has said he needs time to set up a UK bank account so he can move funds from a family trust.
“The only question is compliance, not how or where he gets the money from,” added Lord Bannatyne. “Which trust provides the money or how that money is brought to the UK is of complete disinterest to both the court and the panel.”
King has previously stated that his ongoing legal disputes will have no financial impact on the club.
He said in a wide-ranging statement: “Fortunately, it does not affect the operations of the football club,”
King is also involved in a fresh legal dispute with Sports Direct over the club’s retail.