No appeal as King draws line under takeover saga

Rangers chairman Dave King insists the decision of the regulatory body that deals with takeovers to “cold-shoulder” him for four years will have no impact on the club or his position.

A Hearings Committee sanctioned the South Africa-based businessman King, who seized control of the club in 2015 when he teamed up with a group known as the ‘Three Bears’, after ruling he had contravened four different rules of the city code on takeovers and mergers.

The committee made it clear the punishment will apply to King as an individual and not to Rangers.

In a statement on the club’s official website, King said the Takeover Panel ruling will not affect his personal or business activities and outlined his reasons for opting not to launch an appeal. He said: “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.”

“RIFC and Rangers Football Club are not affected by the Hearings Committee’s ruling and the ruling does not impact upon my position as chairman and a director of RIFC. I have ensured that RIFC has complied with the requirements of the code throughout the period of my chairmanship, notwithstanding that the company is no longer listed.

“RIFC will continue to comply with the code.

“The Takeover Panel has raised no concerns about RIFC’s compliance with the code in the more than four and a half years since regime change.”

Dave King