Statement By Dave King

[ian1964 10,761]

Takeover Panel Hearings Committee Ruling

https://rangers.co.uk/news/headlines/statement-by-dave-king-2/

[Stevie - 4lads Blog 922]

To simplify this - 

 

king done what he had too to stop the Spivs really ruining the club 

 

As a result he knew the consequences but took them anyone at a cost of £1m for love of the club 

 

The sanction means nothing to Rangers or King as he will have no interest in doing anything in GB anytime soon - hence why he won’t appeal 

 

A complete non event by cretins like Sommers to try & hurt King 

 

 

King & the board have done things wrong but without them the results are potentially catastrophic - today only reinforces our luck he is here 

 

onwards for Rangers 

[Gaffer 1,665]

I appreciate that King doesn't want to challenge this, but the ToP will now get away with mismanaging this case. I know this forum is about Rangers, but as someone who wants to be able to place reliance on the ToP for integrity in other cases I am left very annoyed and frustrated.  And as a tax payer, this has been a complete waste of time, money and resources which could have been better redirected elsewhere.

 

Back on topic though, it's good to draw a line under this but contrary to what too many commentators were opining, this was never going to cause the club problems.  And for what it's worth, I don't know any fans now who think King is doing this for anything other than the "love of the club".  There's no doubt he saved the club, and although we will understandably continue to scrutinise everything the board does, we will forever be grateful for what he's done.

[JFK-1 1,693]

In my view King is as much of a fan as any of us are and has delivered what he promised. Remember the mockery when he took over and made a comment about a "£30 million warchest" ?

Initially the spending was relatively frugal such as the 200K or so spent on Tav which cranked the mockery up no end but then when he began to spend that 'warchest' in the millions over the next few seasons the mockery became outrage despite the fact he had stated exactly what he intended.

 

We all know the lines. They're skint. Admin 2 blah blah.

One of the first things he said was we need to get out of the Championship as champions not through the playoffs. Check.

We need to get back into Europe probably initially in the Europa League. Check.

We need to be challenging for the title. Check.

While I have no problem with anyone questioning his decisions actual criticism to the extent that I have seen 'King oot' cries here and there along the way when we don't know all the underlying detail behind his decisions is over the top. I fear to think where we would have been without him as the Whytes and his ilk circled like vultures waiting to pick the bones clean. 

[Uilleam 5,966]

Aaah, if only the BBC's Tom Sellik wasn't in Japan, reporting, so to speak, on the Rugby World Cup, then we might have a balanced, cogent analysis of this statement to consider. 

 

Clearly,  the timing of the release has much to do with this. 

[Scott7 6,173]

33 minutes ago, Uilleam said:

Clearly,  the timing of the release has much to do with this

By God, Sir! You’re right, Sir. Wily devils those Afrikaners.

[BEARGER 1,830]

Rangers: Scottish FA to discuss Dave King's 'fit & proper' status

By Chris McLaughlin

BBC Scotland sports news correspondent

• 1 hour ago
• From the sectionRangers

Sharethis page

Dave King said his actions were found to be done 'solely for the love of the club'

Rangers chairman Dave King's status as "fit and proper" will be discussed by the Scottish FA at their next board meeting after he was sanctioned by the Takeover panel. 

King has been punished for committing an offence of the "utmost gravity" in his takeover of the Ibrox club in 2015.

Rangers are now officially obliged to alert Scottish football's governing body after King was "cold-shouldered" for four years, meaning UK financial firms are barred from working with him on other takeovers. 

It is only the fourth time such a sanction - which is only applied to King and not to Rangers - has been issued by the Takeover Panel in its 50-year history.

The Takeover Panel judgment said that "a statement of public censure would not be a sufficient sanction".

King, who chose not to appeal against the punishment, said his actions were found to be done "solely for the love of the club".

• King will not have to fulfil £8m offer
• No further legal action threat for King

In a statement on the Rangers website, he added that the Scottish Premiership outfit would not suffer as a result of the judgement.

"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," he said.

"This now allows myself, RIFC and its shareholders to draw a line under this long and much protracted saga.

"Rangers supporters already know that my problems with the Takeover Panel arose directly as a result of the steps I took to protect and safeguard Rangers Football Club from the forces that were bent on destroying it at that time."

South Africa-based businessman King was deemed to have acted "in concert" with George Letham, George Taylor and Douglas Park to acquire more than 30% of Rangers shares.

Legislation dictates that those holding a 30% stake in businesses are compelled to make an offer to other shareholders to buy their stock.

Having been threatened with contempt of court after a long delay, King made an unsuccessful 20p-per-share offer to buy remaining shares in the club in March.

However, the Takeover Panel continued its own disciplinary procedures and found that King had failed to inform them of his share purchase, as required by law. 

It also deemed that he provided "incorrect and misleading answers" during the investigation, and mislead the Panel when a share offer was eventually made.

"Mr King's behaviour shows a clear propensity to disregard the Code and to comply with its rules only when forced to do so by enforcement proceedings in the courts," read the ruling.

 

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