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Rangers chairman Dave King has made a formal £19 million offer to buy the shares in Rangers that he, and three other majority shareholders, George Latham, George Taylor, and Douglas Park, do not already own.
That is according to The BBC who report that the South Africa-based businessman has been order to make the offer, worth £0.20 per share, by the UK’s Takeover Panel, after they ruled he had acted “in concert” with fellow investors in 2015 when they acquired control of the club, in contravention of company law..
A protracted court case ensued but, having seen the decision go against him, King agreed and the details of his share offer were posted on the Rangers website on Friday, just hours before the deadline for him to act was due to expire.
Under the terms laid down by the Takeover Panel, King and his fellow investors are required to set aside £11 million which needs to be held in a bank account in the UK.
Andy is an exiled English football fan living in Cyprus. He loves all sports but football is his abiding passion, and he still has dreams every now and then about scoring the winning goal in a Wembley Cup Final, even though his playing days are long gone. He follows most major leagues, across Europe at least, and has a favoured team in each. When he’s not watching, listening, reading or downloading podcasts about football, he spend his time worrying about his beloved Arsenal.