Rangers: Dave King faces legal action after defying takeover ruling on share offer

Rangers chairman Dave King
King led a successful boardroom takeover at Ibrox in 2015

Rangers chairman Dave King faces a legal fight after defying an order to make an offer for all shares in the club's holding company.

The Takeover Appeal Board (Tab) ruled last month that King had "worked in concert" with three others to take control at Ibrox in 2015.

King did not meet Wednesday's deadline to make an offer of 20p per share.

Tab has now petitioned the Court of Session in Edinburgh in a bid to have its order enforced.

King could also face "financial cold shouldering", which means no city investors or institutions are allowed to deal with him.

At the time of last month's ruling, King said he did not agree with the findings or the share price, saying that, even if he proceeded with an offer, it would be rejected by an "overwhelming majority of RIFC's shareholders".

The Tab ruling said King, along with George Letham, George Taylor and Douglas Park, had acted as a "concert party" to acquire shares in Rangers International Football Club, rather than acting as an individual.

It said he was therefore required to make an offer to buy all the shares in the holding company.

There are approximately 87 million RIFC shares, with King, Letham, Taylor and Park owning 34%.

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