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

Dave King
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".

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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