Dave King has issued a statement saying that he will have no problem satisfying the demands of the Alternative Investment Market and the SFA.
This morning the Sevco board announced that they have received a request to hold an EGM but warned that Mr King’s bid for the blue room of dignity would be resisted noting that: “The AIM rules require that all individuals appointed to the board of an AIM company are suitable to be a director of a UK public company.”
King has 41 separate convictions for tax offences in South Africa and was described by a judge as a glib and shameless liar. Mr King described the £42m fine that he paid to avoid jail as a favourable settlement.
As well as that obstacle SFA rules ban directors of a club that suffers an insolvency event from being a director for five years but with Campbell Ogilvie, a director at Ibrox alongside King from 2000 to 2005, it is expected that that obstacle can easily be overcome.
Responding to the board statement Mr King said: “There are no problems regarding the AIM regulations and the issue with the SFA is simple. Only once a director is appointed is an application made to the SFA by the club.
“Both myself and Paul will have to deal with our previous directorship at the time that Craig Whyte got involved. Additionally, I will have to deal with my reasons for staying on the board and trying to impose some level of governance during the Whyte era.
“I will also deal with my favourable settlement in South Africa.
“These are all issues that the SFA rightly has to address in the same way that the SFA has to review the history of anyone who gets involved with a Scottish football team.
“That was all considered by me prior to my application – as was the likelihood that the incumbent board will use the media to try and influence the debate by misrepresentation.
“The enthusiasm that this board adopts to ‘media management’ and its failure to act in the interest of shareholders and other stakeholders is exactly why they should be jettisoned in favour of directors who have the requisite business skills and respect for the tradition of Rangers to take the club forward.
“History will judge this board as one of the worst the club has ever had. There is not one individual who puts the club above personal interest.”
King was a non-executive director under Mr Whyte at Ibrox and never questioned whether PAYE or National Insurance payments were being made or if the former billionaire from Motherwell had served a ban from being a company director.