Dave King has emerged as the latest obstacle to Charlie Green’s alleged takeover at Rangers.
Last Sunday the former Sheffield United chief claimed that he had paid Whyte £2 for his 85% shareholding in the club only to reveal on Friday that the deal was dependent on a CVA being accepted by HMRC and Ticketus.
With Andrew Ellis claiming to be owed 24.9% of Whyte’s Rangers shareholding any sale is likely to be challenged by the former Northampton Town director.
The prospects of getting a CVA approved from a pot of £8.5m looks remote with King stepping in today to stake his claim for Whyte’s 85% shareholding in the club.
King shocked the Rangers support in March when he declared that the liquidation of the club looked inevitable with today’s comments further reducing the chances of the club remaining as a going concern.
Discussing his claim for Whyte’s shares the South African based businessman told the BBC: “It was verbally agreed over lunch but is legally valid. It suited him at the time and I will hold him to it.
“I have first option on [his] shares and would not forgo this unless I was absolutely certain that any proposed transaction, that excluded me, was in the best interests of the club. I have yet to see such a proposal.”
King, who is the largest shareholder in Rangers after Whyte added: “I stayed on because I also had my investment and those of the other minority shareholders to protect and I believe that my presence on the board prevented Whyte from getting away with more than he even did.
“The ultimate problem was that he knowingly lied to me and blocked my ability to validate some of his contentions with the club’s financial controller.
“I believed that the financial controller had a fiduciary obligation to supply me with information even though it transpired that Whyte had told him not to.
“I was also alert to the fact that Whyte would run out of time and felt that it was better that at least one independent director would be there.
“I was also alert to the fact that Whyte would run out of time and felt that it was better that at least one independent director would be there to protect the interests of the minority shareholders and the fans.
“If I had resigned Whyte would have had carte blanche. The minorities, in my firm view, were defrauded in the initial transaction by Whyte and I intend to seek recourse in that regard once I have access to the Duff & Phelps investigation of the company’s affairs.”
Rangers problems are expected to escalate on Wednesday when a BBC documentary, “Rangers – The Men Who Sold the Jerseys”, by Mark Daly throws fresh light on the troubles at the club.
In October a programme on Whyte revealed that he had served a seven year ban as a director and resulted in the broadcaster having it’s media access to the club withdrawn.
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i bet the currant buns, wee swally most of all, their asses will be flappin 🙂
Put them to the sword.
Och, this is nonsense. Craig Whyte promised to GIVE me all of his shares for NOTHING after we bumped into each other in Farmsfoods in Clydebank. He said he couldn’t stay as he had fat Sally outside in the car and he was only picking up some sticky buns and a plain loaf to keep him fae asking too many questions.
Pish! Craig Whyte is an honest businessman who was just misunderstood when he enquired about turning Ipox into a giant green and white ASDA.
They helmets no dead yet… sake.
I think its obvious why ‘LOADSAMONEY’ Murray wanted away from Ipox in a hurry. The writing was on the wall for him and all of his cheating fraudulent misdeeds. I wonder how many titles they will have stripped from them when the proverbial hits the fan? I ALSO WONDER IF THE MOST TAINTED OF TITLES WILL BE STRIPPED FROM ‘SIR’ DAVID MURRAY AT THE SAME TIME?
Total soap opera you just couldn’t make it up. Where’s all the dignity gone.
One big blue bag of drowning puppies… gently going under for the very last time.
This is far too much for my limited intellect to deal with. I have absolutely no idea who has what, who is claiming what and what dirty deeds this corrupt ‘institution’ has been up to. Dave King must be one of the dodgiest characters in the business world. He has found the right company. What a sleazy lot they really are.
The long and short of it all is that the affairs of Rangers are going to drag through the courtrooms for a long long time making it virtually impossible to see any sort of club playing next season.
The sooner the SPL prepare for this the better no matter how grim it reads for some clubs.
Getting a newco off the ground and in business by August for the new season looks mission impossible with a transfer embargo, players on get out clauses, disputes over shareholdings and the big tax case still to announce it’s verdict.