Dave King has told The Sun that he is ready to go to war with the Takeover Panel!
The South African based criminal has until April 12 to find a NOMAD and underwrite the millions needed to comply with the Takeover Panel decision that he orchestrated a backdoor takeover of Sevco to the detriment of every other shareholder.
Unlike in South Africa where you can buy your way out of jail sentences the Takeover Panel aren’t open to offers.
If King fails to comply the consequences are off the radar.
King’s toxic reputation won’t overly be effected but Sevco face losing even the basic facilities provided by Metro Bank and effectively becoming a cash only business.
Douglas Park, George Letham and George Taylor will find business doors closing in their faces due to their association with a man with complete contempt for normal business practises.
The enormity of this issue can’t be overstated but in a Q and A King highlighted his own guilt in the concert party, dropped former NED Chris Graham in the sticky stuff and promised to appeal the decision- having failed to show up when given the right to appeal in January.
“I think it is quite academic,” he explained to The Sun. “They made their judgement, I might appeal it.
“What I want to do first is to discuss things with some of the supporters groups. One of the things I have committed to is that no one individual should own Rangers.
“I still believe that. There are a number of ways I can handle it.
“I could go to supporters groups and say if I make an offer and can buy some of the shares back to you guys could you come up with the money?
“Or I could appeal it. Would anyone accept an offer at 20p?
“The way it works is I would have to make an offer and there would have to be more than 50 per cent acceptance of that offer, which means Mike Ashley would have to accept, the Easdales would have to accept, Club 1872 would have to accept.
“I think the chance of it being accepted is really remote. I think it is pretty much a non-issue but I just have to think what I want to do about it.”
King added: “My view to them was a very simple one. There was a consortium. That
consortium was myself and the supporters.
“I worked on a daily basis with Chris Graham running spreadsheets. I worked with a whole bunch of supporters.
“They were updating lists and sending me spreadsheets, sometimes 15 times a day. I worked with them.
“It so happens that Douglas Park, George Letham – who I’d never met at the time – and George Taylor – who I’d also never met – came in as individual investors with more money.
“My argument was there was a consortium but it was myself and the supporters really. It was certainly never myself and Douglas Park or George Letham.
“So I argued technically that the real consortium was myself and the supporters. That remains my argument. Their findings are different and I have to decide whether to appeal it or not.”
As well as taking on the Takeover Panel King is planning legal action against Dave Murray, Nottingham Forest, Mark Warburton, David Weir and will also take Rangers (IL) out of the liquidation morgue.
Unless he can convince a NOMAD before April 12 Mr King will be history- just like the club he let die in 2012.