The decision of the Takeover Appeal Board to go to the Court of Session to enforce their ruling on Dave King was significant. It was also incredibly quick.
Having been mucked about, delayed and misled for two years by the South African based criminal the TAB are setting the agenda. Less than a day after the deadline passed and before a bank holiday weekend they had their paperwork in front of the Court of Session.
Mr King could have the action served on him within seven days. Past experience suggests that he’ll ignore it but this time he’ll be playing with fire, unlike South Africa there is no option to pay your way out of jail in the UK. Even the old boys network are alarmed at how this upstart ignores regulations to do things his way.
Once the Takeover Panel get involved almost everyone complies, it’s not worthwhile trying to duck and dive. Co-operation is expected and usually given.
To ensure that others don’t try to act like King the TAB are acting swiftly. They’ve given him ample opportunity to co-operate and comply. To ensure that no one else attempts a back-door takeover in this manner King is going to get hammered- and quickly.
The John James site has been one step ahead of the game in this matter all along. While the People downplay the actions and consequences of their leader justice is about to catch up on the criminal who has been on the board of both Ibrox clubs.
There is no way that King has the will to comply with the TAB, he certainly doesn’t have access to the £11m needed to underwrite a share issue even though take up would be unlikely to go beyond a couple of million.
Without question King is facing jail for smirking at the Takeover Panel. He can delay it and wait in South Africa but he will be extradited unless he can find another hiding hole.
His name will appear in future case studies of the TAB, without question a warning to other naughty boys about disregarding justice.
This morning he is still the chairman of Rangers International Football Club plc. If ever the People needed a warning about how out of touch their directors are, lacking in leadership and courage this episode spells it out.
They followed Murray till his final days, they followed Whyte right up to administration, the consequences of blind devotion to Mr King will be even more devastating. Not even a 3-0 win at Aberdeen can save them although the deflection is useful.
With the brands utterly toxic and supporter groups preoccupied by power struggles and ‘he said she said’ it’s going to be a spring time and summer to have shares in ice cream and jelly.
