Dave King will have to pay the legal costs for the Takeover Appeal Panel after his latest legal defeat.
The Sevco chief has now lost four legal battles this year with mounting costs ahead of his Contempt charge at the end of this month.
Earlier this week King’s case for the Contempt charge being thrown out was lost with November 30 set aside at the Court of Session for his excuses over failing to offer shareholders outwith his concert party 20p for each share that they hold in the troubled company.
The South African based criminal would be obliged to place £11m in an escrow account.
Today the Daily Record reports:
The South African resident’s own legal team failed to convince judge Lady Wolffe earlier this week that the contempt action should be stopped because the correct legal procedure hadn’t been followed.
On Friday, judges Lord Carloway, Lord Drummond Young and Lord Glennie ruled that King should pay the legal costs incurred in his failed appeal.
The sum has yet to be decided but the judges said that King should pay an extra fee to lawyers because of the “complexity” of the case.
The extra fee is also to cover the “labour” which was incurred by the legal teams in bringing the matter to court.
Lord Carloway said: “We will grant an additional fee.”
Earlier this year King lost two court cases to Sports Direct, firstly the Sportswear giant stopped the club from launching three new Hummel strips with a further restriction placed on the Ibrox company after they set up a distribution deal with the Elite Group. Sevco were also ordered to pay costs to Sports Direct for both cases.
It’s believed that Sevco are paying all of King’s legal costs.
