Dave King has revealed that the Ibrox company spent £1m on legal costs fighting his four year cold shoulder sanction from the Takeover Panel. The South African based criminal won’t be appealing today’s 25 page ruling.
Around the turn of the year 2015 King and ‘the Three Bears’ bought up just over 30% of the shares in the company as original investors cut their losses to bail out.
No Nominated Advisor (NOMAD) would touch the company once King moved in with shares now virtually worthless with a number of share issues given to lenders to right off soft loans.
In the year to June 2018 losses of £14m were run up in a desperate bid to catch Celtic who have won the last nine domestic trophies despite the handicap of living within their means and being listed and regulated on the Alternative Investment Market.
In a statement issued to the club website he explained:
Despite this latest sanction (and having to spend more than 1 million in litigation costs) I have no regrets whatsoever that I chose to follow this path. The present resurgent state of Rangers is sufficient reward for me.
It is important to note that in its findings the Hearings Committee found no evidence of detriment to RIFC’s shareholders and further noted that any non-compliance by me with the rules of the Takeover Panel was not motivated by financial gain or commercial advantage. Quite the opposite. My investment was motivated – to quote the Hearings Committee – “solely for the love of the club.”
The resurgent state of the club should be revealed over the next month when the Annual Accounts are published which will mention the Takeover Panel ruling and the outstanding claim from Sports Direct for ‘many millions of pounds’ plus costs to both sides.
CLICK HERE for 25 page ruling from Takeover Panel.