Dave King makes £178m Ibrox claim as he rejects buy out offer!

Dave King is claiming that he ‘recently turned down an unconditional offer of 40p’ for each of his shares in The Rangers International Football Club.

The ‘news’ was published by his media favourites at The Sun, Daily Mail and Herald/Times at 10.30pm last night without any questions being asked.

King recently ditched his plan to sell all of his shares to Club 1872 at 20p per share after the fans group failed to reach the first of three targets to effectively become the biggest shareholders in the company.

According to the club website King owns 63,172,893 shares through New Oasis Asset Limited, should he have accepted the offer he would have had £25,269,157.20 resting in is bank account with the club valued at a highly unlikely £178m!

King walked away from five years as chairman in March 2020 and has been a sniping critic of the current board ever since. Recently he claimed that he wanted a seat back on the board but even with 14% of company shares the current board has kept him frozen out of the picture.

Picking up on his statement The Sun reports:

I recently turned down an unconditional cash offer of 40p from a group other than Kyle Fox’s, so 40p is presently a fair price. But 25p undervalues the price of the shares by almost 40 per cent.

I wonder how the board would react if supporters asked for a 40 per cent discount on next season’s ticket prices?

With Douglas Park stepping down as chairman and the company being on UEFA’s watch list for Financial Sustainability Guidelines it seems that there are a number of behind the scenes issues going on as they prepare to launch their Season Ticket Renewals campaign.

Meanwhile Micky Beale thinks that he has an unrestricted summer transfer budget.