MX23RW : Friday, October 11 21:17:34| >> :120:28770:28770:

Chairman Dave King insists takeover ruling will not affect Rangers

Chairman Dave King insists takeover ruling will not affect Rangers
© Reuters
A Hearings Committee sanctioned the South Africa-based businessman.

Rangers chairman Dave King insists the decision of the regulatory body that deals with takeovers to “cold-shoulder” him for four years will have no impact on the club or his position.

A Hearings Committee sanctioned the South Africa-based businessman King, who seized control of the club in 2015 when he teamed up with a group known as the ‘Three Bears’, after ruling that he had contravened four different rules of the city code on takeovers and mergers.

The ruling effectively means no Financial Conduct Authority-regulated firm can act for King on any transaction subject to the code.

The committee made it clear that the punishment will apply to King as an individual and not to Rangers.

King plans to continue as Rangers chairman
King plans to continue as Rangers chairman (Jeff Holmes/PA)

In a statement on the club’s official website, King said the Takeover Panel ruling will not affect his personal or business activities and outlined his reasons for opting not to launch an appeal.

He said: “In terms of its practical impact, the ruling of the Hearings Committee does not impact upon my personal or business activities – including RIFC.

“It applies solely to dealings in companies that are or are to be listed on the UK exchanges. For that reason alone I decided – even though I consider I have strong grounds for appeal – not to appeal this ruling.

“This now allows myself, RIFC and its shareholders to draw a line under this long and much protracted saga.

“RIFC and Rangers Football Club are not affected by the Hearings Committee’s ruling and the ruling does not impact upon my position as Chairman and a director of RIFC.

“I have ensured that RIFC has complied with the requirements of the Code throughout the period of my Chairmanship, notwithstanding that the Company is no longer listed.

“RIFC will continue to comply with the Code. The Takeover Panel has raised no concerns about RIFC’s compliance with the Code in the more than four-and-a-half years since regime change.”

King had previously been forced to fight off attempts by the Takeover Panel requiring him to make an offer to buy out the rest of the club’s shareholders.

Steven Gerrard's side currently top the SPL
Steven Gerrard’s side currently top the Ladbrokes Premiership (Graham Stuart/PA)

In an 88-point ruling of over 9,000 words, the principal contravention alleged is that “King acted in concert with others to acquire shares carrying more than 30 per cent of the voting rights of Rangers. In contravention of Rule 9.1 of the Code he then failed to make an offer to purchase the shares of Rangers not owned or controlled by himself or by those with whom he had acted in concert”.

The ruling continued: “From its earlier analysis in this ruling of the contraventions that it has found established, the Committee concludes that Mr King’s behaviour shows a clear propensity to disregard the Code and to comply with its Rules only when forced to do so by enforcement proceedings in the courts.

“We would also add that Mr King’s prolonged refusal to procure a Rule 9 offer, along with his conduct in dealing with the Executive during its initial investigation into a possible concert party, were offences of the utmost seriousness for which a statement of public censure would not be a sufficient sanction.”

body check tags ::

Click here for more stories about Dave King

Click here for more stories about Rangers

Share this article now:
Instagram - Follow Sports Mole

2Manchester CityMan City85122791816
4Leicester CityLeicester8422147714
6Crystal Palace842288014
8West Ham UnitedWest Ham83321111012
9Tottenham HotspurSpurs83231412211
11Wolverhampton WanderersWolves82421111010
12Manchester UnitedMan Utd82339819
13Sheffield UnitedSheff Utd82337709
14Brighton & Hove AlbionBrighton8233810-29
15Aston Villa8224131218
16Newcastle UnitedNewcastle8224513-88
19Norwich CityNorwich82061021-116

Subscribe to our Newsletter

Transfer Talk Daily
Match previews - twice weekly
Morning Briefing (7am UTC)
Ultra close-up image of Kevin De Bruyne [NOT FOR USE IN ARTICLES]Get the latest transfer news, match previews and news direct to your inbox!