Friday 6 July 2018 10:07, UK
Rangers chairman Dave King says the Takeover Panel are "bullying" him after it was revealed he is facing possible contempt of court proceedings.
The South African-based businessman has so far failed to launch a compliant offer for the remainder of the club's shares, after the Takeover Panel ruled he had acted in concert with other investors ahead of boardroom regime change in March 2015.
King was ordered to make an offer to shareholders of the club of 20p per share by the Court of Session in December, something he has yet to do. This was after the Takeover Panel ruled he was acting in concert with The Three Bears to purchase over 29.9 per cent of the club.
A document released by the independent body indicated that papers were served on King last month.
However, King has released a statement and said he will continue to work in Rangers' best interests.
"It is not something that I see as critical for the club," he said. "The Takeover Panel know that I live in South Africa and that it will require exchange control approval to move the funds to London.
"They are just bullying me but that is nothing new since my involvement with Rangers. I will continue to proceed in the best interest of the club and its supporters."
