Lots of Rangers supporters have been reacting on social media after Gers Chairman Dave King issued a statement, following the Takeover Panel finding him to be guilty of committing an offence of the ‘utmost gravity’ in his takeover of the Scottish Premiership outfit in 2015.
King has been banned from having any involvement in a takeover involving a UK financial firm for the past four years (BBC), with the Takeover Panel issuing such a sanction for only the fourth time in its 50-year history.
The punishment is in relation to his takeover of Rangers in 2015, and is applied solely to King and not the Ibrox outfit, after it was decided by the Takeover Panel that “a statement of public censure would not be a sufficient sanction”.
It was deemed that King had acted ‘in concert’ with George Letham, George Taylor and Douglas Park to acquire more than 30% of shares in Rangers during his takeover, while legislation states that any shareholder with a stake greater than 30% must make an offer to purchase the remaining shares of the remaining stakeholders.
However, the Takeover Panel found that King had failed to inform them of his share purchase after a failed effort to buy the remaining stakes at 20p-per-share in March, as required by law.
He was further found to have provided “incorrect and misleading” answers when questioned by the Takeover Panel during their disciplinary proceedings and investigation, as well as misleading the panel over when a purchase attempt was made.
Rangers will face no punishment as a result of the Takeover Panel’s decision, and South Africa-based King has decided not to appeal the verdict given against him, citing in a statement published on the Gers’ official website that his actions were done “solely for the love of the club”.
“The Takeover Panel’s Hearings Committee Ruling reflects my admitted breach of the strict terms of its City Code on Takeovers and Mergers (the Code),” he said. “The terms of the Code did not allow the Hearings Committee to properly consider the impact of the legal restrictions placed on me by my need to comply with the exchange control regulations of South Africa.
“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.
“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’.”
Lots of Rangers fans have reacted to King’s comments by hailing the Gers Chairman as one of the greats of the Ibrox outfit, with one suggesting he helped to save the Premiership outfit.
Here are some of the reactions shared:
Love the big man, always puts the club first ?
— BaldyBarisicLoyal? (@SuperScottyA) October 11, 2019
We need a statue of this chap because he defiantly saved our club
— Blue Star (@BlueStar1872) October 11, 2019
What a guy! Saved our club & for that he will always have my full support. Even hearing the word “Somers” in that article filled me with anger & dread but we know the club is in safe hands now. WATP.
— Scott Thomson (@TheThomoHawk) October 11, 2019
God bless Dave King. His place in the history of our great club is recognised and duly acknowledged. The man is a Legend.
— DonaldM (@DonaldM32017837) October 11, 2019
Well done Dave King – ‘a resurgent Rangers is sufficient reward for me’ ? ?
— John Mclean (@j9mcle1) October 11, 2019
I took one for the team, no regrets and no appeal.
— Ernest Becker (@deathdenial) October 11, 2019
While many were pleased by King’s comments and his display of love for Rangers, some Gers supporters were not pleased by his use of ‘legal jargon’ in explaining the situation and verdict of the Takeover Panel’s investigation.
Others have voiced frustration in the disciplinary proceedings being carried out, with the Takeover Panel’s ultimate verdict ‘a big load of absolute nothingness’.
No sure what he meant , but well said Davie king ??????? ??
— Garry (@buildmygsllows) October 11, 2019
Legal jargon ?
— Ross? (@rossccco) October 11, 2019
A huge waste of time caused by the spivs, engineered to cause issues for King & Rangers
Result
Nothing of note to Rangers in any way
— Four Lads Had a Dream (@4ladshadadream) October 11, 2019
a big load of absolute nothingness ended with nothings going to happen
— robbie (@robbiehannah96) October 11, 2019