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SBD Global/October 30, 2013/Franchises

Former Scottish League 1 Rangers Dir Dave King's Return To Rangers Boardroom Cleared

The London Stock Exchange has given former Scottish League 1 Rangers Dir Dave King the "go-ahead to return to the Rangers boardroom," according to John Ferguson of the Scotland DAILY RECORD. An LSE spokesperson on Monday night "confirmed the businessman would be free to become chairman so long as Ibrox advisers rubber-stamped the move." It had "been thought King’s South African tax conviction and his previous board appointment at Ibrox may have stood in the way of a comeback." An LSE spokesperson, however, "appeared to clear the way." The spokesperson said, "I had a look in the reports and there were these issues in South Africa, the other thing was that he had been on the board previously. So the question would be whether these things would stop him taking a stake again. I think the answer on both these points is they wouldn't" (DAILY RECORD, 10/29). The London EXPRESS reported Scottish FA CEO Stewart Regan "issued a twofold warning to Rangers as one more crisis threatened to engulf the Ibrox club." The first was over King’s "eligibility to be involved in any official capacity." The second "concerned any possibility of disgraced owner Craig Whyte still being involved in the background with the likes of Blue Pitch or Margerita Holdings." Both companies hold a combined 15% share "in the club, but it’s unclear who is behind them." Regan addressed the "issue of King’s potential involvement." Referring to King’s "issues with the South African tax authorities that led to a payment" of around £43M ($69M) to those authorities, Regan said, "There is a process which needs to be gone through in order for any director coming onto a football club board to be deemed fit and proper. To say we have no issues with him as far as the SFA fit and proper test is concerned is a little premature" (EXPRESS, 10/26).
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