Scottish Side Rangers Chair Dave King Suffers Setback In Bid To Maintain Control

Scottish Premiership side Rangers Chair Dave King "could face a bill" of up to £12M ($14.7M) after a ruling on "how he took charge of the Ibrox club," according to the BBC. He could "now be liable to buy all the shares" in holding company Rangers Int'l Football Club, held by other shareholders -- at 20p a share. The Takeover Appeal Board made the ruling after "looking into how he took charge of the company, just over two years ago." King said that he "did not agree with the ruling or the share price." The TAB ruling said that King, along with George Letham, George Taylor and Douglas Park, had acted as a "concert party" to acquire shares in the company, rather than acting as an individual. It added that he was "therefore required to make an offer to buy all the shares in the holding company." King said that he would "take time to reflect upon the ruling" (BBC, 3/13).