Finance Notes: Rangers' King Will Not Have To Fulfill £8M Share Offer
Scottish Premiership side Rangers Chair Dave King will not have to fulfill his £8M ($10.4M) offer to "buy out other shareholders" in the club. King "was forced to make the bid under legal takeover rules." The deadline for the £8M share offer was on Friday. Rangers stated that the 20p-per-share offer "failed to reach the level at which the buy-out of smaller shareholders would have been triggered" (BBC, 2/19).
League Championship side Bolton Wanderers will appear in the High Court on March after being issued a winding-up petition by U.K. tax authority HMRC. The petition, which was filed on Feb. 4, was published on Wednesday. Meanwhile, club Owner Ken Anderson said in a statement that "heads of terms were agreed and discussions were ongoing with a consortium to buy the club" (BBC, 2/20).
Championship Rugby club Widnes Vikings is reportedly "unable to pay" its employees' wages after the 11th-hour withdrawal of investment by potential new owners. Widnes has "admitted facing a significant cash-flow gap" since relegation in '18 (RUNNING RUGBY, 2/19).