Rangers: Dave King no longer faces legal action threat

Dave King
Dave King was threatened with contempt of court

Rangers chairman Dave King no longer faces the threat of legal action after making his offer to buy remaining shares in the club.

The Panel on Takeovers and Mergers were granted permission to drop their action at the Court of Session in Edinburgh.

The organisation were pursuing King for not complying with business law.

King initially fought the demands before his 20p-per-share offer failed to reach the level to trigger a buy-out of smaller shareholders.

The Takeover Panel ruled that King, George Letham, George Taylor and Douglas Park had acted "in concert" to acquire more than 30% of the Ibrox club's shares in 2015.

Legislation dictates that those holding a 30% stake in businesses are compelled to make an offer to other shareholders to buy their stock.

Having been threatened with contempt of court after a long delay, King's offer reached its 19 February deadline without the need to fulfil any buy-out.

King must pay the panel's legal bill and and also pay them an additional fee, reflecting the extra work carried out by the panel's lawyers to bring the case to court.

Stopping the action, Lady Wolffe said: "I am grateful to parties for their submissions. I shall recall the interdict immediately and the minute for contempt of court will be stopped."

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