Chris Jack relays Dave King stance with £25m Rangers bid rejected
Dave King confirms that he has rejected a £25million bid for his majority shareholdings at Rangers, as revealed in an interview with Chris Jack.
He’s also hit out at the Gers board for not doing enough after they won their 55th league title to be as good or better than Celtic.
American businesswoman Kyle Fox was keen on investing money into the club in the past but King says that this bid wasn’t made by her.
Via Scottish Herald [11 April], he said, “Since 55, the board has squandered the advantage that we worked so hard to achieve – the current 12-point gap between Rangers and Celtic clearly suggests this – and has completely lost sight of the biggest stakeholder group in the club.
“Like most supporters and many shareholders, I am demoralised by the continuation of the Douglas Park led board – he was chairman at the time – to look after their personal interests ahead of the club. No sooner had the board rejected a fully-funded offer of new shares at 40p than they issued substantial shares to themselves at 25p.
“This is after previously stating that shares would no longer be issued at the low price of 25p. 25p is the price that prevailed before 55, before the Europa League final, and before the re-emergence to Champions League football. It massively undervalues our club and our recent achievements.
“I recently turned down an unconditional cash offer of 40p from a group other than Kyle Fox’s – so 40p is presently a fair price.”
Why turn it down?
This makes no sense and there seems to be no good reason why he would turn down so much money.
He’s always been complaining about something or the other at the club but as chairman, he was also criticised for a number of things.
He should’ve given up his share and allow someone with fresh ideas to come to the fold and do their best to take the side in the right direction.
It’s pretty evident that the club is stagnating currently and the lack of funds may be attributed as one of the major reasons for it.
Douglas Park’s exit could open the door for additional investors to come into the fold as it’s something that’s desperately needed.
What happens is anyone’s guess but it’s important to make something happen sooner rather than later.
In other Rangers news, another Ibrox exit may be on the cards after a major revelation recently which could force the clubs to part ways with a senior player.