Rangers chairman Dave King breaks silence on contempt of court action facing him amid Takeover Panel feud

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		The financial watchdog previously launched legal action against the Gers supremo after his share offer was deemed defective
	
	
									RANGERS chairman Dave King has broken his silence on the contempt of court action facing him after he failed to cough up cash for his Ibrox share bid.
We told yesterday how the feud between King and The Takeover Panel had escalated.


		

				
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		King has had his say on the latest twist in the takeover saga	
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Of the latest twist in the long-running saga, he told the BBC’s Alasdair Lamont: “It is not something that I see as critical for the club.
“The TP know that I live in SA and that it will require exchange control approval to move the funds to London.
“I will continue to proceed in the best interest of the club and its supporters.”
The Takeover Panel launched legal action against the Gers supremo after his share offer was deemed defective.


		

				
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		He was instrumental in bringing Steven Gerrard to Rangers as manager	It came after the Court of Session ordered him to make an offer to club shareholders of 20p a share in December.
The South-Africa-based businessman lost an appeal against the ruling and later failed to get more time from the Takeover Panel to submit his bid.
	
		 
	
	
The latest blow has seen the financial watchdog announce it will not meet King’s request to convene so they can review their last ruling.
That decision means the Rangers chief may be in contempt of the initial court order and could face legal action.
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We told previously how King failed to prove he had enough money to buy up the remaining shares.
If fully subscribed, he could be faced with a bill for £10.75million.
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