Dave King admits he’s now weighing up what to do next with his Rangers shares after seeing plans to sell to Club 1872 collapse.
It’s been rumoured the former Gers chairman could now offer his portion to American businesswoman Kyle Fox, who failed with an Ibrox takeover bid last year. But King, Rangers’ biggest individual shareholder, last night poured cold water on those suggestions as he insisted he’s yet to identify any fresh bidder he’d trust to take on his 15 percent stake.
The South African-based tycoon last night told Record Sport: “It’s something I now need to address but at the moment there are no viable purchasers that could take the club forward.” That admission came after the Castlemilk-born tycoon announced he’d pulled the plug on the £13million deal he struck with Club 1872 in 2021. King - who’s previously expressed fears his family, who have little interest in football, might one day sell his shares to “the highest bidder” - insisted he was determined to ensure his stake ended up in the hands of those who cared for the club.
But the sale has now fallen through after the group fell behind on its fundraising targets. King listed a variety of factors for the collapse, including the cost of living crisis, dwindling support for Club 1872 and the group’s strained relations with the current Douglas Park-led Ibrox board.
King said in a statement: “It’s with disappointment that I advise that the agreement for Club 1872 to acquire my shareholding in Rangers has been terminated. This year was to be the final year of the agreement and despite my previously stated intentions to provide Club 1872 with more time, it’s become clear this will be futile.
“Over the last few weeks I’ve considered whether my dream of supporter ownership could be achieved by extending the offer to other supporter groups in addition to Club 1872 but there’s no indication this will make a material difference.”
King, who voted against Park’s re-election at December’s AGM, added: “I will continue to vote my shareholding as a supporter and in the best interests of the club.” A Club 1872 statement added: “We will now focus on increasing the Club 1872 shareholding through other avenues.”
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