'Penniless' Dave King ordered to make offer for remaining Rangers shares

Rangers chairman Dave King has been ordered to make an offer for the remaining shares in the club despite his lawyer claiming he is "penniless".

The ruling was made at the Court of Session in Edinburgh on Friday after the South Africa-based businessman failed to make a full takeover bid earlier this year.

King was accused of acting 'in concert' with The Three Bears group - Douglas Park, George Letham and George Taylor - when they collectively took a controlling interest in the club in March 2015.

As they held more than 30 per cent of Rangers between them, it was argued figurehead King should have to launch a full takeover bid as per the terms set out in the 2006 Companies Act.

The Takeover Appeal Board told him to make an offer at 20 pence per share by last April but he did not meet that deadline and the case was taken to court by the Panel on Takeovers and Mergers.

Lord Bannatyne consequently ruled King must offer investors a total of almost £11m to other shareholders for their stakes.

King denied acting in conjunction with Park, Letham and Taylor but his claims were rejected.

The 62-year-old is therefore legally obliged to launch a takeover bid - although the likelihood is any offer he makes will be turned down.

The argument presented by King's lawyer about his financial standing will raise further questions about his long-term strategy at Ibrox.

Rangers have been relying on a number of loans from shareholders in recent times following the club's period in administration in 2012.

The announcement about King's legal defeat came late on Friday morning, with news Rangers had appointed Graeme Murty as manager until the end of the season following a few minutes later.

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