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Dave King bought a massive chunk of Rangers last night and then told supporters of the long suffering Glasgow giants: I told you I wouldn’t let you down.

 

South-Africa based tycoon King has snapped up a near 15 per cent stake in Gers, after spending £2.5million to purchase the shares held by Artemis and Miton.

 

And King revealed: “Despite being rebuffed by the current board I have never given up and will continue to pursue the commitment I made to the Rangers fans. I said before that I am not going away and this shows I am not.”

 

Castlemilk-born King’s powerplay comes less than a week after George Letham’s Three Bears consortium bought Laxey Partner’s 16 per cent holding.

 

Factor in the ten per cent held by Gers fans — as well as the two per cent owned by previous bosses Walter Smith and Ally McCoist — and the group as whole now command a 45.8 per cent shareholding in Rangers.

 

Both moves are understood to have caught the current Ibrox regime cold.

 

Insiders believe it could spell the beginning of the end for a board of directors so despised by Gers fans, with thousands of supporters boycotting home matches to show their anger.

 

King added: “The current board will never be accepted by the fans.”

 

Johannesburg-based King now plans to return to Glasgow in the coming weeks when the stakeholders could call for an EGM at Ibrox.

 

King said: “I am considering my next steps and must consult with all stakeholders.

 

“I will be back in Scotland in a few weeks for meetings.”

 

It’s believed Laxey, Artemis and Miton made their decision to bail out amid concerns over Rangers’ chairman David Somers conduct at last month’s explosive AGM.

 

The Ibrox share price has been in freefall for months with King snapping up his shares for just 20p yesterday.

 

Asked if he felt under-fire Somers should go, King said: “He should remove himself.”

 

After three years of turmoil, King believes his purchase, coupled with the earlier move by the Three Bears, could prove hugely significant as the businessmen look to rebuild the Light Blues.

 

King added: “I am, once again, hopeful about the future of Rangers. I have never given up and will continue to pursue the commitment I made to the Rangers fans. As I said before.”

 

http://www.cfclatest.com/2012/01/03/king-tells-fans-i-said-id-be-back/

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Still a lot more work to do, and although I haven't liked how he has been doing stuff in the past, he has now stumped up and bought shares.

 

I just hope when they get directos on the board they think long and hard about who they put there.

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Still a lot more work to do, and although I haven't liked how he has been doing stuff in the past, he has now stumped up and bought shares.

 

I just hope when they get directos on the board they think long and hard about who they put there.

 

he was trying to put the money INTO the club

 

not individual's pockets

 

that is 2M less now for development of the club's future.

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Still a lot more work to do, and although I haven't liked how he has been doing stuff in the past, he has now stumped up and bought shares.

 

I just hope when they get directos on the board they think long and hard about who they put there.

 

Why not just say who you are referring to? It won't shock anyone. :)

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Cashley won't give up so easily, I am waiting for some sort of back lash!

 

The question is: what can he effectively do? He got what he primarily wanted in the merchandise deal. Owning two clubs will be a No-No, so the best way for him might be to just get along with those in the ascendancy.

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We need to move towards the future and I believe that requires no more jobs for the boys, in all positions.

 

King needed to buy out shareholders to get his goal, and the thing about not wanting to give money to investors, the majority of investors he would be stealing from as they will of paid a lot more for the shares that what he has paid them.

 

He will need to carry on buying out other shareholders to get a firm grip on the club as well, or he may still lose crucial polls against other shareholders.

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