Rangers chairman Dave King shouldn't be treated as a "poor businessman" who didn't know he's legally required to fund an £11 million share purchase, a court has heard.

Advocate James McNeill QC told judge Lord Bannatyne that the tycoon isn't an "innocent" who didn't know he had to offer other shareholders cash to buy remaining club shares.

The Court of Session heard on Friday how Mr King allegedly knew that legislation dictated that entrepreneurs who hold a 30 per cent stake in businesses are compelled to make the offer.

Mr McNeill told the judge that a suggestion made by Mr King's legal team that their client was unaware of the 2006 Companies Act was incorrect.

The lawyer said that there was evidence available to know that Mr King was fully aware that he would have to make an offer to remaining shareholders.

He said that financial investigators had believed they had established that Mr King acted "in concert" with three wealthy fans who are nicknamed the "Three Bears".

He said that Mr King acted with George Latham, George Taylor and Douglas Park to acquire a 34 per cent stake in the club.

Mr McNeill said he disagreed with claims that the four men didn't act in concert in acquiring the stake.

He also disagreed with a claim made by Mr King's lawyers that 14.7 per cent of the 34 per cent share was held by a company which is independent of Mr King.

The silk said that Mr King refused to co-operate with investigators and that all available evidence showed the businessman was in control of the 34 per cent stake.

Mr McNeill added: "Mr King is not some poor businessman who does not the workings of the Company Act.

"This is not someone who is a poor innocent. He didn't come before the panel and say 'I didn't realise'.

"He decided not to appear so he could not be cross examined."

Mr McNeill was speaking on the final day of a two day debate at the Edinburgh based court.

The Panel On Takeovers and Mergers, which regulates financial deals in the UK, says it has started proceedings after Mr King ignored an order to make an offer for the remaining shares.

The panel want the court to make an order which would force Mr King to make a cash offer at 20 pence a share to remaining shareholders.

Lord Bannatyne will issue his ruling at a later date.