RANGERS chairman Dave King’s long battle to avoid paying out millions on a court-ordered shares offer is still expected to cost him more than £600,000 and the club £52,000.

Papers seen by our sister title The Herald show that despite managing to avoid forking out on the mandatory offer, required by the Takeover Code, the South Africa-based Laird Investments (Proprietary) Limited company he controls will have to foot the bill for financial and corporate broking advice and legal advice in connection with the bid.

Last week it was confirmed Mr King’s mandatory offer, which could have cost him as much as £19million, narrowly failed to get enough acceptances from shareholders to become valid.

It meant those who accepted the 20p-a-share offer including former football board chairman Sandy Easdale and his family will keep their shares, while Mr King keeps his money.

Under Takeover Code rules, Mr King and the Three Bears group of investors should have made a written offer to buy the shares of other shareholders at the time of the takeover four years ago having had control of over 30 per cent of Rangers International Football Club plc.

Mr King’s offer was finally made last month after a protracted legal battle with the Takeover Panel financial regulator, with the South Africa-based businessman trying to stave off pressure to buy the shares fearing the heavy financial toll it would place on him.

According to financial papers connected to the offer, that includes £435,000 for financial and corporate broking advice, £75,000 for legal expenses and £96,000 in other costs.

A £52,000 expected bill incurred by Rangers International Football Club plc includes £40,000 for financial and corporate broking advice, £10,000 in legal expenses and £2,000 in other costs.

Mr King was obliged to make the bid by the Takeover Panel financial regulator.