Rangers  chairman Dave King has stopped legal proceedings against him after providing a judge with a formal undertaking to proceed with an offer to buy shares in the club.

The 63-year-old businessman was facing contempt of court proceedings at the Court of Session over his failure to comply with an order made by judge Lord Bannatyne.

Legal watchdogs at the Panel on Takeovers and Mergers wanted Lady Wolffe to rule that the South African businessman had wilfully breached her colleague's order.

Lord Bannatyne had ruled that Mr King, the majority shareholder in the 'Gers, was obliged to offer to buy the equity that he didn't control.

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But Mr King hadn't met deadlines to make the offer prompting the panel to instruct lawyers to go to Scotland's highest court.

On the second day of proceedings at the court, Mr King told his lawyer Jonathan Mitchell QC that he was "100 per cent committed" to making the offer.

After spending three hours on Friday giving evidence, Mr King's lawyer told Lady Wolffe that his client had come to an agreement with the panel.

The court heard that Mr King was committing himself to bringing up to £19 million of his money to the United Kingdom from South Africa. This would be used to pay for the shares.

The sum which will be taken to the UK might be lower than the £19 million figure.

This is because Mr King has spoken to shareholders who have given him assurances that they will not sell their shares to him at the 20 pence price.

However, he will have to come to an agreement with the panel about the final sum.

He also undertook to work with a financial institution which would provide verification that Mr King had enough money to make the offer.

And he also undertook to ensure the offer would be made to Rangers shareholders by January 25 next year.

Lady Wolffe then stopped the case against Mr King. She also arranged a hearing to be held on January 29 to see if the share offer had been made.

However, Lady Wolffe also arranged for the contempt proceedings to be resumed against Mr King in the event that he didn't make the offer.

She told Mr King: "This proof will pause at this point but will continue on February 4 2019 and that is to make sure this is dealt with in a timely fashion.

"That is a peremptory diet - you are obliged to attend unless otherwise excused.

"The consequence of non attendance on that occasion without good excuse can have serious consequences."

Mr King said he understood and then left the court with his legal team.