HE is the Castlemilk-born Rangers fan turned South African millionaire who became the driving force behind the Three Bears bid to take control of the crisis-torn club more than four years ago.

Venture capitalist Dave King was seen as a controversial figure when he pushed for a change of ownership, launched by former Ibrox director Paul Murray after the club’s business fell into administration.

He was seen as a hero by many fans, as he oversaw a coup which swept Sports Direct supremo Mike Ashley’s men Derek Llambias and Barry Leach out of the boardroom and provided funding to cement their status in the Scottish Premiership.

Fans had become disgruntled as a host of Rangers and club-related trademarks and logos, including the club name, Ibrox and The Gers, were held by Mr Ashley and Sports Direct as security against a £5 million emergency loan taken by the club before the Three Bears took control. Mr Ashley had a near-9 per cent share in Rangers and gave the club money to help them remain solvent – but it came with a string of conditions including securities over assets.

Rangers would eventually pay back the £5 million loan to him after raising a £6.5 million loan from associates of club chairman Mr King. But the development did not stop Sports Direct having control over rights to exploit the valuable trademarks, through Rangers Retail, the merchandising joint venture with Sports Direct, confirmed by then chief executive Charles Green in August 2012. 

Mr King’s coronation to the Ibrox throne was littered with hurdles, where he had to show he was a fit and proper person to run a club to the football and stock exchange authorities.

At the time, Rangers International Football Club was forced to delist from the Aim stock exchange after failing to get a nominated adviser to act as its regulator. Interim chairman Mr Murray said the delisting was “down solely to the actions and conduct of past regimes”. 

Manchester-based WH Ireland had previously quit as the club’s stock market nominated adviser (nomad), citing concerns it was because of Mr King’s imminent arrival in the Ibrox boardroom. 

The nomad had previously raised concerns there could be a “material adverse impact” on the company’s listing  on Aim if Mr King was appointed to the board.

It came after noting Mr King’s 2013 conviction in relation to breaching 41 criminal counts of South Africa’s Income Tax Act.

Court documents confirmed that Mr King was sentenced to a fine totalling 3.28 million South African Rand (£180,000) in relation to those counts or face 82 years in prison. He avoided the jail sentence by paying the fine.

Mr King also agreed to pay a £45 million settlement to the South Africa Revenue Service in relation to his personal income tax and the tax liability of Ben Nevis, a King trust company managed out of Guernsey.

But Mr King was eventually made chairman and, under his leadership, he and his business associates would plough millions into the club to ensure it was able to remain a going concern.

In June, Mr King and his Three Bears group of investors – Hong Kong investment banker George Taylor, Park’s Motor Group founder Douglas Park and investment banker fan George Letham –ensured a firm grip on Rangers with a bid to convert more than £14 million of club loans into shares. His New Oasis Asset Limited company remains the biggest single shareholder in Rangers with 25.58% of the business.

In February, he won a long battle to avoid paying out on a court-ordered shares offer, which could have cost him  £19 million, after it just failed to get enough acceptances from shareholders.

The offer came after a Court of Session contempt case in front of Lady Wolffe was paused last December after the Rangers chief said he was “100%” committed to making the multi-million-pound offer. Mr King was obliged to make the bid by the Takeover Panel financial regulator, which ruled he and the

Three Bears had acted “in concert” to acquire more than 30% of the club’s shares.