Dave King disputes Craig Whyte's ability to sign a deal with anybody but him

The fight for ownership of Rangers continues and could go on for years. The latest twist in the corkscrew story is Rangers director Dave King insisting he had been promised the first refusal on the 85% share owned by Craig Whyte and any deal excluding him cannot go forward. Whyte has denied such a deal exists but his word has been called into doubt in the past.  Former Sheffield United chief executive Charles Green is convinced he has signed an "irrevocable" agreement with administrators Duff and Phelps and majority shareholder Whyte after weeks of talks. However, King's claims throw a large spanner in the works and could wreck the hope of a smooth transition of ownership to Green's consortium. 
 
King said: "It was verbally agreed over lunch but is legally valid. It suited him at the time and I will hold him to it. I have first option on (his) shares and would not forgo this unless I was absolutely certain that any proposed transaction, that excluded me, was in the best interests of the club. I have yet to see such a proposal. I stayed on because I also had my investment and those of the other minority shareholders to protect and I believe that my presence on the board prevented Whyte from getting away with more than he even did."
 
In response to King's version of events, Whyte said: "If the CVA (Creditors Voluntary Arrangement) is successful the minority shareholders will retain their shares in a club that will be a debt-free sustainable business and not the basket case that I inherited as a result of the mismanagement of the previous board."