Fight Over Whyte's Shares
Updated Monday, 21st May 2012
Dave King disputes Craig Whyte's ability to sign a deal with anybody but him
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."