Rangers chairman Dave King has been again been urged by a judge to make an £11 million bid for most of the club's shares.
Lord Bannatyne make the statement during court-ordered contempt proceedings over a failure to comply with a court order to make the offer to Rangers shareholders in March.
The Rangers chief has already been told that he is in breach of takeover rules by failing to make the bid.
In December Lord Bannatyne ruled in favour of the Takeover Panel that Mr King acted in concert with other shareholders when he bought a controlling stake in 2015 ousting a board of directors said to be allied to Sports Direct founder Mike Ashley.
That supported the Takeover Panel's view that a formal takeover should have been triggered after the Three Bears group led by Mr King secured more than 30 per cent of the voting rights in Rangers.
Under Takeover Code rules, a written offer to shareholders had to be made within 28 days of a bid announcement being made on March 29 - but so far it has not been forthcoming.
At a procedural hearing, after Mr King's legal representatives again claimed he was “penniless” – Lord Bannatyne called for action saying: “The court and indeed the panel has no interest in how Mr King goes about this – as long as it is compliant.
“It is a matter of complete disinterest to the panel how he makes the offer – it doesn’t matter what trust he uses or how he raises the funds. It is about compliance with the code.”
A hearing is expected into whether he has breached the court order to make the bid next month if it is not made.
Mr King previously argued that a judge went "too far" in ordering him to make a mandatory offer at a price of 20p a share.
During an October hearing, Mr King's advocate Lord Davidson of Glen Clova QC argued that the Rangers chief "is penniless" adding: "Any order wouldn't secure compliance. It won't. It is pointless."
Lord Bannatyne in a previous hearing said that Mr King's argument that he did not have the funds to make the offer was "irrelevant".
Lord Carloway at the Court of Session dismissed an appeal in March forcing the bid for 70 per cent of the shares to be made after agreeing that Mr King and others acted together to force their way into the Ibrox boardroom three years ago.
Mr King's South African-based Laird Investments (Proprietary) Limited firm had said in the March 29 announcement that the bid would be funded "using the receipt of dividends" amounting to £13,074,842.90 which was "to be declared on April 4".
After the money did not appear, Rangers International Football Club plc later said it understood that the funds for the offer were there and that Mr King's South African-based Laird Investments (Proprietary) Limited was seeking South African government approval to allow the money for the offer to be transferred to the UK.
Mr King had stated previously that the delay in making the bid was a result of the Takeover Panel requiring funds of around £11m to be held in a UK account rather than South Africa, where he is resident.
But the Takeover Panel suggested there was a lack of clarity over his attempts to move the funds.
And Mr King accused the panel of "bullying" adding that he required exchange control to move the funds to London.
At Friday's hearing representatives for the Takeover panel raised concern that a statement by Mr King referenced that there was "no end in sight" to the shares issue.
Mr King began his commentary on the imminent contempt case by saying: "I am also still dealing with the Takeover Panel following complaints by the old board and supporters of other clubs to hold me personally liable to make an offer for all the non-consortium shares of RIFC."
Mr King said the Takeover Panel refused the necessary extension of time to set up an account in the UK and instituted contempt of court proceedings for not complying with the original ruling to make a personal offer.
Mr King said that "strange decision" "has now caused further unnecessary delay, with no end in sight".
He added: "Fortunately, it does not affect the operations of the football club."
Mr King had gone through a lengthy battle through through the courts to stave off pressure to buy the shares fearing the heavy financial toll it would place on him.
The King-led takeover group – which included Park's Motor Group founder Douglas Park, Rangers Supporters Trust and Rangers First member George Taylor and Rangers fan George Letham – had always denied that they had acted 'in concert' to purchase shares in Rangers on December 31 2014 and January 2, 2015.
Within a statement published earlier this month the Takeover Panel said there was an "intention to initiate contempt proceedings were Mr King to fail to procure the publication of an offer in accordance with the code within the time stipulated".
Papers relating to the contempt proceedings were said to have been served on Mr King in South Africa on June 8.
It's not the first time Dave King has faced contempt of court proceedings.
Two years ago he was cleared of committing a contempt of court in a legal row with Mike Ashley's Sports Direct over the club's merchandise deal.
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