Dave King must make an offer to buy other shareholders' stakes in Rangers at 20p per share after the Takeover Appeal Board found that he was acting as a concert party with the 'Three Bears.'
Legislation means that King must now make an offer to all other shareholders at the company to buy out their stakes in the club, which would give him complete control of Rangers.
King quickly released a statement on the official club website, stating that he disagrees with the decision, and also correctly points out that very few shareholders are likely to sell at the low price of 20p per share. While this is an unwelcome distraction, it ultimately shouldn't really have too much of an effect on anything going on at the club.
You can read Dave King's full statement on the matter here, where he clarifies his position, although he doesn't yet state what he intends to do about it.