Dave King has stepped down as Rangers chairman, with Douglas Park put in interim charge of the board.
And King said fresh investment has been “put on hold” as the club deals with the coronavirus crisis.
Johannesburg-based King announced at the club’s AGM in November he would be giving up the role and has now done so, according to the Press Association.
He admits he almost had a change of heart as the scale of the virus threat became clear.
But he has ended his five-year tenure to make way for motor group tycoon Park to steer Rangers through the crisis. King also announced a task team has been set up at Ibrox to deal with the fallout of the pandemic.
Earlier this month, King confirmed plans for a share issue while insisting he did not intend to sell any of his Ibrox shares.
The 64-year-old businessman has been at the helm since being a key figure in taking control of Rangers in 2015.
“I thank all supporters, club management and the board for the magnificent support I received while guiding the club post regime change to put that specific crisis behind the club,” King said in a statement.
“The deputy chairman Douglas Park will chair the board during the interim period and a new permanent chairman will be elected by the board at the next board meeting and will be announced immediately thereafter.
“I considered the possibility of extending my time as chairman until the coronavirus crisis is over but that is not practically possible. After I returned to South Africa last week from the board meeting, I was mandated by the South African authorities to go into self-isolation for 14 days – which I am presently undergoing.”
King had expected fresh funding in the club – reports 10 days ago linked Far East real estate tycoon Stuart Gibson with leading a multi-million pound investment – but that has now been shelved. Rangers announced in November they required an extra £10million before the end of the season.
“At my final board meeting in Glasgow on March 14, the board was close to finalising a new round of funding,” King added.
“However, this has been put on hold while the board considers the financial consequences of the rapidly evolving global impact of coronavirus.
“The subsequent severe developments within the sporting and general business environment – that have now resulted in global lockdowns – has necessitated that the careful financial planning assumptions presented on March 14 are revisited.”
Article courtesy of BBC Sport
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