Dave King leaves the Rangers and reveals funding plans “pending” due to the coronavirus crisis


    Rangers President Dave King has officially resigned from his role in Ibrox.

    King announced in November that he intended to leave the “new year” and has now revealed that he has officially left his post.

    In a long statement, the businessman said that the coronavirus crisis has thrown the world of football and business into chaos and that investment plans have been “suspended”.

    The 64-year-old said the club formed a special “working group” to take care of the health and well-being of club employees during the virus crisis and to mitigate the financial impact of the pandemic on the club.

    King said he considered staying as president of Ibrox during the pandemic, but revealed that he has now self-isolated at his home in South Africa and should have concentrated all his energy on his commercial interests during the global crisis.

    Douglas Park will now take up the office of interim president until a permanent appointment is made.

    Here is his full Ranger statement.

    “At the AGM in November I warned that I would leave my position as president and director of the RIFC once the new management structure was established and a new cycle of funding was completed.

    “The new management structure is now fully in place with all the key appointments in office. We now have the strongest executive team in the club since my first term on the board over 20 years ago.

    “At my final board meeting in Glasgow on March 14, the board was close to concluding a new round of funding, however this was suspended as the board considers the financial consequences of the rapid global impact of the coronavirus. .

    “Subsequent serious developments within the sporting and general environment – which have now led to global blocs – made it necessary to revisit the accurate financial planning assumptions presented on March 14th.

    “In this respect, we are no different from other football clubs and, in fact, the largest and smallest clubs in the world are all affected at various levels.

    “The club has formed a working group that includes executive management and which reports regularly to the RIFC board of directors. The working group’s priority is to ensure the well-being and health of all employees while working with our fellow clubs at the same time. , associations, stakeholders and government to ensure that the emotional and financial impact of this pandemic is mitigated as much as possible.

    “We currently have extremely limited visibility into how the landscape will develop in the coming months, but we will continue to keep our supporters and other stakeholders up to date as things progress. We are all together.

    “I thank all my colleagues for the time and effort they continue to devote to our club, especially when they are dealing with their family and the commercial concerns arising from the coronavirus. It is a pity that my abandonment coincided with the coronavirus crisis but I am relieved that our club has put up such obstacles to deal with whatever happens.

    “I considered extending my time as president until the end of the coronavirus crisis, but this is practically not possible.

    “After returning to South Africa last week from the council meeting, I was instructed by the South African authorities to go to solitary confinement for 14 days, which I am currently undergoing. In addition, the South African government has ordered a blockade of the week that began at midnight on Thursday. March 26.

    “South Africa is at the beginning of the coronavirus curve, but it is a particularly high-risk country due to the high levels of poverty and unemployment, as well as the large number of city dwellers who are unable to isolate themselves.

    “Furthermore, the South African government does not have the financial resources to offer rescue facilities and it is up to us in the private sector to negotiate agreements to survive in the best way in the coming months.

    “All of my activities in South Africa have a significant impact. Many local companies did not pay their employees or cut payments at the end of March. Many also ended the employment of a large number of their workforce. I decided to pay all employees completely in order to reduce their financial difficulties.

    “I also put together a working group that communicates daily to find ways to make arrangements with owners, suppliers, creditors and other interested parties to restructure our businesses for as long as necessary (estimate a minimum of six months) and, in the do this, prioritize the well-being of our employees and their families.

    “This is a full-time task that leaves me no free time to make a significant contribution to the Rangers’ working group – which, in any case, has to do with a more structured and more favorable local environment thanks to the ability of the government British to offer significant financial support to businesses and individuals in difficulty.

    “In conclusion, I thank all the supporters, the club management and the board of directors for the magnificent support I received while leading the post club regime change to put that specific crisis behind the club.

    “It is a pity that we are now part of this global crisis.

    | “The Task Team will continue to navigate the club through this difficult time, referring to full board.

    “The vice president, Douglas Park, will chair the board during the interim term and a new permanent president will be elected by the board at the next board meeting and will be announced immediately thereafter.

    “My best regards to all our supporters in this difficult personal moment for many of you.

    “Please follow government guidelines and stay safe.”




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