Valeman Dave King is to step down as the chairman of Rangers next year after four-and-a-half years at the helm. Major shareholder King made the announcement at the club’s AGM in Glasgow.
The South Africa-based businessman was one of the leading figures in taking control of Rangers in 2015. He will continue to support the club as a shareholder and in negotiations with retail partner Sports Direct.
BBC Scotland is reporting that he will continue to support the club as a shareholder and in negotiations with retail partner Sports Direct.
King announced there will be a new round of funding via a share issue, after which he will step down from the board.
The club’s financial results indicated £10 million was needed before the end of the season and King’s investment vehicle, Laird Investments, has committed to meet any shortfall.
“Despite the personal trials and tribulations, I want to state that being the chairman of Rangers has been, by far, the greatest privilege of my business life and I will continue to use my shareholding influence to support the club and its board,” King said.
Rangers’ negotiations with Sports Direct over the terms of their retail agreement continue, and King was sanctioned by the Takeover Panel for acting “in concert” with George Letham, George Taylor and Douglas Park to acquire more than 30% of Rangers shares in 2015.
“I have stated in public many times before, being chairman of Rangers is not an experience I have been able to enjoy. It always remained a duty,” King added.
“Dealing with the Sports Direct legal issues was extremely time consuming and frustrating. Mike Ashley’s [Ashley is the high profile owner of Lomond Shores at Balloch, Loch Lomondside] attempt to have me committed to jail for speaking ill of Sports Direct in a TV interview was certainly a low point.
“I now look forward to paying more attention to my South African and international businesses and to finally having the time to work with my children in the manner I had intended before my duty to Rangers put that plan on the back burner.”