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Dave Hedgehog

Dave King

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From his statement:

Dave King has stepped down as Rangers chairman, with Douglas Park placed in interim charge of the board.

And King confirmed fresh investment has now been "put on hold" as the club deal with the coronavirus crisis.

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“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.

“It is a great pity that we now find ourselves part of this global crisis. The task team will continue to navigate the club through this difficult time while reporting to the full board.

“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,” he added.

“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.

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."

Redwhiteandblue likes this

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20 minutes ago, plymouthranger said:

Worry as the new investment has been cancelled as well. We’ll need to shift players in summer just to cover costs 

Nothing good is going to happen to most teams the longer this shit goes on, if this continues until summer most clubs in Europe are going bust.

Bad Robot likes this

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6 minutes ago, Hadron Collider said:

I’ll wait for a statement from Rangers. 

Dave King has stepped down as Rangers chairman, with Douglas Park placed in interim charge of the board.

And King confirmed fresh investment has now been "put on hold" as the club deal with the coronavirus crisis.

Johannesburg-based King announced at the club's AGM in November he would be giving up the role to focus on his business interests in South Africa.

He admits he almost had a change of heart as the scale of the virus threat became clear.

But he has now made 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.

"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 a fresh round of investment in the club 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."

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27 minutes ago, Bears r us said:

When did you hear that ??

Edit Just seen it now:

Dave King has stepped down as Rangers chairman, with Douglas Park placed in interim charge of the board.

And King confirmed fresh investment has now been "put on hold" as the club deal with the coronavirus crisis.

Assuming it was ever there in the first place.

The Dude and Bears r us like this

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1 minute ago, HG5 said:

Assuming it was ever there in the first place.

We have to hope it was mate 🤞 I suppose it has to be put on hold at the moment with this clusterfuck of a virus. 

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22 minutes ago, The Dude said:

“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.

“It is a great pity that we now find ourselves part of this global crisis. The task team will continue to navigate the club through this difficult time while reporting to the full board.

“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,” he added.

“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.

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."

Fucker. 

Cheers Dave. You gave us a half decent club back just when a lot if fans were deciding they were done with our club. 

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Everyones circumstances and priorities have changed dramatically in the last few weeks (none for the better) the date of the end game of this virus  is a guesstimate, stockmarkets have fallen through the floor and if our investment was coming from someone whose money tracked the market his worth might have dropped 30-40% and could still drop further, it was not unexpected. if there was no covid and we were all where we were a month ago the investment would still be on.

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