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Dave King

Dave Hedgehog

By Dave Hedgehog
in Jimmy Bell's Kitroom

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Sweetheart

Sweetheart 8,458

Posted
Posted
12 minutes ago, TEFTONG said:

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."

Thanks for posting.

I'm happy with that statement. All actions seem sensible considering what's going on in the world. I hope DK has good news once he gets tested.

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plymouthranger

plymouthranger 3,855

Posted
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Just now, bluenoz said:

You really do talk nonsense. At no time in that article does it say the new investment has been cancelled. It does say it is on hold because of the coronavirus. Just like the whole world is "on hold" at the moment.

The investors were supposedly Hong Kong based. I mentioned in the thread on the boardroom chat that anybody from HK would likely not be as wealthy as they were 12 months ago due to the riots and turmoil over there, Coronavirus is only going to add to that. 
 

There’s not going to be any fresh investment for a long time, we’re going to need to sell the likes of Buff and Tav just to stay afloat 

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bluenoz

bluenoz 30,594

Posted
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1 minute ago, plymouthranger said:

The investors were supposedly Hong Kong based. I mentioned in the thread on the boardroom chat that anybody from HK would likely not be as wealthy as they were 12 months ago due to the riots and turmoil over there, Coronavirus is only going to add to that. 
 

There’s not going to be any fresh investment for a long time, we’re going to need to sell the likes of Buff and Tav just to stay afloat 

That may very well be true. 

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The Dude

The Dude 20,026

Posted
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4 minutes ago, bluenoz said:

You really do talk nonsense. At no time in that article does it say the new investment has been cancelled. It does say it is on hold because of the coronavirus. Just like the whole world is "on hold" at the moment.

So it's going ahead? 

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HG5

HG5 11,039

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5 minutes ago, Bears r us said:

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. 

I was concerned by the haste with which the named individual distanced himself from the deal after it was initially announced.

Obviously, people will have more on their minds than investing in football clubs at this particular juncture.

In saying that, it may well be quite a while before it becomes feasible (in all sorts of ways) to resurrect the idea of investing.

Hope I’m wrong.

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The Dude

The Dude 20,026

Posted
Posted
4 minutes ago, Redwhiteandblue said:

That's right,  I remember that game against celtic last week and beating Bayer Leverkusen 0-3...

Games have been postponed. The competition itself hasn't yet. 

When did Bayer Leverkusen join the Scottish league? 

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Bears r us

Bears r us 30,762

Posted
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5 minutes ago, HG5 said:

I was concerned by the haste with which the named individual distanced himself from the deal after it was initially announced.

Obviously, people will have more on their minds than investing in football clubs at this particular juncture.

In saying that, it may well be quite a while before it becomes feasible (in all sorts of ways) to resurrect the idea of investing.

Hope I’m wrong.

I never knew he had done that. :thinking:

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Blue Avenger

Blue Avenger 22,567

Posted
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11 minutes ago, plymouthranger said:

The investors were supposedly Hong Kong based. I mentioned in the thread on the boardroom chat that anybody from HK would likely not be as wealthy as they were 12 months ago due to the riots and turmoil over there, Coronavirus is only going to add to that. 
 

There’s not going to be any fresh investment for a long time, we’re going to need to sell the likes of Buff and Tav just to stay afloat 

Even Barca and Madrid announced they are tightening their belts, so I don't see much movement or high prices being paid with all the uncertainty and no guarantee football will even start in August.

 

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HG5

HG5 11,039

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8 minutes ago, Bears r us said:

I never knew he had done that. :thinking:

Site called Rangersnews.uk was running a story suggesting he was more ‘thinking about it’ than committed.

Think they’d lifted it from the rebel, so who knows about the veracity of it.

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Bears r us

Bears r us 30,762

Posted
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24 minutes ago, HG5 said:

Site called Rangersnews.uk was running a story suggesting he was more ‘thinking about it’ than committed.

Think they’d lifted it from the rebel, so who knows about the veracity of it.

Cheers mate. 👍

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