Crisis club Sevco have been rocked by the resignation of director Norman Crichton.
The highly rated city high flyer joined the board a year ago and chaired the Investment Committee but with the club on the verge of administration Mr Crichton has decided to walk away.
During his 13 months at Ibrox Mr Crichton secured four emergency loans with just £3.13m raised, less expenses, from the September share issue.
In November last year the club announced: “Mr Crichton will chair a new Investment Committee of the board whose terms of reference will include overseeing capital projects.
“In accordance with Rangers’ Articles of Association Mr Crighton will be subject to re-appointment by an ordinary resolution at the upcoming Annual General Meeting of the Company on Thursday 19 December 2013.
“Mr Crighton holds a BA (Hons) in Applied Economics from his home city of Dundee and a MA in Finance and Investment from the University of Exeter.”
Crighton was believed to have been appointed by Laxey Holdings who held 16.3% of the shares in the club after pumping in £1m in the September share issue.
If Laxey are looking to get out of Ibrox it could have a disastrous effect on shares which were down to trading at 20 pence yesterday.
Sevco announced their accounts for the year to June 2013 and predicted that they would need £8m in January to see out the season.
With the head of the investment committee quitting and the share value tumbling the future of the club looks bleak with only continual loans from Mike Ashley likely to keep the club in business.