James Easdale has walked away from the board of Sevco- ten days before the club’s EGM.
The decision was announced to the Alternative Investment Market one day before the February payroll with no clear indication that the club has the funds to pay the wages.
Mr James has been the more low key of the Easdale brothers with Sandy, who served a prison sentence for VAT fraud in the 1990’s more vocal in his defence of the company that runs the football club.
This morning’s AIM announcement stated: “Rangers announces that James Easdale has resigned from the Boards of the Company and Rangers Football Club Limited with immediate effect. He leaves Rangers having never received any remuneration, bonus or compromise payment during his time at the Club.
“He would like to thank all the fans and shareholders who supported him and wishes the club a speedy return to the top flight of Scottish football and beyond.”
Referring to the undignified actions at the AGM in December and campaign of abuse that he is suffered Mr James said: “I drew great comfort from the shareholder votes in my favour at the AGM on 22 December – almost 90%.
“However, it was clear that this cut little ice with the fans who attended Ibrox on that day.
“I personally feel to remain on the board even after securing shareholder backing once more would be a hollow victory for me without the fans’ support to help the club go forward.
“I also want to dispel any remaining doubt that I received any remuneration from Rangers. I did not. Instead, I chose to work for free to benefit the club.
“I want to see Rangers flourish again with both fans and shareholders working in harmony.
“To help achieve that objective, I think it is in the best interests of the club that I step aside and resign from the board of Rangers FC.”
One of the EGM resolutions was for Mr James to be removed from the board with his resignation an indication that the rebels have acquired more than 50% of the votes needed.
If the Dave King group takes control of the boardroom their first task will be to repay the outstanding loans and also find a Nominated Adviser to deal with AIM matters.
With only matchday income to work with alternative loans will be required instantly if the company running the club is to avoid administration.
Further announcements are expected ahead of next Friday’s EGM.
