Dave King has announced at the Ibrox AGM that he will be walking away from the club in the new year.
It seems that the past has finally caught up on the man described as a glib and shameless liar by a South African judge but who has been given the red carpet treatment by the Scottish football authorities.
After making a number of comments about the bleak financial conditions at this morning’s AGM King announced that he was bailing out.
BREAKING NEWS@RangersFC Chairman Dave King announces he will step down from the post in the New Year
More on @SkySportsNews
— Sky Sports Scotland (@ScotlandSky) November 26, 2019
Covering the AGM, before King announced stepping down the Daily Record reported:
New share issue in January
There will be a funding initiative for new shares that will deal with the money needed this season. King sees no need to continue the ad hoc investment and can sit down with an approved financial plan for squad. There is no longer a strategic need to incur losses. Funding initiative for new shares that will deal with the money needed this season.
King will leave just before the company finds out the extent of his long running dispute with Sports Direct which will land the club with a bill of many millions of pounds.
The departure of the club chairman will be a massive concern for Steven Gerrard who has been given record levels of money to spend and assurances that he didn’t have to sell any of his players- should anyone be interested.
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Earlier this year King was Cold Shouldered by the Takeover Panel, while he remains the major shareholder in the club it is impossible for any further share issues to be made.
