Barry Ferguson has reassured Ibrox fans that Douglas Park will ensure that the Ibrox club will see out the current storm.
After five years in the background the Lanarkshire businessman was thrust into the spotlight on Friday night when Dave King walked out on the club without delivering on the share issue and funding that he detailed to shareholders at the November AGM.
Park has helped underwrite the losses of the last five years in return for shares which are now virtually worthless. When King took over in March 2015 the club had 81 million shares, that has now mushroomed to 261 million shares.
A £10m shortfall for the season was projected in the accounts which didn’t cover pay-outs to Sports Direct and Hummel/Elite for contracts broken by the King regime.
Regardless of the red flags Ferguson told Daily Record readers:
I was surprised that Dave King left in the midst of the coronavirus (pandemic) but what I will say is that the guy who has taken over from him, Douglas Park, I know him pretty well and he’s shrewd businessman.
He knows how to work a business so I think Rangers are in safe hands under the leadership of Douglas Park. It’s certainly worrying times but they have the right guy, he has ran successful business for 40 years.
I know it will be a trying time but when I saw him being named chairman it settled the nerves a wee bit, knowing what type of businessman he is, knowing what type of guy he is. I think Rangers will be fine and they’ll ride this storm out.
He wouldn’t take the job and wouldn’t be writing cheques for the last couple of years if he didn’t have the finances to put into the club. He is a wealthy, successful businessman.
I know his businesses now will be taking a hit but I would think he would have a decent personal fortune to put into the team he has always supported.
When I was playing he travelled everywhere to watch us with his two boys so I know how much of a Rangers fan he is.
[ad_pod id=”rezonence”]
Since a statement on the club website on Friday night at 10.20 Park hasn’t made any further comment. He made no reference to King’s sudden departure. The former chairman remains the biggest individual shareholder in the club with a holding of 25.58%.