Dave King has walked out of Ibrox without raising a penny from his long proposed share issue.
Friday night announcements have been a feature of his five years in charge of the troubled club with the world-wide pandemic being used as a shield to excuse his lack of investment.
At the club AGM in November the accounts highlighted an expected shortfall for the season of £10m with King promising a share issue to cover that amount. The following month Alex Rae confirmed that investment was on its way.
No new signings were made in January with King twice the victims of robbery within the space of 10 days. Now his bad luck has continued as he takes 14 days self isolation after a business trip to the UK last week.
Covering King’s statement STV reports:
I thank all of my colleagues for the time and effort they continue to devote to our club – particularly when they are all dealing with their own family and business concerns arising from the virus.
It is unfortunate that my stepping down has coincided with the crisis but I am relieved that our club has such stalwarts in place to deal with whatever comes our way.
I considered the possibility of extending my time as chairman until the virus 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.
With Douglas Park now in place as chairman the focus is now on the Lanarkshire businessman to keep the club solvent after King approved the heavy spending and failures of Steven Gerrard.
The statement came from King, the club hasn’t commented.
Full statement from Dave King confirming his departure from the Rangers board pic.twitter.com/8JF5KEZMGJ
— Andy Newport (@AndyNewportPA) March 27, 2020