Crisis At Ibrox as Douglas Park walks away

A day after another debt for equity swap, Douglas Park has walked away from the Chairmanship of the Ibrox Tribute Act. He has also resigned as a director of the company.

When Dave King walked away in April 2020 the Lanarkshire based businessman stepped into the Chair as losses mounted up.

Park had been one of the Three Bears that teamed up with King in March 2015 to force change at the club but over the last couple of years King has been a very vocal critic of Park and the direction that the club has been moving in.

Last season’s run to the final of the Europa League should have stabilised the finances but a small loss was recorded despite record turnover.

Giovanni van Bronckhorst sold Calvin Bassey and Joe Aribo for close to £25m but was sacked after a disastrous Champions League campaign that included a 7-1 home defeat.

Yesterday Companies House announced emergency funding of £1.93m, just after 4pm today the club announced:

Douglas Park, who has been chairman of Rangers International Football Club PLC (RIFC) for three years, has decided to step down from his role. The RIFC Board unanimously agreed to instal the current vice-chairman, John Bennett, as the club’s new chairman.

Douglas became chairman of Rangers at the end of March 2020, assuming the role in the most challenging of circumstances. He became chairman at the onset of the Covid pandemic and went on to oversee Rangers winning its fifty-fifth Scottish League title; reach a major European final for only the fifth time in the club’s 150-year history; and lift the Scottish Cup for the first time in over a decade. Douglas also led significant investments in the infrastructure at both Ibrox and Auchenhowie.

Douglas said: “It’s been a great honour to serve the club as a director and chairman. During my eight years in office, we endured extraordinary pressures. I am glad we have stabilised and strengthened the club and it is now time for me to hand over the baton to a new chairman for the next stage in the club’s development. I look forward to continuing to attend matches supporting the team, and I wish John and all at Rangers Football Club the very best.”

Last year Season Ticket renewals were launched on April 11, unless Micky Beale can conjure up a surprise win at Celtic Park on Saturday that date is likely to be pushed back further into the month.