The Courier & Advertiser (Angus and Dundee)
Dave King reveals plan to step down as Gers chairman
AGM: Ibrox chief says club no longer needs him after five years of progress
An emotional Dave King claimed Rangers can now abandon their “ad hoc” approach to funding as he announced he’s stepping down as chairman.
King expects to leave his role within four months after expressing “satisfaction” with progress made in almost five years at the helm.
The South Africa-based businessman shocked many shareholders at the Rangers annual general meeting by announcing his intention to quit, just as the club appear to have mounted a credible challenge to rivals Celtic.
But he claimed Rangers no longer needed him after moving beyond the “crisis” he and his allies found when wresting control of the boardroom in March 2015. King, who lost £20 million when oldco Rangers collapsed, stated he had entered the fray “extremely reluctantly” when asked to help remove the previous regime.
He said in a speech: “The hard work of recovery is now done and I intend to step down from the board in the new year as soon as the new funding round has been concluded by the sub-committee and the new devolved operating structure for the club that was approved yesterday has been fully implemented.
“I estimate that will take about four months. I now look forward to paying more attention to my South African and international businesses and to having
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I would not step down if the club continued to need my services and support. But it doesn’t. DAVE KING
time to work with my children as I had intended before my duty to Rangers put that plan on the back burner.
“The South African economy is very tough at the moment and it’s time I redirected attention to private affairs. I would not step down if the club continued to need my services and support. But it doesn’t.”
King, who appeared close to tears on receiving a standing ovation, had earlier highlighted what he claimed were the board’s biggest achievements, despite admitting “satisfaction” was a surprising word to use after incurring combined losses of £25m over two years alone.
King highlighted £30m investment in players in three years, investment in the stadium and training ground, progress in the Europa League and building a team capable of challenging for the Premiership title.
“So, purely on the basis of this team performance and the resultant European and improved commercial income, I believe the value of our company, since regime change, has increased by more than the accumulated losses that we have incurred,” he said.
But he also valued Rangers’ squad at a potential £103m after consulting Gerrard and sporting director Ross Wilson. He said: “This exercise validated my own information that the losses we have incurred have been well spent.”
King also claimed the club is on the verge of moving beyond a situation where board members and other shareholders plugged losses on an ad hoc basis.
He said: “I cannot overemphasise how stressful that has been for me personally and to my fellow directors on the board as we had to juggle our personal finances to make funds available to the club at short notice.”