Dave King has stepped down as Rangers chairman after South African authorities forced him into self-isolation, scuppering his plans to stay on during the coronavirus pandemic. The Johannesburg-based businessman had intended to delay his departure to lead the club's response to the global crisis, but was ordered to quarantine for 14 days upon returning from a board meeting in Glasgow.
Deputy chairman Douglas Park will chair the board on an interim basis, with a permanent successor to be elected at the next board meeting. King, who announced his intention to step down at the club's AGM in November, said the South African government's lack of financial resources meant he must focus on his businesses in the country, which are significantly impacted by the pandemic.
King's departure comes as Rangers face a £10 million shortfall in this season's budget. A planned new round of investment, reportedly involving Far East businessman Stuart Gibson, has been put on hold while the board assesses the financial consequences of the coronavirus outbreak.
King confirmed that the club has formed a task team comprising executive management to navigate the crisis, reporting regularly to the board of Rangers International Football Club Ltd. The priority is to ensure employee well-being while working with clubs, associations, and government to mitigate the emotional and financial impact.
King thanked supporters, management, and the board for their support during his five-year tenure, which saw the club move beyond the financial difficulties of previous years. He expressed regret that his departure coincides with the pandemic but said he is relieved the club has capable leaders in place to manage the situation.
