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Rangers insist funding plan is "well advanced" after Dave King exit

Rangers insist funding plan is
© Reuters
Douglas Park has been placed in interim charge of the board.

Rangers have declared their investment plan is "well advanced" after departed chairman Dave King claimed a new round of funding had been put on hold.

King confirmed his planned departure had been completed in a personal statement on Friday night.

Douglas Park has been placed in interim charge of the board.

The South African-based businessman said: "At my final board meeting in Glasgow on March 14, the board was close to finalising a new round of funding, however this has been put on hold while the board considers the financial consequences of the rapidly evolving global impact of coronavirus.

Dave King has stepped down as Rangers chairman
Dave King has stepped down as Rangers chairman (Jeff Holmes/PA)

"The subsequent severe developments within the sporting and general business environment – that have now resulted in global lockdowns – has necessitated that the careful financial planning assumptions presented on March 14 are revisited."

Rangers later announced John Bennett would be Park's deputy chairman and sought to reassure supporters over their finances.

A statement read: "RIFC is pleased to confirm that the funding plan announced at the recent AGM is well advanced, with significant investment already received and further commitments in place."

Rangers added that Bennett's "consistent investment in the club is set to continue, with further funding in the coming months".

Park said: "It is a privilege to take on this position at the world's most successful football club. We have experienced some difficult days but have emerged stronger than before.

"On behalf of the board of directors, I welcome the continued enthusiasm towards contributing to the future success of the company and club. We will make further public comment in due course."

Rangers forecast in November that they would need another £10million of funding before the end of the season after announcing an annual loss of £11.3million. King announced his intention to step down later that month.

Stuart Gibson, a Paisley-born, Japan-based businessman, has been in talks with Rangers over investing in the club.

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Olympic medal table header
CountryGold medalSilver MedalBronze MedalT
ChinaChina24141351
United StatesUnited States20231659
JapanJapan175931
AustraliaAustralia1431431
Olympics flagOlympic Athletes from Russia12191344
Great BritainGreat Britain10101232
Today's Olympic highlights header

Monday's key events


ATHLETICS
· There are no Brits in the women's 100m hurdles final, but Puerto Rico's Jasmine Camacho-Quinn, fresh from breaking the Olympic record in the semis, will hope to pip world record holder Kendra Harrison to gold (3.50am)
· The women's 5000m final also has no Team GB representation, but two-time world champion Hellen Obiri of Kenya will be looking to add an Olympic gold to her list of honours (1.40pm)

SAILING
· The women's skiff 49er FX (6.33am) and men's skiff 49er (7.33am) come to their conclusion, with Team GB involved in both medal races

FOOTBALL
· A place in the women's gold medal match is up for grabs, starting with an all-North American semi-final between United States and Canada (9am)
· Australia, who edged past Team GB's in a seven-goal quarter-final thriller, take on Sweden in the second semi-final (12pm)

CYCLING
· The track cycling schedule gets underway, with Team GB holding a particular interest in the team pursuit qualifying. Laura Kenny is part of the women's team (7.54am), while the men's team includes Ed Clancy (9.02am)

ARTISTIC GYMNASTICS
· The Gadirova twins Jessica and Jennifer will both take part in the women's floor final as they look to add to their team bronze (9.57am)

WEIGHTLIFTING
· Newly-crowned European champion Emily Campbell flies the flag for Great Britain in the women's +87kg, but faces stiff competition for medals from China's Li Wenwen and New Zealand's Laurel Hubbard (11.50am)

HOCKEY
· The women's hockey quarter-finals begin, with Team GB last up against Spain (1pm)

> Today's schedule in full
Todays Game Header Right
Tables
TeamPWDLFAGDPTS
1RangersRangers11003033
2Aberdeen11002023
3Hibernian11003213
4Hearts11002113
5Dundee10102201
6St Mirren10102201
7Ross County10100001
8St Johnstone10100001
9Motherwell100123-10
10Celtic100112-10
11Dundee UnitedDundee Utd100102-20
12Livingston100103-30

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