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Paul Murray to be Rangers chairman until King ruled fit and proper

Dave King will delay taking Ibrox throne until Scottish FA approve bid to take power at Rangers.

Paul Murray: Former Rangers director hopes a CVA will happen.
© SNS Group

Paul Murray will appointed Rangers chairman until Dave King is ruled a fit and proper person to take charge.

King has announced he will delay taking the Ibrox throne so the stock exchange and Hampden chiefs can fully vet his bid to become Rangers chairman.

The former oldco director has already announced he is set to claim a "landslide" victory when shareholders vote out the current board on Friday.

His announcement came after it was revealed trading in Rangers shares were suspended following a move by its nominated adviser (Nomad) to quit.

WH Ireland resigned with immediate effect on Wednesday, stating it does not believe it can properly "satisfy its obligations"

It is a further indication that King is a step closer to winning his boardroom battle to take control at Ibrox.

King had himself said that if he was successful in becoming a director after Friday's EGM, that he would remove WH Ireland as Nomad and appoint his own.

If a new Nomad is not appointed within a month then Rangers will be struck off the stock exchange.

Before starting his reign, the Johannesburg-based businessman has confirmed he will let the Scottish Football Association and regulators from the London Stock Exchange determine if he is the kind of fit and proper person they want in charge of the Glasgow giants.

Former Blue Knight Paul Murray will be installed as interim chairman while King sets about proving his worthiness.

King will be grilled on his previous dealings with the South African Revenue Services (SARS), in which he was ordered to pay £44m in 2013.

SARS claimed King owed £149m but he was spared jail after accepting liability for 41 lesser charges in relation to income tax laws.

King said in a statement on Wednesday night: "An important issue that was repeatedly (and correctly) raised by the previous board is the need for the regulators to be given time to complete the necessary due diligence on myself - given my intended role as chairman of the company.

"However, engagement with the regulators can only commence at the specific request of the company and that process can only be initiated on conclusion of the general meeting.

"It is important that I lead by example following my commitment to transparency and accountability. I will therefore delay acceptance of my appointment as director until the regulators have completed due process.

"Paul Murray has agreed to act as interim chairman of the company until this process has been concluded. Additional board appointments will be announced in the near future."

Friday's crunch EGM, which will determine the future board in power at Ibrox, is expected to still take place despite the suspension of trading in Rangers.

Former chairman David Somers and former director James Easdale both stepped down from their roles in recent days as the battle for power intensifies.

Chief executive Derek Llambias and finance director Barry Leach are the only incumbent board members but are expected to be overthrown on Friday.

Stock Exchange bosses halted the sale of Rangers International Football Club PLC stocks at 4pm after its nominated adviser WH Ireland quit.

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