Douglas Park’s sudden exit leaves major Rangers finance questions unanswered – Keith Jackson
Douglas Park’s sudden Rangers departure has left new chairman John Bennett with key financial questions to answer, according to Keith Jackson.
The unexpected changing of the guard on Tuesday (4 April) saw the occupant of the top seat in the Rangers boardroom exit stage left without much in the way of explanation, at a time when the club’s accounts are late at Companies House, and a day after 7.7million shares were issued worth £1.925million.
That now leaves Bennett, who Jackson describes as “fairly impressive”, as the man who could provide much-needed answers where his predecessor left only questions, over why that investment was required just months after selling Calvin Bassey and Joe Aribo for big fees and at a time when European money was coming in, as well as what is going in with the accounts delay that could be set to land the club with a fine.
In his Daily Record column on Wednesday (5 April), Jackson said: “Bennett speaks well and comes across as a more progressive, credible figurehead. Like Park, he’s also ploughed a small personal fortune into rebuilding the club’s stature since the days of Charlie and the Bandits running riot in the boardroom.
“Having waited for this opportunity Bennett must now walk the walk and perhaps he can start by explaining exactly why the chairmanship has swapped hands at a moment in time when the club’s latest accounts have not been filed on time with Companies House.
“The Rangers Football Club Limited – aka the football board – was supposed to have this paperwork signed off in Edinburgh by March 31. This, of course, may be nothing more than an oversight punishable by a minimal fine.
“But, given that the numbers involved relate to the financial period ending June 2022, it is difficult to fathom why on earth they are still to be submitted.
“While the majority of Rangers supporters will be a great deal more concerned about what goes on behind the doors of a lock-out at Celtic Park this weekend, there will be plenty of others who would appreciate some sort of honest explanation for this delay.
“And especially now that Park has suddenly disappeared into the distance, without stopping to tell them why on his way out of the door.”
Secrecy
There may be nothing to worry about behind the scenes with the financial situation at Ibrox, but if so then there would be no reason not to be more transparent on these issues.
Rangers are far from the only club who have apparently not provided their accounts at Companies House, with Chelsea another whose filing is late [Kieran Maguire via Twitter, 5 April], and a minor fine is not the end of the world, but when millions of new shares have just been issued it invites speculation over what is going on.
And Park’s exit in itself may be simply coincidental but when significant things are happening at the same time, and no information is provided about why it isn’t exactly ideal.
When the financial power to operate in the transfer market this summer is a going concern in the mind of most fans, and no doubt manager Michael Beale too, since Celtic need reeling in still it is a situation that could do with some explaining.
The hope will have to be that Bennett is more forthcoming than Park has been with public communications, and that the club are well placed to continue the project under Beale.
But fans could be excused for feeling somewhat bewildered by major moves behind the scenes.
In other Rangers news, the club are in the dark over what impact a Champions League winner might have now had on a transfer they very much want to get done this summer.