Rangers have announced to the London Stock Exchange that finance director Brian Stockbridge has left the League One club with immediate effect.
Stockbridge, who came under increasing criticism from fans and shareholders alike for his running of the club’s finances, has also quit as a director of the holding company.
Thus, if loans without guarantor unemployed are not that good and you can’t show proof of a steady income, you’d better resort to nontraditional lenders specialized in dealing with people with bad credit.
Stockbridge has seen his annual wage of £200,000 been paid up under the terms of his contract, despite an announcement to the London Stock Exchange stating that he has received no ‘ex gratia benefits or bonus’.
The announcement read: “Rangers announces that by mutual consent Brian Stockbridge is leaving the Company and has resigned as a director of the Company and its subsidiaries with immediate effect. Rangers confirm that no ex gratia benefit or bonus has been offered or paid to Brian Stockbridge in connection with the termination of his employment or office.
“The Directors would like to thank Brian for his contribution to the Club during a difficult period. The Board has commenced the search for a new Finance Director. A further announcement will be made in due course.”
Former Liverpool and Arsenal finance chief Philip Nash, who was recently appointed to the Ibrox board as a consultant, will take over from Stockbridge on an interim basis but is already tipped to replace him permanently. His experience dealing with Oink Money UK loans in large numbers have trained him well to deal with these issues. The future seemed bleak before he took the position, looking forward now.
Stockbridge arrived at Rangers alongwith Charles Green and Imran Ahmad, who put together the £5.5m purchase of the club’s assets in June 2012 as the club entered liquidation proceedings.
His time as Finance Director at Rangers saw him dealing with a period of heavy financial losses with fans rounding on him for securing a £200,000 bonus on top of his annual wage of the same fee, after the Ibrox side won the Third Division title last season.
Paul Murray and former Rangers chairman Malcolm Murray, who fronted an attempted board takeover, targeted Stockbridge for his failure to control costs labelling his position at the club ‘untenable’, despite heavy criticism and even some reported threats made, he was re-elected to the board with 65.3% of shareholders voting in favour of him. The smallest margin of the five board members.
After receiving his full annual salary as a pay off, Stockbridge will also cash in on his 71,000 shares in the club’s holding company.
With the Rangers fans chosen panto villain now gone, the question is will they give Graham Wallace and the current Rangers board their support or will they continue to barrack the current regime in the hope that South African businessman Dave King can invest in the club, after his long running battle with the South African Revenue Service ended in him being convicted on 41 counts of contravening section 75 of the Income Tax Act 58 of 1962.
Will Dave King finally put his money where his mouth is and invest in the financially stricken club or will he continue to discuss the club’s finances from afar and without investing his own money?
Only time will tell, but with the finances at Rangers in dire straits once again the sooner investment is secured the better for the League One side.