LONDON (Alliance News) - Rangers International Football Club PLC Friday said Executive Director Philip Nash has resigned from the board, with immediate effect.
"The board would like to thank Mr Nash for his significant contribution to the company during what has been a particularly challenging period," the company said in a short statement Friday.
The news comes weeks after Mike Ashley, founder and director of Sports Direct International PLC and owner of Newcastle United football club, demanded that two directors of Rangers International FC's board are removed, including Nash and Chief Executive Graham Wallace.
In a statement on October 8, Rangers said it had received a notice dated October 7 from Ashley that stated his investment vehicle MASH Holdings Ltd holds nearly 4.3 million Rangers shares, equating to 5% of the voting rights. MASH "required" that Rangers call a shareholder meeting for a vote on the removal of Wallace and Nash, it added.
Ashley's intentions towards Rangers remain unclear.
Shares in Rangers International FC were trading down 2.4% Friday afternoon at 20.50 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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