Rangers chief exec quits

Posted Saturday, June 25, 2011 by YAHOO Sport

Martin Bain resigned as chief executive of Scottish champions Rangers on Friday after confirming he intended to take legal action against his old employers.

A statement to the London Stock Exchange said: "The board announces that Martin Bain has resigned as a director and employee of the company with immediate effect."

Both Bain and fellow Rangers director Donald McIntyre were suspended by the club last month pending an internal inquiry.

That followed the removal from the board of chairman Alastair Johnston and director Paul Murray following Craig Whyte's takeover of the Glasgow giants.

Whyte had been quoted as saying there was "no need" for a chief executive following the recent appointments of Gordon Smith as director of football and Ali Russell as director of operations and commercial activity.

"Ali is more on the commercial side, looking for new deals and so on. With him doing that and Gordon on the football side, we've got most things covered."

Bain, in a statement issued Monday, said: "I would like to thank everyone for their messages of support and for those in the wider Rangers family who have expressed their disappointment in the way my situation has been dealt with.

"Serving RFC (Rangers Football Club) for the last 15 years has been a privilege and although we have had tough times I have always had the loyal support of our fans and supporters.

"It was not pleasant for me or my family to read in newspapers that I had been replaced and never to return to the club I have served with pride.

"However, I will now hand matters over to my legal advisors.

"Those responsible will have the opportunity to explain what they have done and why in court."