Rangers released a shock statement earlier on Tuesday which revealed that John Bennett will be the new Chairman at Ibrox.
Douglas Park has decided to step down from his role as Chairman – which he has performed for the past three years – with the remaining board members unanimously agreeing to name Bennett as his replacement.
The 59-year-old has previously acted as Vice-Chairman during Park’s time at the helm.
In light of this news, many have asked about Bennett’s net worth – while those figures cannot be found at this moment in time, we can take a look at how much he has invested into Rangers personally.
How much John Bennett has invested into Rangers
Well, Bennett spoke about his investments at the Rangers Annual General Meeting (AGM) back in December, in which he revealed that he has injected £23m of his own fortune into the Gers.
MORE RANGERS STORIES
Bennett said: “The outstanding loan on the seven-year facility, which now has six years to run, is £8m. It’s the same rate as last year, which is six percent.
“Can I put that in a wee bit of context just on my own personal commitment to the club. Some of my loan has been converted to equity, £500,000. I’ve since then bought shares, so I’ve gone to 5.1 percent of the equity.
“I’ve also in recent weeks given the club a £10m overdraft facility at five percent. So my commitment is now £23m.”
Speaking about his move from Vice-Chairman to Chairman, Bennett told the club’s official website: “On behalf of all my colleagues, and indeed the entire Rangers family, I want to sincerely thank Douglas for his eight years of service. Over the last three years, he led the club during exceptionally challenging times.
“It’s a source of great comfort that Douglas, although no longer a board member, will be by our side to support us in our relentless pursuit of success.”
As you can see – despite his decision to step down – Park will still be helping Bennett and others in the boardroom at Ibrox when it comes to decision making.
Hopefully, the move works out for all parties, and Bennett can oversee a smart summer of recruitment which steers Rangers towards the Scottish Premiership title next season.