Summary:
The Rangers board has resigned after the club's chief executive was forced out of the club.

Full article:
Rangers director Philip Nash has resigned from the Ibrox board, the club has announced to the Stock Exchange. The former Liverpool and Arsenal financial chief was brought in by Light Blues chief executive Graham Wallace in January to help solve the club's ongoing cash crisis. But he has now decided to quit before Newcastle United owner Mike Ashley - who holds a 8.92 per cent stake in the club - forced him out. Philip Nash has resigned from his position as director from the Rangers board . The Sports Direct tycoon has called an emergency shareholder meeting to vote on removing both Wallace and Nash from the board. The stock exchange statement read: 'The Company announces that Philip Nash has resigned from the Board of Rangers ('Board') with immediate effect. Newcastle owner Mike Ashley called an emergency meeting to vote Nash and Graham Wallace off the board . 'The Board would like to thank Mr Nash for his significant contribution to the Company during what has been a particularly challenging period.' Wallace had favoured striking a £16million rescue deal with former oldco director Dave King but found his efforts blocked by Sandy Easdale, the football board chairman who controls 26 per cent of the club's shares. In an earlier stock exchange statement, the Ibrox board vowed to defend Wallace and Nash against Ashley's bid to oust them but questions now hang over the chief executive's future .