Rangers launch £6.75m share issue to “future proof” club
Funds: Stewart Robertson (pic: SNS Group)
Rangers have launched a share issue for fans in a bid to raise £6.75 million to “future proof” the club.
Supporters can invest from a minimum of £500 up to £100,000, with an 11 June deadline for pre-registering their interest.
The shares will be issued by Rangers International Football Club and provide subscribers with the same rights as the current owners, including voting rights on a one-vote-per-share basis and the right to attend the AGM.
Shares will be made available through the investment platform of Tifosy Capital & Advisory as the arranger and authorised offeror of the share offering.
In November, the club said it would need £23.2m in fresh funding by the end of next term after posting a loss of £15.9m for the year to July 2020.
Chairman Douglas Park said: “Rangers has been here for 150 years and it’s vital that we future-proof the next 150 years. The club has to be put in the best possible position and, by widening the ownership to a broader base of like-minded supporters and shareholders, we feel it helps put the club on an even stronger footing going forward.”
Managing director Stewart Robertson added: “Funds raised will be applied to projects designed to accelerate the financial sustainability of Rangers Football Club, including investing in the new Edmiston House multi-purpose venue, developments at Ibrox Stadium, the acceleration of Rangers’ digital transformation strategy and the club’s international expansion.
“As a club, we will continue to drive our brand in the European and international arenas.
“We are indebted to our fan base both domestically and across the globe and know they are the foundation of all our future developments.”