It's been banished from the Scottish Premier League, stripped of its league title, and sent plunging into administration, but Rangers Football Club still thinks it can win on the stock market.
The club now in the Scottish fourth division after debts of £135 million and tax liabilities saw it endure a dramatic fall from grace intends to raise £20 million from an AIM flotation.
That money will be used to buy better players and provide “working capital” said the statement today.
Charles Green, the chief executive fighting to turn around the club, said: “From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the company and provide our fans with the opportunity to invest in their club.”
Green bought Rangers’ assets out of liquidation for £5.5 million.
The history of football clubs on the stock market is far from glorious, though it was fashionable for them to float for a period in the Nineties. In 1996 Singer and Friedlander launched a football fund to capitalise on the fad. Results were poor and it was shown the red card in 2001.
Rangers’ float is being led by Cenkos Securities. It will happen “before the end of the year” said the statement. Fans who want to register an interest can do so online at rangers shareoffer.com.
