Rangers issue 5 million new shares in January, Ibrox cash boost as Gers announces Dave King

Another five million shares were issued in the Rangers holding company – at a cost of £ 1.25million.

The shares of Rangers International Football Club Ltd were allotted on December 23 and were bought at 25 pence per share.


5 million additional shares were issued.
The transaction, completed in December, was filed yesterday


The transaction, completed in December, was filed yesterday

It is not known exactly who made the purchase, but the shares were all sold for cash.

The news came in the form of a post on the Companies House website naming ex-chairman Dave King as someone who had ceased to exercise significant control, with a date on the register of June. 2021.

Match days and non-match days revenue for the fiscal year ended June 2021 fell by more than £ 12million and deficits have been blamed on the impact of the Covid pandemic.

Rangers announced in November that they had to borrow funds of £ 7.5million by the end of the season.

They msuffered heavy losses of £ 23.5million in the past fiscal year and cited the Covid-19 pandemic to have hit the club’s pockets hard – with chiefs also noting £ 5million in spending for Ibrox , the club’s training center and the ambitious Edmiston House renovation project.

The sale of Nathan Patterson has generated “hefty record transfer fees” for the club with the promise of more down the line.

?? Follow our LIVE transfer blog for all the latest updates in the window

The Gers also sanctioned the recent spending of new manager Giovanni van Bronckhorst and pledged to give him a budget to strengthen in January.

Yesterday, the Dutchman bought James Sands on an 18-month first loan from New York City FC, with an exclusive call option.

Retaining the title is crucial, with a guaranteed prize pool of £ 30million for the Scottish Premiership winners this season.

It was revealed last month that former Gers chairman King wants a sensational return to the Rangers board.

SunSport revealed that the former president had notified the Ranger hierarchy of his explosive intentions.

Former Gers president King voted AGAINST Graeme Park’s re-election to Ibrox’s board at the club’s AGM.

Former Ranger Chief Dave King


Former Ranger Chief Dave KingCredit: PA
Dave King ceased to be a person with significant control


Dave King ceased to be a person with significant control

President Douglas’ son returned to the club’s board of directors after securing the support of 81.1% of shareholders at the annual general meeting in December.

But he did so with far less support than Vice President John Bennett and Director Alastair Johnson, who were elected with 100% and 98.5% of the votes cast respectively.

And this is because, as the Glagow Times, King used his 15.45% stake in RIFC plc – held through New Oasis Asset Limited – to vote AGAINST the second resolution and Park’s election to the board of directors.

Keep up to date with ALL the latest news and transfers on the Scottish Sun football page

Rangers-linked James Sands replaces Italian legend Andrea Pirlo as local youngster makes MLS debut

About Janet Young

Check Also

How does home insurance and escrow work?

Our goal is to give you the tools and confidence you need to improve your …