Rangers take action that could raise up to £4m – report
Rangers have reportedly issued 19 million additional shares in a move that could generate £4million in cash for the club.
According to The Scottish Sun, 19 million shares valued at 20p have been issued in order to attract further investment.
Real estate magnate Stuart Gibson put £5million into the club last month, becoming the fourth biggest shareholder in the process.
The report suggests that it remains unclear as to whether any of the existing investors, including the current largest shareholder Dave King who owns 22%, will take the option to buy up further shares.
As a result of the COVID-19, a number of clubs have faced financial uncertainty and the hope is that the move will bring in further cash.
Currently, Douglas Park owns 13%, George Taylor owns 10%, Gibson owns just over 8% and fan group Club 1872 own a 5% stake.
Difficult situation
Rangers are no strangers to financial issues after being forced into liquidation in 2012, and subsequently being relegated to the fourth tier of Scottish football.
However, the current situation appears to be a measure aimed at generating some cash during a period where fans have been unable to attend matches for an extended period of time.
While Scotland has not announced it will be going into lockdown with the rest of the UK, it remains unclear when fans will be able to return to the stands with the country adopting a five-tier restriction system this week.
As reported by the BBC, talks between the Scottish government and the football authorities were set to take place but given the ever-changing situation, planning is very difficult for clubs.
In terms of the impact on the pitch, this should not have a direct impact on Steven Gerrard and his squad, who are now nine points clear at the top of the table. Whether there will be money to spend in January remains unclear though.
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