Dave King has agreed to sell his Rangers share to Club 1872 should they be able to raise the funds to do so.
The former Bears chairman has claimed that this is to express his appreciation to the fans for their support during his time at the club.
Club 1872 are hoping to create over 20,000 legacy members, and each of those will retain a lifetime vote on shares held in the club.
It is suggested by Michael Seafarer on Twitter that Club 1872 will need to raise upwards of £13million to complete the transaction.
Should it be completed, Rangers would become a fan-owned institution in time for the 150th anniversary in 2022.
King released a statement which was shared by Sky Sports on Tuesday, sharing some of the reasoning behind his decision.
“I did this partly to express my appreciation to those supporters and supporter groups who actively assisted me in securing regime change and partly to ensure that all supporters retain an influential voice in directing the affairs of their Club,” he said.
It is worked out that each legacy member would need to contribute around £650 to raise the funds needed though – leading to some fans questioning whether it could happen.
Many Rangers fans have been split over the news, with some claiming it is “outstanding” while some believe it is unfeasible.
One common theme is that the majority are hoping that even without his stake, that King will stick around in some sort of capacity at Ibrox.
Ibrox News have picked out some of the best reactions below…
Fantastic gesture but hope he is still involved in some capacity 👍🏻
— David J Scott (@Davso23) December 1, 2020
Class but expected
— StephenHay (@HayRfc) December 1, 2020
It’s not as cut & dry as that. They still need to raise £13m to do this. They require 20,000 members. Have they really done enough to earn everyone’s trust, is our money entirely safe and in the right hands?
— G (@garryhood1872) December 1, 2020
Outstanding news .
— Ryan (@Ryan59226753) December 1, 2020
King not being close to the club makes me nervous to be honest.
— Chrissy (@Rangers_n01) December 1, 2020
Brilliant day, thank you Mr King
And thank you big Pete for backing Lennon, l couldn't be happier. !!!!
— 54 Titles and still going strong 🇬🇧🇬🇧🇬🇧 (@55Broxi) December 1, 2020
£650 per member 🤯 just don't see it happening
— Jamesy33 (@BurghBear33) December 1, 2020
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