Rangers fans are thrilled with an update from Club 1872 which confirms the fan group has completed their first purchase of shares from ex-Ibrox chairman Dave King.
In a statement on the Club 1872 website, it has been announced that “this first purchase of 1,250,000 shares takes the Club 1872 shareholding to 5.12% – securing a crucial 5% shareholding again”.
It has also been confirmed that a flexible funding model, that could see them invest directly into the club, has also been agreed with King.
King’s decision to sell his shares to Club 1872 has divided opinion among supporters with many showing scepticism towards the former chairman’s motives and also concerns about the club not having a big-money investor who can pump money into the club.
But this latest agreement between Club 1872 and King has led to more optimism among Gers fans on social media, with one dubbing it as “a superb move“.
Here is a selection of their tweets:
Good news. Think more fans would be on board if we had a big drive and purchased extra shares from the club rather than buying off Dave King, but that’s only my opinion.
— Ruaraidh Morrison (@ruaraidh1985) January 5, 2021
This is a superb move.
Beforehand, I'm afraid that the optics didn't look good – Dave King was essentially competing with the club for our money.
This is far more agreeable, no issue with him making some money back
— Styoort. (@StyoorT) January 5, 2021
If only this had been discussed with the current board before the launch, optics would have been so much better. Good news however and a positive move.
— Craig Skinner (@craigskinner8) January 5, 2021
Doesn't change my stance. They have my backing 100% glad to see the money going direct to the club though
— TheGloriousBlueGuru (@GarM44505994) January 5, 2021
A sensible move, helps the club enormously.
Well done all involved 👏
— c_thebro2 (@old_skool2) January 5, 2021
This is pretty huge news! Great to hear!
— Bairdric (@Bairdric1) January 5, 2021
— Alexander McQuiggan (@AlexanderMcQui4) January 5, 2021
Fantastic news for the club and probably gets a few of the doubters on side as well. Also a really good way of showing goodwill to the current shareholders and board.
Top stuff 👏👏 https://t.co/dZHAFuK4BE
— Rossco (@rsjh0501) January 5, 2021
King’s decision means that Club 1872 can take part in any share issues should the board look to raise funds for the club, rather than simply sending the money they raise into King’s pockets.
It allays the concerns about the agreement helping King more than Rangers but ultimately, there are still going to be worries about the club not having a big-money backer as they have done in the past.
Sure, it’s great to be part of a fan-owned club. Who doesn’t want to have a say on what happens with the club they support?
But in a world where money in football is more important than ever, there is still reason for a bit of concern about this deal.
In other Rangers news, Michael Stewart has been blown away by this “wonderful” Gers star.