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.

Rangers

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:

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.

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