Kieran Maguire explains latest Rangers share issue
Football finance expert Kieran Maguire claims the latest share issue at Rangers may have been due to fan group Club 1872.
Earlier this week, Maguire took to Twitter to share a document from Companies House which showed a further 2.15million shares being issued, valued at 20p each.
He was “uncertain” about what the share issue was for.
Rangers issue a further 2.15 million shares at 20 pence each. Uncertain if fresh cash or converting loans to shares pic.twitter.com/YO1fYp79Ry
— PriceOfFootball (@KieranMaguire) April 19, 2021
However, after doing his digging, Maguire says that the most recent share issue could have been down to Club 1872.
Rangers have regularly issued shares in recent months and Maguire claims that could be down to fans telling the club they don’t want repayments, they want shares.
“Rangers have been making share issues on a regular basis over the last 12 months and trying to get the exact details has been a bit confusing,” said Maguire on the latest episode of The Price of Football podcast.
“Rangers are champions of the SPFL and deservedly so because they played the best football and that’s something that’s good, it’s nice to see rewards for clubs that play the best football as oppose to an invitation-only tournament. But the club is losing money and therefore it does need financial assistance.
“Effectively every six to eight weeks, we’re seeing more shares being issued. Sometimes it’s the existing lenders, who tend to be Rangers fans, saying, ‘you owe us a load of money but tell you what, don’t repay us, give us shares instead’.
“This most recent one, I think it’s Club 1872, who are a fan group who are trying to buy 25 per cent of the club from the former chairman Dave King.
“They’re going through various fund-raising routines and trying to get fans to commit to pay a monthly amount and they can use this to buy more and more shares.”
Maguire hopes Club 1872 succeed in buying out King’s shares at Ibrox.
However, he wants the ex-chairman to decide to give the fans’ group more time if they need it to stump up the funds.
Maguire added: “I wish them all the best in this, it’s a lot of money they’ve got to raise but they do seem very committed, they do seem very organised.
“Whether they will achieve it or not, time will only tell and if it takes them a little bit longer than they originally anticipated, I fervently hope Dave King does the right thing and says, ‘I’ll give you a bit more time’.”
It’s not quite ‘Admin 2’ levels but Rangers do need to balance their books in the coming months after posting a loss of just over £15million last year.
We’ve seen players linked with moves away from Ibrox and we haven’t really sold anyone for that high a price in a long time.
Steven Gerrard does have a number of high-value players in Ryan Kent, Alfredo Morelos, Joe Aribo, Glen Kamara and James Tavernier and Stewart Robertson has hinted that a couple of sales will need to start happening every summer to offset losses.
It’s a harsh reality we’re going to have to come to terms with in the coming months and there’s going to be a lot of rumours that we aren’t going to want to read.
Out of those aforementioned players, it’s hard to say who we think is the easiest to sell.
Honestly, Tavernier is probably the one who stands out most because Nathan Patterson is breaking through and performing incredibly.
But how do you justify getting rid of the captain who’s scored so many goals this season and who will lift the Premiership trophy in a matter of weeks? You just can’t.