Green thanks fans for share interest

Published on 14/10/2012 04:14

RANGERS chief executive Charles Green has thanked fans for demonstrating their early support for plans for a share issue.

The Glasgow club announced on Thursday their intention to seek admission to the Alternative Investment Market of the London Stock Exchange in the hope of raising up to £20 million.

According to Rangers, funds raised will be used for “strengthening the player squad, improving and developing the club’s properties and providing additional working capital”.

Green, who values the Ibrox club at £25-30m, hopes to complete their admission to the AIM next month

Green said: “By close of business last night [Friday], Capita, the company handling share registration, had received registrations of interest in buying shares which, on completion, would be a very significant step towards us achieving our objective. Although these are registrations of interest at this stage, we find this a very encouraging early response, particularly since the registration process had only been operative for 24 hours.

“This is an early indication of interest but I would like to thank fans for the support they have given the process so far and we are pleased that fans have the opportunity to invest in the club. I think this shows once again that Rangers are a big club with a big support.”

Green’s consortium purchased the business and assets of the club for £5.5million after “oldco” Rangers were consigned to liquidation in the summer after several months in administration.

He added: “Now we are a debt-free business there is every opportunity for the club to be run efficiently, effectively and successfully.”