RANGERS’s plummeting share price has resulted in the club losing more than £16 million of its value as the club faces long-term austerity measures.
Since September, Rangers has seen its share price shorn drastically amid continuing concerns over the running of the club, despite an AGM last month that solidified the position of the current board.
Shares in the club closed at 31p yesterday, dipping as low as 30.4p before close of business. In September, the share price was 55p - 44.5 per cent higher than last night’s figure. The club’s current market value now sits at £19.9 million.
Fans who bought shares in the club in December 2012 have seen more than 50 per cent of their holding wiped off, as fans were originally offered 70p per share.
This is in contrast with Charles Green, who was able to purchase 5 million shares at a price of 1p in October 2012.
Chief executive Graham Wallace has signalled an end to what he said was lavish spending on the club at last month’s AGM, and is expected to reduce the club’s playing budget significantly despite their ambition to ascend to the top flight of Scottish football.