Douglas Park leads £6.5m Rangers investment plan

Park is reported to have joined up with fellow businessmen and Rangers fans George Letham and George Taylor in a bid to offer to underwrite the new shares issue agreed at the club’s recent AGM.

CONNECT WITH THE SCOTSMAN

• Subscribe to our daily newsletter (requires registration) and get the latest news, sport and business headlines delivered to your inbox every morning

• You can also follow us on Facebook, Twitter and Google +

The bid has been made independently of Dave King, who was blocked by the board from investing £16 million earlier in the season.

A spokesman for the group said: “We find it disturbing that Resolution nine, which would have made it possible to issue shares for cash to new shareholders, failed to gain approval.

• Former Rangers director Dave King faces tax probe

“Everyone knows the company is in dire need of fresh and significant investment and yet shareholders represented on the board decided to vote against investment from new shareholders.

“Presumably, they believed the SFA would clear the way for Mike Ashley to increase his holding but we now know that this was not approved. The SFA would have been aware there is a credible alternative and we would like to make sure the fans are aware of that, too.

“Our offer was based on Resolution nine being passed, but this was blocked. However, as existing shareholders we still believe it should be possible for us to gain a significant holding and are ready to invest in a new share issue.

“Our money is in place, proof of funding has been shown to the chairman and the company’s nomad. We are trying our best to do what is right for Rangers and the supporters.

“Why on earth would anyone not want a hugely successful businessman like Douglas Park involved?”

• SFA blocks Mike Ashley bid to up Rangers stake

Chris Graham of the Union of Fans, told the Daily Record that he hopes the Ibrox board will accept the offer. He said: “This is the first piece of good news we’ve had in a while and the only concern remains is the board still have to deal with the offer and accept it.

Douglas Park is a highly successful businessman who founded Park’s motor group and was reported in the Sunday Times Rich List as having personal wealth of £78 million.

SCOTSMAN TABLET AND IPHONE APPS

• Download your free 30-day trial for our iPad, Android and Kindle apps

• Keep up to date with all aspects of Scottish life with The Scotsman iPhone app, completely free to download and use