Club 1872 purchases more shares in Rangers as former Ibrox chairman stands for election to fans group's board
The supporters collective currently has just over 5 per cent of the shares in RIFC but its long-term target is to reach a minimum of 25 per cent, with former Ibrox chairman Dave King set to hand over his majority shareholding to the organisation in the near future.
A statement from the organisation read: “Club 1872 is pleased to announce that we have purchased a further 350,000 shares in RIFC Plc.
"This means that our members have provided £500,000 of funding to Rangers over the past few months and over £2m of funding directly to the club in the recent past – a remarkable contribution in extremely testing times.
"We would like to thank all our members for their ongoing commitment to ensuring that supporters retain a meaningful say in the major decisions affecting the club through a substantial block shareholding. We would also like to thank them for providing these vital funds to Rangers this year.”
King and Club 1872 struck a deal in December last year for the handover of his shares and the South African-based businessman doesn’t believe the club launching their own rights issue in a bid to raise £6.75m will create any problems.
He told the Glasgow Times: “"he position between myself and Club 1872 remains the same. They certainly want to acquire the shares over time and my understanding is their ambition remains the same.
"We had an agreement that because the club was raising funds for the first six months they would initially support the club, which they have done, and we’d suspend our agreement.
"My understanding is that from July 1, the agreement I have in place with them will continue and either they will raise the funds or they won’t. I guess it’s as simple as that.
"I haven’t yet seen the terms of the club’s offer but my understanding is that it would be at a higher price, which would make it less affordable for supporters.
"It’s not an issue for me because at the end of the day I can do this over a longer period of time.”
The purchase comes just days after former Rangers chairman Malcolm Murray was announced as one of three nominations hoping to secure a seat on Club 1872’s board.
Murray was chairman during the Charles Green era and had a hand in the controversial Sports Direct contracts according to King, who admitted he was baffled by Murray’s election bid.
"I’m surprised that Malcolm put his name forward, quite frankly. Because I just can’t imagine why supporters would vote for someone who was Charles Green’s man, who was the chairman of the club at a time when these Sports Direct contracts were entered into. He was chairman of the club when they delivered it into the hands of Mike Ashley,” King said.
"In addition, Malcolm Murray was a negative in all of the dealings I had in regime change and trying to get institutions on board.
"A lot of the work that he was doing behind the scenes was counter-productive to all of my efforts.
"The supporters must decide, it’s their decision. But I would be very surprised, given his history, if any supporter would vote for him."
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