Rangers' fan group increase shareholding amid war of words with Ibrox club
The fans organisation, who have been embroiled in a heated war of words with Rangers in recent weeks, have bought a further 2.25million shares at a cost of £450,000, taking their total to 22,202,838.
Club 1872, formed in 2016 with the backing of the Ibrox club, have an agreement in place with King to purchase his remaining shares as part of a long-term goal to secure a seat on the Rangers plc board, and a more direct influence over decision-making.
A statement from the group read: "Club 1872 is pleased to announce the purchase of a further 2,250,000 shares in RIFC Plc, taking our total shareholding to 22,202,838. This represents 5.13% of the total issued share capital of RIFC Plc and returns Club 1872 to the position of 6th largest shareholder.
"The shares were purchased for 20p per share at a total cost of £450,000 from New Oasis Asset Limited (Dave King’s family trust). This price represents a 20% discount on the most recent share issue of RIFC Plc.
"The year from December 2020 to December 2021 saw Club 1872 take in the largest level of donated funds for a single year in the organisation’s history – a remarkable achievement in such trying times.
"This is testament to the incredible dedication our contributors have for fan representation at Rangers and we thank them for their continued support."
The fresh investment comes against a backdrop of acrimony between Rangers and Club 1872 after the Ibrox outfit hit out at the group of shareholders last month, describing them as a ‘small rump’ who are ‘intent on causing damage to the club’.
Rangers were responding to a lengthy Club 1872 statement calling for ‘urgent dialogue’ with board members and accusing its executive management team of treating fans with ‘disdain’ over the now-cancelled friendly match against Celtic in the Sydney Super Cup.
Club 1872 branded the Australia trip ‘only the tip of the iceberg’, and highlighted discontent over a number of other issues including ticketing, merchandising and disabled facilities.
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