Business World

Saturday 30 August 2014

Rangers raise £22m on market return

Published 20/12/2012 | 05:00

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Ibrox Stadium. Photo: PA

TROUBLED Scottish football club Rangers raised just over £22m yesterday, after it returned to the stock market following an 11-month hiatus.

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The club had been traded on London's 'Plus' market until January, but its shares were suspended after it failed to file accounts on time.

The club made £22.2m (€26.7m) in yesterday's listing on the AIM, and will use the funds to help support itself into the future.

Rangers have been mired in financial problems for more than a year. The club fell into administration amid accusations of tax irregularities in May 2011. The assets were subsequently bought by Charles Green after Rangers Plc went into liquidation.

The club was saved, although the fact that it was a 'new' club, meant it had to start this season in the fourth tier of the Scottish league.

The club raised £17m from large institutional investors and the remainder from smaller investors, including fans of the Glasgow club.

Club manager Ally McCoist paid tribute to the fans who had bought shares.

"I think is absolutely staggering. In the lead-up to Christmas, when finances are tight at the best of times, in a recession, for our supporters to go into their pockets and come up with that money is another incredible show of support for this football club," he said.

Shares in the club were up 9pc yesterday, at 76.5 pence.

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