Football News

Rangers receive funding boost

Created on 19 Dec., 2012 9:36 AM GMT

Rangers have raised 27 million euros from their listing on the stock exchange, with trading due to commence on Wednesday.

The amount exceeded chief executive Charles Green's original target of 24.5 million euros, with over half the investment coming from fans.

According to the club, the funds will be used to strengthen the squad, improve facilities and take the club forward.

"This is an exciting time for everyone associated with this 140-year-old institution but we are just at the start of the journey," Green told reporters.

"We are rebuilding and Rangers will rise again and we will do so with the help of our fans and the institutional investors who are on board.

"This process has generated over 22 million pounds which has exceeded the figure of 20 million pounds that we set out to raise when we announced our intention to float the company on October 11, 2012.

"I would like to thank our supporters who stepped up to the plate when asked to buy season tickets earlier in the season and have done so again at a time of year when money is extremely tight."

Green, whose company bought Rangers for 6.75 million euros when the club was consigned to liquidation, is the re-formed institution's main shareholder, controlling close to 15 percent.

Newcastle owner Mike Ashley hold nine percent, while manager Ally McCoist bought a three percent stake and reportedly plans to purchase more.

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