By Claire West
Rangers, the Scottish football club, today announces its intention to seek Admission to the AIM market of the London Stock Exchange.
Rangers intends to raise up to £20 million through an institutional investor placing and limited public offering.
The funds raised will be used for strengthening the player squad, improving and developing the Club’s properties and facilities, as well as providing additional working capital. It is anticipated that Admission will become effective before the end of the year.
Commenting on the announcement Charles Green, Chief Executive of Rangers, said: “From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the Company and provide our fans with the opportunity to invest in their Club. I am delighted that our plans are coming to fruition.
Rangers is debt-free and a huge club with enormous support and a 140 year track record of success on the domestic and international arenas. Our aim is to return the Club to its glory days whilst ensuring it is run efficiently and profitably.”