Rangers Looking to Float on London Stock Exchange
October 11, 2012
Scottish football club, medic Rangers today announced its intention to seek Admission to the AIM market of the London Stock Exchange.
Rangers intends to raise up to £20million 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.
Since its formation in 1872, The Rangers Football Club has become one of the world’s most successful clubs, having won 54 League titles, 33 Scottish Cups, 27 League Cups and the European Cup Winners’ Cup in 1972. The Club’s loyal and sizeable supporter base, both in Scotland and around the world, enables the Club to boast one of the highest percentages of season ticket holders in the UK, with over 36,000 having been sold for the current season. Playing at the 51,000 seater Ibrox Stadium, which is Scotland’s only UEFA elite club stadium, and benefitting from the world class 38 acre Murray Park training facility, the Club has been a major force in Scottish football for decades.
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.”
Malcolm Murray, Rangers Chairman, added: “Charles has done a great job to bring the Club back from the brink of extinction. We now move on to the next stage which is full recovery and growth. The fans loyalty has been instrumental in getting the Club on its feet and the IPO gives them the chance to have a say on club matters.”