The new Sevco share issue has been given the backing of the Rangers Supporters Trust.
Despite finding no-one to underwrite the issue of almost 20,000,000 shares aimed at raising £4m, less expenses, to keep the club afloat till the turn of the year the under fire directors have been given a vote of confidence by the leading fans group.
The Rangers Trust own just 0.85% of the club shares but are ready to reinvest in a bid to delay the onset of administration.
A statement last night read: “As shareholders in Rangers International Football Club (RIFC) we have decided unanimously to partake in the upcoming open offer. This will be carried out using funds from our BuyRangers fan ownership scheme.
“Whilst we still have deep concerns about the current situation at the club, as a board we believe that given fan ownership is the raison d’etre of the organisation it is in our members interest to participate in the open offer to maintain our current shareholding.
“In order for the RST to continue its primary objective we urge as many fellow Rangers fans to join and contribute to our BuyRangers scheme from as little as £11.25 per month at www.therst.co.uk/buyrangers.”
Despite last week’s grim announcement and the failure to find anyone to underwrite the share offer neither club chairman David Somers or chief executive Graham Wallace, who used to work for Manchester City, have commented on the new share offer.
Since last Friday’s stock market announcement bad news has been pouring out of Ibrox highlighted by Sandy Easdale’s attack on key stakeholders in the club.
Hot on the heels of Mike Ashley paying £1 for naming rights to the iconic five star stadium, including the marble staircase and hallowed blue room, it has been announced that staff at the three club stores have been TUPE’d over to Sports Direct.
At the Court of Session in Edinburgh today former commercial guru Imran Ahmad, who negotiated the original Sports Direct deals, is attempting to ring fence £620,000 amid fears that the club won’t be in business to defend his claim against unfair dismissal.