Sevco fans have raised a miserable £500,000 ahead of a proposed share issue.
With Dave King failing to pump in the £4m promised in the audited accounts the troubled company have had to turn to Close Brothers to keep the lights on until the end of the season.
In return for a loan of £3m the lender of last resort has taken the Albion Car Park, Edmiston House, the wifi, tellys and pie stalls as security.
Last year Club 1872 almost emptied the biscuit tin paying Mike Ashley 27p per share and are now furiously trying to raise funds to avoid having their shareholding diluted.
Our recent Armed Forces Day at Ibrox raised £4,837 for our Armed Forces Partnership with @Erskine1916 @AAVeteransSupp & @ChcGovan pic.twitter.com/1KavbaCzSP
— Rangers Charity (@RFC_Charity) September 25, 2017
Speaking to the Evening Times about Club 1872’s fund raising Laura Fawkes said: “We are delighted to have reached the half way point in our campaign to raise £1m to put directly into Rangers Football Club through upcoming share issues.
“This is a significant amount of money which will help us rebuild our club and we thank the supporters who’ve helped us get to this point after only four weeks.
“That said we still have a long way to go and we would encourage the thousands of Rangers supporters who are not yet members of Club 1872 to join us and help invest millions of pounds directly into Rangers.”
Last season Sevco ran up losses of £6.7m on a turnover of £29.2m meaning that the money raised so far by fans would be able to cover about four weeks losses.
Next week Dave King makes his appeal against the Court of Session decision to back the Takeover Appeal Board ruling that he must make an offer of 20p per share to existing shareholders.
Until that issue is resolved Club 1872 will be powerless to invest in their club with this season’s losses expected to match last years figure.
With the three bears no longer providing soft loans Sevco had no option but to turn to Close Brothers.
