Desperate Sevco have given Club 1872 seven days to hand over their funds.
Dave King promised a £6m share issue this month to fund the Gerrard Revolution but has failed to come up with a prospectus or any type of documentation.
Despite being the second biggest individual shareholder (with 10.7%) in the debt-ridden company Club 1872 have been denied a seat in the Blue Room.
That shareholding largely came about by buying out Mike Ashley’s stake at 27p per share with funds currently standing at £960,000.
King has warned the in-house fans group that their shareholding could be diluted with the gullible today issuing a rallying call for fans to pump in more money just as they are shelling out for season tickets.
Club 1872 director Laura Fawkes told their website:
“We now have only seven days to confirm the level of our investment and we hope the Rangers support will respond over the coming days. This is a fantastic opportunity for supporters to invest directly into the club and see those funds help to build Steven Gerrard’s playing squad for next season.”
“In addition it is an absolutely vital investment for Club 1872 to continue to maintain or grow our shareholding to secure the club for future generations.
“99.9% of the six thousand or so small supporter shareholders will not be invited by RIFC to participate in this share issue. We would ask them and any other supporters who have not yet signed up to Club 1872 to do so before 14th June. Particularly via the annual donation option which will maximise our investment in this issue.”
Got to hand it to Dave King, he knows how to spot and play an opportunity.
– Stuffed @Club1872rfc full of useful idiots.
– Got them to pump over 6k fans for close to £20 a month.
– Watched it get close to £1m
– Gives them a week to hand it over for worthless shares.BRAVO!!!
— Fr. Paul Stone (@FrPaulStone) June 7, 2018
Club 1872 is officially a Community Investment Company but seems to be directly under the control of the Ibrox board- without having a boardroom seat.
After six months of fundraising they have managed to raise one third of the transfer fee quoted for Brighton reserve Connor Goldson who is in talks over a £20,000 a week four year contract.
In the highly unlikely event of the share issue going ahead ordinary fans that invested in Charles Green’s share issue in December 2012 will find their shareholding diluted.
King has failed to come up with the £11m UK escrow account required to comply with the ruling from the Court of Session and Takeover Appeal Panel.