Club 1872 are ready to sink another £500,000 into Ibrox just months after seeing their shareholding diluted from 11% to under 6% by the current board of directors.
The fans group have provided regular financial support to the board, famously handing over more than £1m along with Julian Wolhardt to Mike Ashley in 2017 with the Sportwear tycoon walking away with 27p per share after paying 1 penny per share when the club was launched by founding father Charles Green in 2012.
While Wolhardt was given a seat on the board Club 1872 have been kept at arm’s length since Chris Graham lasted less than a week with blazer and brogues.
Members will shortly receive an email regarding a proposed, major share purchase of 2.5m shares in RIFC. If passed this will result in £500,000 going into the club and Club 1872 returning to 4th largest shareholder. Please log into your account to vote.
— Club 1872 (@Club1872rfc) 28 October 2019
Despite their shareholding the current directors- King, Alastair Johnston, Graeme Park, James Blair, Douglas Park, John Bennett, Wolhardt and Barry Scott- have refused to give Club 1872 a seat on the board
In January costs that will run into ‘many millions of pounds’ are to be paid to Sports Direct which had a turnover of just £32.6m for the year to 30 June 2018.
With November beginning this week there is still no sign of the audited accounts from the Ibrox club for the year to 30 June 2019. Those accounts will cover the new management team and pay-offs to Carlos Pena, Bruno Alves and Fabio Cardoso.
Over the last two seasons the club has turned to Close Brothers to cover the funding gap but with Dave King now being cold shouldered it’s unlikely that the lender of last resort will do business with the club for a third season running.
