Fresh blow for Club 1872 as hard up RIFC futher dilute their shareholding

Almost £4m in loans has been converted into shares by the Rangers International Football Club PLC.

Last month £8m of loans were converted into shares with Asian based non-billionaire Stuart Gibson contributing more than half of the sum.

The company hasn’t published any accounts since 30 June 2019 with Dave King revealing that £10m was needed to see out the season at last November’s AGM. Four months later King walked away to concentrate on his ailing South African empire.

Today’s news from Companies House is another blow to Club 1872 and their dream of a fan-owned club. After paying out 27p per share to help buy out Mike Ashley they held 10% of shares in the RIFC but were still denied a seat in the boardroom of dignity.

The latest share issue takes their holding to less than 5% with the number of fans contributing a monthly donation dropping fast.

Fortunately with no form of Financial Fair Play in Scottish football anything goes as long as the wages are paid at the end of the month.