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Ibrox fans snub £6.75m share issue

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A share issue to raise £6.75m for Rangers International Football Club 2012 has been snubbed by loyal fans.

With the current board and the supply of mystery investors running dry the club was forced to turn to supporters two weeks after the deadline for Season Ticket renewals.

After posting a loss of £15.9m despite increased turnover for the year to June 2020 that level of losses is expected again for the year to June 2021.

Tifosy Capital are behind the share issue with their prospectus revealing that Dave King has a £5m loan to be repaid before the end of October, the club also picked up an interest free loan of £3.2m from the Scottish Government.

According to Follow Follow an update from Tifosy had almost 5,000 fans involved in the issue, at the minimum investment of £500 that would raise £2.5m. If those 5,000 fans are split at ‘investing’ £500 or £1000 the figure raised would be £3.75m. Or £3m short of the target. A full take up would require 13,500 bears investing the minimum amount.

More rabble rousing can be expected in the coming days with just over a week to go for loyal bears to donate money for projects to be identified by the club directors.

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