Just 5,000 loyal Ibrox fans dipped into their pockets for the latest share issue, raising just £4.5m of the £6.5m target.
Tifosy Capital managed the issue for the serial loss makers, once their commission and other costs are deducted less than £4m will be put into the club with existing shareholders, including Club 1872 finding their stake once again diluted.
In May 15,000 fans rioted in Glasgow city centre, in June 47,000 splashed out on season tickets but when it came to investing directly into the club just 5,000 fans answered the call.
Buried between the Friday evening graveyard and a Glasgow derby the club announced:
At the end of a season of success on the field for the Light Blues, the opportunity was presented to fans the world over to secure their share of the club as it enters an exciting phase of growth.
We are delighted to have almost 5000 new investors, from 44 different countries, thus highlighting once again the global nature of the Rangers support.
It is a phenomenal show of loyalty, with those supporters providing a fantastic base for the club to develop its long-term strategy which includes amongst other things, the construction of New Edmiston House, further improvements to Ibrox Stadium and the club’s digital transformation strategy.
This is for the “Rangers have no debt” crowd.
Per the Rangers Share Issue document, Rangers have £16.8m in loans outstanding. pic.twitter.com/tmdfD1zDYE
— GrandOLTeam (@JBLuvsCeltic) June 14, 2021
The last audited accounts for the Ibrox club revealed a £15.9m loss in the year to 30 June 2020 on a turnover of £59m.
Without eight Europa League home matches and spending £10m on Cedric Itten, Kemar Roofe and Ianis Hagi the losses to June 2020 are expected to be north of £25m.
The prospectus for the recent issue revealed that Dave King is due to be repaid a loan of £5m before the end of September with a loan of £3.2m from the Scottish Government keeping the lights on at the turn of the year.
Fortunately the SFA has no meaningful form of Financial Fair Play.