Two days before Christmas a mystery investor sunk over £1.27m into Ibrox in return for 4,989,776 shares in the troubled company.
The new shares have been given a nominal value of 25p and further dilutes the influence of existing shareholders such as Dave King and Club 1872. In a separate statement the company announced that Mister King has ceased to be a person with significant control.
Despite dozens of similar share issues over the last two years the company has raised the nominal value of the shares from 20p to 25p.
Rangers issue nearly 5 million new shares at 25 pence each pic.twitter.com/rxRL4Hc0dG
— Price Of Football (@KieranMaguire) January 5, 2022
Eagerly awaiting how this continual dilution of the shares means they’re one of the worlds richest football clubs Kieran, as per your usual analysis of the Sevco finances.
— The Forthright Forehead (@Forthright4Head) January 6, 2022
Remember what happened to your old club when you all sat back and laughed when told you were going into administration? ?
— RIP Bertie (@weemisstim) January 5, 2022
The latest issue came just before the December payroll was met with the company recording losses of £23.5m for the 12 month period to June 2021.
With crowds back inside stadiums at the start of the season and a significant drop in management costs the club will be in better shape this year but still likely to be losing at least £1m per month.
An upfront fee of a couple of million from Everton for Nathan Patterson will help matters slightly but unless there is a significant reduction in spending or massive money coming in from transfer fees it looks like further share issues will be required to meet payroll commitments.
After declaring his intention to return to the Ibrox board Phil MacGiollabhain recently reported that Mister King is intending to visit Glasgow this month.
£1,2million for more confetti buying shares that have no stock market ,why don’t they just die
FUKIN SCUM JUST FUKIN DIE!!
Just keep the head. Its only fantasy football across the Clyde.
Loved Fergus when our mob were giving him shit.
Who cares what happens to Sevco and the shit media writers that did not report on Sevs financial self inflicted position.
We have to monitor ourselves. Not to win 10 in a row and 5 x treble was a disgrace.
Jim the Tim
Which is the highest number (a) atoms in the universe, or (b) the number of Rangers* shares ?
Can I phone a friend?