Keith Jackson reveals that Ibrox board rejected £123m investment offer

According to Keith Jackson, Kyle Fox is prepared to write a cheque for almost £43m to obtain a 25% stake in the Ibrox Tribute Act.

At that rate the American investor can probably expect a call from South Africa with someone desperate to get rid of his worthless shares.

According to the club website there are 432,328,633 shares in the company.

In 2010 Jackson’s arithmetic skills were questioned when he discovered a billionaire from Motherwell but in today’s Daily Record he makes the following claim:

According to sworn affidavits lodged in the US legal system, Miss Fox – who describes herself as a female finance professional – has been scouring Europe in search of the ideal football club in which to pump her millions as a strategic investor.

Miss Fox claims to have had a ‘positive and constructive’ two-hour meeting with deputy chairman John Bennett in London in July during which she confirmed her intention to ‘achieve some level of ownership’ in the club.

Having originally hoped to buy a 75 per cent holding at 25p per share, Fox decided to up her offer to 40p for a 25 per cent stake, which would make the 49-year-old the club’s major shareholder. She also pledged, as part of the package, to hand over £75m as an additional capital commitment.

Using my trusty calculator 75% of the club at 25p per share would cost Ms Fox £81m, 25% of the club at 40p per share would cost £42.3m! Plus £75m additional capital.

That is a lot of money for a company that has never posted a profit, in the year to 30 June 2021 the company posted losses of £23.5m.

Without being a high-flyer like Paul Murray there really doesn’t seem to be much sense in that offer unless your name is Dave King who has been trying for years to sell his stake to Club 1872.

No doubt Keith will have more news for the army of Daily Record readers.