Dave King marks Administration Day by pulling the plug on his Club 1872 share deal

Dave King has marked Administration Day by calling off his agreement to sell his shareholding in the Tribute Act to Club 1872.

With no market in worthless shares the South African based businessman announced in December 2020 his plan to dump the shares on loyal bears with BBC Scotland reporting:

Dave King has agreed to sell his stake in Rangers to Club 1872, meaning the fans group will become the largest shareholder in the Ibrox outfit.

The South Africa-based businessman retained his 20% shareholding after stepping down as chairman in March.

King owns 66.7million shares in the club, which – when priced at 20p each – are worth £13.3million.

That stake has been diluted down to just 14.47% due to regular share issuing by the current board which has also seen Club 1872’s stake in the club drop from 11% after they bought out half of Mike Ashley’s shares to just 5.09% today.

Since their role in taking King to power in March 2015 membership of Club 1872 has fallen off a cliff with fans keeping their hands in their pockets while Hearts have over 15,000 fans investing £18.74 every month.

In April 2022, after almost 18 months of fund raising, Club 1872 announced:

Club 1872 is pleased to announce the purchase of a further 2,250,000 shares in RIFC Plc, taking our total shareholding to 22,202,838. This represents 5.13% of the total issued share capital of RIFC Plc and returns Club 1872 to the position of 6th largest shareholder.

That left just 64.2 million shares left to be bought.

Recently just seven People attended the Club 1872 AGM with King calling off his deal today.

With the current board issuing shares at will King is left with 64 million worthless shares and is £13m out of pocket for his time spent at Ibrox.

CLICK HERE for latest Tribute Act shareholdings.