Dave King’s masterplan lies in tatters as SEVEN fans attend the Club 1872 AGM

In keeping with their laid back attitude about just about everything Club 1872 staged their 2022 AGM in February 2023.

The fifth biggest shareholders in the 2012 Tribute Act has been decimated by in-fighting with thousands of loyal bears cancelling their monthly subscriptions to raise the funds to become a fan-owned Tribute Act.

Club 1872 reached a peak in the summer of 2017 when they helped buy out Mike Ashley. Julian Wolhart bought 50% of the Sports Direct holding and was rewarded with a place on the board while Club 1872 was kept on the outside looking in.

As the board regularly converted director loans into shares Club 1872 found their stake in the company reduced to less than 5%.

Dave King has always had a strong relationship with the fan group, after he was cold-shouldered by his former board-room colleagues he came up with a cunning plan to raise £13m by selling his stake off to Club 1872 over a lengthy period of time.

Celebrating the launch of the King deal in December 2020 the Daily Record reported:

Months after stepping down as Rangers chairman Dave King made a surprise announcement on Tuesday that he’s struck a deal to sell his shares to fan group Club 1872.

The South Africa-based businessman has a 20.37 per cent stake through his New Oasis Asset Limited, making him the biggest shareholder.

With the fan group already owning close to five per cent, the move would give Club 1872 a quarter of all the shares in Rangers.

King implored: “I’m really hoping that the supporters do get together and understand this is a genuine once-in-a-lifetime opportunity to start to take ownership and to be the biggest influencer in the club going forward.”

With just seven loyal bears turning up for the delayed AGM it seems highly unlikely that King or the club will be getting any more money out of Club 1872.