Rangers financial administration and relegation to the 3rd Division in June this year shocked thousands of Gers fans worldwide. The club is now named ‘The Rangers Football Club Limited’ from Sevco Scotland Ltd. The club has been essentially reborn starting life in the lowest tier of Scottish football.
The company Sevco bought Rangers assets out of administration for £5.5M. Mr Green’s company Sevco offered to allow fans to invest in their club. Existing backers of the club have raised funds for the club making the business valued between £35M and 50M. Mr Green mentioned he hoped a successful flotation might see ownership split 20% between its backer,s 20% between the fans and 60% by institutions. Fans and institutions have been invited to invest at a minimum level of £500.
This week Glasgow Rangers launched a campaign to raise 20 million pounds through a London stock listing. Charles Green said that refinancing would allow institutional and retail investors to fund its attempts yo regain its status in the top flight. The Rangers manager Ally McCoist said that the fans should be patient allowing the club to regain their status with a hollowed squad of players. Lee Wallace and Lee McCulloch are the few key players that have stayed at the club.
The club are currently on top of Division Three after nine matches having won five, drawn three and lost one. Rangers face Peterhead at the Ibrox this weekend.