Rangers share issue raises more than €27m

The funds raised will be used to strengthen the squad and take the club forward, while chief executive Charles Green praised the financial dedication of the Gers' fans
Rangers have raised €27 million from their listing on the stock exchange, with trading due to commence at 8am on Wednesday morning.

The amount exceeded chief executive Charles Green’s original €24.5m target, with over half the investment coming from fans.

The funds, raised from professional and institutional investors and supporters, will be used to strengthen the squad, improve facilities and take the club forward.

“This is an exciting time for everyone associated with this 140 year old institution but we are just at the start of the journey,” Green told reporters.

“We are rebuilding and Rangers will rise again and we will do so with the help of our fans and the institutional investors who are on board.

“This process has generated over £22 million [€27m] which has exceeded the figure of £20m [€24.5m] that we set out to raise when we announced our intention to float the company on October 11 2012.

“I would like to thank our supporters who stepped up to the plate when asked to buy season tickets earlier in the season and have done so again at a time of year when money is extremely tight.”

Green, whose company bought Rangers for €6.75m when the club was consigned to liquidation, is the club’s main shareholder now with almost 15 per cent.

Newcastle owner Mike Ashley holds 9%, while the Teddy Bears’ manager Ally McCoist bought a 3% stake and plans to purchase more.