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Rangers fans get behind scheme for supporter control of Ibrox
ALMOST 500 fans have signed up to a scheme to buy a controlling stake in Rangers since the club launched a £4million share issue last month.
The fallen Glasgow giants admitted in a statement to the Stock Exchange it would not be able to pay creditors if it could not sell at least 15 million new shares.
That has sparked fears the 54-times Scottish champions could be heading back into administration.
Now Rangers First say they have seen an upsurge in fans backing efforts to put the club in the hands of the Ibrox faithful.
Backed by Supporters Direct Scotland, Rangers First have set up a similar scheme to the one used to rescue Hearts from their administration battle.
They now say the number of members volunteering monthly sums has risen to more than 1,400.
At current totals, the scheme is pulling in almost £32,500 a month and organisers revealed they will use some of that to take part in this month’s open offer.
SDS spokesman Richard Atkinson, who has been advising Rangers First, said: “We consulted the Rangers First members as soon as the news broke that a new share issue would be happening at the club.
It is clear that Rangers fans increasingly recognise that they, like fans of many other clubs, have the ability to take a real financial stake in the club that makes a difference in both financial and transparency terms
“The members overwhelmingly wanted to help and authorised Rangers First to take up their pro-rata share options as well as apply for any excess available.
“Since that point, we are now closing in on having added 500 new members to the organisation.”
Around 7,500 supporters backed the Foundation of Hearts’ efforts to save the Tynecastle outfit and Rangers First have targeted membership levels of 20,000 with average monthly donations of just under £20.
They already own 130,000 shares, while another 20,000 have been gifted to them by existing stakeholders.
Atkinson added: “It is clear that Rangers fans increasingly recognise that they, like fans of many other clubs, have the ability to take a real financial stake in the club that makes a difference in both financial and transparency terms.”