LONDON Dec 5 Scottish soccer club Rangers is
aiming to raise up to 27 million pounds ($44 million) when it
returns to the stock market this month, the club said on
The funds would help to support the recovery of Rangers, who
have been Scottish champions a record 54 times. They are now
playing in the lowly fourth tier of the Scottish game after
their former parent company collapsed earlier this year.
Rangers disclosed that Mike Ashley, who owns English Premier
League soccer club Newcastle United and controls retail chain
Sports Direct, has a stake of almost 9 percent in the
club as part of its new ownership team.
Ashley's stake will be diluted to 5.2 percent after the
listing on the London Stock Exchange's junior AIM market where
trading is expected to begin on Dec. 19. Chief Executive Charles
Green will remain the largest shareholder with 8.67 percent.
The club said it anticipated a market capitalisation of
around 50 million pounds upon flotation. The details were given
in a document filed as part of the process leading up to the
Rangers was previously listed on the PLUS Stock Exchange
but the shares were suspended in January. The company went into
administration in February and was subsequently liquidated.
Rangers now tops the Scottish third division but it will
take the club at least three years to return to the Scottish
Premier League and resume its rivalry with fellow Glasgow club
A number of British soccer clubs joined the stock market in
the 1990s but investors were wary of putting money into teams
whose fortunes were tied to sporting success and many have since
Manchester United, English champions a record 19
times, returned to the stock market when it listed in New York
in August, valuing the club at $2.3 billion at the time. Priced
at $14, the shares now trade at $13.12.