Dave King estimates that he is set to lose £2.3m from his investments in Rangers after a deal was agreed to sell his shareholding to Club 1872 [Glasgow Times].
King, who was replaced by Douglas Park as Chairman earlier this year, is making the move with the aim of giving considerable control over to supporters to ensure the club’s best interests are always protected.
Club 1872 have three years to raise the required funds, but will be able to buy the shares for a lower price if 20,000 ‘legacy members’ come on board within a year.
King defended his decision to sell the shares rather than gifting them to supporters before asserting that he will make a seven-figure loss on his investments in the club.
“I haven’t actually done the calculations, but I would guess it’s a loss of around £2.3 million,” he said, as quoted by the Glasgow Times. “I’ve invested over £40 million in the club in total through the years but with the second investment (in 2015), I was clear from day one – and in my farewell speech at the last AGM – that I reluctantly got involved again.”
“But it was very clear at the time that the local Scottish contingent of business people were not able to put together sufficient resources to take control of the club and restore it to where we wanted it to be.
“So I very reluctantly got involved but from my perspective, it gives me satisfaction to have been associated with the club through the difficult times we have had and see it competing for Scottish titles and competing in Europe again.”
The loss of £15.9m announced in the annual report shows that there’s still plenty of work to be done for Rangers.
However, King steered the Gers through choppy waters and with Douglas Park and John Bennett committed to filling funding gaps in the short-term, a new retail deal struck in the summer, sponsors coming on board in their droves and results improving drastically on the pitch, the club is moving in a positive direction.