Former Rangers chairman Dave King has pulled out of an arrangement with Club 1872 to sell his shareholding to the supporters group.
The South Africa-based businessman is the single largest shareholder at Ibrox with his company New Oasis Asset Limited owning a 14.47% share in the club [Rangers].
The idea was that the club’s former Chairman would sell his shareholding back to supporters as part of a Never Again scheme, aiming to make the fans the biggest shareholder at Ibrox.
This comes after Dave King and his cohorts helped dig Rangers out of the financial mess of 2012, the club’s collapse still to this day hanging over the team as it toils for Scottish footballing supremacy.
However, the deal has not been taken up by enough Rangers supporters, nor is it showing signs that it will in the future, to convince Dave King that selling his shares to Club 1872 is the way to go.
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For clarity, the lengthy statement will be posted below [via the Herald]:
“It is with disappointment that I advise that the agreement for Club 1872 to acquire my shareholding in Rangers has been terminated. This year was to be the final year of the agreement and despite my previously stated intentions to extend the agreement (to provide Club 1872 with more time) it has become clear that this will be futile.
“A review of the share purchases undertaken last month reveals that the take-up for the two years to December 2022 is so far short of the agreed amounts that further extensions will not have any meaningful impact in the next few years.
“When I initiated the Never Again campaign I had hoped that supporters would take advantage of my offer to become the largest shareholder in the Club but this never materialised despite the efforts of myself and Club 1872 to promote this campaign. My feedback on the possible reasons for this are:
1. Some supporters prefer to own shares directly.
2. Some supporters would support joint fan ownership but not within Club 1872.
3. The difficult economic conditions.
4. Supporters no longer feel that the Club is under threat.
5. The Club’s recent campaign against Club 1872 and its officers.
“I think that a combination of the above is correct and will remain as such for the foreseeable future.
“Over the last few weeks I have considered whether my dream of supporter ownership could be achieved by extending the offer to other supporter groups in addition to Club 1872 but there is no indication that this will make a material difference. In addition, the Club’s success with its restrictive resolution at the recent AGM imperils any would-be shareholder.
“I will continue to vote my shareholding as a supporter and in the best interests of the Club.”
Dave King ends Club 1872 Rangers shares agreement
The decision for Dave King to pull out of the Club 1872 deal to sell his Rangers shares comes at an interesting time for the organisation and the club.
Only last season was Club 1872 publicly criticising the running of the club and its directorate, with Dave King appearing to side with the fans group and a feeling that a bitter feud was developing.
It leaves Rangers fans in a confused place with Club 1872, Rangers and Dave King and questions are now being asked of the effectiveness of the organisation as a fans group amid internal power struggles.
Club 1872 are the fifth biggest shareholders at Rangers (5.09%) and as a result hold a substantial amount of voting power at club AGMs even if they will not be pursuing the purchase of Dave King’s shares.
Meanwhile, Malik Tillman is once again taking centre-stage as Rangers’ key player.