Rangers shareholders Club 1872 have purchased £450k worth of Dave King’s shareholding at Ibrox amid a bitter boardroom row over the club’s current direction.
The Gers and the fan-led shareholder group are involved in a bitter online spat which emerged during the club’s woefully misjudged participation in the Sydney Cup.
The group took aim at Rangers directors Stewart Robertson, James Bisgrove and David Graham in particular describing the club as “hostile” and criticised the club’s business decisions.
They also accused Rangers of deliberately feeding supporters false information pertaining to transfers amongst many other things in a scathing statement.
Rangers responded in kind by accusing Club 1872 of indulging in a “propaganda war” and the entire thing was a thorough embarrassment for supporters.
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But Club 1872 have shown no signs of stopping in their aim to purchase back shares from Dave King as per an agreement announced in December 2020.
The deal would allow Rangers fans group Club 1872 purchase the shares from Dave King with the held of supporter donations over a three-year period.
Set at 20p per share, the latest purchase of 2,250,000 shares returns Club 1872 to the position of sixth largest Rangers shareholder.
Club 1872 purchase further 2,250,000 shares in Rangers
“Club 1872 is pleased to announce the purchase of a further 2,250,000 shares in RIFC Plc, taking our total shareholding to 22,202,838,” reads a statement.
“This represents 5.13% of the total issued share capital of RIFC Plc and returns Club 1872 to the position of 6th largest shareholder.
“The shares were purchased for 20p per share at a total cost of £450,000 from New Oasis Asset Limited (Dave King’s family trust).
“This price represents a 20% discount on the most recent share issue of RIFC Plc.
“The year from December 2020 to December 2021 saw Club 1872 take in the largest level of donated funds for a single year in the organisation’s history – a remarkable achievement in such trying times.
“This is testament to the incredible dedication our Contributors have for fan representation at Rangers and we thank them for their continued support.”
Meanwhile Rangers fans have released a new song for the one player their hopes for the season may well rest.