Former Rangers chairman Dave King has pledged to sell his shareholding to Ibrox fans group Club 1872 as they look to become the club’s largest shareholder.
King claims that this will be the final part of his Rangers “legacy” and wants fans to hold the largest slice of the Ibrox pie to ensure the events of 2012 never happen again.
In order to do so, Club 1872 are hoping to recruit 20,000 new legacy members – these sign up with an initial £500 donation and then continue with £10 monthly [Club 1872] – with the early suggestion that they’ll need £13m to complete the purchase.
King himself has also claimed that he’d be making a £2.3m loss on the shares and is willing to selling them to Club 1872 for 20p per share – 30p less than the market value of 50p – if the share purchase is complete by December next year.
Giving a supporters group this strength of shareholding is designed to ensure the events of 2012 never happen again and over the piece, the news has been warmly received.
However, the club’s supporters are seeking more clarity on how this gigantic investment is going to work, what they’re getting for their buck and the functionality of the organisation.
The news of King’s exit is also tinged with sadness.
The former Gers chairman fought tooth and nail to wrestle the club back from the clutches of the so-called spivs and set the foundations for what Rangers have achieved to this point.
Taking to Twitter, here’s how the Rangers fans reacted to the news that the South African-based businessman is set to sell up to Club 1872, with the reaction certainly mixed:
https://twitter.com/EmpireFF/status/1333832617842577409
https://twitter.com/TheRailwayBears/status/1333849744662269957
https://twitter.com/Mackenzito94/status/1333830083174428674
https://twitter.com/King1Scott/status/1333824414757105665
https://twitter.com/Geddes1989/status/1333834406121893891
https://twitter.com/kirsten93_/status/1333830234328666112
