Rangers have secured a further £2.2m investment as the club undergo another share issue to raise close to £5.5m of fresh funds in the middle of the Covid-19 pandemic.
Price of Football’s Kieran Maguire tweeted that documents had been lodged with companies house showing evidence of the share issue on 30th March.
This followed a previous issue earlier in March as Rangers lodged 16,250,000 shares at 20p each making them worth a total of £3.25m.
That means in total last month Rangers secured a further £5.45m in funding and the share issues come after Club 1872 announced the funding was on the horizon back in February.
Club 1872 also took that opportunity to invite fans to help them raise funds to take part in the share issues with the fans group hoping to invest £2.5m in new Ibrox shares with the share issues necessary due to Covid.
“Following discussions with the RIFC Board we can now confirm that a share issue will take place and that Club 1872 has been formally invited to participate at a pro rata level significantly higher than our current shareholding,” read a Club 1872 statement.
“Our aim, which has been agreed by the RIFC Board, is to provide up to £2.5m pounds to RIFC in return for shares at a price of 20p per share.
“If we are able to raise these funds, this will significantly raise our percentage shareholding in Rangers.
“It will also provide a much-needed cash injection to Rangers following the impact of Covid on club revenues over the past season.
“We have until June 2021 to raise these funds and RIFC have asked us to provide a first tranche to the club in March.
“It will only be possible for us to provide this level of funding to Rangers if thousands of additional supporters now join Club 1872 over the coming days, weeks, and months.”
At the time of writing, it is not clear Club 1872’s contribution to the two share issues but Rangers have secured close to £5.5m in funding to help support the Gers in the final months of the season.
Meanwhile, the Ibrox club have also secured the future of a key Rangers player who finally puts an end to constant questions regarding his future.
