Rangers FC kicks off flotation

Rangers, the Glasgow football club which went into administration earlier this year, is to float on AIM before the end of the year.

The blue half of Glasgow's "Old Firm" (Rangers & Celtic) intends to raise up to £20m through a placing of shares with institutional investors, and a limited public offering.

The funds raised will be used to strengthen the player squad, improve and develop the club's properties and facilities, as will also provide additional working capital.

Rangers, one of the big two clubs in Scottish football, is currently languishing in Division Three - the lowest tier of the Scottish league - as members of the Scottish Football League members decided it would have to start again at the bottom of the pile after it emerged from administration.

It is an embarrassing plight for a club with a massive supporter base, and which has won 54 league titles, 33 Scottish cups, 27 League Cups and the European Cup Winners' Cup once.

Despite playing in the bottom tier, the club has sold more than 36,000 season tickets for the current season.

Fans and others interested in investing in the Club should register with Capita Registrars only,the club revealed. Details are available at www.rangersshareoffer.com or www.rangers.co.uk.

Charles Green, Chief Executive of Rangers, said: "From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the company and provide our fans with the opportunity to invest in their club. I am delighted that our plans are coming to fruition.

"Rangers is debt-free and a huge club with enormous support and a 140 year track record of success on the domestic and international arenas. Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably," Green added.

JH