£1m buys out Ashley shares in Light Blues
From Back Page with the other 50 per cent snapped up by Julian Wolhardt, boss of a Hong Kong-based private equity firm.
Ashley’s decision to sell his 8.92 per cent shareholding in the club comes hard on the heels of his decision to renegotiate his retail deal on more favourable terms for the Light Blues.
It is not known how much Ashley paid for his each of shares, purchased as part of the original investment under Charles Green, but he sold them to Club 1872 and Woldhart for 27.5p each.
Club 1872 now own 10.71 per cent of Rangers and only chairman Dave King, with almost 15 per cent of the stock under his New Oasis group, owns more.
Membership of Club 1872 surged on the back of the announcement and moves are expected to be made shortly for a fan representative to be appointed to the Ibrox board.
A Club 1872 spokesperson said: “We are delighted our members’ support for Club 1872 has brought us to a point where we can acquire those shares and complete the process of restoring control of RIFC to those who view the footballing success of Rangers FC as being just as important as RIFC’s careful stewardship financially.
“Club 1872 allows Rangers supporters to help safeguard the future of our club. Taking our shareholding above 10 per cent puts us well on our way to that goal.
“Our next ambition is to reach out to those Rangers supporters who are not already members of Club 1872 and encourage them to join. Together we can achieve great things.”
King said: “This is the partnership I want to see lead Rangers forward.
“I want Rangers to be run by those who care for it most, not what has been dismissively described by some as ‘fans with calculators’ but a mature and structured organisation which can galvanise and represent our supporters and use their skills and talents to drive our club back to the top of Scottish and European football.”
Wolhardt, 44, is a founder and CEO of Dehong Capital Partners, established earlier this year.
He spent the previous 10 years at KKR, another private equity firm, and was also responsible for the China business at Morgan Stanley Private Equity Asia.
He said: “I am delighted to become an RIFC shareholder.
“I have a long held love for Scotland and football and I am keen to see Rangers FC unlock its considerable commercial potential.
“With the successful restructuring of the retail operations, RIFC is now on a firm financial footing and I look forward to being a part of its exciting future.”
King welcomed Wolhardt and added: “Julian’s decision to invest in Rangers is exciting for the club.
“His business background and acumen are exceptional and it is extremely pleasing that his scrutiny of the club and its strategy has convinced him of our financial prospects and also the merits of our business plan.”