SHARE THE LOVE
Dave: This is once-in-lifetime chance for Gers
DAVE KING last night insisted he’s giving Rangers fans a once-in-a-lifetime opportunity to own a controlling stake in the club.
The former chairman is taking a £2million hit to sell his shareholding to supporters group Club 1872.
King, who has invested more than £ 40m, has offered Club 1872 the chance to purchase his
shareholding, which is just over 20 per cent, at well below its current market value.
They have three years to raise the money but if they can do the deal within a year then they would buy his shares at an even lower price.
Club 1872 currently hold just under five per cent of the shareholding but the purchase of King’s block would give them more than 25 per cent.
That would then give them a major say and the power to block any possible resolutions in the Ibrox board room.
King has made the move to ensure that there is no repeat of 2012 when the club were plunged into administration and had to start in the bottom tier before King had to wrestle control from Mike Ashley.
King said: “I haven’t done the calculations but I would guess it’s a loss of around £2.3m.
“I’m really hoping the supporters do get together and understand this is a genuine once-in-a-lifetime opportunity to start to take ownership and be the biggest influencer in the club going forward.
“I’ve invested over £40m in the club in total through the years but with the second investment (in 2015) I was clear from day one – and in my farewell speech at the last AGM – that I reluctantly got involved again.
“But it was very clear at the time that the local Scottish contingent of business people were not able to put together sufficient resources to take control of the club and restore it to where we wanted it to be.
“So I very reluctantly got involvedin but from my perspective pe it gives me satisfaction sa to have been be associated with the th club through the difficult dif times we have had ha and see it competing com for Scottish titl titles and in Europe again. agai
“HHaving worked with Club 1872, I feel I have an opportunity opp now to deliver delive a level of influence to supporters going forward. If I take a small financial knock of a couple of million pounds, I’m happy that’s just a further contribution to the restoration of the club.”
King returned to the board in 2015, after an extraordinary general meeting at Ibrox.
Paul Murray and John Gilligan also joined him as Derek Llambias and Barry Leach were voted off.
King and the new-look board moved to appoint Douglas Park, who is now the current chairman.
Club 1872 now estimate they need around 20,000 fans to make their dream a reality. They will push to complete the deal within a year but believe it would be fitting to be there by the club’s 150th anniversary in 2022.
Director Laura Fawkes said: “As Club 1872 directors, we are very proud to present this opportunity to the fans.
“We now need over 20,000 Rangers supporters to take up the baton, join Club 1872 and ensure that the events of 2012 can never happen again.
“It would be a seminal moment for both Rangers and the supporters if we could achieve the position of being the largest shareholder in Rangers in time for the 150th anniversary of the club in 2022.
“The rebuilding of the club, largely overseen by the Rangers board under Dave King’s chairmanship, has been remarkable.
“We understand the financial pressures fans are under just now. But, if they can dig deep one more time and join Club 1872 today as legacy members, over the next few years we can ensure the club will remain in safe hands.”