Ibrox chairman dismisses talk of selling shares amid rumours of takeover

Rangers chairman Dave King insists he has no plans to sell off his Ibrox shares.

But the Gers chief has confirmed plans to press ahead with a share issue following reports Far East real estate tycoon Stuart Gibson is set to lead a multi-million-pound investment in the club.

King announced at the club’s AGM back in November that he would be stepping down from the helm of the Light Blues board after five years in charge.

That has sparked speculation that the South Africa-based businessman is preparing to dispose of the 25.58% stake held by his family firm, New Oasis Asset Limited.

But the Castlemilk-born tycoon told the PA news agency: “I am not selling any shares.

“As I said at the agm, we will raise new funds.

“No existing shareholders are selling.”

The Daily Record reported yesterday Gibson is “on the verge of ploughing millions into Rangers and becoming the most influential figurehead in the Ibrox boardroom”.

Sources close to Ibrox have confirmed to PA Paisley-born Gibson is involved in talks with the club over a £20 million deal.

It is understood the Japanbased businessman has flown into Glasgow to hold talks.

Gibson relocated to Japan in 1999 and his property firm ESR is reported to have a portfolio of assets worth more than £1.5 billion under its management.

He has recently held discussions with current director George Taylor – a senior investment banker with Morgan Stanley, based in Hong Kong – and had planned to take in Sunday’s Old Firm clash before it was shelved in the wake of the coronavirus pandemic.

The club admitted back in November it would need £10m in investment before the end of the season after announcing an annual loss of £11.3m.

Rangers’ outgoing chairman Dave King.