Fans group buy shares as Ashley sells up
Mike Ashley has sold his entire shareholding in Rangers and the club’s largest supporter group hasboughthalfofhisstake.
The news comes just two days after Rangers chairman Dave King brokered a peace pact with the Sports Direct chief that provides Rangers with a new retail deal which will yield an estimated £5 million per year.
Ashley’s firm MASH Holdings Limited bought an 8.9 per cent stake in Rangers International Football Club Ltd (RIFC) when the company was floated by former chief executive Charles Green in 2012.
But Ashley has now sold a 4.46 per cent tranche to fan group Club 1872, with the rest bought by Julian Wolhardt, chief operating officer of Hong Kong-based Dehong Capital Partners.
Club 1872 – formed last year by a merger of supporter groups – becomes the club’s second biggest shareholder by taking its stake to 10.71 per cent.
The news has been welcomed by fans, who feared the dispute fought out by King and billionaire Newcastle United owner Ashley in the courtroom would hamper the club’s ability to take on Celtic for years to come.
A spokesperson for Club 1872 said: “We are delighted that 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 supporters who are not already members of Club 1872 and encourage them to join.”
Wolhardt – who was married in Scotland and previously worked for Asian Investment firm KKR when it bought a large stake in German outfit Hertha Berlin – 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.”
Club 1872 and Wolhardt have both paid out £1m to wrest the shares from Ashley and that commitment was praised by King.
The Rangers chairman said: “This is the partnership I want to see lead Rangers forward.
“Rangers 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.
“Julian’s decision to invest is exciting for the club. His business background and acumen are exceptional and it is very pleasing that his scrutiny of the club and its strategy has convinced him of our financial prospects.”