Kieran Maguire: Rangers ready Ibrox overhaul as £2m news confirmed
Rangers will likely spend their latest £2million cash injection on ‘major’ upgrades to Ibrox facilities.
That is the view of finance expert Kieran Maguire, who exclusively told Football Insider that the Rangers board are keen to improve the matchday product at Ibrox.
Football Insider sources revealed last Tuesday (4 April) that Rangers have converted £1.93m worth of loans into equity in their second share issue of the year.
Perron Investments Limited owner John Halstead acquired 4m of the 7.7m shares issued to take his stake in the club close to 5.5 per cent.
Rangers posted their accounts for the 2021/22 campaign in November last year, revealing an operating profit of £5.9m on a club-record turnover of £86.8m.
Maguire explained why such a conversion is ‘good news’ for Rangers and explained that the board are keen to invest in Ibrox upgrades.
“Rangers have generated additional funds from a new share issue as well as converting some debt into shares,” Maguire told Football Insider.
“The additional cash raised will be used for capital expenditure projects, such as a major improvement to facilities at Ibrox.
“There has been little money spent on infrastructure at Ibrox in recent years, and this is an area the board are keen to address.
“They want to improve the quality of the matchday product for match-going fans and corporate sponsors.
“The conversion of loans to equity is potentially good news as some of the loans from lenders will have interest rates attached and if converted into shares there will no obligation to pay dividends to those investors.“
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