Rangers land £7m windfall, new Ibrox documents reveal
Rangers have created nearly £7million of share capital, Football Insider can reveal.
The Scottish giants have lodged new documents with Companies House this week detailing a new shares issue.
Football Insider has seen the publication of an SH01 revealing the issue of 35 million new shares at 20 pence apiece.
It is not known at this stage if it is a conversion of loans into shares or fresh money from shareholders, although it is more likely to be the former.
Ibrox chairman Dave King and the Gers board have been planning the share issue for months in order to raise more capital.
King has a long-running dispute with the takeover panel, who had ordered him to make a 20p offer for all existing shares.
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However, it failed to reach the level at which the buy-out of smaller shareholders would have been triggered.
Rangers are set to publish their financial results in the coming weeks for 2018-19, which was Steven Gerrard’s first season as manager.
The club’s most recent published set of financial results revealed a turnover of £33million for 2017-18.
That figure is set to significantly increase for last season, mainly due to UEFA and matchday revenues generated from the team’s Europa League success in Gerrard’s first campaign at the helm.
Rangers are back in Europa League action tonight when they take on Young Boys in their second group stage match in Switzerland.
Gerrard’s team secured a notable 1-0 win from their opening match against Feyenoord two weeks ago.