Kieran Maguire: This is what Rangers vice-chairman told me about mega-money development
Rangers will use the money raised through their £6.75million fan-led share issue to invest in the club’s infrastructure.
That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively about the latest development regarding the share issue.
Supporters have been given the chance to pool resources via the fan group Follow Rangers and can now partake in the allotment for as little as £10.
Initially, a minimum £500 investment was required for fans to buy a stake in the club.
Stakeholders will receive voting rights and will be allowed to attend the club’s annual general meeting, as Maguire told this site on 5th June.
The spreadsheet expert revealed that he had spoken with Rangers’ vice-chairman John Bennett and he had explained what the club aims to do with the funds raised.
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“I believe that Rangers have spoken to some other fan groups as well as Club 1872,” he told Football Insider correspondent Adam Williams.
“This would allow them to vote as a bloc. It is a form of democratisation that will help.
“I spoke to John Bennett for the podcast [The Price of Football] and he is very clear in what he says. He wants to put the money into growth projects.
“There’s Edmiston House which is going to be used as a museum and for conferences, so in that, they are trying to sweat the assets and be business-savvy.
“Rangers fans can welcome this because the money isn’t being used to pay down the loans which the directors have put in.
“The investment is there to ensure that club continues to grow as they come out of their recovery phase. It’s for infrastructure, primarily.”