Rangers are heading towards a more democratic model but fans shouldn’t get too ahead of themselves – there’s still a long, long way to go.
That is according to new Football Insider columnist Kieran Maguire, one of the most well-respected voices in football finance, speaking exclusively to correspondent Adam Williams after Club 1872 – a Rangers supporters trust – purchased 1.25million shares in the club from ex-chairman Dave King.
This takes the trust to the pivotal 5% shareholding juncture, and Club 1872 have stated their ambitions to increase that to 25% by purchasing the remainder of Dave King’s shares.
As Maguire explains, reaching this figure would be “amazing” and give Rangers fans a real say in the day-to-day running of the club.
“It’s a very democratic model and I’d be delighted if Club 1872 achieve their objective,” he told Football Insider.
“Once they get to 25%, it will allow them to block things that they don’t feel are in the best interest of the club.
“But given the history of what we’ve seen with Rangers in terms of owners and governance issues, the fans have a right to be concerned.
“Two days ago they bought 1.25m shares from Dave King. But in total, they’d need to buy 66 million. So it’s a small step, but it will allow their voice to be heard to a greater level
“This is great in theory, but it will cost them £13million on top of their original investment. That’s going to be the challenge. It would be an amazing achievement for the fanbase.
“Rangers fans are totally committed to the club, but it’s a lot of money to expect the fanbase to put together.”
Club 1872 is now the sixth-largest shareholder in Rangers.
Once the purchase from Dave King is complete and Gers pass 25%, they will become the largest single shareholder in the club.