x Abu Dhabi, UAEThursday 27 July 2017

Glasgow Rangers seek stock market listing following financial meltdown

The Scottish club were forced to restart in Scotland's lowest tier after the previous side were liquidated with massive debts in the summer - but are now looking for more than Dh117m on the Alternative Investment Market.

Rangers fans display banners at Ibrox over the club's financial situation.
Rangers fans display banners at Ibrox over the club's financial situation.

Scottish side Rangers are looking for a stock market listing in a bid to raise £20 million (Dh117.6m) - just months after begin forced to restart in Scottish football's lowest division following their financial collapse.

The Third Division club is seeking a listing on the Alternative Investment Market of the London Stock Exchange,

The move comes following the liquidation of the 'oldco' club and the acquisition of its assets by Charles Green's consortium in the summer.

The club hope their admission to the AIM can be completed by the end of the year.

Rangers said the money raised would be invested in the development of the club as they aim to move through the Scottish Football League and reclaim the top-flight place they lost during this year's financial turmoil.

"The funds raised will be used for strengthening the player squad, improving and developing the club's properties and facilities, as well as providing additional working capital," the statement said.

Green, the club's chief executive, said the listing would give fans the opportunity to be part of Rangers' rebirth.

"From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the company and provide our fans with the opportunity to invest in their club. I am delighted that our plans are coming to fruition," he said.

"Rangers is debt-free and a huge club with enormous support and a 140-year track record of success on the domestic and international arenas. Our aim is to return the club to its glory days while ensuring it is run efficiently and profitably."

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