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Morning Star

Rangers in desperate need of investment

Rangers could launch an £8 million share issue within a “few weeks” with the club desperate for fresh investment following the decision by swathes of angry supporters to hold back from renewing their season tickets.

Earlier this year, the League One champions were forced to take out a £1.5m loan from club chairman Sandy Easdale and wealthy supporter George Letham to avert another financial disaster.

Easdale and brother James, who sits on the Gers’ PLC board, flew to London earlier this week for talks with major investors including Laxey Partners, Blue Pitch Holdings and Margarita Holdings.

Now they have been given the thumbs up to press ahead with a fresh share issue.

The club are confident former director Dave King — who has been at loggerheads with Easdale and the plc board members — will not get involved in the sale.

Existing shareholders will be given the first option on the new issue but fans’ groups may urge investors to give up their rights and allow them to take a greater stake in the club.

A source close to the club said the share issue would take place “within a few weeks.”

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