Rangers FC Plans Return To Stock Market
Rangers Football Club has said it is planning to return to the London stock market in an attempt to boost its finances.
It said it intends to raise up to £20m, which 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 listing will see the newly-reconstituted Glasgow club - which began the season in the bottom tier of Scottish professional football - floated on the junior AIM stock market.
Rangers, Scottish champions a record 54 times, collapsed under the weight of its debt earlier this year, but has relaunched with new owners.
Last month, Sky's City Editor Mark Kleinman revealed the flotation plans of its new chief executive Charles Green, who took the club over in a cut-price £5.5m deal in June.
Mr Green said he was delighted following the announcement.
"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," he said.
"Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably."
Chairman Malcolm Murray added Mr Green had done a "great job to bring the club back from the brink of extinction".
"We now move on to the next stage which is full recovery and growth," he said.
"The fans' loyalty has been instrumental in getting the club on its feet and the IPO gives them the chance to have a say on club matters."
Rangers, which is 140-years-old, hopes to be listed by the end of the year.