Rangers fans take first steps towards launching bid to buy club

A number of Rangers fans have taken the first steps towards launching a bid to buy the club on behalf of the Ibrox support, it is understood

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Supporters Direct Scotland (SDS) has been called in to offer advice on setting up a scheme similar to the one being used by Hearts fans to rescue the stricken Tynecastle club from administration.

The Hearts scheme collects monthly contributions from supporters and it is thought a similar scheme could be used by the Light Blues faithful to buy shares in the club on the stock market.

SDS has offered its help to get the bid off the ground and plan to discuss the plans with influential supporters at a behind-closed-doors meeting in the coming weeks.

A SDS spokesman said: "Following approaches and discussions with a variety of Rangers supporters, Supporters Direct Scotland has agreed to host an information meeting later this month to discuss different models of supporter and community ownership and to help explore how the fan ownership model could work for their club.

"We have invited representatives of supporters groups we have contact with, and others we are aware may be interested in hearing about fan ownership, to attend."

The current Ibrox share-price has fallen to 25.5p - a huge drop on the 70p launch price.

Head of SDS Paul Goodwin claimed last week that a scheme involving around 25,000 supporters handing over around £20 a month could eventually hand the Rangers support control.

If the fan bid was successful in gaining that level of support, it would build up a sum of around £4.8million within 12 months, allowing them to potentially buy a 25 per cent stake in the League One leaders.

The Foundation of Hearts announced on Monday that it had struck a deal with majority shareholder UBIG to take control of their 78.97 per cent stake in the Jambos. The Gorgie bid is backed by more than 7,500 fans each making a monthly donation.

The Rangers move has been prompted by the deep unhappiness amongst the Ibrox support about the way the club has been run since Charles Green took control 18 months ago.

The club announced a £14.4million loss for the 13-month period up to June with reports suggesting the club is still losing £1million a month.

Last month, the first-team players rejected a proposed 15 per cent pay cut while chief executive Graham Wallace has started a 120-day review of the League One leaders' operations after admitting spending is out of control.

Football

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