CLUB 1872 will look to increase their stake in Rangers as part of any future share issue to raise cash at Ibrox.

The Light Blues board saw their investment strategy suffer a setback at Friday’s Annual General Meeting as they narrowly failed to gain approval for Resolution 11.

That would have given Gers chiefs the opportunity to invite shareholders to participate in a rights issue next year as they seek to fund the Ibrox rebuilding job but it fell 0.4% short of the 75% backing that was required.

All stakeholders – including Sports Direct chief Mike Ashley - will now be given a chance to maintain their shareholding by ploughing more money into Rangers, while the loans due to chairman Dave King and other wealthy supporters will be converted to shares.

Club 1872 became the fifth largest shareholders in RIFC plc earlier this month and spokesman Craig Houston hopes the fans will make the most of the chance to increase their influence at Ibrox.

He told SportTimes: “The board now have the option of having a share issue and whether they do or they don’t is down to them.

“If they do, then Club 1872 do have money in reserve to take up our allocation and we would hope to be able to take up any additional ones if it wasn’t fully subscribed.

“We are taking money in every month and there is a cash reserve for share purchases.

“The share issue wouldn’t happen tomorrow, there would obviously be time for us to ready ourselves.

“Hopefully we would be in a position where supporters would get behind a share issue and they would use Club 1872 as the vehicle to give the fans an even bigger stake than they have just now.

“It was Laura Fawkes, one of the Club 1872 directors, who asked the question that if there was a share issue would Club 1872 be looked upon as an investor that would be allowed to participate. The answer was yes and that was very heartening.

“It was good to hear that Club 1872 and the fans in general are groups that the board would look to for investment. We look forward to that happening in the not too distant future.”

Shareholders overwhelmingly approved the re-elections of the Rangers board at Friday’s AGM as King, Douglas Park, Graeme Park, Paul Murray, John Gilligan and John Bennett were granted another term in office.

King confirmed that Ashley and Sandy Easdale had used their shares against Resolution 11 and Houston believes it is doubtful that they will stump up again to maintain their respective stakes at Ibrox.

He said: “The likes of Mr Ashley and Mr Easdale will have a decision to make whether to put money in, which Rangers will benefit from, or they don’t and allow other shareholders to take up the shares that they didn’t purchase.

“The decision regarding the dilution of those shareholdings now lies directly with them because they either invest or they don’t. If Resolution 11 was passed there was no obligation to offer them the chance to participate.

“The end result could be the same and if they don’t take up the offer then their shareholding will be diluted. If they do take up the shares then their money goes into Rangers, nothing changes in terms of their stake and they have paid for the privilege.

“We have to remember that not so long ago, when Mr Ashley was controlling the board at Ibrox, there was a share issue and instead of putting money into Rangers he went out and bought shares privately where the money went to the seller.

“That is when he controlled the club and controlled the boardroom so I can’t see why he would want to invest again. But you can never say never with Mr Ashley and Mr Easdale.

"Some of the decisions they have made in the last few years have left even the most learned observer baffled. They may invest or they may not.”