RANGERS supporters will become the fourth largest shareholders at Ibrox if a £500,000 deal is backed by Club 1872 members. 

The fan ownership organisation is seeking approval for a purchase that would take their stake to 6.47% and give them more than 16million shares in RIFC plc. 

Club 1872 were previously involved in a £1million deal that saw Mike Ashley sell his entire shareholding in Rangers. 

An email to members on Monday read: “The Club 1872 board is pleased to inform members that we have the opportunity to purchase a further 2.5 million shares in RIFC, from the company, at a price of 20p per share - the same terms as the recent conversions of soft loans by other investors.

“This purchase will cost £500,000 with all funds going into Rangers. Available funds from Club 1872 Shares CIC can be committed for this purpose by the Club 1872 board but in order to purchase the full share allocation, a poll of members is required for the use of funds from Club 1872 Projects CIC.

“Members are asked to vote below on whether they authorise £235,000 of funds from Club 1872 Projects CIC being used to purchase 1,175,000 shares in RIFC to be held by Club 1872 Projects CIC. If the vote passes, this will mean that the combined Club 1872 shareholding will rise to 16,202,838 shares in RIFC representing 6.47% of the company. This will move Club 1872 from the 6th to the 4th largest shareholder in RIFC and increase our current percentage shareholding by 1%.

“This poll will close on 2nd November 2019 at midnight.”