Rangers issue 5million new shares as club Ibrox receives cash boost in deal

The Rangers issued 5 million new shares at a price of 25 cents each.

The Ibrox club announced that the shares were awarded on December 23 and had been bought at 25 pence per share.

This means that the total amount purchased was around £ 1.25million of shares.

Price of Football’s Kieran Maguire revealed that news of the actions was released on January 5.

The shares have all been sold for cash and are not used to convert loans into shares as has been the case in the past.

It is also not known who the shares were sold, but it does provide a small increase in income for Ibrox’s men.

The Rangers had revealed in their financial figures that they would need £ 7million to close the funding gaps, but with the shares released, investor loans and transfers, they will be well covered by now.

Giovanni van Bronckhorst’s men received a club record for Nathan Patterson from Everton earlier this week with around £ 10million up front, rising to £ 16million.

The club also released a document to Companies House confirming that Dave King was no longer involved with the club.

The former club president was looking to return to the board, but the Rangers have issued a “notice of termination of material control” over King with a date of June 30, 2021.