Simon English: Investors could score with messed-up Rangers

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The Independent Online

Outlook Buy shares in a football club? Generally speaking the answer to that question would be: are you stark, staring mad?

The tale of football and the stock market is a good joke, unless you were one of the unfortunate fans to believe the hype back in the 90s when some bankers insisted it was a great idea.

They were wrong.

Manchester United revisited the past with a glory-seeking listing in New York just recently (score so far, investors are 3-0 down).

Is Rangers any different? Maybe, yes. The football club is plainly in a mess but that means the stock is likely to be priced cheaply.

It has considerable assets in terms of fan base, stadia and training facilities which are properly worth more than the present valuation on their own.

The players aren't worth much, you might say, and whatever value is created will end up in their inflated wage packets in any case.

Still, as football floats go, this might be worth a look. Not for widows or orphans, as financial advisers would say.