Ally McCoist says fans should allowed to invest in Rangers


Ally McCoist has stressed the importance of Rangers supporters being allowed to invest in the future of the Ibrox club.

The Irn Bru Division Three outfit announced yesterday that they will seek admission to the Alternative Investment Market of the London Stock Exchange in the hope of raising up to £20million as they continue to re-align their finances following the liquidation of the 'oldco' club and the acquisition of its assets by Charles Green's consortium for £5.5million in the summer.

A statement released claimed the funds raised will be used for "strengthening the player squad, improving and developing the club's properties and providing additional working capital".

Light Blues' chief executive Green, who values Rangers at £25-30million, hopes to have their admission to the AIM completed by the end of November.

Manager McCoist welcomed the move and said: "The last six months has been without doubt the most traumatic in the club's history.

"We must move forward and this is a big, big step in the club moving forward again.

"In the past three months the light in the tunnel has been coming close and then moved further away again but I believe we're just about there now.

"We've still got a massively long way to go on the journey but I do believe that this is a big step in moving forward.

"The really pleasing thing, not only being the manager but being an ex-player and supporter, is that it gives the supporters an opportunity to invest in the club which obviously means an awful lot to individuals and supporters throughout the world.

"It's vitally important that the supporters get an opportunity to invest."

Green, who pledged to take up the slack in any shortfall in the share issue, said: "It's also important that people understand that, of all the money raised in the next few weeks, none will go to any existing shareholders.

"Those shareholders will either put more cash in or be diluted down. But every penny raised will be put in the bank account.

"It's very, very clear what we want to do with those fund and here will be provisions for Ally."

Green will not underwrite the share issue as such, but said: "My personal view is that the figure is low.

"But if we don't raise £20m then I will buy whatever the shortfall is.

"I've listed or floated maybe 30 companies and done fundraising as well.

"There's not been anything underwritten in London in the past seven or eight years to my knowledge. Whenever it occurs someone takes a fee for it.

"I'd be happy to underwrite it but what will happen is in three weeks' time you lot (media) will have my trousers around my ankles saying 'Charles Green underwrit Rangers' and took a three per cent fee when it didn't need doing.

"The reality is we don't need to underwrite it as there will be no shares left over.

"But if they're not (taken up) of course we'll take them.

"Why wouldn't we take them? We did it in May when there was nothing to buy. There was no guarantee we would ever play football again."


Have you tried new the Independent Digital Edition apps?
peopleStella McCartney apologises over controversial Instagram picture
Arts and Entertainment
Hayley Williams performs with Paramore in New York
musicParamore singer says 'Steal Your Girl' is itself stolen from a New Found Glory hit
Ronaldinho signs the t-shirt of a pitch invader
footballProof they are getting bolder
William Hague
people... when he called Hague the county's greatest
indybestKeep extra warm this year with our 10 best bedspreads
voicesBy the man who has
people... and stop them from attacking people
Arts and Entertainment
Ed Sheeran performs at his Amazon Front Row event on Tuesday 30 September
musicHe spotted PM at private gig
Arsene Wenger tried to sign Eden Hazard
footballAfter 18 years with Arsenal, here are 18 things he has still never done as the Gunners' manager
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

Ebola outbreak: The children orphaned by the virus – then rejected by surviving relatives over fear of infection

The children orphaned by Ebola...

... then rejected by surviving relatives over fear of infection
Pride: Are censors pandering to homophobia?

Are censors pandering to homophobia?

US film censors have ruled 'Pride' unfit for under-16s, though it contains no sex or violence
The magic of roundabouts

Lords of the rings

Just who are the Roundabout Appreciation Society?
Why do we like making lists?

Notes to self: Why do we like making lists?

Well it was good enough for Ancient Egyptians and Picasso...
Hong Kong protests: A good time to open a new restaurant?

A good time to open a new restaurant in Hong Kong?

As pro-democracy demonstrators hold firm, chef Rowley Leigh, who's in the city to open a new restaurant, says you couldn't hope to meet a nicer bunch
Paris Fashion Week: Karl Lagerfeld leads a feminist riot on 'Boulevard Chanel'

Paris Fashion Week

Lagerfeld leads a feminist riot on 'Boulevard Chanel'
Bruce Chatwin's Wales: One of the finest one-day walks in Britain

Simon Calder discovers Bruce Chatwin's Wales

One of the finest one-day walks you could hope for - in Britain
10 best children's nightwear

10 best children's nightwear

Make sure the kids stay cosy on cooler autumn nights in this selection of pjs, onesies and nighties
Manchester City vs Roma: Five things we learnt from City’s draw at the Etihad

Manchester City vs Roma

Five things we learnt from City’s Champions League draw at the Etihad
Martin Hardy: Mike Ashley must act now and end the Alan Pardew reign

Trouble on the Tyne

Ashley must act now and end Pardew's reign at Newcastle, says Martin Hardy
Isis is an hour from Baghdad, the Iraq army has little chance against it, and air strikes won't help

Isis an hour away from Baghdad -

and with no sign of Iraq army being able to make a successful counter-attack
Turner Prize 2014 is frustratingly timid

Turner Prize 2014 is frustratingly timid

The exhibition nods to rich and potentially brilliant ideas, but steps back
Last chance to see: Half the world’s animals have disappeared over the last 40 years

Last chance to see...

The Earth’s animal wildlife population has halved in 40 years
So here's why teenagers are always grumpy - and it's not what you think

Truth behind teens' grumpiness

Early school hours mess with their biological clocks
Why can no one stop hackers putting celebrities' private photos online?

Hacked photos: the third wave

Why can no one stop hackers putting celebrities' private photos online?