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."

PA