Rangers: Dave King has no plan to sell shares
Rangers chairman, Vale of Leven-born Dave King,arriving at Ibrox Park.
By Democrat reporter
Rangers chairman, Vale of Leven-born Dave King, says he does not intend to sell his Ibrox shares but has confirmed plans for a share issue.
King announced at the club’s AGM in November that he would step down after five years in charge.
Reports on Tuesday said Far East real estate tycoon Stuart Gibson is set to lead a multi-million pound investment in the club.
“I am not selling any shares,” King told the Press Association.
“As I said at the AGM, we will raise new funds.
“No existing shareholders are selling.”
The South Africa-based businessman owns a 25.58% stake in Rangers held by his family firm, New Oasis Asset Limited.
The Daily Record reported on Tuesday that Gibson is “on the verge of ploughing millions into Rangers and becoming the most influential figurehead in the Ibrox boardroom”.
Rangers announced in November they would need £10m in investment before the end of the season after announcing an annual loss of £11.3m.