Oct. 11 (Bloomberg) -- Rangers Football Club, forced into administration in February over claims for non-payment of tax, plans to raise 20 million pounds ($32 million) from a share sale to buy players and improve its facilities.
The money will be raised through an institutional placing and a limited public offering of stock, the Glasgow soccer club said in a statement on the Regulatory News Service today. Rangers will seek admission to London’s Alternative Investment Market before the end of the year. Fans wanting to invest have been invited to register their interest, it said.
Formed in 1872, Rangers was brought out of liquidation for 5.5 million pounds in June by a group led by businessman Charles Green. The club, which won a record 54 Scottish titles, was ordered to start again in Scotland’s basement division. Rangers, which won the European Cup Winners’ Cup in 1972 and four years ago was a UEFA Cup finalist, will need at least another three seasons before it can qualify for European competition again.
“Rangers is debt-free and a huge club with enormous support and a 140-year track record of success on the domestic and international arenas,” Green said in the statement today. “Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably.”
The club’s administrators estimated in April that Rangers’ debts may reach 134 million pounds, including more than 93 million pounds claimed by the tax authorities. In the meantime, players including Steven Whittaker and Steven Naismith signed for clubs in the English Premier League.
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