Rangers Eye Stock Market Return In An Attempt To Rebuild
Scottish Third Division club Rangers FC are working on a possible return to the stock market as their new owners "seek to rebuild the former champions following their relegation to the bottom tier of the game in Scotland," according to Keith Weir of REUTERS. The Glasgow club appointed Cenkos Securities to advise on plans "to raise additional funds." Based in London, Cenkos specializes in working with small and mid-cap companies. Rangers CEO Charles Green said in a statement: "From the day the consortium I led became owners of Rangers we have repeatedly stated our intention to raise additional capital for the Club and would explore all avenues, which may or may not include a stock market listing. We are still in the preliminary stages of this process and will make further announcements once the Club has been able to consider its plans in further detail." Rangers were on the PLUS Stock Exchange before the club ran into financial problems, while Glasgow rivals Celtic are "one of the few clubs who retain a listing." Investors have shown "limited appetite" for owning football club stocks, given their high salary costs and "the way that setbacks on the field can affect earnings" (REUTERS, 9/7). The BBC reported that a time table for the investigation into alleged dual contracts at Rangers "should become clearer" this week. There will be a procedural hearing on Tuesday and Wednesday involving members of the independent commission and lawyers from Rangers. The independent commission "was set up by the Premier League." It will "investigate the allegations that previous players at the Glasgow club were paid with so-called side contracts" (BBC, 9/7).