Scottish Championship Side Rangers Shareholders Planning $15M Rights Issue

Scottish Championship side Rangers shareholders are "working on plans" for a new £10M ($14.9M) rights issue before the start of next season, according to Stephen McGowan of the London DAILY MAIL. Leading investors, including the Three Bears consortium of Douglas Park, George Letham and George Taylor, are "prepared to put more cash into the club in return for new shares." And Chair-elect Dave King and other existing investors are "expected to follow suit." Discussions "have already begun" on a rights issue in July, which would see existing shareholders "pledge a sum" of between £10M and £14M ($21M) in return for new shares in the club. Sources insist King "will participate in a rights issue, which will also be open to the fans' groups," after Interim Chair Paul Murray confirmed the South Africa-based businessman had "opted out of this week's short-term loan while he seeks to convince the SFA and financial regulators he is a fit and proper person" (DAILY MAIL, 3/24).