rivaled heritage: Soccer club Rangers aims for $44 mln in share sale

Wednesday, December 5, 2012

LONDON, Dec 5 (Reuters) - Scottish soccer club Rangers is

aiming to raise up to 27 million pounds ($44 million) when it

returns to the stock market this month, the club said on

Wednesday.

The funds would help to support the recovery of Rangers, who

have been Scottish champions a record 54 times. They are now

playing in the lowly fourth tier of the Scottish game after

their former parent company collapsed earlier this year.

Rangers disclosed that Mike Ashley, who owns English Premier

League soccer club Newcastle United and controls retail chain

Sports Direct, has a stake of almost 9 percent in the

club as part of its new ownership team.

Ashley's stake will be diluted to 5.2 percent after the

listing on the London Stock Exchange's junior AIM market where

trading is expected to begin on Dec. 19. Chief Executive Charles

Green will remain the largest shareholder with 8.67 percent.

The club said it anticipated a market capitalisation of

around 50 million pounds upon flotation. The details were given

in a document filed as part of the process leading up to the

market launch.

Rangers was previously listed on the PLUS Stock Exchange

but the shares were suspended in January. The company went into

administration in February and was subsequently liquidated.

Rangers now tops the Scottish third division but it will

take the club at least three years to return to the Scottish

Premier League and resume its rivalry with fellow Glasgow club

Celtic.

A number of British soccer clubs joined the stock market in

the 1990s but investors were wary of putting money into teams

whose fortunes were tied to sporting success and many have since

delisted.

Manchester United, English champions a record 19

times, returned to the stock market when it listed in New York

in August, valuing the club at $2.3 billion at the time. Priced

at $14, the shares now trade at $13.12.

rivaled heritage