Outgoing Gers chair delivers on Rangers pledge amid seven-figure boost to Ibrox coffers
Yesterday at 06:17 AM
The Rangers board have announced a fresh share issue just weeks ahead of the January transfer window.
Companies house have confirmed that Rangers have issued 40.25m new shares at 20p a share, bringing around £8.05m of fresh investment into the club.
The investment comes as Rangers prepare to make moves in the January transfer window and after the club's most recent accounts confirmed a lost of £17m in the last financial year.
John Gilligan promised Rangers investment
The news comes at a time of great upheaval at Rangers as the club appoints a new CEO in Patrick Stewart and chairman in Fraser Thornton.
Rangers interim chairman John Gilligan had previously suggested the club's current investors would step up and put up cash ahead of the second half of the season.
It comes amid public complaints from largest shareholder Dave King about the Rangers board failing to secure more investment from outside the club.
"There is fresh investment coming into the club," Gilligan said in September.
"But in fairness Dave is talking about fresh investment but he doesn't want to invest so I'm not quite sure where he means the investment is going to come from."
When asked if there would fresh investment, Gilligan responded directly: "Yes there will be.
"The current investors have invested considerably over the years and are willing to do so again.
"We are open to anyone who approaches us with investment, as you would be.
"We get approaches from all over the world from various sources but it has to be the right people, it has to be the right conditions and it has to be for the right amount of shares.
"We don't want one person owning the club."
Philippe Clement transfer budget meeting
The news of over £8m in fresh investment also comes after Philippe Clement has claimed he was due to meet the Rangers board over his January transfer budget.
Rangers have already identified several key positions in the squad which need upgraded and over the next few windows are expected to strengthen significantly.
"We're going to have big discussions about what we're going to need in January and of course what the budget will be," Clement said following the 5-0 rout over Killie.
"Because everything stands or falls with the budget and we felt that in the summer transfer window also in that way.
"That we wanted more things we could do, that was the reality.
"So we will see what the budget is now and my job is to get the best out of the squad available, to get the best out of everybody in that way, but also to push to make it better.
"But we will see how the talks will go the next weeks."
