Rangers chairman Dave King is expected to make an offer to buy the club’s remaining shares that could leave him with a bill of £10.75million, according to the Daily Record.
The newspaper report that the Gers chairman is set to comply with a court ruling that ordered him to make the offer of 20p per share, with King having until next Thursday to contact shareholders.
The Record claim that if there is a full take up of the offer King will be faced with a bill of £10.75million, although that is deemed unlikely with shares currently trading at around 27.5p per share.
It is said that King will use money from one of his family trusts in order to fund the offer.
The report also claims that a share issue will take place within weeks, potentially allowing King and his fellow directors to generate new finance for the club.
OPINION
While this may seem like something for Rangers fans to worry about, the fact is that not many shareholders are expected to take up King’s offer. If they did they would be losing around 7.5p per share, and that obviously represents poor business. Getting this business out of the way is however crucial for the club to move on from what has been a tough season, and will allow King to get the house in order for a big summer transfer window.