LONDON (Reuters) - Scottish football team Rangers F.C. said it planned to raise up to 20 million pounds through a flotation on London’s junior market, as its new owners seek to rebuild the former champion-winning side after a tumultuous year.
The 140-year old side said on Thursday that it intended to list on the AIM market before the end of 2012 and would raise the new funds through a placing with institutional investors and a limited public offering.
Rangers, Scottish champions a record 54 times, collapsed under the weight of their debt earlier this year. They have relaunched with new owners but had to start from the fourth tier of Scottish football.
“Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably,” Rangers Chief Executive Charles Green said.
The club, which says it boasts one of the highest percentages of season ticket holders in Britain, said that the listing would give its fan base the chance to invest in the club to pay for new players and help develop the club’s facilities.
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.
Reporting by Sarah Young; editing by Kate Holton