Rangers closing in on £20million investment with Asian investor and Hong Kong based-backer poised to plough millions in

By | 10th March 2020
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RANGERS are closing in on £20million worth of investment through a share issue which could bring about significant boardroom change.

SunSport understands a mystery Asian investor and a Hong Kong-based backer are poised to plough millions into the Ibrox club.

Ibrox
New investment could be ploughed into Ibrox from a mystery Far East investor
Keith Campbell – The Sun Glasgow

Douglas Park, tipped to become chairman when Dave King officially stands down later this month, will also provide further additional funding.

An announcement confirming the Ibrox windfall is expected to be made before the end of month.

The deal has been months in the making and it’s understood both Far East businessmen could be in attendance at Ibrox for the Old Firm clash.

The Asian investor was given a guided tour of the stadium and the club’s training facilities when he was a guest for the Scottish Cup victory over Stranraer back in January.

Rangers' outgoing chairman Dave King
Rangers’ outgoing chairman Dave King
PA:Press Association

The Hong Kong backer has been brought to the table by existing directors George Taylor and George Letham.

In November, Rangers announced an annual loss of £11.3m — forecasting they needed another £10m in investment before the end of this season.

The club’s annual report showed increased turnover of 63 percent to a total of £53.2m, but operating expenses also rose by about £20m to £58.2m.

At the time, Gers also declared share issues totalling £18.2m, the vast majority of which went into converting investor loans into new shares.


 

The annual report stated: “Building a team to challenge for the Ladbrokes SPFL Premiership and compete in European competition requires continued investment before success in these areas will generate a significant contribution to the revenues and cash flows of the club.”

SunSport understands both Far East businessmen have provided Gers with proof of funding.

Both are keen to become involved at Ibrox and could invest further if King is willing to sell his shares.

 

This post written by Aidan Scott originally appeared on Football news - transfers, fixtures, scores, pictures | The Sun. Read the full post here.

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