CLUB 1872 will explore alternative avenues to increase their stake in Rangers after Dave King pulled out of a multi-million pound share deal.
The former Ibrox chairman confirmed on Tuesday afternoon that he had cancelled his agreement with the supporter organisation that could have seen them become the largest individual shareholders at Ibrox.
The slow uptake from members has forced King to cancel the initiative and the remainder of his 14.47 per cent shareholding will remain in the ownership of New Oasis Asset Limited.
Club 1872 are the sixth largest shareholders in Rangers and the £13million agreement with King was designed to give them a significant say in the running of the club at boardroom level.
But the Ibrox investors will now look to explore other avenues to boost their shareholding after seeing their once in a generation chance come to a premature end.
A Club 1872 statement read: “We can confirm that Dave King has terminated the agreement with Club 1872 to purchase his shares.
“Whilst disappointed at this outcome, we acknowledge that Dave and his Trustees had the legal right to withdraw under the agreement, as Club 1872 did not reach the minimum required purchases for the first two years of the agreement.
“We were pleased to be able to increase the Club 1872 shareholding significantly, at a substantial discount of 20p per share, during the period of the agreement and under extremely challenging circumstances.
“We would like to thank Dave for the opportunity he presented to supporters and we will now focus on increasing the Club 1872 shareholding through other avenues.
“The Club 1872 Board has already indentified a number of opportunities to do so and we will be communicating further with Contributors in the coming days.”
