Rangers fan group Club 1872 insists they still hope to increase their shareholding in the club after Dave King ended the share purchase agreement.
Plans had been in place for the supporter group to step see the organisation gain more than 25 per cent of shares from the former Ibrox chairman giving Rangers fans a voice in the running of the club, and allow the group a stronger standing in future share issues. King stated on Tuesday that the plans to allow Club 1872 more time to complete the purchase in the Scottish Premiership giants have proved "futile" with the financial sums paid out by December 2022 falling well short of the initial agreement, and that the plan had been scrapped.
In a lengthy statement, the former Ibrox chief put the blame for the failed move towards a greater say in the club down to a number of reasons including "the club’s recent campaign against Club 1872 and its officers". While a Club 1872 statement conceded the "disappointment" at the businessman's decision they were still exploring "other avenues" to increase their Rangers shareholding.
The 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 identified a number of opportunities to do so and we will be communicating further with contributors in the coming days.”
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