Green vows to give Rangers sizeable transfer kitty
Published 20/12/2012 | 08:00
Rangers chief executive Charles Green has promised manager Ally McCoist money for new players after claiming the club's share issue can act as “the springboard for the rebirth” of the Glasgow giants.
The Light Blues announced over £22million — including more than £5million from fans — had been raised from their listing on the Stock Exchange, and dealings on the Alternative Investment Market (AIM) began yesterday morning.
A successful flotation is set to be good news for McCoist, who said after Tuesday's 3-0 win over Annan that he was hoping for some cash to spend on his squad.
A signings embargo means Rangers are unable to register free agents until September 1, and will have to wait until the following January to buy new players, but Green has promised a healthy transfer kitty when the restrictions are lifted.
Green said: “In the presentation we did when we were selling the shares, and also in the prospectus, we said that, of the £22million, £10million is put to one side for Ally. Of course, we can't buy players at the moment, we can't do that until January 2014.
“But, between now and then, we'll also have another season's worth of season ticket sales so the cash position will increase.
“We're not saying it's £10million and only £10million.
“If Rangers fans, as we expect, come out and buy their season tickets next year, there is perhaps another £20million there.
“And that is a fantastic position for the manager, the club and its fans to be in.
“When we are allowed to go into the market, this club will take the right players and take the right action.”
He added: “This is definitely the springboard for the rebirth of Rangers.
“Never in Rangers' history did it sit there with no debt, no borrowings, with cash in the bank.
“The enterprise value of Rangers is still very, very low and that's why, I believe, institutions have invested in it.”
McCoist had almost a three per cent stake in Rangers before the issue and said he planned to buy more shares, while former chairman Alastair Johnston and ex-player Kris Boyd are also reported to be among the investors.
According to Green, whose company bought the assets and business of Rangers for £5.5million when the club was consigned to liquidation in June, an element of trust has been restored following a turbulent period.
Green said: “If you look at where we came from, some months ago, I was being described as a snake-oil salesman, to the position now, where current and previous managers and previous directors have put their hands in their pockets and bought shares.
“That's given me a tremendous amount of satisfaction.”