Paisley businessman Stuart Gibson behind £8m share issue by Rangers this week

More details have emerged over Rangers share issue earlier this week which saw more than 42m stakes in the club allocated.

Friday, 9th October 2020, 4:55 pm
Updated Friday, 9th October 2020, 4:57 pm
Ibrox Stadium, home of Rangers FC. (Picture: John Devlin / JPIMedia)
Ibrox Stadium, home of Rangers FC. (Picture: John Devlin / JPIMedia)

Businessman Stuart Gibson is understood to be behind a bulk of the share uptake, investing around £5m in the Ibrox club but existing directors including chairman Douglas Park, George Letham and George Taylor are also said to have ploughed more money into the coffers.

Shares were sold at 20 pence each at the end of last month, according to the documents submitted to Companies House, worth a total of £8m – but the files did not identify who they had been allocated to.

Rangers: Get the latest team news, match previews and reports

Rangers: Get the latest team news, match previews and reports

The Herald and Times reports that Mr Gibson, who loaned Rangers £1m earlier this year, has turned that loan into shares and purchased another £4m of the Ibrox club.

The businessman is based in the Far East where he is CEO of ESR – a company involved in property across Asia in China, Japan, South Korea, Singapore and India, as well as Australia.

Former chairman Dave King remains Rangers’ largest shareholder but the recent purchase is believed to make Mr Gibson the fourth largest investor in the Ibrox club, behind other significant stakeholders Park and Taylor.

The news of the allotted shares emerged on Monday, just hours before the transfer deadline passed and Rangers signed South African Bongani Zungu on loan from Amiens to complete manager Steven Gerrard’s summer signings.

The Light Blues are next in action a week tomorrow, against Celtic in the Old Firm derby at Celtic Park.