Green unveils decision to float Rangers by year end

Group Business Editor

Thursday 23 August 2012

RANGERS chief executive Charles Green revealed last night he hoped to unveil his plans to float the club on the stock market "in the next couple of weeks".

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Ian McConnell Business Editor

He expressed confidence that, in spite of delays during the summer in securing Scottish Football Association membership for the newco Rangers, the flotation would be "done before the end of this year". If his plans for a swift flotation come to fruition, Rangers will join the stock market as a Scottish Third Division club.

Mr Green told The Herald: "We have obviously lost a few weeks because, until we got admitted to the [Scottish] FA and got admitted to the league, we wouldn't have been sure what we were floating on the stock market. "We are now members of both. We are hoping to announce what our plans [are] in the next couple of weeks, which are on track for it being done before the end of this year." Mr Green, who led a consortium that bought the assets of Rangers from liquidation in June for £5.5 million, voiced his flotation hopes as he unveiled a major merchandising joint venture with billionaire Newcastle United owner Mike Ashley's Sports Direct retail chain. Rangers will hold a majority stake in this venture, which aims to open a shop at Glasgow Air-port and ramp up sales of the club's merchandise overseas, as well as in the UK. Mr Green views North America, India, and China as potentially lucrative markets. He said: "We really have a worldwide brand here. That has not been marketed correctly in the last few years." Rangers cited "the huge buying power and resources" of Sports Direct. The Herald revealed this month that Mr Ashley was in talks with Mr Green about buying a stake of up to 10% in the club and forming a merchandising joint venture. Mr Green said he had found Mr Ashley to be a "very straight-talking guy". He added: "The only thing I have found wrong with him is he is not a Yorkshireman but everything we have discussed, he has delivered on." Mr Green confirmed plans for Mr Ashley to take a stake in Rangers, subject to approval by Scottish football authorities. He said: "Mike's intention is to acquire a minority stake. Obviously there are dual interests here because he is the majority shareholder at Newcastle. We would hope to be able to get the approvals for him to become a shareholder. If we can't, we can't. It wouldn't be the first surprise we have had in Scotland." He believed the Scottish Football Association was "reasonably relaxed" about Mr Ashley taking a stake, and further information had been provided to the Scottish Football League in response to a couple of questions. Asked when approval would be secured, Mr Green replied: "You are asking me about timetables with Scottish regulatory authorities. I will leave my watch and get a sundial." He reiterated hopes of bringing £5m to £10m a year into Rangers through the Sports Direct joint venture. He said he had tried to negotiate a new deal with JJB Sports, which was granted a 10-year licence in 2006 to design, develop, source and retail all Rangers merchandise, but had been unable to reach agreement. Mr Green said the 10-year deal with JJB ceased with Rangers' fall into administration.

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Green unveils decision to float Rangers by year end

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