RANGERS FIRST have today started polling members over a potential £500k interest free loan to the Ibrox club.
The fan ownership scheme have become one of the largest shareholders in RIFC plc in recent months and continue to collect a significant sum of money each month.
Now the group have offered half a million pounds to the Light Blues board on the same terms as the loans provided by chairman Dave King and the Three Bears consortium.
If approved, the loan could be converted to shares at a future date to further strengthen Rangers First's hand and give supporters a greater say in the running of their club.
RF members have until January 10 to cast their vote and the resolution requires 75% approval to be passed.
In a letter to members today, RF say: "Rangers First is the 8th largest shareholder in the Club and we remain committed to increasing your shareholding in the Club.
"We are always looking at ways in which to build our holding while also contributing to the rebuilding of our Club and we have such an opportunity to present for members' approval today.
"We believe you, as our members, want to help to drive the push for promotion and get our team and Club back to where we belong.
"As you know loans have been provided to the Club and the Rangers First Board also want to give our members the option to contribute. We are therefore asking you to decide whether or not to join with Dave King, the Three Bears and others and offer the Club a loan of half a million pounds.
"If the necessary approvals are obtained, then the intention is that the loan will be converted to shares which will increase the shares held by Rangers supporters in the club.
"The loan would be on the same terms as Dave King and the 3 Bears and would be made available in the middle of January with drawdowns through to the end of the Season.
"The loan will be interest free, unsecured and will run until a share or rights issue can take place with a longstop date for repayment of two years. The Club would also have the option of being able to repay it at any time in that period.
"Your Board has had much discussion and debate regarding this and believes that this may be one of the best ways for Rangers First to help the Club continue to rebuild, develop and expand.
"This is a key issue on which RF asks its members to decide, we are therefore asking members to approve your CIC making a loan of half a million pounds to Rangers International Football Club PLC."
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