Rangers chief Dave King confirms club aim to raise £6million through share issue but says there is NO new external investment
The Ibrox supremo unveiled Steven Gerrard as the club's new manager on Friday and fans hoped to hear news of fresh investment at a press conference earlier today.
DAVE KING has confirmed Rangers aim to raise £6million in a share issue - but said there will be NO new external investment.
The Ibrox chief unveiled Steven Gerrard as the club's new manager on Friday and held another press conference at the stadium today.
And with the resignations of directors Paul Murray and Barry Scott from the board last week, many fans hoped it would mean fresh investment was coming into the club.
But while King confirmed that money will be raised via a share issue next month, supporters have been left disappointed in their hopes for new investors.
He confirmed the amount Rangers are aiming to raise, saying: "We haven't decided, but at the moment I am thinking about £6m new cash in the balance converted to loans."
While he added: "At this stage there is nothing external other than existing shareholders and existing investors.
"We are not talking to anyone new or anyone not there already."
Gerrard signed on to be Rangers' new manager after receiving financial assurances.
TAKES TIME Dave King assures Rangers fans as he explains why he's been unable to make shares offer
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And while King insisted transfer funds will be made available to the new boss this summer, he admitted they couldn't provide an exact value yet.
He said: "We don't put figures on that because we can't.
"We have given a commitment that we will continue to invest in the squad, and will be a net investor.
"We will provide additional net funds to him. He will sit down with Mark (Allen) and determine that.
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"I think Steven and Mark will tell us that because it depends on how many of the players Steven wants to keep. We haven't even discussed it.
"It's not something he would discuss with me, he would discuss that with Mark and then they would come back to the board.
"They will have to figure that out and then come back and say 'this is our player plan'.
"Right now, we don't have a player plan because Steven hasn't really looked at it."