LONDON (Alliance News) - Rangers International Football Club PLC Friday said the potential need for short term financing has been reduced after it received 17,000 renewals of season tickets ahead of the next football season, even though it had raised ticket prices.
The Scottish football club had said in April that it was looking to raise GBP20 million to GBP30 million to cover a three-year plan it has, but that it would need new shareholder approval to raise that level of cash by issuing equity. It currently only has authority to issue 43.4 million shares, but had said in April that it may use this if season ticket sales fell too far below hopes.
The club, which is hoping to get promoted back to the Scottish Premiership at the end of the coming season, had sold about 35,000 season tickets for the 2013-14 season. Applications for new season tickets for next season opened on Monday.
It said it was still evaluating its plans for raising new funding.
Rangers shares were up 4.4% at 28.7 pence Friday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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