Dave King has announced his plans to sell his shares to Rangers fans group Club 1872 in a further realisation of his original long-term plan for the club, as reported by Sky Sports.
Club 1872 has three years to raise the £13million needed to buy the shares which will see the former chairman lose over £2m on what he paid for them with the plan being that the allocation will see fans of the Light Blues have a 25% stake, making them the largest individual shareholders.
What this means is that the representative on the board will be able to veto any decisions that could potentially be made in the future that could harm the club, “never again” is being used as the driving phrase behind the project and it is something that should resonate with everyone of a Light Blue persuasion.
King said on the announcement of the deal:
“During regime change and throughout my chairmanship, I have advocated for increased supporter influence at the shareholder level and I provided opportunities for Club 1872 to participate in every share issue that was undertaken.
“I did this partly to express my appreciation to those supporters and supporter groups who actively assisted me in securing regime change and partly to ensure that all supporters (whether shareholders or not) retain an influential voice in directing the affairs of their Club. It is my sincere hope that “Never Again” will supporters become as disconnected and disempowered as they were at the time of my re-engagement with the Club over 6 years ago.