12th Sep 2014 10:21
LONDON (Alliance News) - Sport Direct International PLC founder and owner of Newcastle United Football Club Mike Ashley said Friday that he will not be participating in Rangers International Football Club PLC's open offer.
Rangers announced the open offer at the end of August to raise up to GBP3.97 million before expenses to fund its rebuilding; the open offer closed at 1100 BST Friday.
Ashley's denial comes amid media speculation that he may be looking to sell Newcastle United and potentially take control of the troubled Scottish club.
Scotland's most successful football club on the pitch is trying to draw a line under a tumultuous period in which it went into administration, was relegated from the top division, and faced a boardroom battle over the future direction of the company.
It went into administration under the weight of a large debt burden and as the tax man claimed back money it said was owed for a large number of years due to undisclosed payments made to players.
Rangers is looking to raise between GBP20 million and GBP30 million as part of its efforts to return the club to "top of the domestic game within three seasons, and to thereafter be competitive in UEFA competition," meaning playing in European cup competitions.
Shares in Rangers were trading up 2.9% at 23.40 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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