London firms instructed to advise on Rangers FC AIM flotation
12th October 2012
Two major London firms have been asked to give advice to Rangers Football Club as they look to launch their flotation on the Stock Exchange’s Alternative Investment Market.
Although the Scottish club are far from in a healthy financial situation, they have decided to call on the help of solicitors with some of the top corporate London legal jobs to assist them in the process as part of an attempt to rebalance their books.
In an Initial Public Offering which may come as a surprise to some, given the extent to which the fortunes of the stricken Glasgow squad have slipped over the last year, Rangers will now hope to raise £20 million so that they can strengthen their playing squad, improve facilities and boost capital in a bid to return to their former glory.
Rangers were recently automatically relegated to the lowest tier of Scottish professional football, Division Three, after going into liquidation, and are currently being sued for £25 million by their administrators for conspiracy, negligence and breach of trust.