LONDON, Sept 7 (Reuters) - Soccer club Rangers are working
on a possible return to the stock market as their new owners
seek to rebuild the former champions following their relegation
to the bottom tier of the game in Scotland.
The Glasgow club appointed Cenkos Securities on Friday to
advise on plans to raise additional funds. Based in London,
Cenkos specialises in working with small and mid-cap companies.
Rangers, Scottish champions a record 54 times, collapsed
under the weight of their debt earlier this year. They have
relaunched with new owners but had to start from the fourth tier
of Scottish soccer.
"From the day the consortium I led became owners of Rangers
we have repeatedly stated our intention to raise additional
capital for the Club and would explore all avenues, which may or
may not include a stock market listing," the club's chief
executive Charles Green said in a statement.
"We are still in the preliminary stages of this process and
will make further announcements once the Club has been able to
consider its plans in further detail," he added.
Scottish clothing company Glenmuir was among the new
investors when Green took over the club.
Rangers were on the PLUS Stock Exchange before the club ran
into financial problems, while Glasgow rivals Celtic are
one of the few clubs who retain a listing.
Investors have shown limited appetite for owning soccer club
stocks, given their high salary costs and the way that setbacks
on the field can affect earnings.
Former English champions Manchester United floated
in New York last month, the largest sports team IPO on record
valuing the club at $2.3 billion. However, the shares have
fallen to $12.85 from an initial $14.
Rangers are currently fourth in the 10-team Scottish Third
Division, with two wins and two draws from their first four
games since they assumed their new humble status.
Rangers supporters have remained loyal to the club - buying
more than 35,000 season tickets. Most other teams in the
division are watched by only a few hundred spectators.
BSkyB and ESPN have also both done deals to show a number of
Rangers matches, as well as broadcasting games from the Scottish
Premier League.
