Soccer-Fallen Rangers weigh stock market return

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.

Source: http://news.yahoo.com/soccer-fallen-rangers-weigh-stock-market-return-151142260--sector.html

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