GLASGOW, Scotland (AP) -Seeking a return to the "glory days," Rangers announced plans to raise 20 million pounds ($32 million) by floating some of its shares on a small-company market in London following the club's demotion to the country's lowest league.
Rangers said it hopes the planned flotation on the AIM exchange will become effective by the end of the year, using funds raised for "strengthening the player squad, improving and developing the club's properties and facilities, as well as providing additional working capital."
The team, which has won the Scottish title 54 times, was relegated to the fourth tier during the offseason as punishment for building up large tax debts that led to the club's collapse.
"Rangers is debt-free and a huge club with enormous support and a 140-year track record of success on the domestic and international arenas," said Rangers chief executive Charles Green, who purchased the club's assets in June and established a new company.
"Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably."
Rangers plumbed new depths on Saturday when it lost 1-0 to Stirling Albion, which came into the match bottom of Division Three, to slip to third place in the standings.
Its current situation is in stark contrast to the success that saw Rangers set a world-record number of domestic league titles, along with 33 Scottish Cups, 27 League Cups and the now-defunct European Cup Winners' Cup in 1972.
"Charles has done a great job to bring the club back from the brink of extinction," Rangers chairman Malcolm Murray said. "We now move on to the next stage which is full recovery and growth."