Charles Green hopes to raise up to £20m from the Rangers share issue, but financial analysts are questioning the viability of the Rangers Chief Executive's big idea.
Charles Green took the reigns at Rangers in the summer against a tide of scepticism and threats of a season ticket boycott. But the Yorkshire businessman worked hard to drum up support for his investment.
Rangers have now sold some 36,000 season tickets and, although they are now in the Third Division, home attendances are among the highest in Britain. It appears that Charles Green has won the hearts and minds of the support.
Now the Rangers chief executive wants to turn that loyalty into a £20m investment in his share issue. Charles Green says the money will be used to improve facilities and, despite a transfer embargo, will go toward strengthening the playing squad.
But if the money is used for the day-to day running of the club - or it is not reinvested - that could raise some serious financial concerns. A key question remains as to how much Rangers Football Club will be valued at on the market.
In Scottish football, a comparable benchmark is their arch rivals Celtic. The Parkhead club's market value is estimated at somewhere between £35-40m. But Celtic have steady, reliable streams of income. They are playing Champions League football and they are the champions of Scotland's top tier.
In contrast, Rangers at least three seasons away from the top flight and from European football and evidence of a steady, reliable cash flow to carry the club forward is yet to be seen.
Charles Green says Rangers is now worth up to £30m - just months after paying £5.5m for the OldCo. On the field the club is struggling to adapt to life in SFL3, but Charles Green says he is building for the future.
The prospectus for Rangers floating on the Alternative Investment Market should be out within weeks, and offer transparency into the shape of the club's future as a business.
So what are the chances of the share issue delivering what Charles Green is looking for?
Scotland Tonight spoke to the Fund manager for Finesco Financial Services David Low, who drew up the share issue strategy that allowed Fergus McCann to takeover Celtic in the mid 90s.
More About Scotland Tonight
- Scotland Tonight: Is the Better Together leadership effective?
- Scotland Tonight: Should Grangemouth embrace a future of shale gas?
- Watch a live stream of Scotland Tonight: Scotland's current affairs show
- Scotland Tonight: Is UKIP north of the border at war with itself?
- Scotland Tonight: How does our education system compare globally?
- Scotland Tonight: A reflection on the The Clutha helicopter crash
- STV shows interactive Google+ hangout debate on Scottish independence