A potential deal between Dave King and Club 1872 over the sale of the former Rangers chairman’s shares has collapsed.
The deal, which would have seen the Rangers supporters group become the single largest shareholder, has now been terminated.
King revealed the news with a statement on Tuesday as he put the blame at the door of the club and said his attempt to agree a deal has proved “futile”.
He also insisted that any further extensions on the agreed time frame “will not have any meaningful impact”.
Among potential reasons given for the deal being terminated, King blamed “the club’s recent campaign against Club 1872 and its officers”.
Fans believing the club was “no longer under threat” and current “difficult economic conditions” were also offered as reasons the fan ownership model fell through.
It is also suggested that some Rangers fans may have been reluctant to be involved in a joint fan ownership under Club 1872.
He said: “It is with disappointment that I advise that the agreement for Club 1872 to acquire my shareholding in Rangers has been terminated.
“This year was to be the final year of the agreement and despite my previously stated intentions to extend the agreement (to provide Club 1872 with more time) it has become clear that this will be futile.
“A review of the share purchases undertaken last month reveals that the take-up for the two years to December 2022 is so far short of the agreed amounts that further extensions will not have any meaningful impact in the next few years.
“When I initiated the Never Again campaign I had hoped that supporters would take advantage of my offer to become the largest shareholder in the club but this never materialised despite the efforts of myself and Club 1872 to promote this campaign.
“My feedback on the possible reasons for this are:
1. Some supporters prefer to own shares directly.
2. Some supporters would support joint fan ownership but not within Club 1872.
3. The difficult economic conditions.
4. Supporters no longer feel that the Club is under threat.
5. The Club’s recent campaign against Club 1872 and its officers.
“I think that a combination of the above is correct and will remain as such for the foreseeable future.
“Over the last few weeks I have considered whether my dream of supporter ownership could be achieved by extending the offer to other supporter groups in addition to Club 1872 but there is no indication that this will make a material difference.
“In addition, the Club’s success with its restrictive resolution at the recent AGM imperils any would-be shareholder.
“I will continue to vote my shareholding as a supporter and in the best interests of the Club.”
STV News has contacted Rangers and Club 1872 for comment.
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