After reading Goldstein’s blog on this site, I thought the article focused far too much on the Whyte angle. Is Whyte pulling the strings or not? In my opinion what and why things are happening matters more than who is pulling the strings.
Firstly, I was amazed at the success of the Rangers share issue. The club claimed to have raised £22.2m. That is a hell of a lot of money for several reasons – the main one being it was a terrible investment. I can understand supporters being willing to make a financial investment to match their emotional investment … and it’s always nice to have a framed share certificate to display at home. Professional investors are another matter. In the article linked above, Rangers manager Ally McCoist says “The fact that it’s in the region of £22m, and for the fans to chip in with roughly £5m, I think is absolutely staggering”. From that quote we can see that institutional investors were responsible for around £17m raised in the issue. Continue reading