Rangers are trying to raise £3.97million through an open offer plan

Hundreds of fans have signed up to a scheme seeking to buy a controlling stake in Rangers, organisers have revealed.

The Glasgow club recently announced the scheme to try and raise £3.97million through an open offer plan with new shares being made available to existing shareholders.

The move came in the wake of a business review published on April 25 in which the board highlighted issues relating to the club’s financial position and outlined the steps needed to improve it.

And Rangers First, who are backed by Supporters Direct Scotland, say they have seen an upsurge in supporters backing their efforts to put the club back in the hands of fans, with nearly 500 people having signed up.

They say that the number of members volunteering monthly donations has risen to over 1400 and, at current totals, the scheme is pulling in almost £32,500 a month.

SDS spokesman Richard Atkinson said: "We consulted the Rangers First members as soon as the news broke that a new share issue would be happening at the club.

"The members overwhelmingly wanted to help and authorised Rangers First to take up their prorata share options as well as apply for any excess available.

"Since that point, we are now closing in on having added 500 new members to the organisation."

And Atkinson believes the uptake in shares may help should Rangers enter administration.

Atkinson added: "It is clear that Rangers fans increasingly recognise that they, like fans of many other clubs, have the ability to take a real financial stake in the club that makes a difference in both financial and transparency terms.

"The rank and file fans of Rangers already own approximately 12% but these small shareholders own the shares individually, what Rangers First is about is gathering these shares together and buying more to firstly achieve a 5% shareholding as this is an important landmark in a PLC and would give the Rangers First group and its members certain rights in relation to the any board of any company that owns the club.

"What then does this all mean should the Club go into administration a second time?

"Well Rangers First is legally set up in such a way that it could respond quickly and effectively should that happen, though I am sure no one wants to go through that again"

The Rangers Supporters Trust have also announced their Buy Rangers' scheme will also take part in the share issue, which closes on 12 September.