Scottish football club Rangers, in which Dubai businessman Arif Naqvi is the biggest shareholder, has announced its intention to list on the AIM market of the London Stock Exchange.
Rangers said it intends to raise up to £20m through an institutional investor placing and limited public offering.
Arif Naqvi, chief executive and founder of private equity firm Abraaj Capital owns just under 18 percent in the club which went into liquidation during the summer.
Naqvi is said to have invested £2m in the club in June.
The funds by the listing will be used for strengthening the player squad, improving and developing the club’s properties and facilities, as well as providing additional working capital.
It is anticipated that listing will become effective before the end of the year, Rangers said in a statement.
Since its formation in 1872, The Rangers Football Club has become one of the world’s most successful clubs, having won 54 League titles, 33 Scottish Cups, 27 League Cups and the European Cup Winners’ Cup in 1972.
Charles Green, chief executive of Rangers, said: “From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the company and provide our fans with the opportunity to invest in their club. I am delighted that our plans are coming to fruition.
“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. Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably.”
Rangers, who have dominated soccer in Scotland with Glasgow rivals Celtic for decades, were forced to relaunch this season from the lowly fourth tier of the game following their financial crisis.
The decision represented a spectacular fall from grace for the 54-times Scottish champions.
Rangers went into administration in February before a takeover last month by a consortium led by English businessman Charles Green.
Naqvi, who founded Abraaj in 2002 and has raised $7bn since then, said in March he believes an IPO will provide the company with a currency to continue to grow.
Dubai-based Abraaj Capital, the Middle East’s largest private equity firm, owns stakes in Orascom Construction, budget carrier Air Arabia and supermarket chain Spinneys.
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