Rangers have set fans a £2.5million target to raise funds for the club through a new share issue.

Supporters group Club 1872 has agreed the total with the Ibrox board.

The group is the sixth largest shareholder in the club with a stake of close to five per cent.

A statement read: “Following discussions with the RIFC board we can now confirm that a share issue will take place and that Club 1872 has been formally invited to participate at a pro rata level significantly higher than our current shareholding.

“Our aim, which has been agreed by the RIFC board, is to provide up to £2.5m to RIFC in return for shares at a price of 20p per share. If we are able to raise these funds, this will significantly raise our percentage shareholding in Rangers.

“It will also provide a much needed cash injection to Rangers following the impact of Covid on club revenues over the past season.

“We have until June 2021 to raise these funds and RIFC have asked us to provide a first tranche to the club in March.

“It will only be possible for us to provide this level of funding to Rangers if thousands of additional supporters now join Club 1872 over the coming days, weeks and months.”

The group confirmed that former chairman Dave King had agreed to postpone his deal to sell his shares to Club 1872 until after June.