Rangers happy despite missing cash-raising target

London (AFP) - Fallen Scottish giants Rangers fell short of their stated target of raising an extra £4 million ($6.6 million, 5 million euros) via an open share offer to existing shareholders but have insisted they were pleased by a return of £3.13 million.

The club had hoped to bring in just under £4 million when they launched the issue two weeks ago.

Back then, second-tier Glasgow club told the London Stock Exchange that the plan was for the latest cash injection to help "re-build and re-establish Rangers as a stable, sustainable and successful business".

However, officials warned Rangers faced an "uncertain future" if subscriptions to the offer fell below a minimum level.

But late Friday the club declared the offer a success, saying in a statement: "The successful completion of the Open Share Offer announced to the Stock Exchange today strengthens our financial position and provides funds which allow the company to start implementing the strategy to rebuild and re-establish Rangers as a stable, sustainable and successful business to deliver both shareholder value and footballing success.

"The purchase of £3.13m of shares demonstrates the continuing commitment from our shareholders and we thank them for their ongoing support."

Rangers, the 54-times champions of Scotland, were kicked into the country's fourth and bottom tier of professional football in 2012 after entering administration.

But they have since been working their way back towards the summit and last season were crowned champions of third-tier League One.