Rangers FC raises 22 million pounds on market return

Scottish soccer club Rangers raised around 22.2 million pounds on its return to the stock market on Wednesday, funds which the club hopes will help to support a recovery after being demoted to the fourth tier in Scotland.

Rangers, Scottish champions a record 54 times and one of the biggest names in British soccer, were demoted earlier this year following the collapse of their former parent company.

The club raised 17 million pounds from large institutional investors and the remainder from smaller investors, including fans of the Glasgow club.

Trading in shares will begin on the junior AIM stock market in London.