The move brings the total invested by Mr Cavenagh’s consortium since taking over the club in summer 2025 to £36m.

In a letter to supporters, Mr Cavenagh also confirmed that adult season ticket prices will rise by 6.5%, arguing that increasing revenue is essential to sustaining, and growing, investment in the men’s first team. The share issue will be backed by his consortium and existing shareholders, with a minimum buy-in of 1,000 shares.

The chairman used the letter to outline a leaner vision for the club’s off-field structure, confirming that no replacement will be sought for former sporting director Kevin Thelwell, who was dismissed in November alongside ex-chief executive Patrick Stewart.

“We do not plan to hire a sporting director,” Mr Cavenagh wrote, adding that he wants an executive team that is “smaller, nimbler, and more entrepreneurial”.

Mr Cavenagh acknowledged that rising costs across the club, including player wages, agents’ fees, and operational expenses, are outpacing general inflation, and made clear that cutting the football budget is not the answer. “We don’t believe this is the time to decrease the player and football budget; in fact, we think the opposite,” he said.

The chairman also addressed the disorder that marred the most recent Old Firm match at Ibrox, when supporters invaded the pitch following a penalty shootout. He reiterated the club’s condemnation of the scenes, particularly any disrespect shown towards the 66 victims of the Ibrox disaster, and confirmed Rangers’ full support for an independent review into the incidents.