BUSINESS

Scottish club Rangers de-listed from stock exchange after failing to find broker

04/02/2015 11:19 EDT | Updated 06/02/2015 05:59 EDT
GLASGOW, Scotland - Scottish club Rangers has been de-listed from the stock exchange after failing to secure a broker.

Trading in shares was suspended following the resignation of its former broker, WH Ireland, before a general meeting on March 6. The club hasn't found a replacement within a 28-day deadline.

Rangers, a 54-time league champion in Scotland, was demoted to the bottom tier of country's football pyramid in 2012 because of financial problems. The club is currently in the second division after back-to-back promotions.

Rangers says "failings in corporate governance" by previous regimes made it difficult for it to find a new broker, adding that "there is no reason why de-listing should adversely impact on the value of the company's shares or on the company's financial condition or prospects."