Wednesday, November 7, 2012

Scottish Football Team Sells Shares to Raise £20M

Unlocking Word Meanings
Read the following words/expressions found in today’s article.

1. working capital (n.) – the amount of money that a business needs to pay fees and buy needed supplies or equipment
Example: If a company lacks working capital, it may have to close and stop doing business.

2. first-rate (adj.) – having the best quality or reaching the highest standard
Example: The Ritz-Carlton is a first-rate hotel; the staff is friendly and alert and the facilities are modern and clean.

3. seat (v.) – to provide a place for a person or people to sit in
Example: The small theater only seats about a hundred people.

4. span (v.) – to continue until a certain point (in time or place)
Example: Former Egyptian president Mubarak’s term spanned about three decades.

5. glory days (idiom.) – a time in the past when one was performing at one’s best
Example: Older people like to talk about their glory days, when they were young and did so many exciting things.

Read the text below.

The Rangers Football Club, a popular Scottish football club, plans to raise about £20 million by selling its shares to the public and to institutional investors (investment companies, insurance companies, banks, etc.).

The money earned through the public offering will be used not only to add to the club’s working capital, but also to develop better facilities and to help train players.

The Rangers F.C. has been one of the strongest and most popular Scottish teams for decades. The team’s home stadium is at the Ibrox stadium in Glasgow. The Ibrox stadium seats as much as 51,000 people and is the only UEFA (Union of European Football Associations) elite club stadium in Scotland. The football club also uses the first-rate training facilities in Glasgow’s Murray Park.

The CEO of the Rangers, Charles Green, said that ever since he and his company acquired the club earlier this year, they had always planned on giving fans a chance to own part of the club. Fans interested in buying shares were invited to register at the Ranger’s website last October 12, 2012.

Mr. Green stressed that the club does not have any debts. He also assured interested investors of the club’s huge fan base and excellent performance record that spans 140 years. The goal of selling the shares, he said, is to bring the club back to its   glory days and to make sure that the club continues to be profitable and efficient.

Viewpoint Discussion
Enjoy a discussion with your tutor. 

Discussion A

·         What sports team or company are you a fan of? Why do you admire that team or company?
·         Would you be interested in buying or owning shares of the team or company that you admire? Why or why not?

Discussion B

·         Do you think that investing in sports clubs is a good idea? Why or why not?
·         In your opinion, where should one invest their money? What is the most profitable investment?


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