CLUB 1872 have launched their 'legacy' membership scheme aimed at raising the £13million required to purchase Dave King's major shareholding in Rangers.

The former Light Blues chairman revealed on Tuesday evening that he will sell his 20.37 per cent stake in RIFC plc to the fan organisation - making them the largest single shareholder at Ibrox.

Club 1872 have set a target of boosting membership numbers to around 20,000 to ensure they can complete the purchase over the next three years.

Fans have now been asked to take out a legacy membership of £500, which can be paid as a one-off or over two payment plans of 10 or 25 months.

The share purchase will take Club 1872 beyond the 25 per cent threshold in Rangers and give supporters a meaningful say in the running of their club.

And it will also ensure the fans have a chance to veto proposals at boardroom level to protect Rangers and ensure the events of 2012 can never be repeated as no one person will ever own their club again.

A statement from Club 1872 read: "When we say this is a once in generation chance, we mean it. This opportunity has only arisen due to the relationship that Club 1872 has built with Dave King over several years.

"He is making good on his promise to ensure that supporters will always retain a meaningful voice in our club and can ensure that the events of 2012 never happen again. He is also giving a huge, personal vote of confidence to Club 1872 as the vehicle to achieve that.

"If we do not take this chance now then it will most likely never come around again. If we don’t do this then who will? Make joining Club 1872 your legacy to your children, your grandchildren and your football club.

"It has been a long term goal of Club 1872 to reach 25% ownership of RIFC and this share purchase will make that goal achievable. A 25% shareholding means an effective veto over any major decision about your club.

"With Club 1872 holding a 25% shareholding, no board or shareholder will ever be able to make major decisions about Rangers again without the agreement of Rangers supporters – placing Rangers safe in the hands of our supporters for generations to come."