[Haggis316]

The Articles of Association of most smaller companies give existing shareholders first dibs when it comes to subscribing to new share issues so they can maintain their majorities if they have the cash and the inclination to fully take up their allocation. That's all the "fairness" existing shareholders are entitled to.

The club needs the cash to build and maintain a team more people want to come and watch (in the face of two Premiership Clubs) and to service debts eg HMRC and Professor Glasson.

Prudent housekeeping can only go so far. That cash will have to come soon and fairly consistently if not all through trading activities then in part through a share issue.