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Rangers confirm loans

24 February 2014 13:44

Rangers have agreed loans of up to £1.5 million in the form of two secured credit facilities after reports of potential administration.

The Scottish League One side were the subject of speculation surrounding their financial position, despite chief executive Graham Wallace stating there was "no threat" of administration.

The club entered administration in February 2012 - a milestone moment that triggered a chain of events that eventually resulted in the 54-times Scottish champions being demoted to the Third Division - with Rangers confirming the loans from Alexander Easdale and Laxey Partners Ltd on Monday.

Rangers - who announced operating losses of £14.4m in their annual accounts in October - explained that facilities would be used for "general working capital purposes" over the next few months, adding that the arrangement was secured against their Edmiston House and Albion car park properties.

"Alexander Easdale will make available to the Company up to £500,000 on a fee and interest free basis," read a statement on Rangers' official website.

"Laxey will make available to the Company up to £1 million, with a premium payment equal to 15 per cent of the nominal amount of the facility.

"The principal amounts of the Facilities are repayable no later than 1 September 2014 from a variety of potential sources."

Wallace is currently in the process of a 120-day review at Ibrox Stadium, which involves "looking at every area of the business".

He told RangersTV recently he was "focused on the long-term sustainability" of the club, adding: "Sometimes it is difficult to come out and rebut every element which appears in the press in terms of potential administration."

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# Team MP D P
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2 6 +10 13
3 6 -2 12
4 6 +5 11
5 6 +2 7

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