Rangers secure £500,000 loan to stay afloat

Extent of club’s financial problems highlighted after loan from chairman Sandy Easdale

 

Former Scottish champions Rangers are facing more financial upheaval after negotiating a loan to stay afloat while being approached by American financier Robert Sarver who is considering a potential takeover.

The Glasgow club, whose 54 Scottish titles constitutes a world record for domestic championships, have climbed back to the second tier after being wound up and re-formed as a fourth-tier club in 2012.

The club’s board confirmed in a statement to the Stock Exchange that it had accepted an emergency loan of £500,000 from chairman Sandy Easdale to remain afloat for another few days.

The latest crisis was triggered by a national insurance bill from the British Revenue and Customs office, with the tax authority threatening to have the club placed in administration if the account was not settled immediately.

The club’s parent company Rangers International Football Club (RIFC) has also confirmed an £18 million approach from Sarver who has been given until February 2nd to make a firm offer.

Two groups of fans have also made share purchases in the club since the owner of the Phoenix Suns basketball team made his approach.

The board are also considering a deal with Dave King -- a former Rangers director - and the Three Bears consortium comprising other wealthy backers.

The club said Easdale’s £500,000 loan would “be used by the Company for general working capital purposes over the next few days”.

The statement continued that the loan had been offered and accepted “on a fee and interest free basis and it will be secured against the income from the sale of the player announced on January 2nd 2015.”

That player was central midfielder Lewis Macleod, 20, who was sold to Brentford for £1 million.

Rangers will make a further announcement in response to the 52-year-old Sarver’s interest in due course.

“There can be no certainty that an offer will be made, nor as to the terms on which an offer may be made,” they said.

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