February 25 – Scottish giant Rangers have announced to the stock exchange £1.5 million loan from shareholders to provide short term working capital to the club. The club is listed on the London AIM market.
Rangers are currently runaway leaders of Division 1 and are working their way back to the Scottish Premiership after having been dropped to the bottom professional tier two years ago after reforming following bankruptcy.
The secured loans by the chairman of their football board, Sandy Easdale, and investment group Laxey Partners. The loans are secured against Edmiston House and the Albion car park, which are situated at Ibrox. The loans are to be paid back by September 1 this year, with the amounts secured against.
Easdale’s £500,000 loan is being provided on a no-fee, no-interest basis. Majority shareholders Laxey Partners, who will loan the club £1 million, will receive interest of £150,000, which will either be paid in cash or as shares.
Rangers’ recently appointed chief executive Graham Wallace is currently undergoing a cost cutting exercise at the club , which included proposed wage cuts, however first team players refused to accept a 15% cut in January.
Rangers’ accounts for the 13 months up to June 2013 showed a £14.4 million loss, with monthly staff costs of around £1.38 million.
The Rangers Supporters Association, Rangers Supporters Assembly and Rangers Supporters Trust have all raised questions to the club regarding the loans.
“We have been contacted by a number of Rangers supporters, who are also current shareholders, indicating they would have provided a secured loan of £1.5m on more favourable terms than the combined Laxey Partners/Easdale loans,” said a statement.
“The terms of the Laxey loan in particular seem unduly onerous. We are concerned that not all shareholders are being treated equally.”
McCoist, who also faced a wage cut, has said that his transfer spending plans are on hold while the review of the finances takes place and that there is no talk of the club going into administration again.
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