RANGERS have lodged details of a finance company's security over a £3 million funding facility against a car park and a derelict building.

The club has previously indicated that it will be the first credit facility since Sir David Murray sold Rangers to Craig Whyte in 2011.

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Manchester-based financiers Close Brothers have ensured the funding is secured against the club's Edmiston House and Albion car park properties.

Glasgow Times:

Glasgow Times:

Edmiston House, which stands derelict, was formerly home to Rangers FC's Social Club and ticket office. It was converted into offices in the early 1990s. Four years ago the building and the car park had been part of a redevelopment plan suggested by previous club owners that never materialised.

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Security documents now lodged with Companies House confirm that both properties have been put up as collateral for the funds which come after the board said they were faced with a multi-million pound shortfall for this season and next season.

A list of conditions that have to be met include ensuring that the properties are in "good and sufficient repair to the reasonable satisfaction of the lender".

Glasgow Times:

Rangers managing director Stewart Robertson had insisted there was no risk of club chairman Dave King and his fellow investors withdrawing their backing.

The latest operating company financial report signed off in November showed the business was passed as a going concern while accepting they would require at least £4 million additonal funding by the end of this season "in order to meet liabilities as they fall due".

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Further funding of £3.2 million was forecast to be needed next season, although the board says the final amount was dependent on football performance and whether they qualify for lucrative European football participation.

The board said it had discussed the club's forecast cash shortfall and reached agreement with Mr King's New Oasis Asset Ltd company to provide additional loans as necessary.

There were interest-free unsecured loans amounting to £15.9 million - of which £6.7 million is owed to Mr King's company.

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Dave King and other investors had agreed to extend their exisiting loan facilities to July, next year.

The board said at the time that it was "satisfied that those parties will continue to provide financial support to the company and have satisfied themselves to the validity of the undertakings".

And directors have acknowledged that without the assurances then "a material uncertainty would exist which may cast doubt over the company's ability to continue as a going concern..."

The board said that financial support committed before the new credit facitlity was sought "more than covers the projected the shortfall for this season and beyond".

Rangers managing director Stewart Robertson said after announcing the funding facility that it was the "next stage in moving the club forward and getting it onto a sensible business footing".

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“Dave and the other investors remain firmly behind the club. The contingency is still there if we need money for a particular project or to head into the transfer market in the summer," he said.

“A £30 million business with no bank facilities is very, very unusual. It’s another step and it’s about doing it within the realms of financial prudence.

Glasgow Times: 20/07/15 .  HAMPDEN - GLASGOW .  Rangers Managing Director Stewart Robertson speaks to the press at Hampden.. (32535227)

“Close Brothers would not have come to us if they thought there were still issues with the club in any shape or form so it’s a vote of confidence in the way Rangers are moving forward.

“They can see the investment already made and there’s a share issue coming down the road as well. Step by step we’re beginning to make progress.”

It's not the first time that Edmiston House and Albion car park has been put up as insurance for Rangers financing.

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Three years ago Rangers announced they had accepted a £10 million loan offer from Mike Ashley's Sports Direct in return for a number of conditions including security over Murray Park training ground,  the Albion car park and Edmiston House building adjacent to Ibrox. 

The previous year Laxey Partners announced it had used the assets as security for a £1 million loan. The club had just six months to repay the loan.

It is not the first time Rangers have been linked with Close Brothers.

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In 2000, former chief executive Charles Green struck a £30 million “tax efficient investment” deal with Close Brothers when he was involved with financial services company, Kingsbridge Holdings.

In 2012, former owner Craig Whyte sold £2 million of future earnings from matchday catering at Ibrox to Close Brothers to pay for the lease of kitchen equipment.

Shareholders cleared the way for fresh investment in Rangers last November when they backed moves for a new share issue at the club’s AGM.

Fans’ group Club 1872 are aiming to raise £1m to buy a greater stake in the club at the share issue as they seek to increase their influence with the Ibrox club’s management.

Meanwhile Mr King was expected to appeal against a court ruling which has ordered him to make an £11 million share offer. He was said to be talking to theTakeover Panel in the wake of the order to make an offer of 20 pence a share after he was found to have acted in concert with the Three Bears when seizing control of the club three years ago.