Fans’ anger at Ibrox loan deal

FURIOUS Rangers fans today demanded financial transparency about the future of the Ibrox club.

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Supporters supremo Drew Robertonsaid fans are “extremely concerned” after it was revealed a £1.5million loan has been secured against Edmiston House, a three-storey building behind the Copland Road stand, and Albion car park.
Rangers today confirmed a deal to borrow the cash from football board chairman Sandy Easdale and investment group Laxey Partners.
Easdale has stepped in to offer up a £500,000 sum on a no-fee and no-interest basis, while Laxey Partners will lend the club £1million.
Both loans are repayable by September 1.
And Laxey Partners, the club’s single-biggest shareholder with an 11.64% stake, stand to make a £150,000 profit on their part of the deal.
Mr Roberton, Rangers Supporters’ Association chief, said: “I find this latest move very strange. If the money is coming from existing investors, why does it have to be secured against Edmiston House and Albion car park?
“I could understand if the money was coming from a bank, but these are investors who are meant to have the club’s interest at heart.
“It is extremely concerning. I sincerely hope Rangers repay the loan by September 1 and retain the car park and Edmiston House.”
Isle of Man-based hedge fund Laxey Partners may opt to take repayment in the form of fresh shares, but that would require shareholder backing at an AGM.
The money loaned to Rangers will now tide them over until season-ticket
renewal fees start arriving at the end of the season.
A club statement said: “The board of Rangers is pleased to announce that it has entered into two secured short-term credit facilities for an aggregate of up to £1.5m.”
rebecca.gray@eveningtimes.co.uk
 

Finance

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