pete 2,511 Posted January 1, 2016 Share Posted January 1, 2016 Rangers bring in £6.5million in loan funds as they attempt to pay off Mike Ashley RANGERS have accepted another £6.5million in loan funds as the board try to pay off Mike Ashley and keep the club afloat. By Iain Macfarlane PUBLISHED: 20:34, Fri, Jan 1, 2016 | UPDATED: 20:48, Fri, Jan 1, 2016 Chairman Dave King as well as the ‘Three Bears’ – Douglas Park, George Letham, and George Taylor – stumped up the bulk of the cash. Three new benefactors have come forward – director John Bennett and Hong Kong-based fans Barry Scott and Andy Ross. A sum of £5m is required to clear Rangers’ debt to Ashley and Sports Direct. The rest of the money will go into the coffers for day-to-day running costs. Despite results on the park going well, Rangers supporters have grown uneasy about the use of loans from directors even if they are on terms favourable to the club. When King took control of the club in March he spoke of pumping in £20m of his own fortune. But so far the money has mainly been in the form of loans. King is adamant this is the best way forward, with Gers trying to build up trust in the wider financial community after years of mismanagement. The South Africa-based Scot argued at the AGM in November that once the £5m Ashley loan was paid, the club would owe money to no one outside the boardroom, thus making them one of the strongest clubs financially in world football. Express Sport http://www.express.co.uk/sport/football/630810/Rangers-bring-in-6-5million-in-loan-funds-as-they-attempt-to-pay-off-Mike-Ashley 0 Quote Link to post Share on other sites More sharing options...
pete 2,511 Posted January 1, 2016 Author Share Posted January 1, 2016 (edited) Friday, 01 January 2016, 14:00 by Rangers Football Club Rangers International Football Club PLC (RIFC) is pleased to announce new loan facilities totalling £6.5m have been made available to the company over the past month. The facilities have been provided by existing lenders New Oasis Asset Limited (Dave King), Douglas Park, George Letham and George Taylor and by three new lenders, RIFC Director John Bennett and two additional Hong Kong based supporters, Barry Scott and Andy Ross. RIFC’s board is delighted to welcome the new lenders who, as long-standing supporters of the Club, fit exactly into the profile of investors that RIFC has encouraged during this ongoing rebuilding phase. The new funding has all been provided on the same basis as other recent loans to RIFC. The loans to RIFC were primarily utilised to fund repayment of the Sports Direct facility with the balance going towards the Group’s working capital requirements. http://rangers.co.uk/news/headlines/rangers-international-football-club-plc-statement-2/ Edited January 1, 2016 by pete 0 Quote Link to post Share on other sites More sharing options...
boabie 230 Posted January 2, 2016 Share Posted January 2, 2016 Provide the funding to see us past the major criminal trial and we will be cash rich. 0 Quote Link to post Share on other sites More sharing options...
Waltersgotstyle 315 Posted January 2, 2016 Share Posted January 2, 2016 I don't feel uneasy in the slightest. It's the only way forward just now until we can have a share issue. 0 Quote Link to post Share on other sites More sharing options...
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