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SBD Global/September 2, 2014/Finance

Scottish Championship Side Rangers Admit To Needing $6.6M By Mid-September

Scottish Championship side Rangers' board has "admitted they have only a fortnight to save their club," according to Gary Ralston of the Scotland DAILY RECORD. Now it appears to be a "straight fight" between former Dir Dave King and Sports Direct tycoon Mike Ashley to "restore the cash-strapped Ibrox outfit to their former glories." Rangers admitted in a statement to the Stock Exchange that "they need to raise" £4M ($6.6M) by the middle of September "or the lights could go out again on Edmiston Drive." Even then, the money would "only see them through the next couple of months as they have to repay debts" of £1.5M ($2.5M) to Rangers Chair Sandy Easdale and "wealthy fan George Letham, and will need further, more significant investment to see out the season." The Light Blues legions have "reacted with horror to the prospect of another administration at their club and have called on the board to back down and enter into formal discussions with King." EPL Newcastle United Owner Ashley is "also believed to be considering his options but that would not sit easily with the SFA." King "remains willing" to invest £30M ($50M) but he has been "kept at arm's length by the board, not least because he wants to dump them all and start again" (DAILY RECORD, 8/30).
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