Rangers Hope To Receive $2.5M Cash Boost From Investors To Ease Club's Financial Fears
Scottish League One club Rangers "hope to rake in" a £1.5M ($2.5M) windfall "that should ensure the club is not dragged back into financial distress," according to Keith Jackson of the Scotland DAILY RECORD. Rangers CEO Graham Wallace "is in advanced discussions to raise the cash from two prominent investors" -- the Easdale brothers and hedge fund managers Laxey Partners. It is anticipated these loans "will not be repaid but converted into shares later this year, strengthening the positions of both groups at boardroom level." Experts in the city expect Wallace to make an announcement to the stock exchange next week, "confirming that the Easdales and Laxey have agreed to pump emergency cash into the club." A city source said, “The club says it has enough cash in the bank to continue trading at the moment but clearly Wallace sees a need for fresh investment" (DAILY RECORD, 2/20). The DAILY RECORD also reported Wallace claimed there is "categorically" no threat of a second administration hitting the Ibrox club. In an online video, Wallace "moved to allay growing concern among supporters over the financial state of the club." Wallace: "The board, myself, the executive team are working very hard to rebuild the club and we are midway through our 120-day review of every area of the business. What I categorically can say to all Rangers fans worldwide is that there is no threat of a second administration" (DAILY RECORD, 2/20).