Scottish League 1 Rangers Secure $2.5M Loan From Shareholders
Scottish League 1 Rangers "have struck a deal" to borrow £1.5M ($2.5M) from football board Chair Sandy Easdale and investment group Laxey Partners, according to Gareth Mackie of the SCOTSMAN. The "cash-strapped Ibrox outfit" reported a £14.4M loss in the 13 months up to last June, and "failed in a bid" to persuade Manager Ally McCoist’s squad to accept a 15% wage cut "as they looked for a solution to their money woes." But now Easdale "has stepped in to offer up" a £500,000 ($832,000) sum on a no-fee and no-interest basis, while Laxey Partners will lend the club £1M ($1.5M), with both sums secured against the Edmiston House and Albion car park facilities near to Ibrox. Both loans are repayable by Sept. 1, while Laxey Partners, the club’s single-biggest shareholder with an 11.64% stake, stand to make a £150,000 ($250,000) profit on their part of the deal (SCOTSMAN, 2/24). The BBC reported the Isle of Man-based hedge fund "may opt to take repayment in the form of fresh shares, but that would require shareholder backing at an annual meeting." The loans "will now tide them over until season-ticket renewal fees start arriving at the end of the season" (BBC, 2/24).