Rangers chief announces deal reported to be £2m+
Rangers have secured a financial arrangement with Close Brothers to help fund the club, according to a report.
The Daily Record revealed the news on Wednesday that an overdraft facility had been put in place with the bank that would enable the Gers to fund a number of projects.
Gers’ money problems have been widely documented as a result of which they were liquidated back in 2015.
However, it now looks as though the cash issues are finally beginning to ease.
This new arrangement with Close Brothers, which is thought to be in the low millions – under £3million according to the Daily Record – will be secured against Edmiston House and the Albion Car Park.
The Light Blues managing director Stewart Robertson also revealed that the overdraft would be used alongside the £7million that chairman Dave King has already promised he would give to auditors to cover any losses the club has made.
As quoted in the Daily Record Robertson said: “It’s another positive step in the club moving forward. We turn over more than £30 million a year and there are very few businesses with that level of turnover that don’t have a banking facility.
“Some folk take pleasure in winding us up because we don’t have a bank facility but this is the next stage in moving the club forward and getting it onto a sensible business footing.
“Dave and the other investors remain firmly behind the club. The contingency is still there if we need money for a particular project or to head into the transfer market in the summer.
“We need to get to the position we’re a self sustaining football club. That has always been the target. We can’t keep going back to the well.”
Despite the Light Blues supposed monetary concerns, they turned down a number of offers from China during the January transfer window for their striker Alfredo Morelos, who only arrived at the club last summer.
24 goals in 41 appearances across all competitions had seen the 21-year-old Colombian attract interest from Asia with a bid of £7.5million being rejected by the Ibrox club.
In other Rangers news, Alan Brazil believes Gers are still toiling despite January transfer blitz.
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