Rangers close to loan

  • Last Updated: February 20 2014, 10:32 GMT

Rangers have confirmed they are close to securing a potential £1.5million loan from two of their investors, the club have announced to the Stock Exchange.

Rangers: More off-field news
Rangers: More off-field news

Reports on Thursday morning claimed the cash-strapped Ibrox outfit were in talks with Sandy and James Easdale as well as Laxey Partners about an investment deal.

The "crisis loan" - which would not have to be repaid, with the Easdales and Laxey Partners instead receiving extra shares sometime next year - would help bridge a funding shortfall expected to cripple the club before season-ticket renewals start arriving at the end of the season.

In a statement, the club said: "The Board of Rangers notes the press articles (on Thursday) morning and confirms that it is holding discussions with two major shareholders with a view to arranging a loan of up to £1.5million to provide working capital for the Company.

"Documentation and terms have not been finalised, and a further announcement will be made when appropriate."

Sandy Easdale is chairman of the club's football board, while James sits as a PLC board director.

Rangers raised £22million when they floated on the Stock Market in December 2012.

However, by June, they had burned through most of that as they announced losses of £14.4million for the previous 13 months.

And there has been speculation about the on-going health of the club's books since former financial director Brian Stockbridge claimed the League One leaders would be down to their last £1million by April.

Those fears grew worse last month when chief executive Graham Wallace attempted unsuccessfully to persuade Ally McCoist's squad to take a 15 per cent pay cut.

New Sky Bet customers: Free matched bet up to £30