SPFL: Rangers confirm they are close to securing a loan of £1.5m
Rangers have confirmed to the Stock Exchange that they are close to securing a £1.5million loan.
Last Updated: 20/02/14 6:40pm
The Scottish League One leaders are reportedly going through around £700,000 a month in running costs and last December, chief executive Graham Wallace claimed their 'money could run out by April'.
Now hedge-fund managers Laxey Partners and brothers Sandy Easdale - chairman of the club's football board - and James Easdale - a director of the PLC board - are stepping in with a 'crisis loan' which will be repaid in shares in the club some time next year.
The loan would allow Rangers to continue to meet their demands, on and off the pitch, until next year's season ticket renewal money starts rolling in towards the end of this season.
In a statement, the club said: "The Board of Rangers notes the press article (on Thursday) morning and confirms that it is holding discussions with two major shareholders with a view to arranging a loan of up to £1.5m to provide working capital for the company.
"Documentation and terms have not been finalised, and a further announcement will be made when appropriate."