SPFL: Ally McCoist reassured Rangers will not enter administration
Ally McCoist admits he was heartened to hear Rangers will not enter administration despite financial problems at Ibrox.
Last Updated: 24/02/14 12:12pm
The club has secured a £1.5m loan which is designed to meet a 'shortfall' and should see his side through to the end of the current campaign when season-ticket renewals are due.
Sandy Easdale, chairman of the club's football board, has lent Rangers £500,000 while hedge-fund managers Laxey Partners, the club's largest shareholder, will lend them £1m with both sums secured against the Edmiston House and Albion Car Park facilities near Ibrox.
With the club going through up to £1m a month in running costs, chief executive Graham Wallace claimed last December that they 'could run out of money by April'.
But McCoist is convinced that is no longer the case, saying: "I have been told that this is part of the plan, the short-term plan, when Graham and the board got together.
"It would obviously be a concern but at the same time if it was part of the plan then that would soften the blow, obviously.
"I have been assured that the club will not go into administration again. That's what I have been assured which is obviously very reassuring."
Rangers' off-field problems are in stark contrast to their fortunes on the park where, despite being held at home by Stenhousemuir last Saturday, they boast a 21-point advantage atop the table and are on course for a second successive league title.