Rangers reveal details of new financial lenders
Friday 1 January 2016 17:49, UK
Rangers have revealed details of the financial backers who enabled the club to repay a £5m loan to Sports Direct.
A club statement said backing came from chairman Dave King and the 'Three Bears', as well as three new lenders, including two Hong Kong-based supporters, which allowed them to pay the money back and raise additional working capital.
In December the club announced they had re-paid the loan, provided by Mike Ashley's company, meaning Dave King's board re-assumed control of Rangers trademarks, badges and assets including the training complex.
The statement said: "Rangers International Football Club PLC (RIFC) is pleased to announce new loan facilities totalling £6.5m have been made available to the company over the past month.
"The facilities have been provided by existing lenders New Oasis Asset Limited (Dave King), Douglas Park, George Letham and George Taylor and by three new lenders, RIFC Director John Bennett and two additional Hong Kong based supporters, Barry Scott and Andy Ross.
"RIFC's board is delighted to welcome the new lenders who, as long-standing supporters of the Club, fit exactly into the profile of investors that RIFC has encouraged during this ongoing rebuilding phase. The new funding has all been provided on the same basis as other recent loans to RIFC.
"The loans to RIFC were primarily utilised to fund repayment of the Sports Direct facility with the balance going towards the Group's working capital requirements."
