Alastair Johnston insists Rangers would be in greater financial trouble had it not been for Lloyds Bank.
Gers supremo admits the club need bank
Rangers chairman Alastair Johnston insists the SPL giants would be in greater financial trouble had it not been for Lloyds Bank.
Lloyds are currently in control of the club's finances and have one of their own people on the club's board in the shape of David Muir after Murray International Holdings opted against investing further.
Although Lloyds have come under fire from supporters with the club unable to strengthen their squad for the best part of a year, Johnston insists they would be in trouble without them.
Johnston has acknowledged the club's long-term financial future will be without Lloyds, stating they need to regain control of their chequebook if they are to remain competitive on the pitch.
Problem
"I have to tell the supporters we have a real problem on our hands without Lloyds TSB," explained Johnston.
"The bank is trying to support our initiatives without compromising Walter Smith and Ally McCoist in their job of trying to field a competitive team for the rest of the season. The board, meanwhile, understands Lloyds need to be replaced.
"Going on as we are at the moment isn't desirable if we are to retain control over the club's destiny and avoid affecting the potential for future success.
"In the meantime, everyone has to work harder and work smarter and that's what Walter has done in the dressing room and Martin Bain, our chief executive has done in the boardroom."
Johnston insists Lloyd are just a stop-gap measure and that if they can secure UEFA Champions League football next season then they might be able to regain control of their finances.
Working
"In no way would I criticise the fans, who are entitled to voice their opinions," he continued.
"But as far as our relationship with Lloyds goes, it is working. We need them at this point in time.
"Murray (International Holdings) are not going to put any more money into the club, so we need the bank. They have been left holding the baby after the economic crisis hit Murray. The bank are our stop-gap measure.
"The next 10 weeks will impact significantly on how we aspire to make progress for the club.
"Clearly, getting into the Champions League again would be of significant benefit."
