Glasgow’s Crazy Spending. – lost £14.4 in the Scottish fourth division.

Rangers borrow £1.5m from Sandy Easdale and Laxey Partners

Board member Easdale lends £500,000 and Laxey £1m
Loans to aid cash flow repayable by 1 September 2014

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Rangers are on course for promotion from League One but their problems off the pitch are still a major concern. Photograph: Jeff J Mitchell/Getty Images

Ally McCoist, the Rangers manager, admits his plans for next season have been left in limbo while Graham Wallace carries out his 120-day review of the club.

The chief executive at Ibrox Park is just over halfway through the period of calm he asked for to examine how the League One leaders’ off-field business operates and to draw up a plan that will put the club on a level footing. He has already secured a £1.5m loan announced morning from the football board chairman Sandy Easdale and investment group Laxey Partners which will keep the club afloat until they bank season-ticket monies at the end of the season.

But with Rangers certainties for promotion to the Championship this season, McCoist has had to put preparations for next term’s push for the Premiership on hold until after Wallace finishes his review. Asked if his preparations have been left in limbo, the manager said: “I think that is a fair point, absolutely. But I understand the fact Graham has asked for 120 days and I think we should respect that and certainly give him that.”

Wallace’s 120-day period ends on 18 April and McCoist believes he will still have time to get his squad into shape before the new season starts. “I would hope we would have enough time to make the preparations we need after the 120-day review is completed,” he said as he prepared for league game at Stranraer. “We are keen to get the football side of things moving and to continue to move forward. There are lots of issues we have to address on the scouting, medical, transfer and contract fronts.

“On our side of the business we are keen to get moving, so I would be very hopeful that we would have enough time.”

The club’s record scorer admitted to slight concerns that the club had to borrow money from Easdale and Laxey Partners but said he had been assured it was part of a plan drawn up by the board to see the club out of danger after last year’s £14.4m loss.

McCoist added: “How beneficial this will be for the club is not really a question I can answer – that’s one for the chief executive and the board – but I have been told it’s part of a plan that they had. I would hope it would be a positive step but to my knowledge, it will not have any impact on my plans for the squad. I will have a better idea of what we have for next year’s budgets in terms of players coming in after Graham has completed his 120-day review.”

Easdale has offered Rangers a £500,000 sum on a no-fee basis, while Laxey Partners will lend the club £1m, with both sums secured against the Edmiston House and Albion car park facilities near Ibrox.

The loans are repayable by 1 September and Laxey Partners, the club’s single-biggest shareholder with an 11.64% stake, stands to make £150,000 on its part of the deal.

However, the details of the agreement have drawn fresh criticism from the Ibrox support – the three main fan groups joined forces to express concern about the “unduly onerous” terms. In a statement, the Rangers Supporters Association, Rangers Supporters Assembly and Rangers Supporters Trust said: “We have been contacted by a number of Rangers supporters, who are also current shareholders, indicating they would have provided a secured loan of £1.5m on more favourable terms than the combined Laxey Partners/Easdale loans.

“The terms of the Laxey loan in particular seem unduly onerous.

“We are concerned that not all shareholders are being treated equally. Fans and shareholders both deserve an explanation as to why other shareholders were not approached to provide this loan. The three groups call on Rangers, or the nomad Daniel Stewart, to clarify the matter. Either in public or through a direct meeting with fan representatives. We have contacted both companies with our concerns.” The Isle of Man-based hedgefund may opt to take repayment in the form of fresh shares, but that would require shareholder backing at an AGM. Rangers say the cash will be used for working capital over the “next few months”.

The League One leaders’ raised £22m when they were floated on the stock market in December 2012, but the former financial director Brian Stockbridge sparked concerns the club might be heading into administration for a second time last year when he claimed the club would be down to their last £1m by April after burning through the rest of their eight-figure stockpile in little more than 15 months.

But the money loaned to them will now tide them over until season-ticket renewal payments start arriving at the end of the season. A club statement added: “The directors of Rangers, having taken advice from their nominated adviser, Daniel Stewart & Company plc, believe that the terms of the Laxey Facility are fair and reasonable as far as shareholders are concerned.”