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Rangers take out another £4m loan and have plans in place for another £9m on top of that
Rangers will take out another £4million loan from investors – and have agreed to borrow a further £9m on top of that.
The club released their annual accounts which showed an alarming £17m net loss - compared to £4million 12 months ago - with a record revenue of £88m. And in the statement to shareholders, it was revealed the Ibrox club are set to take out further loans.
It read: “As part of the refinancing, the club will draw down a further £4.0 million in debt funding. Additionally, our investors continue to be supportive and have agreed a funding plan to raise an additional £8.6million of equity.
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“Finally, finance costs of £4.0 million were incurred including an element of interest on shareholder loans that was classified as a capital contribution under applicable accounting rules. The club’s cashflows vary across the season and utilisation of shareholder loans remains a key lever to manage the position throughout the year. Subsequent to the year end, the Directors have approved the conversion of £9.0 million existing debt into equity with the remaining loan balances being converted to a new long-term facility.”
Interim chairman John Gilligan said: “Undoubtedly, it has been a challenging period for the football club with significant change occurring both on and off the park throughout both season 2023/24 and over the summer months.
“The challenges encountered with the redevelopment of the Copland Road stand have been well documented, and as a Board we once again apologise to our supporters for the inconvenience caused by the delays in returning to our home.
"The support received at Hampden was outstanding and epitomises the link that our great club has with our supporters. I’d also like to once again place on record my thanks to the SFA, SPFL and UEFA for their understanding and support through this period.
