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. “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.