Bring back Craig whyte he was not this bad to us Rangers shareholder loan deal could be repaid using season ticket money 10 Mar 2014 19:46:00 GMT A controversial loan taken out by Rangers from two of its shareholders could be paid back using season ticket money, according to an agreement seen by STV. The agreement appears to show that both facilities shall be repaid either from the sale of season ticket monies for the 2014/15 season or a placing or rights issue or other form of debt or equity fundraising of the company or any member of the Rangers Group, whichever is first to occur. Sandy Easdale and Laxey Partners are listed as the lenders, with Rangers International Football Club plc as the borrower and The Rangers Football Club Limited the chargor. After being contacted by STV, Rangers appeared to contradict the document. A spokesman said: The loans, if drawn, will be repaid from the operating cash flow of the business at the relevant time. Operating cash flow comprises many sources including commercial partnership income, retail dividends and match ticket income. The Laxey loan is for £1m and is repayable with an interest payment of £150,000. The loan from Mr Easdale is for £500,000. Both are secured against club properties Edmiston House and the Albion Car Park, with both lenders security being on an equal footing. STV understands the joint loan facility has not yet been drawn upon by the club. If used, the amounts borrowed must be repaid by September 1, 2015, according to the document. The Laxey loan has attracted controversy due to its interest rate. Another shareholder, George Letham, has offered the same amount with a repayment of £75,000, which he insists he would reinvest in the club. A collective group of Rangers supporters organisations, the Union of Fans, have also called upon their fellow fans not to pay their season ticket money for the 2014/15 season directly to the club. Instead the group, together with former director Dave King, want monies to be paid into a trust and only given to the club if assurances are given over finances. The Rangers oldco previously took out loans against season ticket money. Ticketus bought the rights to around 100,000 Ibrox season tickets until 2015 when Craig Whyte was in charge at Ibrox.
Posted on: Tue, 11 Mar 2014 11:53:23 +0000
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