Summary
RANGERS' agreement with Lloyds Bank has abolished any risk of meltdown, according to Alastair Johnston, the Ibrox club's chairman. The agreement, which Johnston called acceptable to both parties but not ideal, has brought security and constraints in equal measure.
"The chances of going into administration have been eliminated," Johnston told the Scotsman yesterday, as Rangers published their results for the year to 30 June, 2009. The league champions lost GBP 12.7 million for the year, compared to a GBP 7.2m profit for 2008 when they reached the Uefa Cup final, and their debt has risen to GBP 31.1m.See the full content of this document
Extract
Gbp 31m Debt but Ibrox Chairman Says Club Can Spend
Johnston insisted the club were under no pressure to drive that debt down in the short term, and that Rangers would still be able to trade - albeit within tough restraints - on the transfer market. "Trading our way out of debt is not a priority at this point in time. The credit facility we have gives us a lot of breathing space...
See the full content of this document
Sponsored links
