Club directors will provide loans
Rangers in no urgency for share issue
Rangers Football Club has decided to delay its admission to the ISDX market until criminal proceedings against former owners Craig Whyte, Charles Green and others are concluded.
Chairman Dave King and directors Douglas Park, George Letham and George Taylor have agreed to provide further loans as required, so that a share issue is not a priority at this stage.
In a statement the club said: “The board is satisfied that from a financial perspective there is no short term requirement for the funding that would have flowed from a share issue and that any funds that may be required for the group will be made available as and when required from the existing shareholder/lenders.
“Dave King, Douglas Park, George Letham and George Taylor have reaffirmed their commitment to making further loan facilities available to Rangers International Football Club PLC (RIFC) on the same no fees and no interest basis as the existing loan facilities and have also confirmed the continuation of the existing facilities which they are providing to RIFC on the same basis.”
It added: “The facilities to be made available more than cover the projected shortfall for this season and beyond.
“The board further understand that additional facilities can be made available as and when required for investment in the team. Any such investment will be reviewed on a case-by-case basis in accordance with prior statements.”
The club said the group’s account would be circulated to shareholders for approval in the next few days.