ERS have taken a £500,000 short-term loan from key shareholder Alexander Easdale to avoid being wound up by HMRC, it emerged yesterday.
The beleaguered club is thought to have received a seven-day notice letter at the end of December demanding the payment of national insurance.
Rangers said in a statement the loan would be used to fund general working capital over the next few days and is secured against the sale of prize asset Lewis Macleod to Brentford. The deal for the talented 20-year-old midfielder was completed directly following the opening of the January transfer window.
“Alexander Easdale will make available to the company up to £500,000 on a fee and interest-free basis and it will be secured against the income from the sale of player announced on 2 January,” said the statement. “The directors of Rangers, having taken advice from their nominated adviser, WH Ireland, believe that the terms of the facility are fair and reasonable as far as shareholders are concerned.” Rangers declined to comment further.