Football News: Sandy Easdale provides further loan as Sarver Rangers interest is confirmed

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In an announcement to the stock exchange this morning, Rangers announced that Sandy Easdale has provided a £500,000 interest free loan to cover immediate "working capital"

The statement to the London Stock Exchange read, "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 2015,"

The loan is secured against the income from the sale of midfielder Lewis MacLeod, who moved to Championship side Brentford for an undisclosed fee believed to be in the region of £1m.

The loan is believed to have been required to cover overdue National Insurance payments, with HMRC believed to have issued a threat to wind up Rangers if suitable payment was not received.

The further loan is in addition to loans totaling £3m which were provided late last year by Sports Direct and Newcastle United owner Mike Ashley, who has recently been thwarted in his attempts to increase his shareholding in Rangers to 29.9% by the SPFL, and was recently informed of disciplinary proceedings being opened against himself and Rangers for a breach of regulations which agreed Ashley would have no influence over Rangers at boardroom level, but had right hand man Derek Llambias appointed as CEO of Rangers in recent weeks.

Meanwhile, Rangers also confirmed an approach has been made by American businessman Robert Sarver with regards to a take over. Sarver, owner of NBA franchise Phoenix Suns, has made an approach he must firm up or walk away from by 2nd February. Sarver has intimated that he is willing to work alongside the Three Bear consortium of George Taylor, George Letham and Douglas Park and former Rangers oldco director Dave King who between them last week snapped up more than 30% of the issued shares in an apparent bid to oust Mike Ashley and the current Rangers board.

Written by Dave Laurie January 05 2015 17:30:36