Rangers announce repayment of £1.5m in loans

RANGERS have announced that they have repaid £1.5 million in loans provided by shareholders Sandy Easdale and George Letham.

Sandy Easdale, pictured with brother James, has received the repayment of his loan from the Ibrox club. Picture: John Devlin

The statement appeared on the club’s official website and follows its recent £4m share issue.

Rangers secured a £1 million loanfrom shareholder George Letham in March following the cancellation of their loan agreement with Laxey Partners. Mr Easdale then loaned the club a further £500,000 interest free secured against Edmiston House and Albion car park.

The statement, also made through the London Stock Exchange, read: “The Company (Rangers) has repaid the secured short term credit facilities provided by Mr George Letham for the principal amount of £1 million plus interest (the ‘Letham Facility’) and by Mr Alexander Easdale for the principal amount (interest free) of £500,000 (the ‘Easdale Facility’).

“Accordingly the security over Edmiston House and Albion car park properties has been released.”

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• £1.5m loans for Rangers are ‘part of the plan’