Rangers Secure Bank Loan Against Future Income
Rangers have taken out a loan from Macquarie Bank, secured against future receivables, according to documents filed with Companies House. While the exact nature of these receivables remains undisclosed, the agreement states that future transfer fees will be directed to the lender.
Macquarie Bank has a track record of financing football clubs, having previously provided loans to teams such as Watford and Burnley.
Unclear Reasons Behind the Loan
The rationale behind Rangers’ decision to secure this loan remains uncertain. In 2021, former chairman John Bennett had indicated that the club would avoid bank loans with high-interest rates, including those from Macquarie, due to more favorable terms offered by directors.
At the time, Bennett revealed that the club had received multiple financial proposals, including from banks like Macquarie, but dismissed them due to high interest rates. He cited one offer at 13% per annum, stating:
“We’re not paying that. We are no longer paying nine, we are no longer paying eight—six is the new benchmark.”
He also noted that while Rangers had reduced borrowing costs to one of the lowest levels in British football, banks often demanded additional security alongside higher interest rates.
Financial Decisions and Managerial Changes
Club CEO Patrick Stewart has repeatedly denied that financial constraints influenced the decision not to part ways with former manager Philippe Clement earlier. The Belgian coach, who signed a contract extension until 2028 at the start of the 2024/25 season, was dismissed last month following a 2-0 defeat to St Mirren. Barry Ferguson has since been appointed interim manager until the end of the season.
Meanwhile, the first draft of legal documents required for the 49ers-led takeover of Rangers is expected to be submitted by mid-March.
