Since the financial disaster of 2012 it’s fair to say Rangers have been completely toxic to London and the major banking institutions of the city.
Our board have been working hard to rectify that and it has been a source of attempted ridicule to say ‘Rangers, no bank will touch them or even give them a line if credit’
So what does yesterday’s announcement mean?
Rangers have been given a credit facility from Close Brothers, a major London banking institution. This is for sums believed to be just under £3m, an overdraft not dissimilar to an average persons bank account.
How does it work?
Just like a normal bank would, you can dip into it, if and when it’s needed
Have we borrowed £3m?
No, it’s nothing like a loan and we don’t suddenly have £3m to play with, it’s simply there if we need to use it short term
Why is it secured against assets?
Nothing unusual at all in this and the club are more than happy, before a bank offer any credit line they must cover their selves, this is no different
What does it say for our board?
It’s a major backing for them from a major London banking institution. A gold star in their direction from the city, we are once again trusted and seen as a viable business
So what now?
This credit facility is another small step towards the share issue later in the year, it will also be a positive to any potentially new investors. It’s a security blanket if we need it
Has Dave King and other investors withdrawn their support?
Absolutely not! This is simply a step in the right direction, our investors are still 100% committed. This isn’t huge earth shattering news, but because it’s our club it is turned into it.
I’ve said it before and I will continue to say it, our club is going places and major things are happening positively to us. This is a step in the right direction and proves what I have been saying lately. That toxic stamp we have been stuck with is gradually being removed by a board hell bent on returning us to where we should be, this is simply another step in this direction.
Ignore the Nonsense, the Irrelevant and the Noise 🔴⚪️🔵