Sevco have announced to the Alternative Investment Market that Sandy Easdale, who served a prison sentence in the nineties for VAT fraud, has provided the club with a £500,000 loan ahead of the arrival of the cheque for Lewis MacLeod.
The Greenock based transport tycoon has provided the cash strapped club with the emergency loan as the shadow of administration is cast over Ibrox.
A 7am statement to the Alternative Investment Market read: “The Company is pleased to announce that it has entered into a short term credit facility for up to £0.5m (the “Facility”). The Facility is being provided by Alexander Easdale, a shareholder in the Company and director of The Rangers Football Club Limited, the wholly owned subsidiary of RIFC.
“The Facility will be used by the Company for general working capital purposes over the next few days.
“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.
“Under the AIM Rules for Companies, the Facility is a related party transaction under Rule 13 of the AIM Rules. The Directors of Rangers, having taken advice from their nominated adviser, WH Ireland plc, believe that the terms of the Facility are fair and reasonable as far as shareholders are concerned.”
Sevco have also announced that Phoenix Suns owner Robert Sarver may make an offer for the company although there is no certainty that an offer with be made.
Mr Easdale provided Sevco with a similar loan in February 2014 which was repaid from the September share issue which raised £3.13m.
News of the Mr Easdale deal confirms that Mickey Ashley has lost patience with the club after loans of £3m ensured that the November and December payrolls were met.
Despite that generosity Mr Ashley has been met with hostility from ‘fans’ critical of Sports Direct with attendances at Ibrox now below 20,000.
Last night rumours were rife that the club was about to go into administration with news of the Mr Easdale loan merely delaying the inevitable.
Despite the share purchases last week by the Three Rebel Bears and Dave King no money has gone into the club which is needs a cash injection of at least £8m to reach the end of the season.
If Sevco go into administration the points deduction and the decimation of the squad would kill off any hopes of promotion with Hearts currently sitting 13 points clear at the top of The Championship despite living within their means.