The Daily Record has revealed that Dave King is on course to bring in £20m to keep his club afloat until the end of this season.
In November the club accounts revealed that a minimum of £10m was required to see out the season dependent on player trading. In January no players were sold.
Last week the Record ran a two day story about Hong Kong based Stuart Gibson ploughing millions into the club but their last comment was that he would be concentrating on his Asian investments for the moment.
King’s cold-shouldered status prevents the company from having a share issue with no sign of the South African based businessman stepping down as chairman.
Covering the current situation at all SPFL Premiership clubs The Record reports:
Rangers announced a drive for up to £20 million of fresh investment in the club at their last AGM in November.
And while it’s unclear what effect the worldwide financial downturn will have on this hunt for cash, club insiders claim they are still on course to bring this money in.
Record Sport revealed how wealthy Scottish property funding investor Stuart Gibson was among several new backers, mostly from the Far East, ready to pony up ahead of the pandemic striking.
The Ibrox club have a wage bill in excess of £30 million, second only to Celtic, and in the short to medium term that isn’t an issue provided they bring in the promised investment.
Aberdeen and Hearts have already flagged up their concerns about the likely lack of income over the coming months.
Hearts are trying to impose a 50% pay cut on contracted players while Aberdeen have warned their fans of a £5m shortfall with running costs of £1.2m/month.