The ‘Three Bears’ consortium have loaned Rangers £1.5m for working capital on an unsecured basis. They have also announced that the second £5m tranche of Mike Ashley’s £10m loan will not be used and have ‘ceased the process’.
The details were announced by Rangers in a statement to the London Stock Exchange on Monday.
The statement read: “The company is pleased to announce that it has entered into loan agreements with Douglas Park, George Letham and George Taylor for facilities totalling £1.5m.
“The proceeds of the loans are available generally for the purposes of the company and will be used for working capital. The loans are being made available until December 31 2015 which will provide the Company with time to deliver a longer term funding solution.
“No interest or fees are to be charged in respect of the facilities and the loans are being provided on an unsecured basis. Provision of the loans is classified as a Related Party Transaction under Rule 13 of the AIM Rules for Companies.
“The independent directors of the company (being its Board with the exception of Mr Park who is excluded from such decisions being a related party in respect of the loans) consider that the terms of the loans are fair and reasonable insofar as the shareholders of the Company are concerned.
“The company also announces that it has ceased the process of satisfying the conditions for drawdown of the second tranche of the facility announced on January 27 2015 with SportsDirect.com Retail Limited and associated companies.”
It is expected that the loan will go towards paying the wages due to be paid at the end of March.