LONDON (Alliance News) - Rangers International Football Club PLC Thursday confirmed that it is in talks with two of its major shareholders about arranging a potential loan of up to GBP1.5 million to provide it with working capital.
In a statement, the football club holding company said terms have not yet been finalised and it will make an announcement in due course.
The Scottish Daily Record earlier Thursday said it understood that Rangers was in talks with the Easdale brothers and hedge fund managers Laxey partners about an emergency loan to help ensure it doesn't fall back into financial distress.
The paper said that the loans are expected to convert into equity rather than being repaid.
It quoted sources at the club saying the club is not on the brink of running out of money any time soon.
Rangers shares were up 1.4% at 27.875 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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