Scottish Football: Rangers given emergency loan by shareholder
Rangers have avoided a winding up order after company shareholder Sandy Easdale gave the club a £500,000 emergency loan.
In a statement to the stock exchange, the club said, "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."
Despite the club stating that the money is to help with day to day costs, it is understood that it is in fact to ward off a looming winding up order, having been sent a seven day notice letter before the new year regarding unpaid national insurance.
A spokesman for Sandy and James Easdale, his brother and business partner who has a seat on the plc board, declared the latest loan had been the only option for Rangers.
Jack Irvine, an Easdale family adviser, said: "Once again, Sandy has stepped up to the plate with this half million pound loan from his own pocket."
"Whilst we welcomed the recent share purchases by Dave King and Douglas Park and his consortium, this unfortunately did not put any funds into the club."
"Sandy was the only option for this cash injection at such short notice. The Easdale family remain totally committed to achieving a satisfactory financial future for Rangers and they hope all parties can work together in the future with that common goal."
The club recently parted company with long serving former player and manager Ally McCoist.