Rangers Not In Danger Of Administration Says Llambias
Wed 7th Jan 2015 | Money & Finance
The Scottish Professional Football League have been assured by Rangers Chief Executive, Derek Llambias that the club will not go into administration.
Rangers’ immediate future has been cast into doubt after Chairman, Sandy Easdale loaned the club £500,000 to avoid a winding up order.
The Scottish Championship club, who are desperately short of working capital, were the subject of a takeover by American banker, Robert Sarver whose £18m bid was rejected by the board insisting it was undervalued.
In a statement to the Stock Exchange, the club confirmed that it was in need of fresh funding by the end of January.
In December, Newcastle owner, Mike Ashley was denied permission to increase his shareholding in the club, who sit second in the table behind Hearts of Midlothian, beyond the current 8.92% he already owns.
Ashley effectively took control of the club when he loaned it £3m in December allowing him to appoint two directors on the club board.
The appointment of Llambias followed and Barry Leach, a Sports Direct executive, will become Finance Director.
Posted by: Aaron Gourley
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