The paperwork confirms that the loan has been issued by Macquarie Bank, with future transfer fees – though unspecified – set to be directed to the lender.
Macquarie Bank has a track record of financing football clubs, having previously provided loans to English sides Watford and Burnley. However, the specific reasons behind Rangers’ decision to take out this loan remain unclear.
This move appears to contrast with previous remarks made by former chairman John Bennett, who in 2021 suggested that the Scottish Premiership club would not engage with banks such as Macquarie due to the interest rates involved.
At the time, he stated: “We have had numerous approaches, including in November.
“It is so interesting, they come to you and it could be equity, it could be family offices, it could be banks such as MacQuarie Bank and they are active in the football space. They can’t touch our terms.
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“What I have been saying and a number of us have been saying is ‘Ok, those are interesting approaches’. I can tell you that one of them was at 13 per cent per annum.
“We’re not paying that. We are no longer paying nine, we are no longer paying eight, six is the new benchmark.
“If those providers can come in and beat that at two levels – a lower coupon, because six is the new benchmark, and we have driven the cost of funding down to six.
“I think that is one of the lowest numbers in the whole of football in Britain for loans. But also on security. I can assure you they want a whole lot more security and a higher coupon.”
Bennett also highlighted that Rangers had successfully lowered their cost of borrowing to one of the most competitive rates in British football, while also resisting demands for increased security on such loans.
Meanwhile, Rangers CEO Patrick Stewart has consistently denied that financial constraints played a role in the decision to retain former manager Philippe Clement before his eventual departure.
The Belgian coach had signed a contract extension until 2028 at the beginning of the 2024/25 season but was dismissed last month following a 2-0 defeat at home to St Mirren.
In the aftermath, club legend Barry Ferguson was appointed as interim head coach for the remainder of the campaign.
