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RANGERS will need an additional £ 8m 8m in investor funding before the campaign ends – and a further £ 14m 4m to accompany them to next season’s climax

Ibrox council released RIFC plc accounts on Friday evening as a loss of £ 15.9million was posted at year end 30 June 2020

Rangers saw their earnings increase by 11% in the financial period, but President Douglas Park predicts that Premiership leaders will take a £ 10million blow after playing behind closed doors this quarter

Rangers received £ 5million in investment from businessman Stuart Gibson last month and will again count on wealthy benefactors in the months to come, with Park and John Bennett agreeing to provide further financial assistance

The RIFC plc report states: “At the time of preparation, forecasts indicated that the Group would need £ 8 million in debt or equity financing by the end of the 2020/21 season in order to do against its commitments at maturity with additional funding of £ 14 4m required by the end of the 2021/22 season The first tranche of funding is required from investors before the end of November 2020

“However, the final amount required depends on future football performance, participation in European football, player exchanges and the continued impact of COVID-19, among other factors

“The board discussed the club’s expected cash flow shortfall and reached an agreement with Douglas Park and John Bennett whereby they will provide additional loan facilities if necessary to address shortfalls from the above requirements and any other amount that may be required due to deviations from expected cash flows

“In addition, Douglas Park and John Bennett have agreed to provide a formal facility with immediately available funds to meet short-term cash flow needs, with additional funds to be made available to be drawn down as needed.

“The Board has reviewed the level and timing of additional funding that may be required and is confident that these amounts will be made available as and when required.

“The Board recognizes that the uncertainty over the level of additional funds that will be required and the absence of a binding debt facility indicate that there is significant uncertainty which may cast doubt on the ability of the Group to continue operating and therefore on its ability to realize its assets and discharge its liabilities in the normal course of business

“Nevertheless, having obtained the offer of additional loan financing mentioned above, the Board of Directors believes that there is a reasonable expectation that the Group will at all times have adequate resources to continue operating in the future. predictable

“Consequently, they continue to adopt the principle of going concern in the preparation of this report and the statutory financial statements”

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World News – UK – Rangers Reveal £ 8 Need for £ 8million in funding from Ibrox investors to complete Premiership campaign