Rangers deputy chairman John Bennett has revealed he has given the club a further £10million overdraft facility as he detailed his £23m commitment to the club.
The board member offered an update to supporters on loan repayments to board members as he was quizzed at the club AGM this morning.
A question - asked on behalf of Club 1872 at the annual meeting - requested a detailed update on repayments to Mr Bennett and Julian Wolhardt.
And Mr Bennett was quick to offer an update on his own loan to the club which has gone from around £13m outstanding to £8m over the past year.
The interest on the loan remains at six percent and the facility now has six years left to run and be repaid by the club.
The deputy chairman also explained some of his loan has been converted into club equity. He revealed his equity has risen to 5.1 percent with £500k of his loan shifted into equity.
Mr Bennett then, offering his own "valid context" to the question, explained he has given the club a further "new working capital facility" of £10m with a five percent interest rate.
“The outstanding loan on the seven-year facility - which now has six years to run - is £8m," said Mr Bennett in response to the loan repayment question.
“It’s the same rate as last year, which is six percent.
“Can I put that in a wee bit of context just on my own personal commitment to the club.
“Some of my loan has been converted to equity, £500,000.
“I’ve since then bought shares, so I’ve gone to 5.1 percent of the equity.
“I’ve also in recent weeks given the club a £10m overdraft facility at five percent. So my commitment is now £23m."
Further pushed on the repayments made, he continued: “Yes they’ve been partly repaid over the terms of the seven-year facility on the agreed terms.
"My outstanding commitment on the seven-year, six years to run is down to £8m. This time last year I think we were at £13-and-a-bit million total, so that is now £8m but Kenny referenced the fallow period that the club will run into like any business we have seasonality in cash flow. Our fallow period begins in February, the club will have to draw down on my £10m facility at 5 percent - that is a new working capital facility that I have provided to the club.
“The repayment of loans has to be seen in the context of this, I think, increased commitment to the equity by myself but also the new facility. I think that’s valid context."
