New Loan Offer made to Rangers
- 04 March 2014
Following an email to a fan from Colin Kingsnorth of Laxey last night in which he reportedly stated that “if they want to offer the money cheaper go for it…no problem cancelling it”, George Letham, the Rangers fan and wealthy businessman who had previously tried to make contact to offer a loan, today approached the club through a third party and has complied with a request that he make any offer in writing to CEO Graham Wallace.
Speaking to the Rangers Standard, Mr Letham indicated that he was happy to stand by the terms he outlined in our article yesterday.
“Graham Wallace is now in receipt of written confirmation that I am happy to replace the Laxey loan, on condition that it is cancelled, with no penalty to the club, and that any security over property offered to Laxey is also cancelled. I have offered the loan on the same terms but with the interest payable reduced from £150,000 to £75,000. It is my intention to convert this interest into shares as I have no wish to take cash out of the club.”
“If the club are unable to convert the interest to shares, then any cash sum I received from the loan would be reinvested into the club via a future share issue to further the cause of fan ownership. My only motivation in this is to ensure that the club is secure, has as much involvement as possible from those who care about it and that its vital assets remain available to it at all times.”
“I am making this offer public in the hope that a degree of transparency can be brought to this process for the fans and hope that the board will give my offer due consideration.”