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Ibrox season ticket cash to be used to pay off loans

RANGERS fans' season ticket money is expected to be used to pay off emergency loans offered by investors to help avoid the prospect of a second insolvency in two years, it has emerged.

An inter-creditor agreement allows revenues from the 2014/15 season ticket sales to be used to pay the £1.5 million loan from football board chairman Sandy Easdale and Isle of Man-based investment group Laxey Partners.

The financially troubled Ibrox club, which made a £14.4m loss in the 13 months up to last June, has to pay the debt by September 1.

The move is expected to irritate fans still angry at moves by Craig Whyte to sell off the rights to three years of Ibrox season tickets to Ticketus as part of a deal to buy Rangers in 2011. Whyte hoped to raise more than £20m to pay off the club's debt.

Former Rangers director Dave King has already urged supporters to put their season ticket money into a trust fund rather than pay the club directly.

Details of the loan agreement emerged as former Rangers chief executive Charles Green insisted he deserved double the remuneration he received for his 11 months at Ibrox. He said if he had not been "driven out the club" he would have remained for the long term.

The first annual report of Rangers International Football Club showed that before Mr Green quit in April, he was paid £933,376, including a severance payment of £217,850. His bonus of £360,000 eclipsed his salary of £333,077.

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