RANGERS have had a £3m credit facility with financiers cleared, which means a club car park, a derelict former ticket office building and stadium TV screens are no longer being held as security.
The Herald understands that the move relates to a fixed term loan that was repaid.
Manchester-based financiers Close Leasing, who offered the £3m working capital funding facility, had insured funding against the club's Edmiston House and Albion car park properties and fixtures within Ibrox.
But it has emerged that the financial protection required by Close to guarantee Rangers' performance on a debt obligation has been released in relation to Edmiston House and Albion car park.
Details lodged confirm that any debt secured by the charge has been satisfied in whole in full.
It is understood the stadium catering outlets said to be worth £1.567 million, the Ibrox public address systems valued at £556,000, the bowl TV (£432,000) and the WIFI system (£675,000) are also no longer being held as security.
The club previously indicated that it would be the first credit facility since Sir David Murray sold Rangers to Craig Whyte in 2011.
The value of all the assets originally used as collateral for the funds was estimated to be £5.53 million and was set up to cover for any possible extra costs and interest on any default.
The Albion Car Park, which is directly opposite Ibrox, and at one time had space for 1200 cars was valued at £1.5 million, according to documents relating to the funding deal.
Edmiston House, which stands derelict and was formerly home to Rangers FC's Social Club and ticket office, which had been put up as collateral for the funds was valued at £800,000. Four years ago the building and the car park had been part of a redevelopment plan suggested by previous club owners that never materialised.
The working capital deal came about as the club struggled to get a banking facility since the liquidation of the so-called Rangers oldco RFC 2012 plc in October, 2012.
Rangers managing director Stewart Robertson said after announcing the facility at the beginning of this year that it will allow the club greater financial flexibility, “another key step towards normalising the business".
He added: “Some folk take pleasure in winding us up because we don’t have a bank facility but this is the next stage in moving the club forward and getting it onto a sensible business footing."
But Dave King said after announcing pre-tax losses for the year to June 30, 2018 of £14.3m, having more than doubled for a second year, that there were no questions being asked about the club's financial strength when dealing with suppliers, financial institutions and other clubs.
Rangers have been relying on soft loans from the club’s directors since Mr King won control at an extraordinary general meeting in March 2015.
Mr King had admitted that the loans were necessary to keep the club running due to the lack of a credit facility.
And the board says the latest forecasts indicate that at least £4.6m was required for the rest of the season 2018/19 and a further £3m was need for 2019/20 and have received undertakings from investors "confirming that they will provide financial support as it is required".
The sums are over and above the funds raised by September's £12m share issue.
Interest-free loans of £7.5m were advanced to the club in the year in order to provide working capital facilities and to "support the losses".
According to the board, as of June there were interest-free, unsecured loans with investors amounting to £23.4m and finance lease agreements totalling £1.2m. Some £8.4 million is owed to Mr King's company New Oasis Asset Limited.
The board has said Mr King's New Oasis Asset Limited would provide additional loans as necessary. He and other investors agreed to extend existing loan facilities to July 2020.
But the independent auditor from Campbell Dallas accepts a failure to secure the additional funds would result "in the existence of a material uncertainty which may cast significant doubt as to the group's ability to continue as a going concern".
Mr King, in discussing the latest annual financials said it was important to highlight that the last financial year "saw us normalise our financial affairs to the extent we no longer face questions about our financial strength when dealing with suppliers, other clubs and financial institutions".
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