Scottish businessman Jim McColl, who once attempted to buy Rangers as part of a consortium, has said he has no concerns about the reportedly high levels of debt at Rangers.

A study by football business lecturer Keiran Maguire last week suggested that Rangers’ borrowings topped £22 million, more than all of Scottish football combined, during the club’s most recent financial year.

READ MORE: Rangers borrowing tops £22m - more than Scottish football's professional clubs combined 

Despite this claim, Mr McColl, a Rangers fan who attempted to acquire the club in a consortium with Walter Smith and current director Douglas Park in 2012, said he is unconcerned by the current liabilities of the Ibrox side.

HeraldScotland:

A chunk of the debt is in the form of interest free loans provided by directors, including chairman Dave King, which are expected to eventually be turned into equity.

READ MORE: Rangers and the mounting £20 million loan debt needed to remain a going concern 

The club’s most recent accounts, for the year ended June 30, show that investor loans totalling £15.9m were due to be repaid in the current calendar year, with £12.9m having been due in July and the remainder this month. The accounts show £5.875m of fresh investor loans were advanced to the club in its last financial year.

Mr McColl, who heads the Clyde Blowers Capital industrial investment firm told The Evening Times: “I don’t think there is any concern there. As they improve their earning capacity is going to go up, if they can get further in Europe each year.

"It is well-managed now – it wasn’t before when it went through that tough time. It is very well-managed now I think.”

Mr McColl added that he believed the club was making progress under Steven Gerrard saying: “I think it has been very encouraging since Steven Gerrard joined. They are doing well. Obviously, it can’t be done overnight, but I think they are making very good progress.” 

This article originally appeared in our sister paper The Evening Times