Rangers vice-chairman John Bennett has revealed that he’s opened up a new £10m overdraft facility at Ibrox, bringing his own personal investment into the club to £23m.
The likeable businessman has been a prominent figure in the rebuilding of Rangers and is one of a number of wealthy shareholders who’ve dug deep to get the club back competing at the top of Scottish football.
But like the rest of the Rangers board, John Bennett has come under fire over the last 12 months for surrendering the Scottish Premiership title to Celtic and failing to bounce back this season.
However, this latest news highlights just how big of a personal sacrifice the likes of John Bennett are making to restore Rangers and whilst fans are frustrated on the pitch, they’re forever indebted to the investors off it.
The comments came at the Rangers AGM, where the board faced questions on the repayment of loans to the likes of Bennett and fellow shareholder Julian Woldhart.
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This after the personal loan John Bennett gave to the Ibrox club dropped from £13m to £8m this year, with some of the loan turned into equity and increasing his stake in Govan to 5.1%.
John Bennett reveals fresh £10m Rangers support
“The outstanding loan on the seven-year facility – which now has six years to run – is £8m,” said John Bennett.
“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.”
“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.”
Meanwhile, as John Bennett talks up his own personal support of Rangers, the Ibrox side’s financial pulling power was also under the microscope at the AGM.