Rangers are the biggest beneficiaries of a Scottish Government loan scheme-come-credit facility, according to data released by Holyrood.
The Ibrox club are amongst 11 top-flight Scottish Premiership sides who have borrowed from the Government due to the toll of the Covid-19 pandemic.
Old Firm rivals Celtic were the only club not to borrow from the Scottish Government as clubs received up to £25m in debt – Rangers receiving £3.2m of that total via a credit facility.
According to the loan agreement set up by the Scottish Government, this is an interest-free loan where the fees must be repaid in equal monthly instalments over two decades.
Payments begin on the 1st of September 2022 and continue all the way through to August 2042, theoretically putting Rangers’ minimum repayments at £13.4k per month should the entire facility be used.
Via Price of Football, here are the loans by club:
SPFL clubs take out £25m of loans from the Scottish government pic.twitter.com/ScANKmybTf
— PriceOfFootball (@KieranMaguire) June 21, 2021
A Holyrood spokesperson – as quoted by the Scottish Sun – said:
“The Scottish Government responded to requests from top-flight clubs to provide financial support as they faced unprecedented losses and an uncertain future at the height of this pandemic.
“All 12 top-flight clubs were invited to apply for a share of the initial £20 million Premiership Division Support Fund. Each club’s share was capped at the total losses and additional costs which clubs faced as a result of the pandemic.
“The amount of loan funding was increased to £25 million this year.
“This money formed part of the £55 million Emergency Sports Fund put in place by the Scottish Government because of the pandemic.
“No club received any more than their losses as a result of the pandemic. As clubs will have different outlays and running costs, the value of the loans varied between clubs.
“It is important to note that these are loans which will have to be repaid by all borrowers over an agreed timescale.
“The Scottish Government is providing the top-flight clubs with a credit facility.
“But not all clubs have fully drawn down on their credit facility yet and they have until July 31 to do so.”
This loan also comes despite much-publicised grumbles in the press regarding Rangers their handling of fan celebrations in George Square in both March and May.
There remains bad blood between the Ibrox club’s supporters and certain members of parliament with some Gers fans feeling the club’s players were used as pawns in a political game.