The Macquarie Group are the latest name to get involved with Rangers as the Ibrox side prepare for a groundbreaking US takeover.
Rangers are edging closer to the American takeover that will see a consortium headed by 49ers Enterprises and Andrew Cavanagh take the reins at Ibrox.
49ers chief Paraag Marathe has hinted at expansion within the group which holds a majority shareholding in NFL giants the San Francisco 49ers and Premier League hopefuls Leeds United.
But before the proposed Rangers takeover can go through, a loan acquired from the Macquarie Group has been turning heads in Ibrox circles.
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Rangers agree Macquarie Group loan against transfer payments
According to documents lodged with Companies House, Rangers have taken out an unspecified loan with the Macquarie Group with repayments pinned against future transfer earnings.
This is separate from the £3.6m Rangers share issue issued in February.
For the time being it remains unclear just how much Rangers have taken from the loan or why with speculation surrounding the unexpected pay-off of Philippe Clement.
Back in 2021, former Rangers chairman John Bennett namedropped the Macquarie Group when discussing bank loans but played down the Ibrox side taking our high interest repayments.
“We have had numerous approaches, including in November. It is so interesting, they come to you and it could be equity, it could be family offices, it could be banks such as MacQuarie Bank and they are active in the football space. They can’t touch our terms,” Bennett explained at the AGM in November 2021.
“What I have been saying and a number of us have been saying is ‘Ok, those are interesting approaches’. I can tell you that one of them was at 13 per cent per annum.
“We’re not paying that. We are no longer paying nine, we are no longer paying eight, six is the new benchmark.
“If those providers can come in and beat that at two levels – a lower coupon, because six is the new benchmark, and we have driven the cost of funding down to six.
“I think that is one of the lowest numbers in the whole of football in Britain for loans. But also on security. I can assure you they want a whole lot more security and a higher coupon.”
Whilst the details of this latest deal are still unknown, it is not clear if Macquarie have embraced Rangers’ 6% interest demands or if the Ibrox club have had a change of heart.
The documents name Dutch club FC Twente – to whom Rangers sold Sam Lammers in the summer – and Italian outfit FC Parma – to whom Rangers sold Antonio Colak in 2023 – as being the source of the future transfer payments owed to Rangers.
Effectively, these transfer fees act as security for the loan.
Who are the Macquarie Group?
The Macquarie Group, known more commonly as Macquarie Bank, is an Australian multinational investment banking and financial services group headquartered in Sydney.
Listed on the Australian stock exchange, the company was founded in 1969 and has grown into Australia’s top-ranked mergers and acquisitions adviser, managing more than A$871bn (£424m) in assets in 2023 (Macquarie Group annual report).
In 2024 the group made headlines in the UK after acquiring the remaining 20% of the UK’s National Gas supply, taking full ownership of the country’s national gas network.
With the international banking giant boasting offices in 70 locations, from Edinburgh to Sydney, Johannesburg to Tokyo, they are truly a global giant in financial services.
Rangers are not the first British football club to get involved with the Macquarie Group either.
As reported by Lancashire Live, in 2022 Burnley took out a £12.5m loan from the Macquarie Group pinned against a instalment due from Newcastle United for the transfer of Chris Wood.
As reported by the Athletic, in 2021 Watford took out a £50m loan with the Australian financial giant with Vicarage Road used as security.
The group is led by Australian-born businesswoman Shemara Wikramanayake, who has been Managing Director and CEO since late 2018.
