By Sam Stone

7th Dec, 2022 | 7:10am

John Bennett details £10million Rangers investment as Ibrox chief outlines 'commitment'

Rangers have been given a £10million “overdraft facility” by deputy chairman John Bennett as the Ibrox chief outlines his “commitment” to the club.

The latest £10million has taken Bennett’s total investment to £23million, with the club having paid back £5million over the past year.

Bennett provided an update on the club’s finances during the Annual General Meeting on Tuesday morning, as the board faced some tough questions from fan groups.

“I’ve also in recent weeks given the club a £10m overdraft facility at five per cent. So my commitment is now £23m,” said the deputy chairman,” (quoted by Rangers Review, 6 December).

Statement

This does feel like a statement of intent from Bennett, who is clearly confident in the club’s long-term ambitions. He simply wouldn’t be making such a large financial commitment, which he expects to be paid back, if he didn’t believe Rangers were going to succeed in the long term.

As much as fans are annoyed with the lack of investment on the field, it’s good to see the club being run in a sensible manner when it comes to balancing the books. The Herald’s Chris Jack highlighted (9 November) that the club still owe investors £78million, with only £22million repaid thus far.

Despite the disappointment on the pitch, it’s good to see the board looking to be prudent off it and not put the club’s future at risk again. For the moment, it wouldn’t be a shock to see the Gers being astute and looking for value in the transfer market. A little bit more patience will be required.

In other Rangers news, Michael Beale gets a ‘huge’ round of applause at the Rangers AGM after Douglas Park’s speech