Dave King makes stunning admission about Rangers’ finances

When is a loan not a loan? When it’s Rangers…

Dave King today has made the extraordinary admission that all the loans his company and other investors have made into Rangers since he took over are in fact clean investment and will not be getting repaid at all.

Speaking today with regards a bunch of issues, the South African-based businessman confirmed he doesn’t expect any of his capital to be returned, and that all other loans into Rangers follow the same protocol.

He said:

“The understanding with the football management team is that if we sell players they get the money back to spend, so it was never going to be used to repay the loans. There is no intention of repaying the loans, it’s not going to happen, no loans will be repaid, so that wouldn’t have helped us in that regard.”

Unless we are wildly misunderstanding his wording here, and he only means with sold players, King is confirming that all loans which come in are one way only, and are made with the intention of never receiving repayments.

How long this has been the case is unclear, and makes you wonder why they were even called loans in the first place.