Rangers chairman Dave King has revealed that he had to convince the club’s investors to fund their ongoing summer spending spree.
The Scottish club were in financial turmoil only a couple of years ago, but manager Pedro Caixinha has moved to flex their financial muscle this summer by overhauling the first-team squad.
Caixinha has already added no fewer than six new signings at Ibrox, with at least two more new additions reportedly expected to arrive in the coming weeks as the Portuguese refuses to rest up.
Bruno Alves, Ryan Jack, Fabio Cardoso, Dalcio, Daniel Candeias and Alfredo Morelos are the six players already confirmed by the club.
Meanwhile, the Scottish Sun claim that Mexican international duo Eduardo Herrera and Carlos Pena will be next through the door.
However, Rangers chief King has admitted that the club have had to rack up a series of interest free loans to fund Caixinha’s summer recruitment drive, and that he urged the directors to stump up more cash.
He said, as quoted by the Daily Record: “What has been the situation up to now is if the club has required funds it was coming from shareholders by the way of interest free loans. We have continued on the same basis.
“Recently, within the last couple of days, further funds have been transferred into the club from myself and the Three Bears and others who have committed to funding the club.
“It was necessary for me to go to these investors and say ‘You need to pony up here! We need to do this, we’ve committed to doing it but the funds have to come from us.”
King has already promised to hand Caixinha more financial resources this summer, even after the bulk of his transfer business has been completed.
The latest financial injection comes after Rangers agreed a new deal with Sports Direct that could see the Glasgow giants earn more money through kit and other retail sales ahead of the new season.
Rangers are seeking to make amends for a disappointing domestic season last term, where rivals Celtic cruised to a domestic treble and finished 39 points clear of Caixinha’s side in the Scottish Premiership.