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Rangers chairman Alistair Johnston has claimed the Scottish Premier League champions' relationship with their bank has proved "constructive" in recent weeks and helped to reduce their debt burden.
Speaking to the Daily Record, Johnston revealed that Lloyds' position on reclaiming the arrears has softened somewhat and suggested the financial institution has taken a more hands-off approach to interfering in the football club's affairs.
"[Lloyds] have a real sense they can't drain us dry, they can't drain the economic machine that fuels the debt and interest repayments," he explained. "They're smart enough to figure that out and recognise our management actually [does] a good job."
Johnston added that the bank has been "delighted" with Rangers' on and off-field performance so far this season, but accepted that the club's directors need a "vision" to pay back the money the Ibrox outfit owe.
His comments came after the club announced they had paid £3.7 million of the debt off, reducing their total financial obligation to £27.1 million.
Written by Terry Mitchell
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
