Kieran Maguire reveals destiny of 'large of sum of money' lent to Rangers by John Bennett

Kieran Maguire revealed that money lent to Rangers by John Bennett will remain as a loan despite him resigning as chairman.

The Gers put out a statement on 14 September to announce that the 61-year-old is stepping down for health reasons and will temporarily be replaced by John Gilligan.

Speaking on The Price Of Football on 19 September, finance expert Maguire shared that Bennett loaned money to the club and explained what will happen following his resignation.

He said: “It is a very stressful job and, for health reasons, John Bennett has had to resign. He has lent the club a large sum of money, he’s been successful in his own right.

“My understanding is that, that money is going to remain as a loan to the club.”

John Bennett continues Rangers loan after resignation

The Light Blues list the businessman as the sixth-biggest investor in the club, with a shareholding of 5.51 per cent.

As a result, it isn’t a surprise to hear that the former chairman has pumped money into the club during his time with Rangers.

Comparisons have been made with their Old Firm rivals Celtic given the gulf that has emerged between the two in recent years.

The pressure was piling on Bennett prior to his exit and it does feel that all parties it was the right decision to step aside from his chairmanship.

His health does have to come first at the end of the day and his departure may allow someone with fresh ideas to come in and lead a more sustainable financial model at Rangers.

The important thing now is that Rangers start making smart decisions. Getting back to Ibrox should help for one, but in terms of player trading there is a clear need to improve.

Some big earners were moved on in the summer but not a great deal of cash was raised in doing so. Moving forward, they need to identify the right moments to cash in on assets and re-invest the money on improving the whole sum of the parts.

In other Rangers news, Philippe Clement urged to reconsider stance after what happened at Ibrox.

For more Rangers news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.

The post Kieran Maguire reveals destiny of 'large of sum of money' lent to Rangers by John Bennett appeared first on Ibrox News.