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Rangers SPL success impresses the bank

Rangers chairman Alastair Johnston has revealed the cash-strapped Ibrox club are on better terms with Lloyds Bank after winning the Clydesdale Bank Premier League. The Light Blues are just under £31million in debt and under investigation by HM Revenue and Customs with regards tax issues with majority shareholder David Murray still looking for a buyer, despite long-standing interest from London-based property developer Andrew Ellis.

Johnston, in Las Vegas for the NARSA (North American Rangers Supporters Association) convention, told the club's official website that retaining the championship and thus qualifying for the lucrative group satge of the Champions League, has altered a previously fractious relationship with the club's bankers, Lloyds Bank.

"It was a great relief and a great sense of satisfaction because the team were stretched and everybody, the management team, the executive team, the players and the fans hung in there.

"It was a very proud year for Rangers Football Club.

"There has been disappointments, we didn't like getting whacked at home in the Champions League a couple of times but beyond that, we dug the results out.

"But winning the SPL was key, I think, huge. We were very logical in what we did.

"We had a meeting with the bank that was scheduled the day after the end of the season, until we knew we were going to win the SPL and go to the group stages directly - and that wasn't necessarily within our control.

"To get into the group stages was a huge difference going into the bank meeting.

"And we had a series of meetings after that.

"Our relationship with the bank is a lot better this year.

"We changed the protocol. Rangers executives are dealing directly with the bank whereas last year we were going through the Murray Group and to be fair to everybody that wasn't the healthiest way of doing it - a lot of things got lost in the translation, you might say.

"So this year we have a better understanding with the bank, they have a better understanding with us and the performance of the team overall has eased the tension and awful lot."

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