RANGERS will not have to sell players in January to service the club’s debt, according to new chairman Alastair Johnston.
It was feared that the club’s bankers, Lloyds, would lean on the Ibrox board to trade one or more of their better players when the transfer window opens in order to reduce current debts of £31 million.
However, at the club’s AGM, Johnston, while revealing that the search for new owners of the club continues, allayed fears.
He said: “As far as the bulk of the Rangers support is concerned, the relevant news is that the plan does not oblige us to sell any players in the January window.
“If any players do depart, it will be at the volition of the Rangers executive and management team.
“If the Rangers management team believes that we can beneficially trade players in January, we will have the freedom to do so provided we meet the constraints of the plan that we have agreed to adopt.
“The bank has agreed that the club’s only obligation is to operate within a credit facility that reduces by £1m per year.”
At a relatively amicable AGM, chief executive Martin Bain revealed manager Walter Smith, assistant Ally McCoist and first-team coach Kenny McDowall, who are all out of contract in January, would work on without new deals.
Bain then handed Ibrox fans yet another boost when he revealed that he is in talks with Kris Boyd about extending his contract beyond the end of the season.
He said: “I have spoken to virtually all the representatives of players who are coming out of contract and I have been made aware of their intentions and those discussions have progressed.”