Rangers must pay Newcastle £500k if club is promoted

LOANEE ... Haris Vuckic.
LOANEE ... Haris Vuckic.

RANGERS will have to pay £500,000 to Newcastle United if the club is promoted.

The club today issued its interim financial results, revealing half-year losses of of £2.6m in the six months to the end of December.

Rangers were loaned five players by Newcastle in early February.

And the deal, agreed by Rangers’ previous hierarchy, has a clause in it which stipulates a payment to United should the club be promoted to the Scottish Premiership this season.

A statement read: “During the January 2015 transfer window, the Club loaned five players from Newcastle United.

“As part of those contracts, should the Club gain promotion in season 2014/15, either directly or via the play-off method, the Club will be liable to pay a total of £500,000 to Newcastle United Football Company Limited.”

Rangers are reportedly making a £1,000-a-week contribution to the quintet’s wages.

Only forward Haris Vuckic, however, has featured regularly for the club.

Defender Remie Streete suffered an injury on his debut, and is closing in on a comeback.

Winger Shane Ferguson and defender Kevin Mbabu are not expected to play for Rangers, while midfielder Gael Bigirimana is unable to play because of a medical condition.

Meanwhile, the report also revealed that £54,000 was paid during the period to Keith Bishop Associates, “a company of which the former director Derek Llambias was also a director”.