The key points in the document
As of today RFC (the Club) no longer owes any money to Lloyds, but it does owe exactly the same amount to RFC Group (Whyte).
When the HMRC case is settled, if any penalty does NOT send the Club into insolvency within 90 days then Whyte will either waive the debt or convert it into shares (like Romanov has done with Hearts) which would increase his stake above the 85%.
Whyte provides £5m for investment in the squad. The document seems to separate this £5m from the £20m to be invested in the squad by 2016 – another £5m per year for 4 years.
Whyte will provide an extra £5m of working capital for the Club – this will be to cover short term ups and downs in the Club’s finances, not for spending on players
Whyte will pay the “other” tax liability of £1.9m – presumably with the £0.9m interest.
Whyte will provide £1.7m to meet necessary capital expenditure at Ibrox.
If the HMRC case sends the Club into insolvency then Whyte will become one of the clubs creditors and will be owed the original debt plus any of the £5m spent on players plus the money spent on the other tax bill plus any of the £1.7m spent on the stadium.
He takes time to state that he is not being bank-rolled by anybody else and there is no-one waiting in the wings to come out as the mystery man behind the deal.
What it doesn’t say -
Nothing is mentioned about other player investment. Even with the old Lloyds regime, the Club might have been expected to spend cash generated (Champions League etc.) on new players. McCoist may have more than £5m to spend.
The Rangers document can be read here - http://www.rangers.co.uk/staticFiles/4d/76/0,,5~161357,00.pdf