Rangers FC have announced to the Stock Exchange that they have agreed an emergency loan of £10m from minority shareholder, Mike Ashley’s company Sports Direct. Without the loan, the club would have been unable to fulfil salary commitments to players that are due on Thursday.
Although Ibrox Stadium will not be used as security for the loan, many of the club’s other holdings will be; Murray Park, Edmiston House, Albion Car Park and the club’s registered trademarks will all be used. Rangers fans had shown strong opposition to the club’s stadium being used as security, although fears will remain over what has been agreed, especially the use of the club’s trademarks.
The move spells the end of attempts by the Three Bears group – wealthy fans Douglas Park, George Letham and George Taylor – to have their own loan offer accepted.
As part of the deal, Ashley will be able to nominate two more directors to the club’s board. His associates Derek Llambias and Barry Leach are already serving as chief executive and financial director respectively. The money itself will be paid in two tranches of £5m